# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0001193125-26-073191
**Filing Date:** 2026-2
**Character Count:** 3710292
**Document Hash:** 98f016a2811a0d533d7aeca53b9a2b99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-073191.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-073191

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 169

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
- **CENTRAL INDEX KEY:** 0000896435

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07452
- **FILM NUMBER:** 26681457

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS
- **DATE OF NAME CHANGE:** 20000719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### INVESCO V.I. Government Securities Fund (Series ID: S000000179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000404 | Series I     |  |
| C000000405 | Series II    |  |

### INVESCO V.I. High Yield Fund (Series ID: S000000181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000408 | Series I     |  |
| C000000409 | Series II    |  |

### INVESCO V.I. EQV International Equity Fund (Series ID: S000000182)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000410 | Series I     |  |
| C000000411 | Series II    |  |

### INVESCO V.I. Main Street Mid Cap Fund (Series ID: S000000184)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000414 | Series I     |  |
| C000000415 | Series II    |  |

### INVESCO V.I. Government Money Market Fund (Series ID: S000000185)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000416 | Series I     |  |
| C000000417 | Series II    |  |

### INVESCO V.I. Global Real Estate Fund (Series ID: S000000187)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000420 | Series I     |  |
| C000000421 | Series II    |  |

### INVESCO V.I. Small Cap Equity Fund (Series ID: S000000188)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000422 | Series I     |  |
| C000000423 | Series II    |  |

### INVESCO V.I. Health Care Fund (Series ID: S000000193)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000432 | Series I     |  |
| C000000433 | Series II    |  |

### INVESCO V.I. Technology Fund (Series ID: S000000196)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000438 | Series I     |  |
| C000000439 | Series II    |  |

### INVESCO V.I. Core Equity Fund (Series ID: S000000203)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000452 | Series I     |  |
| C000000453 | Series II    |  |

### INVESCO V.I. Core Plus Bond Fund (Series ID: S000000205)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000456 | Series I     |  |
| C000000457 | Series II    |  |

### INVESCO V.I. Diversified Dividend Fund (Series ID: S000027871)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084639 | SERIES I     |  |
| C000084640 | SERIES II    |  |

### INVESCO V.I. COMSTOCK FUND (Series ID: S000027872)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084641 | SERIES I     |  |
| C000084642 | SERIES II    |  |

### INVESCO V.I. EQUITY AND INCOME FUND (Series ID: S000027873)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084643 | SERIES I     |  |
| C000084644 | SERIES II    |  |

### INVESCO V.I. GLOBAL CORE EQUITY FUND (Series ID: S000027875)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084647 | SERIES I     |  |
| C000084648 | SERIES II    |  |

### INVESCO V.I. GROWTH AND INCOME FUND (Series ID: S000027877)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084651 | SERIES I     |  |
| C000084652 | SERIES II    |  |

### INVESCO V.I. AMERICAN VALUE FUND (Series ID: S000027881)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084659 | SERIES I     |  |
| C000084660 | SERIES II    |  |

### INVESCO V.I. EQUALLY-WEIGHTED S&P 500 FUND (Series ID: S000027889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084675 | SERIES I     |  |
| C000084676 | SERIES II    |  |

### INVESCO V.I. AMERICAN FRANCHISE FUND (Series ID: S000027890)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084677 | SERIES I     |  |
| C000084678 | SERIES II    |  |

### Invesco V.I. Balanced-Risk Allocation Fund (Series ID: S000030663)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095034 | Series I     |  |
| C000095035 | Series II    |  |

### Invesco V.I. Capital Appreciation Fund (Series ID: S000064654)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209355 | Series II    |  |
| C000209356 | Series I     |  |

### Invesco V.I. U.S. Government Money Portfolio (Series ID: S000064656)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209359 | Series II    |  |
| C000209360 | Series I     |  |

### Invesco V.I. Discovery Mid Cap Growth Fund (Series ID: S000064658)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209363 | Series II    |  |
| C000209364 | Series I     |  |

### Invesco V.I. Global Fund (Series ID: S000064660)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209367 | Series II    |  |
| C000209368 | Series I     |  |

### Invesco V.I. Global Strategic Income Fund (Series ID: S000064661)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209369 | Series II    |  |
| C000209370 | Series I     |  |

### Invesco V.I. International Growth Fund (Series ID: S000064662)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209371 | Series II    |  |
| C000209372 | Series I     |  |

### Invesco V.I. Main Street Fund (Series ID: S000064663)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209373 | Series II    |  |
| C000209374 | Series I     |  |

### Invesco V.I. Main Street Small Cap Fund (Series ID: S000064664)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209375 | Series II    |  |
| C000209376 | Series I     |  |

### Invesco(R) V.I. S&P 500 Buffer Fund - September (Series ID: S000073046)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229835 | Series II    |  |
| C000229836 | Series I     |  |

### Invesco(R) V.I. S&P 500 Buffer Fund - December (Series ID: S000073047)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229837 | Series II    |  |
| C000229838 | Series I     |  |

### Invesco(R) V.I. S&P 500 Buffer Fund - March (Series ID: S000073048)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229839 | Series I     |  |
| C000229840 | Series II    |  |

### Invesco(R) V.I. S&P 500 Buffer Fund - June (Series ID: S000073049)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229841 | Series I     |  |
| C000229842 | Series II    |  |

?xml version='1.0' encoding='ASCII'? f8468e5f-dfa3-43a0-8c76-cb23c14ab463

#### 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)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2661.jpg)

### Invesco V.I. American Franchise Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. American Franchise Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. American Franchise Fund<br>(Series I) | $90 | 0.85% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US large-cap growth equities benefited from artificial intelligence (AI)-related spending.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 11.67%. For the same time period, the Russell 1000® Growth Index (the "Benchmark") returned 18.56%. The Fund underperformed the Benchmark primarily due to weak stock selection in the financials, communication services, health care and information technology (IT) sectors. Underweight exposure in the health care and IT sectors were also relative detractors. These results were partially offset by positive stock selection within the consumer staples, industrials and energy sectors, as well as an overweight exposure in the communication services and financials sectors.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a market leader of semiconductor graphics processing units (GPUs) with sustainable demand to support the emerging AI industry. NVIDIA has approximately 90% market share with proprietary software that expands the capabilities of their GPUs. NVIDIA stock saw strong performance as AI-driven demand for their Blackwell GPUs, their most capable GPU to date, doubled revenues, grew profits and sealed cloud partnerships.

**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. Alphabet announced plans to sell TPUs (tensor processing units) to Meta (also a Fund holding) for its large-scale AI workloads, expanding Alphabet's total addressable market and diversifying Meta's reliance away from NVIDIA GPUs. Alphabet also unveiled Nano Banana Pro, an image generation and editing model built on large language model Gemini 3.

**Broadcom, Inc. \|** Broadcom designs, develops, and supplies semiconductor and infrastructure software solutions. Broadcom's gains reflected strong earnings, robust AI chip demand and expanding software profits. Strategic partnerships and record free cash flow reinforced bullish sentiment.

#### What detracted from performance?
**KKR & Co. Inc. \|** KKR is a leading global investment firm that specializes in alternative assets such as private equity, direct lending, real estate and capital market services. Stocks of alternative asset managers have struggled technically and have tended to decline when there are credit concerns, which have increased. Also, KKR does not have exposure to the growing alternative asset class of digital tokens, which was a headwind in 2025. The team sold the stock during the period.

**Blackstone Inc. \|** Blackstone is the world's largest alternative asset manager. Stocks of alternative asset managers have struggled technically and have tended to decline when there are credit concerns, which have increased. Also, Blackstone does not have exposure to the growing alternative asset class of digital tokens, which was a headwind in 2025. The team sold the stock during the period.

**HubSpot, Inc. \|** HubSpot is a leading cloud-based customer relationship management platform. Software has been out of favor as businesses have preferred to spend on AI instead. The team sold the stock during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901472.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. American Franchise Fund (Series I)** | 11.67% | 10.35% | 14.87% |
| **Russell 1000® Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$886322469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5843333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901477.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIAMFR-AR-I Invesco V.I. American Franchise Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. American Franchise Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. American Franchise Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. American Franchise Fund<br>(Series II) | $116 | 1.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US large-cap growth equities benefited from artificial intelligence (AI)-related spending.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 11.39%. For the same time period, the Russell 1000® Growth Index (the "Benchmark") returned 18.56%. The Fund underperformed the Benchmark primarily due to weak stock selection in the financials, communication services, health care and information technology (IT) sectors. Underweight exposure in the health care and IT sectors were also relative detractors. These results were partially offset by positive stock selection within the consumer staples, industrials and energy sectors, as well as an overweight exposure in the communication services and financials sectors.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a market leader of semiconductor graphics processing units (GPUs) with sustainable demand to support the emerging AI industry. NVIDIA has approximately 90% market share with proprietary software that expands the capabilities of their GPUs. NVIDIA stock saw strong performance as AI-driven demand for their Blackwell GPUs, their most capable GPU to date, doubled revenues, grew profits and sealed cloud partnerships.

**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. Alphabet announced plans to sell TPUs (tensor processing units) to Meta (also a Fund holding) for its large-scale AI workloads, expanding Alphabet's total addressable market and diversifying Meta's reliance away from NVIDIA GPUs. Alphabet also unveiled Nano Banana Pro, an image generation and editing model built on large language model Gemini 3.

**Broadcom, Inc. \|** Broadcom designs, develops, and supplies semiconductor and infrastructure software solutions. Broadcom's gains reflected strong earnings, robust AI chip demand and expanding software profits. Strategic partnerships and record free cash flow reinforced bullish sentiment.

#### What detracted from performance?
**KKR & Co. Inc. \|** KKR is a leading global investment firm that specializes in alternative assets such as private equity, direct lending, real estate and capital market services. Stocks of alternative asset managers have struggled technically and have tended to decline when there are credit concerns, which have increased. Also, KKR does not have exposure to the growing alternative asset class of digital tokens, which was a headwind in 2025. The team sold the stock during the period.

**Blackstone Inc. \|** Blackstone is the world's largest alternative asset manager. Stocks of alternative asset managers have struggled technically and have tended to decline when there are credit concerns, which have increased. Also, Blackstone does not have exposure to the growing alternative asset class of digital tokens, which was a headwind in 2025. The team sold the stock during the period.

**HubSpot, Inc. \|** HubSpot is a leading cloud-based customer relationship management platform. Software has been out of favor as businesses have preferred to spend on AI instead. The team sold the stock during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. American Franchise Fund (Series II)** | 11.39% | 10.08% | 14.58% |
| **Russell 1000® Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$886322469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5843333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902556.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIAMFR-AR-II Invesco V.I. American Franchise Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. American Value Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. American Value Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. American Value Fund<br>(Series I) | $97 | 0.88% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, most US equity indices posted double digit gains. Equities were supported by investment themes associated with artificial intelligence (AI), resilient economic and labor conditions, and expectations for lower interest rates. As the year progressed, market volatility increased as investor enthusiasm about the long-term return potential of large-scale AI spending waned. Rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China also weighed on investor sentiment.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 21.00%. For the same time period, the Russell Midcap® Value Index (the "Benchmark") returned 11.05%. The Fund outperformed the Benchmark primarily due to strong stock selection in the materials, information technology (IT), and industrials sectors. These sectors were also the largest contributors to absolute performance. Conversely, stock selection and an overweight in health care was the largest detractor from the Fund's relative and absolute return. Stock selection and an overweight in financials also detracted from relative returns.

#### What contributed to performance?
**AppLovin Corp. (IT) \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their applications. AppLovin reported a strong increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market during the fiscal year, which we believed was another avenue for growth.

**Newmont Corp. (Materials) \|** A leading US mining company that produces gold, copper, silver, zinc and lead. Newmont benefited from higher gold prices throughout the period, which led to strong revenues and earnings.

**Coherent Corp. (IT) \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It has benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

#### What detracted from performance?
**Centene Corp. (Health Care) \|** Centene is a leading provider of both Medicaid and Affordable Care Act insurance coverage. Centene's stock dropped sharply after the company pulled its 2025 earnings guidance due to lower growth in the health care exchange market and rising medical costs. The passage of the "One Big Beautiful Bill Act" put further pressure on shares, given the approximately $1 trillion in potential cuts to Medicaid. We sold this position during the period.

**Avantor, Inc. (Health Care) \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor underperformed relative to market expectations, as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Marvell Technology, Inc. (IT) \|** The company provides data infrastructure semiconductor solutions, spanning the data center core to the network edge. Shares declined sharply following news in January 2025 about DeepSeek, a lower cost AI model, as investors worried companies might not need to invest as heavily in AI model development.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902518.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. American Value Fund (Series I)** | 21.00% | 17.85% | 12.29% |
| **Russell Midcap® Value Index** | 11.05% | 9.83% | 9.78% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$389359496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2466787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902500.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIAMVA-AR-I Invesco V.I. American Value Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. American Value Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. American Value Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. American Value Fund<br>(Series II) | $125 | 1.13% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, most US equity indices posted double digit gains. Equities were supported by investment themes associated with artificial intelligence (AI), resilient economic and labor conditions, and expectations for lower interest rates. As the year progressed, market volatility increased as investor enthusiasm about the long-term return potential of large-scale AI spending waned. Rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China also weighed on investor sentiment.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 20.76%. For the same time period, the Russell Midcap® Value Index (the "Benchmark") returned 11.05%. The Fund outperformed the Benchmark primarily due to strong stock selection in the materials, information technology (IT), and industrials sectors. These sectors were also the largest contributors to absolute performance. Conversely, stock selection and an overweight in health care was the largest detractor from the Fund's relative and absolute return. Stock selection and an overweight in financials also detracted from relative returns.

#### What contributed to performance?
**AppLovin Corp. (IT) \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their applications. AppLovin reported a strong increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market during the fiscal year, which we believed was another avenue for growth.

**Newmont Corp. (Materials) \|** A leading US mining company that produces gold, copper, silver, zinc and lead. Newmont benefited from higher gold prices throughout the period, which led to strong revenues and earnings.

**Coherent Corp. (IT) \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It has benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

#### What detracted from performance?
**Centene Corp. (Health Care) \|** Centene is a leading provider of both Medicaid and Affordable Care Act insurance coverage. Centene's stock dropped sharply after the company pulled its 2025 earnings guidance due to lower growth in the health care exchange market and rising medical costs. The passage of the "One Big Beautiful Bill Act" put further pressure on shares, given the approximately $1 trillion in potential cuts to Medicaid. We sold this position during the period.

**Avantor, Inc. (Health Care) \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor underperformed relative to market expectations, as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Marvell Technology, Inc. (IT) \|** The company provides data infrastructure semiconductor solutions, spanning the data center core to the network edge. Shares declined sharply following news in January 2025 about DeepSeek, a lower cost AI model, as investors worried companies might not need to invest as heavily in AI model development.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902464.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. American Value Fund (Series II)** | 20.76% | 17.56% | 12.01% |
| **Russell Midcap® Value Index** | 11.05% | 9.83% | 9.78% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$389359496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2466787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902459.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIAMVA-AR-II Invesco V.I. American Value Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Balanced-Risk Allocation Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Balanced-Risk Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Balanced-Risk Allocation Fund<br>(Series I) | $73 | 0.70%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, global markets remained resilient despite widespread uncertainty while major central banks shifted toward a more accommodative policy stance as inflation eased. Equities advanced overall, with leadership broadening beyond the US as investors rotated toward international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields experienced volatility, with fiscal sustainability concerns partly offsetting moderating inflation and policy easing expectations. Commodities delivered mixed results, with gains in metals outweighing losses in agriculture and energy commodities. Because this Fund is diversified across stocks, bonds and commodities, it benefited from this broader and more differentiated market environment.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 9.14%. For the same time period, the Custom Invesco V.I. Balanced-Risk Allocation Index returned 15.70%.

#### What contributed to performance?
**Growth Macro Factor \|** Strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive** **Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance, with gains in Australian, Canadian and US government bonds outweighing losses from UK, German and Japanese government bonds.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903395.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Balanced-Risk Allocation Fund (Series I)** | 9.14% | 2.53% | 5.17% |
| **Custom Invesco V.I. Balanced-Risk Allocation Index** | 15.70% | 7.24% | 8.32% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco V.I. Balanced-Risk Allocation Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$384578310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1980790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 44.86% | 56.00% |
| Fixed Income | 20.01% | 79.25% |
| Commodities | 35.13% | 29.20% |
| Total | 100.00% | 164.45% |
| \* 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. <br>\*\* Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902391.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIIBRA-AR-I Invesco V.I. Balanced-Risk Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Balanced-Risk Allocation Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Balanced-Risk Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Balanced-Risk Allocation Fund<br>(Series II) | $99 | 0.95%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, global markets remained resilient despite widespread uncertainty while major central banks shifted toward a more accommodative policy stance as inflation eased. Equities advanced overall, with leadership broadening beyond the US as investors rotated toward international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields experienced volatility, with fiscal sustainability concerns partly offsetting moderating inflation and policy easing expectations. Commodities delivered mixed results, with gains in metals outweighing losses in agriculture and energy commodities. Because this Fund is diversified across stocks, bonds and commodities, it benefited from this broader and more differentiated market environment.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 8.69%. For the same time period, the Custom Invesco V.I. Balanced-Risk Allocation Index returned 15.70%.

#### What contributed to performance?
**Growth Macro Factor \|** Strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive** **Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance, with gains in Australian, Canadian and US government bonds outweighing losses from UK, German and Japanese government bonds.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902422.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Balanced-Risk Allocation Fund (Series II)** | 8.69% | 2.27% | 4.91% |
| **Custom Invesco V.I. Balanced-Risk Allocation Index** | 15.70% | 7.24% | 8.32% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco V.I. Balanced-Risk Allocation Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$384578310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1980790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 44.86% | 56.00% |
| Fixed Income | 20.01% | 79.25% |
| Commodities | 35.13% | 29.20% |
| Total | 100.00% | 164.45% |
| \* 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. <br>\*\* Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903407.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIIBRA-AR-II Invesco V.I. Balanced-Risk Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Comstock Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Comstock Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Comstock Fund<br>(Series I) | $82 | 0.75% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US large-cap equities were supported by investment themes associated with artificial intelligence (AI) adoption, resilient economic and labor conditions and expectations for lower interest rates. As the fiscal year progressed, market volatility moderated higher as investor sentiment shifted around the long-term return potential of large-scale AI spending and amid rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 17.45%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund outperformed the Benchmark primarily due to stock selection in financials, health care and consumer discretionary sectors. Stock selection in information technology (IT) and communication services sectors, as well as the allocation to cash, were key detractors from relative return.

#### What contributed to performance?
**Financials \|** In the financials sector, large diversified and regional banks generally performed well in 2025, supported by resilient credit quality, stabilizing net interest margins, improved capital return expectations and easing concerns around deposit outflows and regulatory pressure. These factors benefited holdings such as Bank of America, Wells Fargo, Citizens Financial Group and Huntington Bancshares, which saw improved earnings visibility and investor sentiment across the sector.

**Health Care \|** In the health care sector, CVS Health and Elevance Health were key relative contributors. CVS Health benefited from improved execution in its health care services platform, including stabilization in pharmacy operations and progress integrating care delivery and benefits, which supported earnings and investor sentiment. Elevance had strong premium yields, contributions from acquisitions and robust Medicare Advantage membership growth that increased operating revenue, supporting overall earnings strength.

**Consumer Discretionary \|** In the consumer discretionary sector, outside of eBay being a key relative contributor, relative contributions came mainly from what the Fund did not own or was materially underweight in. Having no exposure to specialty retail stocks and a material underweight in textiles apparel and luxury goods were key contributors.

#### What detracted from performance?
**IT \|** In the IT sector, not owning stocks such as Micron Technology, Advanced Micro Devices, Applied Materials and Analog Devices, detracted from relative returns versus the Benchmark.

**Communication** **Services \|** In the communication services sector, Alphabet and Charter Communications were key relative detractors. Alphabet's advertising growth missed expectations and concerns increased around competitive pressures and margin implications from elevated investment in AI infrastructure. Charter Communications experienced continued subscriber losses, pricing pressure in broadband and higher capital and operating costs.

**Allocation to cash \|** Although the Fund's allocation to cash averaged less than 4% for the period, it acted as a drag on relative performance, as would be expected in a strong equity market environment. The Fund's allocation to cash is typically under 5% and utilized as a source for investing in new opportunities, as well as managing investor cash flows.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902411.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Comstock Fund (Series I)** | 17.45% | 15.43% | 11.95% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1472205471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8095949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902386.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VICOM-AR-I Invesco V.I. Comstock Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Comstock Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Comstock Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Comstock Fund<br>(Series II) | $109 | 1.00% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US large-cap equities were supported by investment themes associated with artificial intelligence (AI) adoption, resilient economic and labor conditions and expectations for lower interest rates. As the fiscal year progressed, market volatility moderated higher as investor sentiment shifted around the long-term return potential of large-scale AI spending and amid rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 17.14%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund outperformed the Benchmark primarily due to stock selection in financials, health care and consumer discretionary sectors. Stock selection in information technology (IT) and communication services sectors, as well as the allocation to cash, were key detractors from relative return.

#### What contributed to performance?
**Financials \|** In the financials sector, large diversified and regional banks generally performed well in 2025, supported by resilient credit quality, stabilizing net interest margins, improved capital return expectations and easing concerns around deposit outflows and regulatory pressure. These factors benefited holdings such as Bank of America, Wells Fargo, Citizens Financial Group and Huntington Bancshares, which saw improved earnings visibility and investor sentiment across the sector.

**Health Care \|** In the health care sector, CVS Health and Elevance Health were key relative contributors. CVS Health benefited from improved execution in its health care services platform, including stabilization in pharmacy operations and progress integrating care delivery and benefits, which supported earnings and investor sentiment. Elevance had strong premium yields, contributions from acquisitions and robust Medicare Advantage membership growth that increased operating revenue, supporting overall earnings strength.

**Consumer Discretionary \|** In the consumer discretionary sector, outside of eBay being a key relative contributor, relative contributions came mainly from what the Fund did not own or was materially underweight in. Having no exposure to specialty retail stocks and a material underweight in textiles apparel and luxury goods were key contributors.

#### What detracted from performance?
**IT \|** In the IT sector, not owning stocks such as Micron Technology, Advanced Micro Devices, Applied Materials and Analog Devices, detracted from relative returns versus the Benchmark.

**Communication Services \|** In the communication services sector, Alphabet and Charter Communications were key relative detractors. Alphabet's advertising growth missed expectations and concerns increased around competitive pressures and margin implications from elevated investment in AI infrastructure. Charter Communications experienced continued subscriber losses, pricing pressure in broadband and higher capital and operating costs.

**Allocation to cash \|** Although the Fund's allocation to cash averaged less than 4% for the period, it acted as a drag on relative performance, as would be expected in a strong equity market environment. The Fund's allocation to cash is typically under 5% and utilized as a source for investing in new opportunities, as well as managing investor cash flows.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902334.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Comstock Fund (Series II)** | 17.14% | 15.14% | 11.67% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1472205471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8095949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902329.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VICOM-AR-IIInvesco V.I. Comstock Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Core Equity Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Core Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at i<u>nvesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Core Equity Fund<br>(Series I) | $86 | 0.80% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns, and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 16.17%. For the same time period, the Russell 1000® Index (the "Benchmark") returned 17.37%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, health care, and consumer staples sectors. Stronger stock selection in the communication services, industrials, and materials sectors partially offset these results.

#### What contributed to performance?
**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. Alphabet rose as strong results across Search, YouTube, and Cloud drove accelerating revenue growth. Continued progress in autonomous ride-hailing and a more favorable regulatory outlook further lifted investor sentiment.

**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. The company delivered strong returns as robust commercial aerospace demand drove earnings above expectations. Solid cash flow and contributions from defense further supported performance.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing is a purpose-driven, pure-play company, focused on growing the convenient nutrition category while fostering a people-first culture. The company declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing's ability to sustain its growth trajectory. We exited our position during the fiscal year.

**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The company lagged as elevated medical costs and pressure in government-sponsored plans impacted profitability.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901546.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Core Equity Fund (Series I)** | 16.17% | 12.81% | 11.73% |
| **Russell 1000® Index** | 17.37% | 13.59% | 14.59% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$779093816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4671937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.70% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901551.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VICEQ-AR-I Invesco V.I. Core Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Core Equity Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Core Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Core Equity Fund<br>(Series II) | $113 | 1.05% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns, and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.88%. For the same time period, the Russell® 1000 Index (the "Benchmark") returned 17.37%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, health care, and consumer staples sectors. Stronger stock selection in the communication services, industrials, and materials sectors partially offset these results.

#### What contributed to performance?
**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. Alphabet rose as strong results across Search, YouTube, and Cloud drove accelerating revenue growth. Continued progress in autonomous ride-hailing and a more favorable regulatory outlook further lifted investor sentiment.

**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. The company delivered strong returns as robust commercial aerospace demand drove earnings above expectations. Solid cash flow and contributions from defense further supported performance.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing is a purpose-driven, pure-play company, focused on growing the convenient nutrition category while fostering a people-first culture. The company declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing's ability to sustain its growth trajectory. We exited our position during the fiscal year.

**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The company lagged as elevated medical costs and pressure in government-sponsored plans impacted profitability.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901566.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Core Equity Fund (Series II)** | 15.88% | 12.52% | 11.46% |
| **Russell 1000® Index** | 17.37% | 13.59% | 14.59% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$779093816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4671937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.70% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901571.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VICEQ-AR-II Invesco V.I. Core Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Core Plus Bond Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Core Plus Bond Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Core Plus Bond Fund<br>(Series I) | $62 | 0.60%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates was a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 7.09%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 7.30%.

#### What contributed to performance?
**Investment grade financial institutions (sub-sector) \|** Allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

**Emerging market corporates and sovereigns (asset class) \|** Allocation to emerging market corporates and sovereigns contributed to relative performance. Emerging markets benefited from a weakening US dollar by attracting capital flows.

#### What detracted from performance?
**Investment grade utilities (sub-sector) \|** Allocation to the investment grade utilities sub-sector detracted from relative performance due to lagging credits in the sub-sector.

**Agency mortgages (asset class) \|** Selection in agency mortgages, particularly to conventional 30-year fixed mortgages, detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901587.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Core Plus Bond Fund (Series I)** | 7.09% | -0.11% | 2.99% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$157914830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$475027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;548% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 08/15/2055 | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 12/31/2030 | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.38%, 12/31/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 12/15/2028 | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;1.49% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901592.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VICPB-AR-I Invesco V.I. Core Plus Bond Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Core Plus Bond Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Core Plus Bond Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Core Plus Bond Fund<br>(Series II) | $88 | 0.85%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates was a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 6.96%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 7.30%.

#### What contributed to performance?
**Investment grade financial institutions (sub-sector) \|** Allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

**Emerging market corporates and sovereigns (asset class) \|** Allocation to emerging market corporates and sovereigns contributed to relative performance. Emerging markets benefited from a weakening US dollar by attracting capital flows.

#### What detracted from performance?
**Investment grade utilities (sub-sector) \|** Allocation to the investment grade utilities sub-sector detracted from relative performance due to lagging credits in the sub-sector.

**Agency mortgages (asset class) \|** Selection in agency mortgages, particularly to conventional 30-year fixed mortgages, detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902160.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Core Plus Bond Fund (Series II)** | 6.96% | -0.36% | 2.73% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$157914830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$475027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;548% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 08/15/2055 | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 12/31/2030 | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.38%, 12/31/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 12/15/2028 | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;1.49% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902147.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VICPB-AR-II Invesco V.I. Core Plus Bond Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Discovery Large Cap Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Discovery Large Cap Fund (the "Fund"), formerly Invesco V.I. Capital Appreciation Fund, for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Discovery Large Cap Fund<br>(Series I) | $85 | 0.80%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US large-cap growth equities benefited from artificial intelligence (AI)-related spending.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 12.79%. For the same time period, the Russell 1000® Growth Index (the "Benchmark") returned 18.56%. The Fund underperformed the Benchmark mainly as a result of stock selection in the financials, communication services and information technology sectors. Stronger stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a market leader of semiconductor graphics processing units (GPUs) with sustainable demand to support the emerging AI industry. NVIDIA has approximately 90% market share with proprietary software that expands the capabilities of their GPUs. NVIDIA stock saw strong performance as AI-driven demand for their Blackwell GPUs, their most capable GPU to date, doubled revenues, grew profits and sealed cloud partnerships.

**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. Alphabet announced plans to sell TPUs (tensor processing units) to Meta (also a Fund holding) for its large-scale AI workloads, expanding Alphabet's total addressable market and diversifying Meta's reliance away from NVIDIA GPUs. Alphabet also unveiled Nano Banana Pro, an image generation and editing model built on large language model Gemini 3.

#### What detracted from performance?
**KKR & Co., Inc. \|** KKR is a leading global investment firm that specializes in alternative assets such as private equity, direct lending, real estate and capital market services. Stocks of alternative asset managers have struggled technically and have tended to decline when there are credit concerns, which have increased. Also, KKR does not have exposure to the growing alternative asset class of digital tokens, which was a headwind in 2025. The team sold the stock during the period.

**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head at the company's fourth quarter of 2024 earnings release in February. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902530.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Discovery Large Cap Fund (Series I)** | 12.79% | 11.69% | 14.22% |
| **Russell 1000® Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

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

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$463953926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4633801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903455.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VICAPA-AR-IInvesco V.I. Discovery Large Cap Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Discovery Large Cap Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Discovery Large Cap Fund (the "Fund"), formerly Invesco V.I. Capital Appreciation Fund, for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Discovery Large Cap Fund<br>(Series II) | $112 | 1.05%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US large-cap growth equities benefited from artificial intelligence (AI)-related spending.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 12.53%. For the same time period, the Russell 1000® Growth Index (the "Benchmark") returned 18.56%. The Fund underperformed the Benchmark mainly as a result of stock selection in the financials, communication services and information technology sectors. Stronger stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a market leader of semiconductor graphics processing units (GPUs) with sustainable demand to support the emerging AI industry. NVIDIA has approximately 90% market share with proprietary software that expands the capabilities of their GPUs. NVIDIA stock saw strong performance as AI-driven demand for their Blackwell GPUs, their most capable GPU to date, doubled revenues, grew profits and sealed cloud partnerships.

**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. Alphabet announced plans to sell TPUs (tensor processing units) to Meta (also a Fund holding) for its large-scale AI workloads, expanding Alphabet's total addressable market and diversifying Meta's reliance away from NVIDIA GPUs. Alphabet also unveiled Nano Banana Pro, an image generation and editing model built on large language model Gemini 3.

#### What detracted from performance?
**KKR & Co., Inc. \|** KKR is a leading global investment firm that specializes in alternative assets such as private equity, direct lending, real estate and capital market services. Stocks of alternative asset managers have struggled technically and have tended to decline when there are credit concerns, which have increased. Also, KKR does not have exposure to the growing alternative asset class of digital tokens, which was a headwind in 2025. The team sold the stock during the period.

**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head at the company's fourth quarter of 2024 earnings release in February. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902566.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Discovery Large Cap Fund (Series II)** | 12.53% | 11.41% | 13.94% |
| **Russell 1000® Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer Capital Appreciation Fund/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$463953926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4633801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902571.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VICAPA-AR-IIInvesco V.I. Discovery Large Cap Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Discovery Mid Cap Growth Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Discovery Mid Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Discovery Mid Cap Growth Fund<br>(Series I) | $88 | 0.86% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, resilient economic growth, and a robust artificial intelligence (AI) ecosystem.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 4.79%. For the same time period, the Russell Midcap® Growth Index (the "Benchmark") returned 8.66%. The Fund underperformed the Benchmark primarily due to weaker stock selection in the consumer discretionary, communication services and financials sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. The company delivered strong returns as robust commercial aerospace demand drove earnings above expectations. Solid cash flow and contributions from defense further supported performance.

**Lumentum Holdings, Inc. \|** Lumentum is a leading supplier of lasers to the AI ecosystem. The stock rallied due to strong demand for its products in hyperscale and AI data centers, along with general optimism surrounding AI infrastructure stocks.

#### What detracted from performance ?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head at the company's fourth quarter of 2024 earnings release in February 2025. We exited our position during the period.

**Datadog, Inc. \|** Datadog provides observability and security for cloud-based applications. During the period, management provided conservative initial guidance for fiscal year 2025 and a speculation of loss in fiscal year 2026.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903474.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Discovery Mid Cap Growth Fund (Series I)** | 4.79% | 3.90% | 11.38% |
| **Russell Midcap® Growth Index** | 8.66% | 6.65% | 12.49% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Non-Service shares of Oppenheimer Discovery Mid Cap Growth Fund/VA (the predecessor fund), were reorganized into Series I shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Non-Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$669899879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6047785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903479.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIDMCG-AR-IInvesco V.I. Discovery Mid Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Discovery Mid Cap Growth Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Discovery Mid Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Discovery Mid Cap Growth Fund<br>(Series II) | $114 | 1.11% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, resilient economic growth, and a robust artificial intelligence (AI) ecosystem.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 4.53%. For the same time period, the Russell Midcap® Growth Index (the "Benchmark") returned 8.66%. The Fund underperformed the Benchmark primarily due to weaker stock selection in the consumer discretionary, communication services and financials sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. The company delivered strong returns as robust commercial aerospace demand drove earnings above expectations. Solid cash flow and contributions from defense further supported performance.

**Lumentum Holdings, Inc. \|** Lumentum is a leading supplier of lasers to the AI ecosystem. The stock rallied due to strong demand for its products in hyperscale and AI data centers, along with general optimism surrounding AI infrastructure stocks.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head at the company's fourth quarter of 2024 earnings release in February 2025. We exited our position during the period.

**Datadog, Inc. \|** Datadog provides observability and security for cloud-based applications. During the period, management provided conservative initial guidance for fiscal year 2025 and a speculation of loss in fiscal year 2026.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903486.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Discovery Mid Cap Growth Fund (Series II)** | 4.53% | 3.64% | 11.10% |
| **Russell Midcap® Growth Index** | 8.66% | 6.65% | 12.49% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer Discovery Mid Cap Growth Fund/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$669899879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6047785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised Th e F un d's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902643.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIDMCG-AR-II Invesco V.I. Discovery Mid Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Diversified Dividend Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Diversified Dividend Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Diversified Dividend Fund<br>(Series I) | $73 | 0.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the US economy faced significant challenges from trade policy uncertainty, persistent inflation and shifting Federal Reserve (Fed) actions, leading to early year market volatility and a brief economic contraction. Despite these headwinds and a softening labor market, the economy showed resilience in the second half of the year, with strong GDP growth and corporate earnings driven by artificial intelligence (AI) innovation. Fed rate cuts and solid corporate performance helped sustain equity gains amid ongoing uncertainty as the year closed.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 15.74%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund underperformed the Benchmark due to stock selection in the information technology and industrials sectors, while stock selection in the the financials, health care and real estate sectors partially offset these results.

#### What contributed to performance?
**JPMorgan Chase & Co. \|** JPMorgan Chase's stock rallied in 2025, driven by strong market-making, banking fee growth, loan and deposit expansion, wealth management momentum, disciplined expense control and generous capital returns supported by a robust balance sheet.

**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products. Alphabet's stock surged in 2025 due to strong AI-driven monetization, double-digit and revenue growth, rapid cloud expansion, significant investments in future capabilities and robust capital returns, all supported by analyst upgrades and institutional confidence.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth Group is a large-cap managed care company that provides health care benefits, services, data and analytics. UnitedHealth Group's stock declined sharply in 2025 amid rising medical expenses, earnings disappointments, and margin compression, fueling investor concerns and underperformance relative to peers.

**Marvell Technology, Inc. \|** Marvell Technology provides data infrastructure semiconductor solutions, spanning the data center core to the network edge. The company's stock underperformed in 2025 due to a post-boom valuation reset, legacy business decline, client and competitive risks and mixed guidance, which outweighed strong AI-driven growth and led to divergent investor expectations. Marvell Technology was sold during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902122.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Diversified Dividend Fund (Series I)** | 15.74% | 10.81% | 9.20% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$445912339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2169526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902117.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIDDI-AR-I Invesco V.I. Diversified Dividend Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Diversified Dividend Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Diversified Dividend Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Diversified Dividend Fund<br>(Series II) | $100 | 0.93% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the US economy faced significant challenges from trade policy uncertainty, persistent inflation and shifting Federal Reserve (Fed) actions, leading to early year market volatility and a brief economic contraction. Despite these headwinds and a softening labor market, the economy showed resilience in the second half of the year, with strong GDP growth and corporate earnings driven by artificial intelligence (AI) innovation. Fed rate cuts and solid corporate performance helped sustain equity gains amid ongoing uncertainty as the year closed.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.44%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund underperformed the Benchmark due to stock selection in the information technology and industrials sectors, while stock selection in the the financials, health care and real estate sectors partially offset these results.

#### What contributed to performance?
**JPMorgan Chase & Co. \|** JPMorgan Chase's stock rallied in 2025, driven by strong market-making, banking fee growth, loan and deposit expansion, wealth management momentum, disciplined expense control and generous capital returns supported by a robust balance sheet.

**Alphabet, Inc. \|** Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products. Alphabet's stock surged in 2025 due to strong AI-driven monetization, double-digit and revenue growth, rapid cloud expansion, significant investments in future capabilities and robust capital returns, all supported by analyst upgrades and institutional confidence.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth Group is a large-cap managed care company that provides health care benefits, services, data and analytics. UnitedHealth Group's stock declined sharply in 2025 amid rising medical expenses, earnings disappointments, and margin compression, fueling investor concerns and underperformance relative to peers.

**Marvell Technology, Inc. \|** Marvell Technology provides data infrastructure semiconductor solutions, spanning the data center core to the network edge. The company's stock underperformed in 2025 due to a post-boom valuation reset, legacy business decline, client and competitive risks and mixed guidance, which outweighed strong AI-driven growth and led to divergent investor expectations. Marvell Technology was sold during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Diversified Dividend Fund (Series II)** | 15.44% | 10.53% | 8.93% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$445912339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2169526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902075.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIDDI-AR-II Invesco V.I. Diversified Dividend Fund

![TSR_logo](images_2661.jpg)

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

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Equally-Weighted S&P 500 Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Equally-Weighted S&P 500 Fund<br>(Series I) | $36 | 0.34% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the S&P 500® Equal Weight Index (the "Index") experienced positive returns supported by earnings reports across the cap spectrum and a more accommodative monetary policy with the Federal Reserve cutting rates. The Fund lagged US large cap equities primarily due to its underweight in information technology by 18.92% and communication services by 6.38% versus the Index and specific security exposures within industrials.

**•** The Fund seeks to track the investment results (before fees and expenses) of the Index.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 11.10%. For the same time period, the Index returned 11.43%. The Fund differed from the return of the Index primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Consumer discretionary sector, followed by the utilities sector.

**Positions \|** Apple Inc., an information technology company, and Amazon.com Inc., a consumer discretionary company.

#### What detracted from performance?
**Sector Allocations \|** Information technology sector, followed by the communication services sector.

**Positions \|** NVIDIA Corp., an information technology company, and Alphabet Inc., a communication services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Equally-Weighted S&P 500 Fund (Series I)** | 11.10% | 10.16% | 11.39% |
| **S&P 500® Equal Weight Index** | 11.43% | 10.48% | 11.71% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$481561417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$570557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;0.22% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902014.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund clarified its principal investment strategies to reflect that the Fund adopted a policy to invest at least 80% of its net assets in common stocks of companies represented in the S&P 500® Equal Weight Index, and derivatives and other instruments that have economic characteristics similar to such securities.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

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

![TSR_logo](images_2661.jpg)

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

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Equally-Weighted S&P 500 Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Equally-Weighted S&P 500 Fund<br>(Series II) | $62 | 0.59% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the S&P 500® Equal Weight Index (the "Index") experienced positive returns supported by earnings reports across the cap spectrum and a more accommodative monetary policy with the Federal Reserve cutting rates. The Fund lagged US large cap equities primarily due to its underweight in information technology by 18.92% and communication services by 6.38% versus the Index and specific security exposures within industrials.

**•** The Fund seeks to track the investment results (before fees and expenses) of the Index.

• For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 10.82%. For the same time period, the Index returned 11.43%. The Fund differed from the return of the Index primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Consumer discretionary sector, followed by the utilities sector.

**Positions \|** Apple Inc., an information technology company, and Amazon.com Inc., a consumer discretionary company.

#### What detracted from performance?
**Sector Allocations \|** Information technology sector, followed by the communication services sector.

**Positions \|** NVIDIA Corp., an information technology company, and Alphabet Inc., a communication services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901659.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Equally-Weighted S&P 500 Fund (Series II)** | 10.82% | 9.89% | 11.11% |
| **S&P 500® Equal Weight Index** | 11.43% | 10.48% | 11.71% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$481561417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$570557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;0.22% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901664.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund clarified its principal investment strategies to reflect that the Fund adopted a policy to invest at least 80% of its net assets in common stocks of companies represented in the S&P 500® Equal Weight Index, and derivatives and other instruments that have economic characteristics similar to such securities.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MS-VIEWSP-AR-II Invesco V.I. Equally-Weighted S&P 500 Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Equity and Income Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Equity and Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Equity and Income Fund<br>(Series I) | $60 | 0.56% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, most US equity indices posted double digit gains. Equities were supported by investment themes associated with artificial intelligence (AI), resilient economic and labor conditions, and expectations for lower interest rates. As the year progressed, market volatility increased as investor enthusiasm about the long-term return potential of large-scale AI spending waned. Rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China also weighed on investor sentiment.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 12.81%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund underperformed the Benchmark for the period. From an equity perspective, drivers of Fund performance were mainly stock-specific. Strong stock selection in the industrials sector was the largest contributor to relative returns for the period. Stock selection and an underweight in the real estate sector also aided relative performance. Conversely, stock selection in the communication services sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. (Financials) \|** The bank delivered strong earnings results driven by higher revenue, improved credit quality, and higher investment banking fees. Wells Fargo raised its dividend and repurchased shares during the fiscal year.

**Coherent Corp. (IT) \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It has benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**Johnson Controls International PLC (Industrials) \|** Johnson Controls' stock rose during the period, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

#### What detracted from performance?
**Fiserv, Inc. (Financials) \|** Shares of Fiserv dropped sharply after management reported disappointing third quarter results. Revenue and earnings fell well short of expectations, prompting management to slash its full-year earnings forecast and cut organic growth guidance. The company launched the "One Fiserv" initiative and made leadership changes to address these issues, but ongoing uncertainty led us to sell our stock position.

**Marvell Technology, Inc. (IT) \|** The company is a key player in data infrastructure semiconductors. Shares declined sharply following news in January 2025 about DeepSeek, a lower cost AI model, as investors worried companies might not need to invest as heavily during the period in AI model development. Although we still saw AI-related upside, the stock underperformed peers. We sold our stock position.

**Convertible securities and fixed income instruments (Asset class) \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901946.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Equity and Income Fund (Series I)** | 12.81% | 8.94% | 8.92% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **Bloomberg U.S. Government/Credit Index** | 6.88% | -0.59% | 2.16% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1410780173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5103661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;112% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.38%, 12/31/2027 | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 12/15/2028 | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901678.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIEQI-AR-I Invesco V.I. Equity and Income Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Equity and Income Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Equity and Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Equity and Income Fund<br>(Series II) | $86 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, most US equity indices posted double digit gains. Equities were supported by investment themes associated with artificial intelligence (AI), resilient economic and labor conditions, and expectations for lower interest rates. As the year progressed, market volatility increased as investor enthusiasm about the long-term return potential of large-scale AI spending waned. Rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China also weighed on investor sentiment.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 12.52%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund underperformed the Benchmark for the period. From an equity perspective, drivers of Fund performance were mainly stock-specific. Strong stock selection in the industrials sector was the largest contributor to relative returns for the period. Stock selection and an underweight in the real estate sector also aided relative performance. Conversely, stock selection in the communication services sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. (Financials) \|** The bank delivered strong earnings results driven by higher revenue, improved credit quality, and higher investment banking fees. Wells Fargo raised its dividend and repurchased shares during the fiscal year.

**Coherent Corp. (IT) \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It has benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**Johnson Controls International PLC (Industrials) \|** Johnson Controls' stock rose during the period, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

#### What detracted from performance?
**Fiserv, Inc. (Financials) \|** Shares of Fiserv dropped sharply after management reported disappointing third quarter results. Revenue and earnings fell well short of expectations, prompting management to slash its full-year earnings forecast and cut organic growth guidance. The company launched the "One Fiserv" initiative and made leadership changes to address these issues, but ongoing uncertainty led us to sell our stock position.

**Marvell Technology, Inc. (IT) \|** The company is a key player in data infrastructure semiconductors. Shares declined sharply following news in January 2025 about DeepSeek, a lower cost AI model, as investors worried companies might not need to invest as heavily during the period in AI model development. Although we still saw AI-related upside, the stock underperformed peers. We sold our stock position.

**Convertible securities and fixed income instruments (Asset class) \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901694.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Equity and Income Fund (Series II)** | 12.52% | 8.68% | 8.64% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **Bloomberg U.S. Government/Credit Index** | 6.88% | -0.59% | 2.16% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1410780173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5103661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;112% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.38%, 12/31/2027 | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 12/15/2028 | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901880.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIEQI-AR-II Invesco V.I. Equity and Income Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. EQV International Equity Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. EQV International Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. EQV International Equity Fund<br>(Series I) | $97 | 0.90% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered robust results for the fiscal year ended December 31, 2025, despite tariff-related uncertainty in the first half of the year. Market sentiment improved in the back half of the fiscal year as investors focused on the positive implications of fiscal and monetary stimulus. International equities outperformed US equities; however, high quality companies lagged during this period, particularly outside the US, creating a headwind for actively managed strategies emphasizing quality characteristics. Artificial intelligence (AI) remained a key market theme throughout the year.

**•** For the fiscal year ended December 31, 2025, Series I of the Fund returned 16.50%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection in industrials, financials and health care.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is a leading producer of advanced semiconductors for AI applications. Strong AI chip demand and robust earnings results throughout the fiscal year contributed to its strong performance.

**Investor AB \|** Investor, a Swedish investment holding company with interests in both public and private markets, benefited from robust performance from its listed holdings and strategic acquisitions within its private portfolio.

**Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers. We sold the Fund's position late in the fiscal year following strong performance.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock declined during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

**E Ink Holdings, Inc. \|** E Ink, a dominant player in the e-paper industry, is supported by long term structural growth and increasing adoption of electronic shelf labels and digital signage. Recent share weakness reflected soft monthly sales, driven by previously accelerated orders related to tariff concerns.

**Meituan \|** Meituan's key food delivery segment experienced heightened competitive pressure after a new entrant joined the market, resulting in broader pricing challenges for the industry. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. EQV International Equity Fund (Series I)** | 16.50% | 3.68% | 6.22% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1180438817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8261893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk, ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902103.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIIGR-AR-I Invesco V.I. EQV International Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. EQV International Equity Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. EQV International Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. EQV International Equity Fund<br>(Series II) | $124 | 1.15% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered robust results for the fiscal year ended December 31, 2025, despite tariff-related uncertainty in the first half of the year. Market sentiment improved in the back half of the fiscal year as investors focused on the positive implications of fiscal and monetary stimulus. International equities outperformed US equities; however, high quality companies lagged during this period, particularly outside the US, creating a headwind for actively managed strategies emphasizing quality characteristics. Artificial intelligence (AI) remained a key market theme throughout the year.

**•** For the fiscal year ended December 31, 2025, Series II of the Fund returned 16.23%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection in industrials, financials and health care.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is a leading producer of advanced semiconductors for AI applications. Strong AI chip demand and robust earnings results throughout the fiscal year contributed to its strong performance.

**Investor AB \|** Investor, a Swedish investment holding company with interests in both public and private markets, benefited from robust performance from its listed holdings and strategic acquisitions within its private portfolio.

**Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers. We sold the Fund's position late in the fiscal year following strong performance.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock declined during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

**E Ink Holdings, Inc. \|** E Ink, a dominant player in the e-paper industry, is supported by long term structural growth and increasing adoption of electronic shelf labels and digital signage. Recent share weakness reflected soft monthly sales, driven by previously accelerated orders related to tariff concerns.

**Meituan \|** Meituan's key food delivery segment experienced heightened competitive pressure after a new entrant joined the market, resulting in broader pricing challenges for the industry. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902134.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. EQV International Equity Fund (Series II)** | 16.23% | 3.42% | 5.95% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1180438817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8261893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk, ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902139.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIIGR-AR-II Invesco V.I. EQV International Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Core Equity Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Core Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Core Equity Fund<br>(Series I) | $107 | 0.99% |

---

### How Did The Fund Perform During The Period?
**•** For the fiscal year ended December 31, 2025, global equities delivered positive results despite tariff related uncertainty in the first half of the year. Market sentiment improved in the second half of the year as investors focused on the positive effects of fiscal and monetary stimulus. Artificial intelligence (AI) remained a key market theme throughout the year. International equities outperformed US equities. Within international markets, value stocks outperformed, while in the US, growth stocks led performance. European equities and emerging market equities were among the strongest performers.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 15.56%. For the same time period, the MSCI World IndexSM (Net) (the "Benchmark") returned 21.09%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the financials, industrials, and health care sectors. These results were partially offset by strong stock selection within the consumer discretionary sector.

#### What contributed to performance?
**Amphenol Corp. \|** Amphenol designs, manufactures, and markets high-technology interconnect, sensor, and antenna solutions. The company benefited from strong demand for its electrical interconnect components, which sell into the data center industry. The company also benefited from strengthening military demand.

**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor, a semiconductor foundry business, benefited from robust demand for high-performance computing chips related to the build-out of the infrastructure needed to support AI development.

#### What detracted from performance?
**Thermo Fisher Scientific, Inc. \|** Thermo Fisher, a global leader in life sciences tools, consumables and diagnostics, downgraded its financial guidance for 2025 based on its early assessment of tariffs. This, combined with the increasingly hawkish healthcare policy proposals from the US federal government, led investors to worry whether its pharmaceutical and biotech customers will curtail R&D investments, potentially reducing their purchasing of Thermos' industry-leading equipment.

**Canadian Pacific Kansas City Ltd. \|** Canadian Pacific Kansas City is the first and only single-line railroad directly connecting Canada, the United States, and Mexico. Shares in the company underperformed as a result of ongoing tepid volume trends and concerns around the impact of tariffs on Mexico and Canada. The announced merger of Union Pacific and Norfolk Southern was also perceived to present an increased competitive threat to the company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901847.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Core Equity Fund (Series I)** | 15.56% | 8.29% | 8.91% |
| **MSCI World IndexSM (Net)** | 21.09% | 12.15% | 12.17% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$77135866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$499683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901830.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

At a meeting held on December 8-10, 2025, 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 or substantially all of its assets and liabilities to Invesco V.I. Global Fund (the "Acquiring Fund"). The Agreement requires approval by the Fund's shareholders and will be submitted to Fund shareholders for their consideration at a special shareholder meeting to be held on or about April 13, 2026. If the Agreement is approved by shareholders of the Fund and certain conditions required by the Agreement are satisfied or waived, the reorganization is expected to be consummated on or about April 24, 2026. Upon closing of the reorganization, shareholders of the Fund will receive shares of a class of the Acquiring Fund that are equal in value to the shares of the corresponding class of the Fund that the shareholders held immediately prior to the closing of the reorganization, and the Fund will liquidate and cease operations.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGCE-AR-I Invesco V.I. Global Core Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Core Equity Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Core Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Core Equity Fund<br>(Series II) | $133 | 1.24% |

---

### How Did The Fund Perform During The Period?
**•** For the fiscal year ended December 31, 2025, global equities delivered positive results despite tariff related uncertainty in the first half of the year. Market sentiment improved in the second half of the year as investors focused on the positive effects of fiscal and monetary stimulus. Artificial intelligence (AI) remained a key market theme throughout the year. International equities outperformed US equities. Within international markets, value stocks outperformed, while in the US, growth stocks led performance. European equities and emerging market equities were among the strongest performers.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.21%. For the same time period, the MSCI World IndexSM (Net) (the "Benchmark") returned 21.09%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the financials, industrials, and health care sectors. These results were partially offset by strong stock selection within the consumer discretionary sector.

#### What contributed to performance?
**Amphenol Corp. \|** Amphenol designs, manufactures, and markets high-technology interconnect, sensor, and antenna solutions. The company benefited from strong demand for its electrical interconnect components, which sell into the data center industry. The company also benefited from strengthening military demand.

**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor, a semiconductor foundry business, benefited from robust demand for high-performance computing chips related to the build-out of the infrastructure needed to support AI development.

#### What detracted from performance?
**Thermo Fisher Scientific, Inc. \|** Thermo Fisher, a global leader in life sciences tools, consumables and diagnostics, downgraded its financial guidance for 2025 based on its early assessment of tariffs. This, combined with the increasingly hawkish healthcare policy proposals from the US federal government, led investors to worry whether its pharmaceutical and biotech customers will curtail R&D investments, potentially reducing their purchasing of Thermos' industry-leading equipment.

**Canadian Pacific Kansas City Ltd. \|** Canadian Pacific Kansas City is the first and only single-line railroad directly connecting Canada, the United States, and Mexico. Shares in the company underperformed as a result of ongoing tepid volume trends and concerns around the impact of tariffs on Mexico and Canada. The announced merger of Union Pacific and Norfolk Southern was also perceived to present an increased competitive threat to the company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901767.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Core Equity Fund (Series II)** | 15.21% | 8.03% | 8.63% |
| **MSCI World IndexSM (Net)** | 21.09% | 12.15% | 12.17% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$77135866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$499683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901724.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

At a meeting held on December 8-10, 2025, 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 or substantially all of its assets and liabilities to Invesco V.I. Global Fund (the "Acquiring Fund"). The Agreement requires approval by the Fund's shareholders and will be submitted to Fund shareholders for their consideration at a special shareholder meeting to be held on or about April 13, 2026. If the Agreement is approved by shareholders of the Fund and certain conditions required by the Agreement are satisfied or waived, the reorganization is expected to be consummated on or about April 24, 2026. Upon closing of the reorganization, shareholders of the Fund will receive shares of a class of the Acquiring Fund that are equal in value to the shares of the corresponding class of the Fund that the shareholders held immediately prior to the closing of the reorganization, and the Fund will liquidate and cease operations.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGCE-AR-II Invesco V.I. Global Core Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Fund<br>(Series I) | $87 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** For the fiscal year ended December 31, 2025, global equities delivered robust results despite tariff-related uncertainty in the first half of the year. Market sentiment improved in the second half of the year as investors focused on the positive implications of fiscal and monetary stimulus. International equities outperformed US equities; however, high-quality companies lagged during this period, particularly outside the US, creating a headwind for actively managed strategies emphasizing quality characteristics. Artificial intelligence (AI) remained a key market theme throughout the year.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 15.32%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 22.44%. The Fund's underperformance relative to the Benchmark was primarily driven by stock selection in the information technology and real estate sectors, as well as an overweight allocation in real estate.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment for the semiconductor industry, benefited from strong demand for advanced semiconductor tools, with its etch and deposition technologies gaining traction across next-generation chip designs.

**Lack of Exposure to Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results during the fiscal year, with revenue exceeding $100 billion. Alphabet's performance was mainly supported by AI-driven demand, Google Cloud growth and continued momentum in search advertising. Tensor processing unit (TPU) chip sales and the success of Gemini Pro 3 reinforced its AI leadership. Alphabet remained the Fund's largest position during the fiscal year.

#### What detracted from performance?
**Marvell Technology, Inc. \|** Marvell Technology is a global semiconductor firm focused on computer, networking and storage technologies for hyperscale cloud and enterprise markets. The company's shares weakened over the fiscal year amid rising competitive pressure in the custom AI silicon segment and elevated geopolitical uncertainty.

**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefited from structural growth drivers such as rising affluence, urban migration and favorable reforms. Despite a constructive long-term outlook, the stock declined on sector weakness and mixed financial performance. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced pressures from its food-delivery expansion, rising competition and weak consumer trends in China. Given the risks of the food-delivery market, we sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902674.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Fund (Series I)** | 15.32% | 7.28% | 11.00% |
| **MSCI ACWI Growth Index (Net)** | 22.44% | 11.12% | 13.99% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

Effective after the close of business on May 24, 2019, Non-Service shares of Oppenheimer Global Fund/VA (the predecessor fund), were reorganized into Series I shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Non-Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1426849331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11423334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;11.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;2.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902679.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

At a meeting held on December 8-10, 2025, the Board of Trustees of Invesco V.I. Global Core Equity Fund (the "Target Fund") unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would acquire all or substantially all of the assets and liabilities of the Target Fund in exchange for shares of the Fund. The Agreement requires approval by the Target Fund's shareholders and will be submitted to Target Fund shareholders for their consideration at a special shareholder meeting to be held on or about April 13, 2026. If the Agreement is approved by shareholders of the Target Fund and certain conditions required by the Agreement are satisfied or waived, the reorganization is expected to be consummated on or about April 24, 2026.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIGLBL-AR-I Invesco V.I. Global Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Fund<br>(Series II) | $114 | 1.06% |

---

### How Did The Fund Perform During The Period?
**•** For the fiscal year ended December 31, 2025, global equities delivered robust results despite tariff-related uncertainty in the first half of the year. Market sentiment improved in the second half of the year as investors focused on the positive implications of fiscal and monetary stimulus. International equities outperformed US equities; however, high-quality companies lagged during this period, particularly outside the US, creating a headwind for actively managed strategies emphasizing quality characteristics. Artificial intelligence (AI) remained a key market theme throughout the year.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.05%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 22.44%. The Fund's underperformance relative to the Benchmark was primarily driven by stock selection in the information technology and real estate sectors, as well as an overweight allocation in real estate.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment for the semiconductor industry, benefited from strong demand for advanced semiconductor tools, with its etch and deposition technologies gaining traction across next-generation chip designs.

**Lack of Exposure to Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results during the fiscal year, with revenue exceeding $100 billion. Alphabet's performance was mainly supported by AI-driven demand, Google Cloud growth and continued momentum in search advertising. Tensor processing unit (TPU) chip sales and the success of Gemini Pro 3 reinforced its AI leadership. Alphabet remained the Fund's largest position during the fiscal year.

#### What detracted from performance?
**Marvell Technology, Inc. \|** Marvell Technology is a global semiconductor firm focused on computer, networking and storage technologies for hyperscale cloud and enterprise markets. The company's shares weakened over the fiscal year amid rising competitive pressure in the custom AI silicon segment and elevated geopolitical uncertainty.

**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefited from structural growth drivers such as rising affluence, urban migration and favorable reforms. Despite a constructive long-term outlook, the stock declined on sector weakness and mixed financial performance. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced pressures from its food-delivery expansion, rising competition and weak consumer trends in China. Given the risks of the food-delivery market, we sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902710.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Fund (Series II)** | 15.05% | 7.01% | 10.72% |
| **MSCI ACWI Growth Index (Net)** | 22.44% | 11.12% | 13.99% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer Global Fund/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1426849331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11423334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;11.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;2.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902715.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

At a meeting held on December 8-10, 2025, the Board of Trustees of Invesco V.I. Global Core Equity Fund (the "Target Fund") unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would acquire all or substantially all of the assets and liabilities of the Target Fund in exchange for shares of the Fund. The Agreement requires approval by the Target Fund's shareholders and will be submitted to Target Fund shareholders for their consideration at a special shareholder meeting to be held on or about April 13, 2026. If the Agreement is approved by shareholders of the Target Fund and certain conditions required by the Agreement are satisfied or waived, the reorganization is expected to be consummated on or about April 24, 2026.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIGLBL-AR-II Invesco V.I. Global Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Real Estate Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Real Estate Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Real Estate Fund<br>(Series I) | $106 | 1.02% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the global real estate market was shaped by a volatile macro environment, driven by widespread uncertainty, shifting interest rate expectations, and mixed economic signals. Tariff announcements and policy shifts under the new United States (US) presidential administration added further uncertainty, contributing to market volatility.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 7.85%. For the same time period, the Custom Invesco Global Real Estate Index (Net) (the "Benchmark") returned 9.58%. The Fund underperformed the Benchmark primarily due to both stock selection and market allocation at the country and sector level.

#### What contributed to performance?
**Canada \|** The Fund benefited from an underweight exposure to the country and favorable positioning within healthcare, notably an overweight to Chartwell Retirement Residences. Additionally, no exposure to the office real estate investment trust ("REIT"), Allied Properties REIT contributed positively to performance relative to the Benchmark.

**France \|** The Fund's relative performance benefited from an overweight exposure to the country, primarily through its position in the retail REIT Klepierre S.A.

#### What detracted from performance?
**United States \|** Relative performance was negatively impacted by overweight exposure to US residential and data center sectors. Stock selection within the US residential sector further detracted, driven by weakness in large cap apartments, notably Equity Residential, and single-family rentals such as American Homes 4 Rent, which struggled in the face of weaker labor market data. Additionally, specialty exposure weighed on relative performance, as Iron Mountain underperformed due to concerns about long-term data center and artificial intelligence trends despite near-term leasing strength.

**Switzerland \|** The Fund's underweight exposure in Switzerland negatively impacted the Fund's performance, as strong local stock performance combined with Swiss Franc appreciation weighed on relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902694.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Real Estate Fund (Series I)** | 7.85% | 1.73% | 2.44% |
| **Custom Invesco Global Real Estate Index** | 9.58% | 2.45% | 3.27% |
| **MSCI World Index (Net)** | 21.09% | 12.15% | 12.17% |

---

The Custom Invesco Global Real Estate Index is composed of the FTSE EPRA Nareit Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA Nareit Developed Index (Net) from July 1, 2021 onward.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$95293443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$716111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901743.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Effective November 5, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, no longer provides day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGRE-AR-I Invesco V.I. Global Real Estate Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Real Estate Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Real Estate Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Real Estate Fund<br>(Series II) | $132 | 1.27% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the global real estate market was shaped by a volatile macro environment, driven by widespread uncertainty, shifting interest rate expectations, and mixed economic signals. Tariff announcements and policy shifts under the new United States (US) presidential administration added further uncertainty, contributing to market volatility.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 7.61%. For the same time period, the Custom Invesco Global Real Estate Index (Net) (the "Benchmark") returned 9.58%. The Fund underperformed the Benchmark primarily due to both stock selection and market allocation at the country and sector level.

#### What contributed to performance?
**Canada \|** The Fund benefited from an underweight exposure to the country and favorable positioning within healthcare, notably an overweight to Chartwell Retirement Residences. Additionally, no exposure to the office real estate investment trust ("REIT"), Allied Properties REIT contributed positively to performance relative to the Benchmark.

**France \|** The Fund's relative performance benefited from an overweight exposure to the country, primarily through its position in the retail REIT Klepierre S.A.

#### What detracted from performance?
**United States \|** Relative performance was negatively impacted by overweight exposure to US residential and data center sectors. Stock selection within the US residential sector further detracted, driven by weakness in large cap apartments, notably Equity Residential, and single-family rentals such as American Homes 4 Rent, which struggled in the face of weaker labor market data. Additionally, specialty exposure weighed on relative performance, as Iron Mountain underperformed due to concerns about long-term data center and artificial intelligence trends despite near-term leasing strength.

**Switzerland \|** The Fund's underweight exposure in Switzerland negatively impacted the Fund's performance, as strong local stock performance combined with Swiss Franc appreciation weighed on relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901774.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Real Estate Fund (Series II)** | 7.61% | 1.49% | 2.18% |
| **Custom Invesco Global Real Estate Index** | 9.58% | 2.45% | 3.27% |
| **MSCI World Index (Net)** | 21.09% | 12.15% | 12.17% |

---

The Custom Invesco Global Real Estate Index is composed of the FTSE EPRA Nareit Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA Nareit Developed Index (Net) from July 1, 2021 onward.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$95293443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$716111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901779.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Effective November 5, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, no longer provides day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGRE-AR-II Invesco V.I. Global Real Estate Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Strategic Income Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Strategic Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Strategic Income Fund<br>(Series I) | $100 | 0.94%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks and economic alliances were leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the Federal Reserve cut rates three times and ended quantitative tightening, while the European Central Bank took a more accommodative stance and the Bank of Japan hiked interest rates. We believe these shifts in the global economic landscape are creating a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 12.98%. For the same time period, the Bloomberg Global Aggregate Index returned 8.17%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the South African rand and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in Brazil and European Union.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in the US and Italy.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the euro and Chinese renminbi.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Australia and Singapore.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902746.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Strategic Income Fund (Series I)** | 12.98% | 1.65% | 3.01% |
| **Bloomberg Global Aggregate Index** | 8.17% | -2.15% | 1.26% |

---

Effective after the close of business on May 24, 2019, Non-Service shares of Oppenheimer Global Strategic Income Fund/VA (the predecessor fund), were reorganized into Series I shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Non-Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$646092052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4585139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;333% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Class NTNF, 10.00%, 01/01/2031 | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.63%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.10%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902751.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIGLSI-AR-I Invesco V.I. Global Strategic Income Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Global Strategic Income Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Global Strategic Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Global Strategic Income Fund<br>(Series II) | $127 | 1.19%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks and economic alliances were leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the Federal Reserve cut rates three times and ended quantitative tightening, while the European Central Bank took a more accommodative stance and the Bank of Japan hiked interest rates. We believe these shifts in the global economic landscape are creating a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 12.75%. For the same time period, the Bloomberg Global Aggregate Index returned 8.17%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the South African rand and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in Brazil and European Union.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in the US and Italy.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the euro and Chinese renminbi.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Australia and Singapore.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902782.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Global Strategic Income Fund (Series II)** | 12.75% | 1.39% | 2.76% |
| **Bloomberg Global Aggregate Index** | 8.17% | -2.15% | 1.26% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer Global Strategic Income Fund/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$646092052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4585139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;333% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Class NTNF, 10.00%, 01/01/2031 | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.63%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.10%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903546.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIGLSI-AR-II Invesco V.I. Global Strategic Income Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Government Money Market Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Government Money Market Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Government Money Market Fund<br>(Series I) | $39 | 0.38% |

---

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$501827689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1352755 |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;49.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;25.1% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGMKT-AR-I Invesco V.I. Government Money Market Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Government Money Market Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Government Money Market Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Government Money Market Fund<br>(Series II) | $64 | 0.63% |

---

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$501827689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1352755 |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;49.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;25.1% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGMKT-AR-II Invesco V.I. Government Money Market Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Government Securities Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Government Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Government Securities Fund<br>(Series I) | $73 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the Fund generated a positive return supported by a broad decline in Treasury yields of roughly 40 to 80 basis points across the curve. Falling rates provided a favorable backdrop for duration-sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals, contributing to the Fund's performance.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 7.37%. For the same time period, the Bloomberg Intermediate U.S. Government Index returned 6.50%.

#### What contributed to performance?
**Agency mortgage-backed securities (MBS) \|** During 2025, the agency mortgage market, where the Fund holds around 50% of its assets, peformed better than US Treasury securities, given the significant yield advantage enjoyed by agency MBS versus Treasuries.

**Non-agency MBS, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) \|** Modest out-of-index exposure to ABS, non-agency MBS and CMBS contributed positively.

#### What detracted from performance?
**Treasuries \|** Treasuries detracted from relative performance due to the asset class's underperformance versus agency MBS and structured credit sectors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901810.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Government Securities Fund (Series I)** | 7.37% | 0.04% | 1.60% |
| **Bloomberg Intermediate U.S. Government Index** | 6.50% | 0.64% | 1.76% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323905124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1558966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;379% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/31/2027 | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.38%, 09/15/2027 | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/31/2030 | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank, 4.03%, 07/24/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.03%, 07/09/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 4.24%, 05/15/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Bank Ltd., 4.06%, 02/25/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 4.03%, 02/06/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901815.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGOV-AR-I Invesco V.I. Government Securities Fund

![TSR_logo](images_2661.jpg)

### I nvesco V.I. Government Securities Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Government Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Government Securities Fund<br>(Series II) | $98 | 0.95% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the Fund generated a positive return supported by a broad decline in Treasury yields of roughly 40 to 80 basis points across the curve. Falling rates provided a favorable backdrop for duration-sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals, contributing to the Fund's performance.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 6.95%. For the same time period, the Bloomberg Intermediate U.S. Government Index returned 6.50%.

#### What contributed to performance?
**Agency mortgage-backed securities (MBS) \|** During 2025, the agency mortgage market, where the Fund holds around 50% of its assets, peformed better than US Treasury securities, given the significant yield advantage enjoyed by agency MBS versus Treasuries.

**Non-agency MBS, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) \|** Modest out-of-index exposure to ABS, non-agency MBS and CMBS contributed positively.

#### What detracted from performance?
**Treasuries \|** Treasuries detracted from relative performance due to the asset class's underperformance versus agency MBS and structured credit sectors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902772.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Government Securities Fund (Series II)** | 6.95% | -0.22% | 1.34% |
| **Bloomberg Intermediate U.S. Government Index** | 6.50% | 0.64% | 1.76% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323905124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1558966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;379% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/31/2027 | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.38%, 09/15/2027 | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/31/2030 | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank, 4.03%, 07/24/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.03%, 07/09/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 4.24%, 05/15/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Bank Ltd., 4.06%, 02/25/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 4.03%, 02/06/2026 | &nbsp;&nbsp;&nbsp;2.78% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902787.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIGOV-AR-II Invesco V.I. Government Securities Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Growth and Income Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Growth and Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Growth and Income Fund<br>(Series I) | $81 | 0.75% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, most US equity indices posted double digit gains. Equities were supported by investment themes associated with artificial intelligence (AI), resilient economic and labor conditions, and expectations for lower interest rates. As the year progressed, market volatility increased as investor enthusiasm about the long-term return potential of large-scale AI spending waned. Rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China also weighed on investor sentiment.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 15.62%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund underperformed the Benchmark primarily due to stock selection in the communication services sector. Stock selection in financials also detracted from relative returns. Stock selection in the industrials sector was the largest contributor to the Fund's relative return. Stock selection and an underweight in the real estate sector also aided relative performance.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank delivered strong earnings results driven by higher revenue, improved credit quality, and higher investment banking fees. Wells Fargo raised its dividend and repurchased shares during the fiscal year.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It has benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**Johnson Controls International PLC \|** Johson Controls' stock rose during the period, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

#### What detracted from performance?
**Fiserv, Inc. \|** Shares of Fiserv dropped sharply after management reported disappointing third quarter results. Revenue and earnings fell well short of expectations, prompting management to slash its full-year earnings forecast and cut organic growth guidance. The company launched the "One Fiserv" initiative and made leadership changes to address these issues, but ongoing uncertainty led us to sell our position.

**Marvell Technology, Inc. \|** The company is a key player in data infrastructure semiconductors. Shares declined sharply following news in January 2025 about DeepSeek, a lower cost AI model, as investors worried companies might not need to invest as heavily in AI model development. Although we still saw AI-related upside, the stock underperformed peers. We sold the position during the period.

**Centene Corp. \|** Centene's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901882.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Growth and Income Fund (Series I)** | 15.62% | 12.85% | 10.73% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1306002419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7131982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

### What Comprised The F und's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901887.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIGRI-AR-I Invesco V.I. Growth and Income Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Growth and Income Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Growth and Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Growth and Income Fund<br>(Series II) | $108 | 1.00% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, most US equity indices posted double digit gains. Equities were supported by investment themes associated with artificial intelligence (AI), resilient economic and labor conditions, and expectations for lower interest rates. As the year progressed, market volatility increased as investor enthusiasm about the long-term return potential of large-scale AI spending waned. Rising geopolitical and trade tensions, including the expansion of US tariffs and increased friction with China also weighed on investor sentiment.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.30%. For the same time period, the Russell 1000® Value Index (the "Benchmark") returned 15.91%. The Fund underperformed the Benchmark primarily due to stock selection in the communication services sector. Stock selection in financials also detracted from relative returns. Stock selection in the industrials sector was the largest contributor to the Fund's relative return. Stock selection and an underweight in the real estate sector also aided relative performance.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank delivered strong earnings results driven by higher revenue, improved credit quality, and higher investment banking fees. Wells Fargo raised its dividend and repurchased shares during the fiscal year.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It has benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**Johnson Controls International PLC \|** Johson Controls' stock rose during the period, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

#### What detracted from performance?
**Fiserv, Inc. \|** Shares of Fiserv dropped sharply after management reported disappointing third quarter results. Revenue and earnings fell well short of expectations, prompting management to slash its full-year earnings forecast and cut organic growth guidance. The company launched the "One Fiserv" initiative and made leadership changes to address these issues, but ongoing uncertainty led us to sell our position.

**Marvell Technology, Inc. \|** The company is a key player in data infrastructure semiconductors. Shares declined sharply following news in January 2025 about DeepSeek, a lower cost AI model, as investors worried companies might not need to invest as heavily in AI model development. Although we still saw AI-related upside, the stock underperformed peers. We sold the position during the period.

**Centene Corp. \|** Centene's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901918.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Growth and Income Fund (Series II)** | 15.30% | 12.56% | 10.46% |
| **Russell 1000® Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1306002419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7131982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901923.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-VIGRI-AR-II Invesco V.I. Growth and Income Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Health Care Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Health Care Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Health Care Fund<br>(Series I) | $106 | 0.98% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US health care equities lagged the overall equity market due to policy uncertainty, inflationary cost pressures, and investors rotating into the more cyclical sectors of the market.

**•** For the fiscal year ended December 31, 2025, the Series I shares of the Fund returned 15.33%. For the same time period, the S&P Composite 1500® Health Care Index returned 13.71%. The Fund's outperformance was primarily due to strong stock selection in biotechnology, health care services, and pharmaceuticals sub-industries. These results were partially offset by weaker stock selection within the health care equipment sub-industry group and the Fund's underweight allocation to pharmaceuticals.

#### What contributed to performance?
**Eli Lilly and Co. \|** Eli Lilly is a large-cap pharmaceutical company that makes drugs to treat Alzheimer's, cancer, diabetes, obesity, pain, and autoimmune diseases. During the fourth quarter of 2025, the company reported better-than-expected revenue growth and raised guidance on strong sales of its GLP-1 weight loss and diabetes treatments, Mounjaro and Zepbound.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance released during the first quarter of 2025, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined during the second quarter of 2025 in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth so it added to relative performance.

**Vaxcyte, Inc. \|** Vaxcyte makes vaccines and therapies to prevent and treat bacterial infectious diseases. The stock declined on weaker-than-expected Phase 2 clinical trial results for its VAX-24 pneumococcal conjugate vaccine candidate for healthy infants. We exited the position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902907.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Health Care Fund (Series I)** | 15.33% | 3.80% | 6.58% |
| **S&P Composite 1500® Health Care Index** | 13.71% | 7.54% | 9.81% |
| **MSCI World Health Care Index (Net)** | 14.83% | 6.43% | 8.14% |
| **MSCI World IndexSM (Net)** | 21.09% | 12.15% | 12.17% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$168183356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1215924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901959.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

I-VIGHC-AR-I Invesco V.I. Health Care Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Health Care Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Health Care Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Health Care Fund<br>(Series II) | $132 | 1.23% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US health care equities lagged the overall equity market due to policy uncertainty, inflationary cost pressures, and investors rotating into the more cyclical sectors of the market.

**•** For the fiscal year ended December 31, 2025, the Series II shares of the Fund returned 15.08%. For the same time period, the S&P Composite 1500® Health Care Index returned 13.71%. The Fund's outperformance was primarily due to strong stock selection in biotechnology, health care services, and pharmaceuticals sub-industries. These results were partially offset by weaker stock selection within the health care equipment sub-industry group and the Fund's underweight allocation to pharmaceuticals.

#### What contributed to performance?
**Eli Lilly and Co. \|** Eli Lilly is a large-cap pharmaceutical company that makes drugs to treat Alzheimer's, cancer, diabetes, obesity, pain, and autoimmune diseases. During the fourth quarter of 2025, the company reported better-than-expected revenue growth and raised guidance on strong sales of its GLP-1 weight loss and diabetes treatments, Mounjaro and Zepbound.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance released during the first quarter of 2025, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined during the second quarter of 2025 in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth so it added to relative performance.

**Vaxcyte, Inc. \|** Vaxcyte makes vaccines and therapies to prevent and treat bacterial infectious diseases. The stock declined on weaker-than-expected Phase 2 clinical trial results for its VAX-24 pneumococcal conjugate vaccine candidate for healthy infants. We exited the position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901990.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Health Care Fund (Series II)** | 15.08% | 3.54% | 6.31% |
| **S&P Composite 1500® Health Care Index** | 13.71% | 7.54% | 9.81% |
| **MSCI World Health Care Index (Net)** | 14.83% | 6.43% | 8.14% |
| **MSCI World IndexSM (Net)** | 21.09% | 12.15% | 12.17% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$168183356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1215924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902939.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

I-VIGHC-AR-II Invesco V.I. Health Care Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. High Yield Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. High Yield Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. High Yield Fund<br>(Series I) | $93 | 0.90% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the high yield bond market benefited from strong balance sheets, a benign default environment and an accomodative Federal Reserve. Spreads on the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index closed the year 8 basis points tighter than the previous year. Since the Fund is predominantly invested in high yield corporate credit, it benefited from this macroeconomic backdrop.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 6.73%. For the same time period, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index returned 8.62%.

#### What contributed to performance?
**Sector allocation \|** An overweight in finance companies was a key driver of positive performance for the period. An underweight in packaging companies also positively contributed to relative performance during the period.

**Security selection \|** Security selection in the utilities sector was a positive contributor to relative performance during the period.

#### What detracted from performance?
**Security selection \|** Security selection in real estate investment trusts (REITs) was a key detractor from performance during the period. Security selection in gaming also detracted from performance during the period.

**Sector allocation \|** An underweight in independent energy companies detracted from performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. High Yield Fund (Series I)** | 6.73% | 3.64% | 4.83% |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index** | 8.62% | 4.50% | 6.52% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36791923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$814303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;191% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032 | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group, Inc., 7.25%, 01/30/2031 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC, Term Loan, 6.47%, 01/31/2030 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Healthcare Trust , 01/15/2026 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.83%, 08/23/2028 | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 6.88%, 04/15/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.22%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of net assets)**

---

| | |
|:---|:---|
| A | 0.17 |
| BBB | 2.62 |
| BB | 54.18 |
| B | 30.69 |
| CCC and below | 7.65 |
| Cash | 3.86 |
| Not Rated | 0.83 |
| \*\*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. |  |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIHYI-AR-I Invesco V.I. High Yield Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. High Yield Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. High Yield Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. High Yield Fund<br>(Series II) | $119 | 1.15% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, the high yield bond market benefited from strong balance sheets, a benign default environment and an accomodative Federal Reserve. Spreads on the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index closed the year 8 basis points tighter than the previous year. Since the Fund is predominantly invested in high yield corporate credit, it benefited from this macroeconomic backdrop.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 6.58%. For the same time period, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index returned 8.62%.

#### What contributed to performance?
**Sector allocation \|** An overweight in finance companies was a key driver of positive performance for the period. An underweight in packaging companies also positively contributed to relative performance during the period.

**Security selection \|** Security selection in the utilities sector was a positive contributor to relative performance during the period.

#### What detracted from performance?
**Security selection \|** Security selection in real estate investment trusts (REITs) was a key detractor from performance during the period. Security selection in gaming also detracted from performance during the period.

**Sector allocation \|** An underweight in independent energy companies detracted from performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. High Yield Fund (Series II)** | 6.58% | 3.40% | 4.55% |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index** | 8.62% | 4.50% | 6.52% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36791923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$814303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;191% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032 | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group, Inc., 7.25%, 01/30/2031 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC, Term Loan, 6.47%, 01/31/2030 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Healthcare Trust , 01/15/2026 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.83%, 08/23/2028 | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 6.88%, 04/15/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.22%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of net assets)**

---

| | |
|:---|:---|
| A | 0.17 |
| BBB | 2.62 |
| BB | 54.18 |
| B | 30.69 |
| CCC and below | 7.65 |
| Cash | 3.86 |
| Not Rated | 0.83 |
| \*\*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. |  |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIHYI-AR-II Invesco V.I. High Yield Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. International Growth Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. International Growth Fund (the "Fund"), formerly Invesco Oppenheimer V.I. International Growth Fund, for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. International Growth Fund<br>(Series I) | $108 | 1.00%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** For the fiscal year ended December 31, 2025, global equities delivered robust results despite tariff-related uncertainty in the first half of the year. Market sentiment improved in the second half of the year as investors focused on the positive implications of fiscal and monetary stimulus. International equities outperformed US equities; however, high-quality companies lagged during this period, particularly outside the US, creating a headwind for actively managed strategies emphasizing quality characteristics. Artificial intelligence (AI) remained a key market theme throughout the year.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 16.32%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark") returned 25.65%.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba Group Holding is widely considered "the Amazon of China". Alibaba Group Holding is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba Group Holding's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk is a leader in the diabetes and obesity drug market. The company faced competitive challenges during the period. We sold the holding during the fiscal year, and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return.

**Dollarama Inc. \|** Dollarama is a Canadian discount retailer that is much like Dollar Tree and Dollar General in the US. We have owned the company for several years as part of our Reorganization of Retail investment theme. In our opinion, the continuing shift to online buying benefits retailers at the very high and the very low end of pricing, such as Dollarama. During the fourth quarter Dollarama announced sales above expectations and the share price reacted favorably.

#### What detracted from performance?
**Trainline plc. \|** Trainline is Europe's leading digital rail and coach booking platform, offering consumer apps and B2B solutions for ticketing and travel management. Despite solid revenue and margin growth, share prices have been volatile — down sharply year-on-year due to competitive and regulatory pressures, but seeing short-term rallies on guidance upgrades and buyback announcements.

**Lack of Exposure to SK Hynix Ltd. \|** SK Hynix, which we do not own, is a manufacturer of semiconductors, primarily in the memory segment. Share prices of memory chip producers rose during the reporting period due to increased demand by customers for AI chips. The stock was not held in the Fund, but its inclusion in the Benchmark contributed to the Fund's relative underperformance during the period.

**Flutter Entertainment plc. \|** Flutter Entertainment is a global leader in online sports betting and gaming, operating brands like FanDuel, Paddy Power, Betfair, PokerStars and Sportsbet across North America, Europe and Australia. The stock has underperformed over the past year, weighed down by recreational losses and overall market volatility, but recent gains reflect strong momentum in US iGaming and sports betting.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903555.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. International Growth Fund (Series I)** | 16.32% | 2.15% | 5.64% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 25.65% | 4.01% | 7.92% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Non-Service shares of Oppenheimer International Growth Fund/VA (the predecessor fund), were reorganized into Series I shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Non-Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$313285339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2443575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.68% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903560.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

Effective August 22, 2025, Invesco Oppenheimer V.I. International Growth Fund was renamed Invesco V.I. International Growth Fund.

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIIGR-AR-I Invesco V.I. International Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. International Growth Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. International Growth Fund (the "Fund"), formerly Invesco Oppenheimer V.I. International Growth Fund, for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. International Growth Fund<br>(Series II) | $135 | 1.25%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** For the fiscal year ended December 31, 2025, global equities delivered robust results despite tariff-related uncertainty in the first half of the year. Market sentiment improved in the second half of the year as investors focused on the positive implications of fiscal and monetary stimulus. International equities outperformed US equities; however, high-quality companies lagged during this period, particularly outside the US, creating a headwind for actively managed strategies emphasizing quality characteristics. Artificial intelligence (AI) remained a key market theme throughout the year.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.53%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark") returned 25.65%.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba Group Holding is widely considered "the Amazon of China". Alibaba Group Holding is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba Group Holding's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk is a leader in the diabetes and obesity drug market. The company faced competitive challenges during the period. We sold the holding during the fiscal year, and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return.

**Dollarama Inc. \|** Dollarama is a Canadian discount retailer that is much like Dollar Tree and Dollar General in the US. We have owned the company for several years as part of our Reorganization of Retail investment theme. In our opinion, the continuing shift to online buying benefits retailers at the very high and the very low end of pricing, such as Dollarama. During the fourth quarter Dollarama announced sales above expectations and the share price reacted favorably.

#### What detracted from performance?
**Trainline plc. \|** Trainline is Europe's leading digital rail and coach booking platform, offering consumer apps and B2B solutions for ticketing and travel management. Despite solid revenue and margin growth, share prices have been volatile — down sharply year-on-year due to competitive and regulatory pressures, but seeing short-term rallies on guidance upgrades and buyback announcements.

**Lack of Exposure to SK Hynix Ltd. \|** SK Hynix, which we do not own, is a manufacturer of semiconductors, primarily in the memory segment. Share prices of memory chip producers rose during the reporting period due to increased demand by customers for AI chips. The stock was not held in the Fund, but its inclusion in the Benchmark contributed to the Fund's relative underperformance during the period.

**Flutter Entertainment plc. \|** Flutter Entertainment is a global leader in online sports betting and gaming, operating brands like FanDuel, Paddy Power, Betfair, PokerStars and Sportsbet across North America, Europe and Australia. The stock has underperformed over the past year, weighed down by recreational losses and overall market volatility, but recent gains reflect strong momentum in US iGaming and sports betting.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903567.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. International Growth Fund (Series II)** | 15.53% | 1.88% | 5.34% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 25.65% | 4.01% | 7.92% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer International Growth Fund/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$313285339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2443575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.68% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902859.jpg)

### How Has The Fund Changed Over The Past Year ?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

Effective August 22, 2025, Invesco Oppenheimer V.I. International Growth Fund was renamed Invesco V.I. International Growth Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIIGR-AR-II Invesco V.I. International Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Main Street Fund®

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Main Street Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Main Street Fund®<br>(Series I) | $86 | 0.80%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence (AI), easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 15.93%. For the same time period, the S&P 500® Index (the "Benchmark") returned 17.88%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology (IT), financials and energy sectors. Stronger stock selection in the consumer staples, communication services and materials sectors partially offset these results.

#### What contributed to performance?
**Alphabet, Inc. \|** Alphabet rose as strong results across Google Search, YouTube and Google Cloud drove accelerating revenue growth. Continued progress in autonomous ride-hailing and a more favorable regulatory outlook further lifted investor sentiment.

**Philip Morris International, Inc. \|** Philip Morris International delivered strong results, supported by resilient cigarette sales and continued growth in smoke-free products like IQOS and Zyn.

#### What detracted from performance?
**Fiserv, Inc. \|** Fiserv declined as results across the year showed slowing growth in its merchant processing and Clover credit card volumes. Concerns about potential consumer spending headwinds added further pressure to shares. We sold the holding during the fiscal year.

**ServiceNow, Inc. \|** ServiceNow fell as subscription revenue growth moderated and macroeconomic headwinds pressured enterprise IT budgets, particularly in its federal segment. Investor concerns about AI-driven disruption and rising competition further weighed on sentiment.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902890.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Main Street Fund® (Series I)** | 15.93% | 12.47% | 12.53% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Non-Service shares of Oppenheimer Main Street Fund®/VA (the predecessor fund), were reorganized into Series I shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Non-Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$546527060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4712410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.97% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902895.jpg)

### Where Can I Find M o re Inf or mation?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIMST-AR-I Invesco V.I. Main Street Fund®

![TSR_logo](images_2661.jpg)

### Invesco V.I. Main Street Fund®

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Main Street Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Main Street Fund®<br>(Series II) | $113 | 1.05%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence (AI), easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 15.64%. For the same time period, the S&P 500® Index (the "Benchmark") returned 17.88%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology (IT), financials and energy sectors. Stronger stock selection in the consumer staples, communication services and materials sectors partially offset these results.

#### What contributed to performance?
**Alphabet, Inc. \|** Alphabet rose as strong results across Google Search, YouTube and Google Cloud drove accelerating revenue growth. Continued progress in autonomous ride-hailing and a more favorable regulatory outlook further lifted investor sentiment.

**Philip Morris International, Inc. \|** Philip Morris International delivered strong results, supported by resilient cigarette sales and continued growth in smoke-free products like IQOS and Zyn.

#### What detracted from performance?
**Fiserv, Inc. \|** Fiserv declined as results across the year showed slowing growth in its merchant processing and Clover credit card volumes. Concerns about potential consumer spending headwinds added further pressure to shares. We sold the holding during the fiscal year.

**ServiceNow, Inc. \|** ServiceNow fell as subscription revenue growth moderated and macroeconomic headwinds pressured enterprise IT budgets, particularly in its federal segment. Investor concerns about AI-driven disruption and rising competition further weighed on sentiment.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902926.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Main Street Fund® (Series II)** | 15.64% | 12.19% | 12.25% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer Main Street Fund®/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$546527060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4712410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.97% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902931.jpg)

### Where Can I Fi nd More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIMST-AR-II Invesco V.I. Main Street Fund®

![TSR_logo](images_2661.jpg)

### Invesco V.I. Main Street Mid Cap Fund®

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Main Street Mid Cap Fund®<br>(Series I) | $98 | 0.94% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 9.19%. For the same time period, the Russell MidCap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI consistently exceeded earnings expectations and raised future earnings guidance. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing's ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902170.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Main Street Mid Cap Fund® (Series I)** | 9.19% | 9.11% | 9.35% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$156774433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1440497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902175.jpg)

### Where Can I Find More Informa ti on?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIMCCE-AR-I Invesco V.I. Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco V.I. Main Street Mid Cap Fund®

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Main Street Mid Cap Fund®<br>(Series II) | $124 | 1.19% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 8.96%. For the same time period, the Russell MidCap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI consistently exceeded earnings expectations and raised future earnings guidance. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing's ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902206.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Main Street Mid Cap Fund® (Series II)** | 8.96% | 8.83% | 9.08% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$156774433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1440497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903196.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VIMCCE-AR-II Invesco V.I. Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco V.I. Main Street Small Cap Fund®

### Series I

#### ANNUAL SHAREHOLDER REPORT \| Decem b er 31, 2025
This annual shareholder report contains important information about Invesco V.I. Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Main Street Small Cap Fund®<br>(Series I) | $88 | 0.84% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 8.70%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI consistently exceeded earnings expectations and raised future earnings guidance. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing's ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth intiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902962.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Main Street Small Cap Fund® (Series I)** | 8.70% | 8.34% | 10.59% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Non-Service shares of Oppenheimer Main Street Small Cap Fund/VA (the predecessor fund), were reorganized into Series I shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Non-Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1212167127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6977453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.60% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902967.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIMSS-AR-I Invesco V.I. Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco V.I. Main Street Small Cap Fund®

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Main Street Small Cap Fund®<br>(Series II) | $114 | 1.09% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 8.44%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI consistently exceeded earnings expectations and raised future earnings guidance. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing's ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth intiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902998.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Main Street Small Cap Fund® (Series II)** | 8.44% | 8.07% | 10.31% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Service shares of Oppenheimer Main Street Small Cap Fund/VA (the predecessor fund), were reorganized into Series II shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Service shares of the predecessor fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1212167127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6977453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.60% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903630.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIMSS-AR-II Invesco V.I. Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - December

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - December (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund - December<br>(Series I) | $75 | 0.70%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 13.81%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. As of the date of this report, the Fund's current Outcome Period is January 1, 2025 through December 31, 2025. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 12.92%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903700.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(12/31/21)** |
| **Invesco® V.I. S&P 500 Buffer Fund - December (Series I)** | 13.81% | 8.12% |
| **S&P 500 Index (Price Only)** | 16.39% | 9.47% |
| **S&P 500® Index** | 17.88% | 11.11% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$55422292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$164151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![](chartimages_9903705.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on December 31, 2025, and the new outcome period commenced on January 1, 2026. Effective January 1, 2026, the Fund's new outcome period cap is 13.93% (before Fund fees and expenses) and 13.13% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500D-AR-IInvesco® V.I. S&P 500 Buffer Fund - December

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - December

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - December (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund - December<br>(Series II) | $101 | 0.95%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 12.08%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. As of the date of this report, the Fund's current Outcome Period is January 1, 2025 through December 31, 2025. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 12.92%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903214.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(12/31/21)** |
| **Invesco® V.I. S&P 500 Buffer Fund - December (Series II)** | 12.08% | 7.88% |
| **S&P 500 Index (Price Only)** | 16.39% | 9.47% |
| **S&P 500® Index** | 17.88% | 11.11% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$55422292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$164151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903219.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on December 31, 2025, and the new outcome period commenced on January 1, 2026. Effective January 1, 2026, the Fund's new outcome period cap is 13.93% (before Fund fees and expenses) and 12.85% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500D-AR-IIInvesco® V.I. S&P 500 Buffer Fund - December

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund – June

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund – June (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund – June<br>(Series I) | $75 | 0.70%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 13.65%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%. The Fund's returns over the last fiscal year will differ from the outcomes that the Fund seeks to provide over its current Outcome Period, which is from July 1, 2025 through June 30, 2026.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 13.45%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903322.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(6/30/22)** |
| **Invesco® V.I. S&P 500 Buffer Fund – June (Series I)** | 13.65% | 14.03% |
| **S&P 500 Index (Price Only)** | 16.39% | 18.44% |
| **S&P 500® Index** | 17.88% | 20.20% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$61307747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$165432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![](chartimages_9903327.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on June 30, 2025, and the new outcome period commenced on July 1, 2025. Effective July 1, 2025, the Fund's new outcome period cap is 13.45% (before Fund fees and expenses) and 12.66% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500J-AR-IInvesco® V.I. S&P 500 Buffer Fund – June

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund – June

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund – June (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund – June<br>(Series II) | $101 | 0.95%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 13.35%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%. The Fund's returns over the last fiscal year will differ from the outcomes that the Fund seeks to provide over its current Outcome Period, which is from July 1, 2025 through June 30, 2026.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 13.45%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903757.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(6/30/22)** |
| **Invesco® V.I. S&P 500 Buffer Fund – June (Series II)** | 13.35% | 13.74% |
| **S&P 500 Index (Price Only)** | 16.39% | 18.44% |
| **S&P 500® Index** | 17.88% | 20.20% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$61307747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$165432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![](chartimages_9903762.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on June 30, 2025, and the new outcome period commenced on July 1, 2025. Effective July 1, 2025, the Fund's new outcome period cap is 13.45% (before Fund fees and expenses) and 12.37% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500J-AR-IIInvesco® V.I. S&P 500 Buffer Fund – June

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - March

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - March (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund - March<br>(Series I) | $73 | 0.70%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 7.64%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%. The Fund's returns over the last fiscal year will differ from the outcomes that the Fund seeks to provide over its current Outcome Period, which is from April 1, 2025 through March 31, 2026.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 13.90%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903250.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(3/31/22)** |
| **Invesco® V.I. S&P 500 Buffer Fund - March (Series I)** | 7.64% | 8.37% |
| **S&P 500 Index (Price Only)** | 16.39% | 11.64% |
| **S&P 500® Index** | 17.88% | 13.31% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$50232057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$134514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903255.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on March 31, 2025, and the new outcome period commenced on April 1, 2025. Effective April 1, 2025, the Fund's new outcome period cap is 13.90% (before Fund fees and expenses) and 13.10% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500M-AR-I Invesco® V.I. S&P 500 Buffer Fund - March

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - March

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - March (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund - March<br>(Series II) | $98 | 0.95%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 7.25%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%. The Fund's returns over the last fiscal year will differ from the outcomes that the Fund seeks to provide over its current Outcome Period, which is from April 1, 2025 through March 31, 2026.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 13.90%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903286.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(3/31/22)** |
| **Invesco® V.I. S&P 500 Buffer Fund - March (Series II)** | 7.25% | 8.08% |
| **S&P 500 Index (Price Only)** | 16.39% | 11.64% |
| **S&P 500® Index** | 17.88% | 13.31% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$50232057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$134514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903291.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on March 31, 2025, and the new outcome period commenced on April 1, 2025. Effective April 1, 2025, the Fund's new outcome period cap is 13.90% (before Fund fees and expenses) and 12.82% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500M-AR-II Invesco® V.I. S&P 500 Buffer Fund - March

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - September

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - September (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund - September<br>(Series I) | $74 | 0.70%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 12.78%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%. The Fund's returns over the last fiscal year will differ from the outcomes that the Fund seeks to provide over its current Outcome Period, which is from October 1, 2025 through September 30, 2026.

• The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 13.85%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

How Has The Fund Historically Performed?

Growth of $10,000 Investment

![Fund Performance - Growth of 10K](chartimages_9903667.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(9/30/21)** |
| **Invesco® V.I. S&P 500 Buffer Fund - September (Series I)** | 12.78% | 8.84% |
| **S&P 500 Index (Price Only)** | 16.39% | 11.52% |
| **S&P 500® Index** | 17.88% | 13.17% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$76292421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$191567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903672.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on September 30, 2025, and the new outcome period commenced on October 1, 2025. Effective October 1, 2025, the Fund's new outcome period cap is 13.85% (before Fund fees and expenses) and 13.05% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500S-AR-IInvesco® V.I. S&P 500 Buffer Fund - September

![TSR_logo](images_2661.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - September

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - September (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco® V.I. S&P 500 Buffer Fund - September<br>(Series II) | $101 | 0.95%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 12.63%. For the same time period, the S&P 500® Index (Price Only) (the "Underlying Index") returned 16.39%. The Fund's returns over the last fiscal year will differ from the outcomes that the Fund seeks to provide over its current Outcome Period, which is from October 1, 2025 through September 30, 2026.

**•** The Fund has characteristics unlike traditional investment products and is not suitable for all investors. The Fund seeks, over a specified annual outcome period (the "Outcome Period"), to provide investors with returns that match those of the Underlying Index up to an upside cap, while providing a buffer (the "Buffer") against the first 10% (prior to taking into account any fees and expenses of the Fund) of the Underlying Index losses. The outcomes that the Fund seeks to provide may only be realized if investors are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period. The maximum percentage return (expressed as a percentage of the Underlying Index start value) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 13.85%. There is no guarantee that the outcomes for the Outcome Period will be realized or that the Fund will achieve its investment objective.

**•** The Fund's website provides important Fund information on a daily basis, including the Cap, the Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903688.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(9/30/21)** |
| **Invesco® V.I. S&P 500 Buffer Fund - September (Series II)** | 12.63% | 8.59% |
| **S&P 500 Index (Price Only)** | 16.39% | 11.52% |
| **S&P 500® Index** | 17.88% | 13.17% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$76292421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$191567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903693.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at <u>invesco.com/reports</u> or upon request at (800) 959-4246.

The Fund's outcome period was reset on September 30, 2025, and the new outcome period commenced on October 1, 2025. Effective October 1, 2025, the Fund's new outcome period cap is 13.85% (before Fund fees and expenses) and 12.77% (after Fund fees and expenses).

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISP500S-AR-IIInvesco® V.I. S&P 500 Buffer Fund - September

![TSR_logo](images_2661.jpg)

### Invesco V.I. Small Cap Equity Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Small Cap Equity Fund<br>(Series I) | $100 | 0.96% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 8.05%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark primarily due to weaker stock selection in the materials, health care, financials, energy, and real estate sectors. These results were partially offset by stronger stock selection in the industrials, utilities, consumer staples, and consumer discretionary sectors.

#### What contributed to performance?
**BrightSpring Health Services, Inc. \|** BrightSpring Health provides home and community-based healthcare services. The stock contributed to performance as strong full-year results highlighted accelerating growth in specialty and infusion pharmacy.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. The stock contributed to performance as the company raised 2025 earnings guidance and provided a positive outlook for 2026, supported by strong commercial and defense aerospace demand.

#### What detracted from performance?
**Fermi, Inc. \|** Fermi develops energy infrastructure. The company has faced delays and a canceled Amazon Web Services contract, creating uncertainty despite strong hyperscaler interest.

**CareDx, Inc. \|** CareDx develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The stock detracted from performance due to weaker demand for transplant diagnostics. We sold the stock during the period.

**Cactus, Inc. \|** Cactus manufactures control equipment. The stock detracted from performance as lower drilling activity and pricing pressure in wellhead equipment weighed on results. We sold the stock during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9902242.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Small Cap Equity Fund (Series I)** | 8.05% | 7.32% | 9.55% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$164599826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1613659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9903279.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISCE-AR-I Invesco V.I. Small Cap Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Small Cap Equity Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Small Cap Equity Fund<br>(Series II) | $126 | 1.21% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 7.83%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark primarily due to weaker stock selection in the materials, health care, financials, energy, and real estate sectors. These results were partially offset by stronger stock selection in the industrials, utilities, consumer staples, and consumer discretionary sectors.

#### What contributed to performance?
**BrightSpring Health Services, Inc. \|** BrightSpring Health provides home and community-based healthcare services. The stock contributed to performance as strong full-year results highlighted accelerating growth in specialty and infusion pharmacy.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. The stock contributed to performance as the company raised 2025 earnings guidance and provided a positive outlook for 2026, supported by strong commercial and defense aerospace demand.

#### What detracted from performance?
**Fermi, Inc. \|** Fermi develops energy infrastructure. The company has faced delays and a canceled Amazon Web Services contract, creating uncertainty despite strong hyperscaler interest.

**CareDx, Inc. \|** CareDx develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The stock detracted from performance due to weaker demand for transplant diagnostics. We sold the stock during the period.

**Cactus, Inc. \|** Cactus manufactures control equipment. The stock detracted from performance as lower drilling activity and pricing pressure in wellhead equipment weighed on results. We sold the stock during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903320.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Small Cap Equity Fund (Series II)** | 7.83% | 7.06% | 9.28% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$164599826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1613659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902283.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VISCE-AR-II Invesco V.I. Small Cap Equity Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Technology Fund

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Technology Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Technology Fund<br>(Series I) | $106 | 0.96% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equity markets posted strong gains driven by strong earnings growth across technology and industrials companies, a robust artificial intelligence (AI)-ecosystem and resilient economic growth.

**•** For the fiscal year ended December 31, 2025, Series I shares of the Fund returned 20.47%. For the same time period, the S&P North American Technology Sector Index (the "Benchmark") returned 27.82%. The Fund underperformed the Benchmark mainly as a result of stock selection in the communication services and industrials sectors. Stronger stock selection in the information technology sector and the Fund's overweight allocation to industrials partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA continued to dominate the AI hardware space, with surging demand for its graphics processing units from major players like OpenAI and Meta. Strong earnings and long-term contracts reinforced their leadership in AI infrastructure.

**Broadcom, Inc. \|** Broadcom saw robust demand for its custom AI chips and networking solutions. Strategic partnerships and strong execution in its semiconductor segment led to record revenues and apparent investor confidence in its AI roadmap.

#### What detracted from performance?
**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the US federal government.

**Astera Labs, Inc. \|** Astera Labs is a semiconductor company that develops connectivity solutions for AI and cloud infrastructure. The stock fell due to broader declines in AI related companies early in the fiscal year as DeepSeek, a lower cost Chinese AI model, challenged the AI secular growth narrative. We sold our position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903368.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Technology Fund (Series I)** | 20.47% | 10.30% | 15.78% |
| **S&P North American Technology Sector Index** | 27.82% | 18.02% | 22.54% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$241249273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1656357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;160% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902319.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

I-VITEC-AR-I Invesco V.I. Technology Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. Technology Fund

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. Technology Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. Technology Fund<br>(Series II) | $133 | 1.21% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equity markets posted strong gains driven by strong earnings growth across technology and industrials companies, a robust artificial intelligence (AI)-ecosystem and resilient economic growth.

**•** For the fiscal year ended December 31, 2025, Series II shares of the Fund returned 20.16%. For the same time period, the S&P North American Technology Sector Index (the "Benchmark") returned 27.82%. The Fund underperformed the Benchmark mainly as a result of stock selection in the communication services and industrials sectors. Stronger stock selection in the information technology sector and the Fund's overweight allocation to industrials partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA continued to dominate the AI hardware space, with surging demand for its graphics processing units from major players like OpenAI and Meta. Strong earnings and long-term contracts reinforced their leadership in AI infrastructure.

**Broadcom, Inc. \|** Broadcom saw robust demand for its custom AI chips and networking solutions. Strategic partnerships and strong execution in its semiconductor segment led to record revenues and apparent investor confidence in its AI roadmap.

#### What detracted from performance?
**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the US federal government.

**Astera Labs, Inc. \|** Astera Labs is a semiconductor company that develops connectivity solutions for AI and cloud infrastructure. The stock fell due to broader declines in AI related companies early in the fiscal year as DeepSeek, a lower cost Chinese AI model, challenged the AI secular growth narrative. We sold our position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9903384.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco V.I. Technology Fund (Series II)** | 20.16% | 10.02% | 15.49% |
| **S&P North American Technology Sector Index** | 27.82% | 18.02% | 22.54% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/viperformance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Performance figures also do not reflect sales charges, expenses and fees assessed in connection with a variable product. Such variable product charges are determined by the variable product issuers, will vary and will lower the total return. For more recent performance information, including variable product charges, please contact your variable product issuer or financial adviser.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$241249273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1656357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;160% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9902355.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

I-VITEC-AR-II Invesco V.I. Technology Fund

![TSR_logo](images_2661.jpg)

### Invesco V.I. U.S. Government Money Portfolio

### Series I

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. U.S. Government Money Portfolio (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. U.S. Government Money Portfolio<br>(Series I) | $68 | 0.67% |

---

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$242420769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2194990 |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;45.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.4% |
| \* 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. |  |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIGMKT-AR-I Invesco V.I. U.S. Government Money Portfolio

![TSR_logo](images_2661.jpg)

### Invesco V.I. U.S. Government Money Portfolio

### Series II

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco V.I. U.S. Government Money Portfolio (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco V.I. U.S. Government Money Portfolio<br>(Series II) | $94 | 0.92% |

---

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$242420769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2194990 |

---

### What Comprised The Fund's Ho ldin gs?
(as of December 31, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;45.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.4% |
| \* 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. |  |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-VIGMKT-AR-II Invesco V.I. U.S. Government Money Portfolio

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended December 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, 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 by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$967439  | $&nbsp;&nbsp;&nbsp;&nbsp; 1043476 |
| Audit-Related Fees <sup>(</sup><sup>1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41824  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13454  |
| Tax Fees<sup>(</sup><sup>2)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$685890  | $651792 |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$1695153  | $1708722 |

---

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 includes fees billed for reviewing regulatory filings. 

(2) Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax, year-to-date estimates for various book-to-tax differences and other tax services. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and 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 Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2024 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 1195000  | $1141000  |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | $1195000  | $1141000  |

---

------

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 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").<sup>1</sup> 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 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. <u>Audit-Related Services</u> 

"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. <u>Tax Services</u> 

"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. <u>Other Services</u> 

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. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> 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 Fund.

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 minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,726,000 for the fiscal year ended December 31, 2025 and $6,489,000 for the fiscal year ended December 31, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,606,890 for the fiscal year ended December 31, 2025 and $8,281,792 for the fiscal year ended December 31, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 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.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| 1  | Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.  |

---

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img0384d5c51.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. American Franchise Fund**

------

---

| | |
|:---|:---|
| [2](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_SOI-Continued-64_1) | Schedule of Investments |
| [4](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_FS-Continued-64_1) | Financial Statements |
| [6](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_FS-Continued-64_3) | Financial Highlights |
| [7](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_NTF-Continued-64_1) | Notes to Financial Statements |
| [13](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_ARS-Continued-64_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_TI-Continued-64_1) | Tax Information |
| [15](#xx_90a331fb-b83d-432d-adc4-50df7762c2c0_OIRSR-Continued-64_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIAMFR-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.22%** | **Common Stocks & Other Equity Interests–99.22%** | **Common Stocks & Other Equity Interests–99.22%** |
| **Aerospace & Defense–2.33%** | **Aerospace & Defense–2.33%** | **Aerospace & Defense–2.33%** |
| Axon Enterprise, Inc.<sup>(b)(c)</sup>  | 7118 | &nbsp;&nbsp; $4042526 |
| BAE Systems PLC (United Kingdom) | 327699 | &nbsp;&nbsp; 7542012 |
| Howmet Aerospace, Inc. | 44413 | &nbsp;&nbsp; 9105553 |
|  |  | &nbsp;&nbsp; 20690091 |
| **Application Software–3.85%** | **Application Software–3.85%** | **Application Software–3.85%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 44200 | &nbsp;&nbsp; 29782844 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 24459 | &nbsp;&nbsp; 4347587 |
|  |  | &nbsp;&nbsp; 34130431 |
| **Automobile Manufacturers–3.30%** | **Automobile Manufacturers–3.30%** | **Automobile Manufacturers–3.30%** |
| Tesla, Inc.<sup>(b)</sup>  | 64934 | &nbsp;&nbsp; 29202119 |
| **Automotive Retail–1.12%** | **Automotive Retail–1.12%** | **Automotive Retail–1.12%** |
| Carvana Co.<sup>(b)</sup>  | 23564 | &nbsp;&nbsp; 9944479 |
| **Biotechnology–2.50%** | **Biotechnology–2.50%** | **Biotechnology–2.50%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 31858 | &nbsp;&nbsp; 12668334 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 11290 | &nbsp;&nbsp; 9494325 |
|  |  | &nbsp;&nbsp; 22162659 |
| **Broadline Retail–6.83%** | **Broadline Retail–6.83%** | **Broadline Retail–6.83%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 262430 | &nbsp;&nbsp; 60574093 |
| **Building Products–1.65%** | **Building Products–1.65%** | **Building Products–1.65%** |
| Johnson Controls International PLC | 122183 | &nbsp;&nbsp; 14631414 |
| **Casinos & Gaming–0.66%** | **Casinos & Gaming–0.66%** | **Casinos & Gaming–0.66%** |
| DraftKings, Inc., Class A<sup>(b)(c)</sup>  | 73382 | &nbsp;&nbsp; 2528744 |
| Flutter Entertainment PLC (United <br> Kingdom)<sup>(b)</sup>  | 15604 | &nbsp;&nbsp; 3355484 |
|  |  | &nbsp;&nbsp; 5884228 |
| **Communications Equipment–1.24%** | **Communications Equipment–1.24%** | **Communications Equipment–1.24%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 83874 | &nbsp;&nbsp; 10990010 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.08%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.08%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.08%** |
| Caterpillar, Inc.<sup>(c)</sup>  | 16720 | &nbsp;&nbsp; 9578386 |
| **Construction Materials–0.30%** | **Construction Materials–0.30%** | **Construction Materials–0.30%** |
| Martin Marietta Materials, Inc. | 4223 | &nbsp;&nbsp; 2629493 |
| **Consumer Finance–0.49%** | **Consumer Finance–0.49%** | **Consumer Finance–0.49%** |
| American Express Co. | 11741 | &nbsp;&nbsp; 4343583 |
| **Electrical Components & Equipment–1.21%** | **Electrical Components & Equipment–1.21%** | **Electrical Components & Equipment–1.21%** |
| Vertiv Holdings Co., Class A | 65981 | &nbsp;&nbsp; 10689582 |
| **Financial Exchanges & Data–1.02%** | **Financial Exchanges & Data–1.02%** | **Financial Exchanges & Data–1.02%** |
| Coinbase Global, Inc., Class A<sup>(b)</sup>  | 40081 | &nbsp;&nbsp; 9063917 |
| **Food Distributors–0.38%** | **Food Distributors–0.38%** | **Food Distributors–0.38%** |
| US Foods Holding Corp.<sup>(b)</sup>  | 44824 | &nbsp;&nbsp; 3376143 |
| **Health Care Distributors–0.51%** | **Health Care Distributors–0.51%** | **Health Care Distributors–0.51%** |
| McKesson Corp. | 5491 | &nbsp;&nbsp; 4504212 |
| **Health Care Equipment–1.53%** | **Health Care Equipment–1.53%** | **Health Care Equipment–1.53%** |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 23989 | &nbsp;&nbsp; 13586410 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Heavy Electrical Equipment–1.01%** | **Heavy Electrical Equipment–1.01%** | **Heavy Electrical Equipment–1.01%** |
| GE Vernova, Inc. | 13722 | &nbsp;&nbsp; $8968288 |
| **Hotels, Resorts & Cruise Lines–1.48%** | **Hotels, Resorts & Cruise Lines–1.48%** | **Hotels, Resorts & Cruise Lines–1.48%** |
| Booking Holdings, Inc. | 2443 | &nbsp;&nbsp; 13083071 |
| **Industrial Machinery & Supplies & Components–0.84%** | **Industrial Machinery & Supplies & Components–0.84%** | **Industrial Machinery & Supplies & Components–0.84%** |
| Parker-Hannifin Corp. | 8470 | &nbsp;&nbsp; 7444791 |
| **Integrated Oil & Gas–0.77%** | **Integrated Oil & Gas–0.77%** | **Integrated Oil & Gas–0.77%** |
| Suncor Energy, Inc. (Canada) | 152934 | &nbsp;&nbsp; 6784152 |
| **Interactive Home Entertainment–0.44%** | **Interactive Home Entertainment–0.44%** | **Interactive Home Entertainment–0.44%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 15078 | &nbsp;&nbsp; 3860420 |
| **Interactive Media & Services–12.20%** | **Interactive Media & Services–12.20%** | **Interactive Media & Services–12.20%** |
| Alphabet, Inc., Class A | 199042 | &nbsp;&nbsp; 62300146 |
| Meta Platforms, Inc., Class A | 58894 | &nbsp;&nbsp; 38875341 |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 30277 | &nbsp;&nbsp; 6959774 |
|  |  | &nbsp;&nbsp; 108135261 |
| **Internet Services & Infrastructure–4.89%** | **Internet Services & Infrastructure–4.89%** | **Internet Services & Infrastructure–4.89%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 64637 | &nbsp;&nbsp; 12743185 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup>  | 58854 | &nbsp;&nbsp; 4214535 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 76455 | &nbsp;&nbsp; 12306961 |
| Snowflake, Inc., Class A<sup>(b)(c)</sup>  | 64044 | &nbsp;&nbsp; 14048692 |
|  |  | &nbsp;&nbsp; 43313373 |
| **Investment Banking & Brokerage–3.23%** | **Investment Banking & Brokerage–3.23%** | **Investment Banking & Brokerage–3.23%** |
| Goldman Sachs Group, Inc. (The)<sup>(c)</sup>  | 15096 | &nbsp;&nbsp; 13269384 |
| Interactive Brokers Group, Inc., Class A | 79274 | &nbsp;&nbsp; 5098111 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 90598 | &nbsp;&nbsp; 10246634 |
|  |  | &nbsp;&nbsp; 28614129 |
| **Life Sciences Tools & Services–0.56%** | **Life Sciences Tools & Services–0.56%** | **Life Sciences Tools & Services–0.56%** |
| Danaher Corp. | 21646 | &nbsp;&nbsp; 4955202 |
| **Movies & Entertainment–1.72%** | **Movies & Entertainment–1.72%** | **Movies & Entertainment–1.72%** |
| Netflix, Inc.<sup>(b)</sup>  | 100589 | &nbsp;&nbsp; 9431225 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 9983 | &nbsp;&nbsp; 5797228 |
|  |  | &nbsp;&nbsp; 15228453 |
| **Real Estate Services–0.79%** | **Real Estate Services–0.79%** | **Real Estate Services–0.79%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 43542 | &nbsp;&nbsp; 7001118 |
| **Semiconductor Materials & Equipment–2.09%** | **Semiconductor Materials & Equipment–2.09%** | **Semiconductor Materials & Equipment–2.09%** |
| Lam Research Corp. | 108440 | &nbsp;&nbsp; 18562759 |
| **Semiconductors–22.30%** | **Semiconductors–22.30%** | **Semiconductors–22.30%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 28469 | &nbsp;&nbsp; 6096921 |
| Broadcom, Inc. | 143473 | &nbsp;&nbsp; 49656005 |
| Monolithic Power Systems, Inc.<sup>(c)</sup>  | 11660 | &nbsp;&nbsp; 10568158 |
| NVIDIA Corp. | 594664 | &nbsp;&nbsp; 110904836 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 67258 | &nbsp;&nbsp; 20439034 |
|  |  | &nbsp;&nbsp; 197664954 |
| **Systems Software–8.70%** | **Systems Software–8.70%** | **Systems Software–8.70%** |
| Microsoft Corp. | 159506 | &nbsp;&nbsp; 77140292 |
| **Technology Hardware, Storage & Peripherals–5.33%** | **Technology Hardware, Storage & Peripherals–5.33%** | **Technology Hardware, Storage & Peripherals–5.33%** |
| Apple, Inc. | 173760 | &nbsp;&nbsp; 47238394 |

---

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

**2**

**Invesco V.I. American Franchise Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Tobacco–0.88%** | **Tobacco–0.88%** | **Tobacco–0.88%** | **Tobacco–0.88%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 48761 | &nbsp;&nbsp; $7821264 |
| **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** |
| United Rentals, Inc. | United Rentals, Inc. | 4069 | &nbsp;&nbsp; 3293123 |
| **Transaction & Payment Processing Services–1.62%** | **Transaction & Payment Processing Services–1.62%** | **Transaction & Payment Processing Services–1.62%** | **Transaction & Payment Processing Services–1.62%** |
| Affirm Holdings, Inc.<sup>(b)</sup>  | Affirm Holdings, Inc.<sup>(b)</sup>  | 62279 | &nbsp;&nbsp; 4635426 |
| Visa, Inc., Class A | Visa, Inc., Class A | 27618 | &nbsp;&nbsp; 9685909 |
|  |  |  | &nbsp;&nbsp; 14321335 |
| Total Common Stocks & Other Equity Interests <br> (Cost $396,846,750) | Total Common Stocks & Other Equity Interests <br> (Cost $396,846,750) | Total Common Stocks & Other Equity Interests <br> (Cost $396,846,750) | &nbsp;&nbsp; 879411629 |
| **Money Market Funds–0.17%** | **Money Market Funds–0.17%** | **Money Market Funds–0.17%** | **Money Market Funds–0.17%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 524460 | &nbsp;&nbsp; 524460 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 973936 | &nbsp;&nbsp; 973936 |
| Total Money Market Funds (Cost $1,498,396) | Total Money Market Funds (Cost $1,498,396) | Total Money Market Funds (Cost $1,498,396) | &nbsp;&nbsp; 1498396 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.39% <br> (Cost $398,345,146)<br>|  |  | &nbsp;&nbsp; 880910025 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.83%** | **Money Market Funds–4.83%** | **Money Market Funds–4.83%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 11883664 | &nbsp;&nbsp; $11883664 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 30883445 | &nbsp;&nbsp; 30892710 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,776,374) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,776,374) | &nbsp;&nbsp; 42776374 |
| TOTAL INVESTMENTS IN SECURITIES–104.22% <br> (Cost $441,121,520) | TOTAL INVESTMENTS IN SECURITIES–104.22% <br> (Cost $441,121,520) | &nbsp;&nbsp; 923686399 |
| OTHER ASSETS LESS LIABILITIES—(4.22)% | OTHER ASSETS LESS LIABILITIES—(4.22)% | &nbsp;&nbsp; (37363930)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $886322469 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $598599 | &nbsp;&nbsp; $47195400 | &nbsp;&nbsp; $(47269539) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $524460 | &nbsp;&nbsp; $56919 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 1111347 | &nbsp;&nbsp; 87648601 | &nbsp;&nbsp; (87786012) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 973936 | &nbsp;&nbsp; 104756 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 12617898 | &nbsp;&nbsp; 521602718 | &nbsp;&nbsp; (522336952) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11883664 | &nbsp;&nbsp; 497,486\* |
| Invesco Private Prime Fund | 32861864 | &nbsp;&nbsp; 1083495916 | &nbsp;&nbsp; (1085470056) | &nbsp;&nbsp; - | &nbsp;&nbsp; 4986 | &nbsp;&nbsp; 30892710 | &nbsp;&nbsp; 1,336,802\* |
| Total | $47189708 | &nbsp;&nbsp; $1739942635 | &nbsp;&nbsp; $(1742862559) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4986 | &nbsp;&nbsp; $44274770 | &nbsp;&nbsp; $1995963 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. American Franchise Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $396,846,750)\*<br>| &nbsp;&nbsp; $879411629 |
| Investments in affiliated money market funds, at value <br> (Cost $44,274,770)<br>| &nbsp;&nbsp; 44274770 |
| Cash | &nbsp;&nbsp; 68200 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 6358499 |
| Dividends | &nbsp;&nbsp; 294904 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 259600 |
| Total assets | &nbsp;&nbsp; 930667602 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 806540 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 42776374 |
| Accrued fees to affiliates | &nbsp;&nbsp; 456769 |
| Accrued other operating expenses | &nbsp;&nbsp; 39657 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 265793 |
| Total liabilities | &nbsp;&nbsp; 44345133 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $886322469 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $284585361 |
| Distributable earnings | &nbsp;&nbsp; 601737108 |
|  | &nbsp;&nbsp; $886322469 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $551782589 |
| Series II | &nbsp;&nbsp; $334539880 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 6812320 |
| Series II | &nbsp;&nbsp; 4649914 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $81.00 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $71.95 |

---

\* At December 31, 2025, securities with an aggregate value of $33,770,309 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $89,725) | &nbsp;&nbsp; $3878131 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $72,707)<br>| &nbsp;&nbsp; 234382 |
| Total investment income | &nbsp;&nbsp; 4112513 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5847587 |
| Administrative services fees | &nbsp;&nbsp; 1442268 |
| Custodian fees | &nbsp;&nbsp; 5127 |
| Distribution fees - Series II | &nbsp;&nbsp; 796417 |
| Transfer agent fees | &nbsp;&nbsp; 43449 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 28145 |
| Reports to shareholders | &nbsp;&nbsp; 10352 |
| Professional services fees | &nbsp;&nbsp; 53700 |
| Other | &nbsp;&nbsp; 9348 |
| Total expenses | &nbsp;&nbsp; 8236393 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (4254)<br>|
| Net expenses | &nbsp;&nbsp; 8232139 |
| Net investment income (loss) | &nbsp;&nbsp; (4119626)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 125606779 |
| Affiliated investment securities | &nbsp;&nbsp; 4986 |
| Foreign currencies | &nbsp;&nbsp; (14211)<br>|
|  | &nbsp;&nbsp; 125597554 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (23700794)<br>|
| Foreign currencies | &nbsp;&nbsp; 9391 |
|  | &nbsp;&nbsp; (23691403)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 101906151 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $97786525 |

---

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

**4**

**Invesco V.I. American Franchise Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(4119626)<br>| &nbsp;&nbsp; $(2977308)<br>|
| Net realized gain | &nbsp;&nbsp; 125597554 | &nbsp;&nbsp; 88332731 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (23691403)<br>| &nbsp;&nbsp; 157205402 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 97786525 | &nbsp;&nbsp; 242560825 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (52256644)<br>| &nbsp;&nbsp; — |
| Series II | &nbsp;&nbsp; (33108669)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (85365313)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (32988157)<br>| &nbsp;&nbsp; (60753315)<br>|
| Series II | &nbsp;&nbsp; 17622589 | &nbsp;&nbsp; (17895572)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (15365568)<br>| &nbsp;&nbsp; (78648887)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2944356)<br>| &nbsp;&nbsp; 163911938 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 889266825 | &nbsp;&nbsp; 725354887 |
| End of year | &nbsp;&nbsp; $886322469 | &nbsp;&nbsp; $889266825 |

---

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

**5**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $79.53 | $(0.31)<br>| $9.76 | $9.45 | $(7.98)<br>| $81.00 | 11.67<br> %<br>| $551783 | 0.85<br> %<br>| 0.85<br> %<br>| (0.38)%<br>| 56<br> %<br>|
| Year ended 12/31/24 | 58.96 | (0.19)<br>| 20.76 | 20.57 |  | 79.53 | 34.89 | 576093 | 0.86 | 0.86 | (0.27)<br>| 52 |
| Year ended 12/31/23 | 42.84 | (0.05)<br>| 17.35 | 17.30 | (1.18)<br>| 58.96 | 40.93 | 478288 | 0.86 | 0.86 | (0.09)<br>| 63 |
| Year ended 12/31/22 | 88.63 | (0.03)<br>| (27.15)<br>| (27.18)<br>| (18.61)<br>| 42.84 | (31.11)<br>| 371020 | 0.86 | 0.86 | (0.05)<br>| 108 |
| Year ended 12/31/21 | 89.10 | (0.39)<br>| 11.37 | 10.98 | (11.45)<br>| 88.63 | 11.92 | 591907 | 0.86 | 0.86 | (0.41)<br>| 68 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 71.60 | (0.46)<br>| 8.79 | 8.33 | (7.98)<br>| 71.95 | 11.39 | 334540 | 1.10 | 1.10 | (0.63)<br>| 56 |
| Year ended 12/31/24 | 53.21 | (0.33)<br>| 18.72 | 18.39 |  | 71.60 | 34.56 | 313174 | 1.11 | 1.11 | (0.52)<br>| 52 |
| Year ended 12/31/23 | 38.85 | (0.16)<br>| 15.70 | 15.54 | (1.18)<br>| 53.21 | 40.60 | 247067 | 1.11 | 1.11 | (0.34)<br>| 63 |
| Year ended 12/31/22 | 83.04 | (0.18)<br>| (25.40)<br>| (25.58)<br>| (18.61)<br>| 38.85 | (31.30)<br>| 187267 | 1.11 | 1.11 | (0.30)<br>| 108 |
| Year ended 12/31/21 | 84.31 | (0.59)<br>| 10.77 | 10.18 | (11.45)<br>| 83.04 | 11.65 | 254909 | 1.11 | 1.11 | (0.66)<br>| 68 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. American Franchise Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. American Franchise Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. American Franchise Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $7,115 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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

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 the Adviser. 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:

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

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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).

**9**

**Invesco V.I. American Franchise Fund**

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The Adviser has agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $4,254.

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, 2025, Invesco was paid $126,661 for accounting and fund administrative services and was reimbursed $1,315,607 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $11,007 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $871869617 | &nbsp;&nbsp;&nbsp;&nbsp; $7542012 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $879411629 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1498396 | &nbsp;&nbsp;&nbsp;&nbsp; 42776374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44274770 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $873368013 | &nbsp;&nbsp;&nbsp;&nbsp; $50318386 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $923686399 |

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**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.

**10**

**Invesco V.I. American Franchise 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $85365313 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $120902779 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 480968103 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 5579 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (139353)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 284585361 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $886322469 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $493,158,741 and $609,451,861, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $494330147 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (13362044)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $480968103 |

---

Cost of investments for tax purposes is $442,718,296.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $4,131,372, undistributed net realized gain was increased by $14,211 and shares of beneficial interest was decreased by $4,145,583. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 227698 | &nbsp;&nbsp;&nbsp; $18176225 | &nbsp;&nbsp;&nbsp; 328666 | &nbsp;&nbsp;&nbsp; $23154841 |
| Series II | &nbsp;&nbsp;&nbsp; 513210 | &nbsp;&nbsp;&nbsp; 35348948 | &nbsp;&nbsp;&nbsp; 458601 | &nbsp;&nbsp;&nbsp; 29232297 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 630814 | &nbsp;&nbsp;&nbsp; 52256644 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Series II | &nbsp;&nbsp;&nbsp; 449724 | &nbsp;&nbsp;&nbsp; 33108669 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |

---

**11**

**Invesco V.I. American Franchise Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1289720)<br>| &nbsp;&nbsp;&nbsp; $(103421026)<br>| &nbsp;&nbsp;&nbsp; (1197409)<br>| &nbsp;&nbsp;&nbsp; $(83908156)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (686970)<br>| &nbsp;&nbsp;&nbsp; (50835028)<br>| &nbsp;&nbsp;&nbsp; (727797)<br>| &nbsp;&nbsp;&nbsp; (47127869)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (155244)<br>| &nbsp;&nbsp;&nbsp; $(15365568)<br>| &nbsp;&nbsp;&nbsp; (1137939)<br>| &nbsp;&nbsp;&nbsp; $(78648887)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% 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.

**12**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $85365313 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. American Franchise Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. American Franchise Fund**

------

![](imgc540d36d1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. American Value Fund**

------

---

| | |
|:---|:---|
| [2](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_SOI-Continued-65_1) | Schedule of Investments |
| [5](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_FS-Continued-65_1) | Financial Statements |
| [7](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_FS-Continued-65_3) | Financial Highlights |
| [8](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_NTF-Continued-65_1) | Notes to Financial Statements |
| [15](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_ARS-Continued-65_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_TI-Continued-65_1) | Tax Information |
| [17](#xx_dba3f22e-8bab-4523-b252-695c5665a26e_OIRSR-Continued-65_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIAMVA-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.11%** | **Common Stocks & Other Equity Interests–97.11%** | **Common Stocks & Other Equity Interests–97.11%** |
| **Agricultural & Farm Machinery–1.20%** | **Agricultural & Farm Machinery–1.20%** | **Agricultural & Farm Machinery–1.20%** |
| AGCO Corp. | 44896 | &nbsp;&nbsp; $4683552 |
| **Application Software–0.58%** | **Application Software–0.58%** | **Application Software–0.58%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 3368 | &nbsp;&nbsp; 2269426 |
| **Cargo Ground Transportation–3.28%** | **Cargo Ground Transportation–3.28%** | **Cargo Ground Transportation–3.28%** |
| Knight-Swift Transportation Holdings, <br> Inc. | 92656 | &nbsp;&nbsp; 4844056 |
| Saia, Inc.<sup>(b)</sup>  | 24250 | &nbsp;&nbsp; 7918110 |
|  |  | &nbsp;&nbsp; 12762166 |
| **Communications Equipment–1.19%** | **Communications Equipment–1.19%** | **Communications Equipment–1.19%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 12529 | &nbsp;&nbsp; 4618064 |
| **Construction & Engineering–1.49%** | **Construction & Engineering–1.49%** | **Construction & Engineering–1.49%** |
| AECOM | 37813 | &nbsp;&nbsp; 3604713 |
| MasTec, Inc.<sup>(b)</sup>  | 10039 | &nbsp;&nbsp; 2182178 |
|  |  | &nbsp;&nbsp; 5786891 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.30%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.30%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.30%** |
| Oshkosh Corp. | 40190 | &nbsp;&nbsp; 5049070 |
| **Construction Materials–1.07%** | **Construction Materials–1.07%** | **Construction Materials–1.07%** |
| James Hardie Industries PLC<sup>(b)</sup>  | 200059 | &nbsp;&nbsp; 4151224 |
| **Copper–2.50%** | **Copper–2.50%** | **Copper–2.50%** |
| Freeport-McMoRan, Inc. | 192073 | &nbsp;&nbsp; 9755388 |
| **Diversified Banks–3.02%** | **Diversified Banks–3.02%** | **Diversified Banks–3.02%** |
| Fifth Third Bancorp<sup>(c)</sup>  | 81246 | &nbsp;&nbsp; 3803125 |
| U.S. Bancorp | 149219 | &nbsp;&nbsp; 7962326 |
|  |  | &nbsp;&nbsp; 11765451 |
| **Diversified Chemicals–0.42%** | **Diversified Chemicals–0.42%** | **Diversified Chemicals–0.42%** |
| Huntsman Corp. | 163290 | &nbsp;&nbsp; 1632900 |
| **Diversified Metals & Mining–1.72%** | **Diversified Metals & Mining–1.72%** | **Diversified Metals & Mining–1.72%** |
| Anglo American PLC (South Africa) | 59686 | &nbsp;&nbsp; 2468762 |
| Teck Resources Ltd., Class B (Canada) | 88026 | &nbsp;&nbsp; 4215565 |
|  |  | &nbsp;&nbsp; 6684327 |
| **Electric Utilities–2.22%** | **Electric Utilities–2.22%** | **Electric Utilities–2.22%** |
| NRG Energy, Inc. | 54353 | &nbsp;&nbsp; 8655172 |
| **Electrical Components & Equipment–4.19%** | **Electrical Components & Equipment–4.19%** | **Electrical Components & Equipment–4.19%** |
| Generac Holdings, Inc.<sup>(b)</sup>  | 30293 | &nbsp;&nbsp; 4131056 |
| Regal Rexnord Corp.<sup>(c)</sup>  | 41317 | &nbsp;&nbsp; 5797602 |
| Vertiv Holdings Co., Class A | 39512 | &nbsp;&nbsp; 6401339 |
|  |  | &nbsp;&nbsp; 16329997 |
| **Electronic Components–3.81%** | **Electronic Components–3.81%** | **Electronic Components–3.81%** |
| Coherent Corp.<sup>(b)</sup>  | 80368 | &nbsp;&nbsp; 14833522 |
| **Electronic Equipment & Instruments–0.94%** | **Electronic Equipment & Instruments–0.94%** | **Electronic Equipment & Instruments–0.94%** |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 15079 | &nbsp;&nbsp; 3661483 |
| **Fertilizers & Agricultural Chemicals–0.99%** | **Fertilizers & Agricultural Chemicals–0.99%** | **Fertilizers & Agricultural Chemicals–0.99%** |
| Corteva, Inc. | 33146 | &nbsp;&nbsp; 2221776 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Fertilizers & Agricultural Chemicals–(continued)** | **Fertilizers & Agricultural Chemicals–(continued)** | **Fertilizers & Agricultural Chemicals–(continued)** |
| Mosaic Co. (The) | 67088 | &nbsp;&nbsp; $1616150 |
|  |  | &nbsp;&nbsp; 3837926 |
| **Food Distributors–0.56%** | **Food Distributors–0.56%** | **Food Distributors–0.56%** |
| Performance Food Group Co.<sup>(b)(c)</sup>  | 24416 | &nbsp;&nbsp; 2195487 |
| **Gold–2.02%** | **Gold–2.02%** | **Gold–2.02%** |
| Newmont Corp. | 78848 | &nbsp;&nbsp; 7872973 |
| **Health Care Equipment–5.47%** | **Health Care Equipment–5.47%** | **Health Care Equipment–5.47%** |
| Globus Medical, Inc., Class A<sup>(b)</sup>  | 92205 | &nbsp;&nbsp; 8050419 |
| Medtronic PLC | 82087 | &nbsp;&nbsp; 7885277 |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup>  | 59562 | &nbsp;&nbsp; 5355815 |
|  |  | &nbsp;&nbsp; 21291511 |
| **Hotels, Resorts & Cruise Lines–3.47%** | **Hotels, Resorts & Cruise Lines–3.47%** | **Hotels, Resorts & Cruise Lines–3.47%** |
| Expedia Group, Inc. | 39834 | &nbsp;&nbsp; 11285370 |
| Travel + Leisure Co. | 31392 | &nbsp;&nbsp; 2214078 |
|  |  | &nbsp;&nbsp; 13499448 |
| **Industrial Machinery & Supplies & Components–1.37%** | **Industrial Machinery & Supplies & Components–1.37%** | **Industrial Machinery & Supplies & Components–1.37%** |
| Middleby Corp. (The)<sup>(b)</sup>  | 36013 | &nbsp;&nbsp; 5354053 |
| **Insurance Brokers–1.53%** | **Insurance Brokers–1.53%** | **Insurance Brokers–1.53%** |
| Willis Towers Watson PLC | 18122 | &nbsp;&nbsp; 5954889 |
| **Integrated Oil & Gas–0.59%** | **Integrated Oil & Gas–0.59%** | **Integrated Oil & Gas–0.59%** |
| Cenovus Energy, Inc. (Canada) | 136460 | &nbsp;&nbsp; 2308903 |
| **Interactive Home Entertainment–1.02%** | **Interactive Home Entertainment–1.02%** | **Interactive Home Entertainment–1.02%** |
| Electronic Arts, Inc. | 19443 | &nbsp;&nbsp; 3972788 |
| **Interactive Media & Services–0.95%** | **Interactive Media & Services–0.95%** | **Interactive Media & Services–0.95%** |
| Match Group, Inc. | 114174 | &nbsp;&nbsp; 3686678 |
| **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** |
| Goldman Sachs Group, Inc. (The) | 3227 | &nbsp;&nbsp; 2836533 |
| **Life & Health Insurance–2.45%** | **Life & Health Insurance–2.45%** | **Life & Health Insurance–2.45%** |
| Globe Life, Inc. | 68191 | &nbsp;&nbsp; 9537193 |
| **Life Sciences Tools & Services–5.74%** | **Life Sciences Tools & Services–5.74%** | **Life Sciences Tools & Services–5.74%** |
| Avantor, Inc.<sup>(b)(c)</sup>  | 440119 | &nbsp;&nbsp; 5043764 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup>  | 45151 | &nbsp;&nbsp; 9006721 |
| ICON PLC<sup>(b)</sup>  | 45482 | &nbsp;&nbsp; 8287730 |
|  |  | &nbsp;&nbsp; 22338215 |
| **Managed Health Care–1.00%** | **Managed Health Care–1.00%** | **Managed Health Care–1.00%** |
| Elevance Health, Inc. | 11166 | &nbsp;&nbsp; 3914241 |
| **Metal, Glass & Plastic Containers–1.27%** | **Metal, Glass & Plastic Containers–1.27%** | **Metal, Glass & Plastic Containers–1.27%** |
| Crown Holdings, Inc. | 47909 | &nbsp;&nbsp; 4933190 |
| **Oil & Gas Exploration & Production–5.34%** | **Oil & Gas Exploration & Production–5.34%** | **Oil & Gas Exploration & Production–5.34%** |
| Antero Resources Corp.<sup>(b)</sup>  | 117883 | &nbsp;&nbsp; 4062248 |
| ARC Resources Ltd. (Canada) | 160780 | &nbsp;&nbsp; 3016346 |
| EQT Corp. | 111935 | &nbsp;&nbsp; 5999716 |
| Expand Energy Corp. | 41412 | &nbsp;&nbsp; 4570228 |
| Range Resources Corp. | 89739 | &nbsp;&nbsp; 3164197 |
|  |  | &nbsp;&nbsp; 20812735 |

---

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

**2**

**Invesco V.I. American Value Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing–1.53%** | **Oil & Gas Refining & Marketing–1.53%** | **Oil & Gas Refining & Marketing–1.53%** |
| Phillips 66 | 46117 | &nbsp;&nbsp; $5950938 |
| **Paper & Plastic Packaging Products & Materials–1.29%** | **Paper & Plastic Packaging Products & Materials–1.29%** | **Paper & Plastic Packaging Products & Materials–1.29%** |
| Sealed Air Corp. | 121121 | &nbsp;&nbsp; 5018043 |
| **Regional Banks–9.74%** | **Regional Banks–9.74%** | **Regional Banks–9.74%** |
| Citizens Financial Group, Inc. | 107014 | &nbsp;&nbsp; 6250688 |
| Huntington Bancshares, Inc. | 528904 | &nbsp;&nbsp; 9176484 |
| M&T Bank Corp. | 20183 | &nbsp;&nbsp; 4066471 |
| Pinnacle Financial Partners, Inc. | 46282 | &nbsp;&nbsp; 4415766 |
| Webster Financial Corp. | 88807 | &nbsp;&nbsp; 5589512 |
| Western Alliance Bancorporation | 100257 | &nbsp;&nbsp; 8428606 |
|  |  | &nbsp;&nbsp; 37927527 |
| **Research & Consulting Services–3.65%** | **Research & Consulting Services–3.65%** | **Research & Consulting Services–3.65%** |
| Amentum Holdings, Inc.<sup>(b)</sup>  | 157981 | &nbsp;&nbsp; 4581449 |
| Jacobs Solutions, Inc. | 33620 | &nbsp;&nbsp; 4453305 |
| KBR, Inc. | 128545 | &nbsp;&nbsp; 5167509 |
|  |  | &nbsp;&nbsp; 14202263 |
| **Semiconductor Materials & Equipment–4.69%** | **Semiconductor Materials & Equipment–4.69%** | **Semiconductor Materials & Equipment–4.69%** |
| Entegris, Inc.<sup>(c)</sup>  | 87718 | &nbsp;&nbsp; 7390242 |
| MKS, Inc. | 67983 | &nbsp;&nbsp; 10863683 |
|  |  | &nbsp;&nbsp; 18253925 |
| **Semiconductors–6.40%** | **Semiconductors–6.40%** | **Semiconductors–6.40%** |
| Marvell Technology, Inc. | 71265 | &nbsp;&nbsp; 6056100 |
| Microchip Technology, Inc. | 139497 | &nbsp;&nbsp; 8888749 |
| Rambus, Inc.<sup>(b)</sup>  | 43032 | &nbsp;&nbsp; 3954210 |
| STMicroelectronics N.V., New York Shares <br> (France)<sup>(c)</sup>  | 232006 | &nbsp;&nbsp; 6018236 |
|  |  | &nbsp;&nbsp; 24917295 |
| **Silver–1.29%** | **Silver–1.29%** | **Silver–1.29%** |
| Pan American Silver Corp. (Canada) | 96840 | &nbsp;&nbsp; 5017280 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Trading Companies & Distributors–1.88%** | **Trading Companies & Distributors–1.88%** | **Trading Companies & Distributors–1.88%** | **Trading Companies & Distributors–1.88%** |
| WESCO International, Inc. | WESCO International, Inc. | 29863 | &nbsp;&nbsp; $7305684 |
| **Transaction & Payment Processing Services–3.21%** | **Transaction & Payment Processing Services–3.21%** | **Transaction & Payment Processing Services–3.21%** | **Transaction & Payment Processing Services–3.21%** |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 128799 | &nbsp;&nbsp; 8559981 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 58810 | &nbsp;&nbsp; 3950268 |
|  |  |  | &nbsp;&nbsp; 12510249 |
| Total Common Stocks & Other Equity Interests <br> (Cost $284,775,615) | Total Common Stocks & Other Equity Interests <br> (Cost $284,775,615) | Total Common Stocks & Other Equity Interests <br> (Cost $284,775,615) | &nbsp;&nbsp; 378088600 |
| **Money Market Funds–2.96%** | **Money Market Funds–2.96%** | **Money Market Funds–2.96%** | **Money Market Funds–2.96%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 4017082 | &nbsp;&nbsp; 4017082 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 7503719 | &nbsp;&nbsp; 7503719 |
| Total Money Market Funds (Cost $11,520,801) | Total Money Market Funds (Cost $11,520,801) | Total Money Market Funds (Cost $11,520,801) | &nbsp;&nbsp; 11520801 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.07% <br> (Cost $296,296,416)<br>|  |  | &nbsp;&nbsp; 389609401 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–6.76%** | **Money Market Funds–6.76%** | **Money Market Funds–6.76%** | **Money Market Funds–6.76%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 7319819 | &nbsp;&nbsp; 7319819 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 19009276 | &nbsp;&nbsp; 19014979 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $26,334,798) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $26,334,798) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $26,334,798) | &nbsp;&nbsp; 26334798 |
| TOTAL INVESTMENTS IN SECURITIES–106.83% <br> (Cost $322,631,214) | TOTAL INVESTMENTS IN SECURITIES–106.83% <br> (Cost $322,631,214) | TOTAL INVESTMENTS IN SECURITIES–106.83% <br> (Cost $322,631,214) | &nbsp;&nbsp; 415944199 |
| OTHER ASSETS LESS LIABILITIES—(6.83)% | OTHER ASSETS LESS LIABILITIES—(6.83)% | OTHER ASSETS LESS LIABILITIES—(6.83)% | &nbsp;&nbsp; (26584703)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $389359496 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $3326802 | &nbsp;&nbsp; $54500443 | &nbsp;&nbsp; $(53810163) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4017082 | &nbsp;&nbsp; $171655 |
| Invesco Treasury Portfolio, Institutional Class | 6221772 | &nbsp;&nbsp; 101215107 | &nbsp;&nbsp; (99933160) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7503719 | &nbsp;&nbsp; 317666 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 10563982 | &nbsp;&nbsp; 258307621 | &nbsp;&nbsp; (261551784) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7319819 | &nbsp;&nbsp; 467,730\* |
| Invesco Private Prime Fund | 27549425 | &nbsp;&nbsp; 520705269 | &nbsp;&nbsp; (529238838) | &nbsp;&nbsp; - | (877) | &nbsp;&nbsp; 19014979 | &nbsp;&nbsp; 1,269,766\* |
| Total | $47661981 | &nbsp;&nbsp; $934728440 | &nbsp;&nbsp; $(944533945) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(877) | &nbsp;&nbsp; $37855599 | &nbsp;&nbsp; $2226817 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. American Value Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Barclays Bank PLC | USD | 19230 | EUR | 16512 | &nbsp;&nbsp;&nbsp; $190 |
| 01/21/2026 | Barclays Bank PLC | USD | 49778 | GBP | 37226 | &nbsp;&nbsp;&nbsp; 400 |
| 01/21/2026 | Deutsche Bank AG | USD | 37171 | GBP | 27772 | &nbsp;&nbsp;&nbsp; 263 |
| 01/21/2026 | Goldman Sachs International | USD | 21923 | EUR | 18788 | &nbsp;&nbsp;&nbsp; 173 |
| 01/21/2026 | Merrill Lynch International | USD | 28400 | GBP | 21272 | &nbsp;&nbsp;&nbsp; 273 |
| 01/21/2026 | Royal Bank of Canada | USD | 1328784 | EUR | 1139267 | &nbsp;&nbsp;&nbsp; 11098 |
| 01/21/2026 | State Street Bank & Trust Co. | GBP | 50817 | USD | 68594 | &nbsp;&nbsp;&nbsp; 96 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 12493 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Goldman Sachs International | EUR | 1174567 | USD | 1367017 | &nbsp;&nbsp;&nbsp; (14380)<br>|
| 01/21/2026 | Goldman Sachs International | GBP | 26591 | USD | 35112 | &nbsp;&nbsp;&nbsp; (730)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | GBP | 1777400 | USD | 2349496 | &nbsp;&nbsp;&nbsp; (46307)<br>|
| 01/21/2026 | Royal Bank of Canada | GBP | 37226 | USD | 50089 | &nbsp;&nbsp;&nbsp; (89)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (61506)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(49013)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**4**

**Invesco V.I. American Value Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $284,775,615)\*<br>| &nbsp;&nbsp; $378088600 |
| Investments in affiliated money market funds, at value <br> (Cost $37,855,599)<br>| &nbsp;&nbsp; 37855599 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 12493 |
| Cash | &nbsp;&nbsp; 7579 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1380 |
| Fund shares sold | &nbsp;&nbsp; 113172 |
| Dividends | &nbsp;&nbsp; 420603 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 120154 |
| Total assets | &nbsp;&nbsp; 416619580 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 61506 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 492553 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 26334798 |
| Accrued fees to affiliates | &nbsp;&nbsp; 203471 |
| Accrued other operating expenses | &nbsp;&nbsp; 42847 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 124909 |
| Total liabilities | &nbsp;&nbsp; 27260084 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $389359496 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $242108731 |
| Distributable earnings | &nbsp;&nbsp; 147250765 |
|  | &nbsp;&nbsp; $389359496 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $184741984 |
| Series II | &nbsp;&nbsp; $204617512 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 10176482 |
| Series II | &nbsp;&nbsp; 11523215 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $18.15 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $17.76 |

---

\* At December 31, 2025, securities with an aggregate value of $25,471,950 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $65,538) | &nbsp;&nbsp; $4704934 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $56,276)<br>| &nbsp;&nbsp; 545597 |
| Total investment income | &nbsp;&nbsp; 5250531 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2480119 |
| Administrative services fees | &nbsp;&nbsp; 592417 |
| Custodian fees | &nbsp;&nbsp; 5302 |
| Distribution fees - Series II | &nbsp;&nbsp; 471520 |
| Transfer agent fees | &nbsp;&nbsp; 17628 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24227 |
| Reports to shareholders | &nbsp;&nbsp; 10446 |
| Professional services fees | &nbsp;&nbsp; 50717 |
| Other | &nbsp;&nbsp; (5905)<br>|
| Total expenses | &nbsp;&nbsp; 3646471 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (13332)<br>|
| Net expenses | &nbsp;&nbsp; 3633139 |
| Net investment income | &nbsp;&nbsp; 1617392 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 58359021 |
| Affiliated investment securities | &nbsp;&nbsp; (877)<br>|
| Foreign currencies | &nbsp;&nbsp; (1728)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (194132)<br>|
|  | &nbsp;&nbsp; 58162284 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 8904418 |
| Foreign currencies | &nbsp;&nbsp; 5315 |
| Forward foreign currency contracts | &nbsp;&nbsp; (49013)<br>|
|  | &nbsp;&nbsp; 8860720 |
| Net realized and unrealized gain | &nbsp;&nbsp; 67023004 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $68640396 |

---

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

**5**

**Invesco V.I. American Value Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1617392 | &nbsp;&nbsp; $1204054 |
| Net realized gain | &nbsp;&nbsp; 58162284 | &nbsp;&nbsp; 55848123 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 8860720 | &nbsp;&nbsp; 35913028 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 68640396 | &nbsp;&nbsp; 92965205 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (27339921)<br>| &nbsp;&nbsp; (5319651)<br>|
| Series II | &nbsp;&nbsp; (30144677)<br>| &nbsp;&nbsp; (5837175)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (57484598)<br>| &nbsp;&nbsp; (11156826)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 6388768 | &nbsp;&nbsp; (15982312)<br>|
| Series II | &nbsp;&nbsp; 5541262 | &nbsp;&nbsp; (33053837)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 11930030 | &nbsp;&nbsp; (49036149)<br>|
| Net increase in net assets | &nbsp;&nbsp; 23085828 | &nbsp;&nbsp; 32772230 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 366273668 | &nbsp;&nbsp; 333501438 |
| End of year | &nbsp;&nbsp; $389359496 | &nbsp;&nbsp; $366273668 |

---

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

**6**

**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.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $17.66 | $0.10 | $3.43 | $3.53 | $(0.09)<br>| $(2.95)<br>| $(3.04)<br>| $18.15 | 21.00<br> %<br>| &nbsp;&nbsp; $184742 | 0.88<br> %<br>| 0.88<br> %<br>| 0.58<br> %<br>| 65<br> %<br>|
| Year ended 12/31/24 | 13.98 | 0.08 | 4.15 | 4.23 | (0.17)<br>| (0.38)<br>| (0.55)<br>| 17.66 | 30.41 | &nbsp;&nbsp; 172345 | 0.90 | 0.90 | 0.47 | 39 |
| Year ended 12/31/23 | 15.70 | 0.16 | 1.70 | 1.86 | (0.11)<br>| (3.47)<br>| (3.58)<br>| 13.98 | 15.60 | &nbsp;&nbsp; 150857 | 0.89 | 0.89 | 1.05 | 60 |
| Year ended 12/31/22 | 20.13 | 0.18 | (0.89)<br>| (0.71)<br>| (0.15)<br>| (3.57)<br>| (3.72)<br>| 15.70 | (2.61)<br>| &nbsp;&nbsp; 147248 | 0.89 | 0.89 | 0.97 | 139 |
| Year ended 12/31/21 | 15.80 | 0.13 | 4.28 | 4.41 | (0.08)<br>|  | (0.08)<br>| 20.13 | 27.95 | &nbsp;&nbsp; 160576 | 0.89 | 0.89 | 0.69 | 82 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 17.33 | 0.06 | 3.36 | 3.42 | (0.04)<br>| (2.95)<br>| (2.99)<br>| 17.76 | 20.76 | &nbsp;&nbsp; 204618 | 1.13 | 1.13 | 0.33 | 65 |
| Year ended 12/31/24 | 13.73 | 0.04 | 4.07 | 4.11 | (0.13)<br>| (0.38)<br>| (0.51)<br>| 17.33 | 30.09 | &nbsp;&nbsp; 193928 | 1.15 | 1.15 | 0.22 | 39 |
| Year ended 12/31/23 | 15.48 | 0.12 | 1.66 | 1.78 | (0.06)<br>| (3.47)<br>| (3.53)<br>| 13.73 | 15.29 | &nbsp;&nbsp; 182645 | 1.14 | 1.14 | 0.80 | 60 |
| Year ended 12/31/22 | 19.89 | 0.13 | (0.88)<br>| (0.75)<br>| (0.09)<br>| (3.57)<br>| (3.66)<br>| 15.48 | (2.86)<br>| &nbsp;&nbsp; 182381 | 1.14 | 1.14 | 0.72 | 139 |
| Year ended 12/31/21 | 15.62 | 0.08 | 4.23 | 4.31 | (0.04)<br>|  | (0.04)<br>| 19.89 | 27.62 | &nbsp;&nbsp; 214210 | 1.14 | 1.14 | 0.44 | 82 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $61,601,599 in connection with the acquisition of Invesco V.I. Value Opportunities Fund into the Fund. 

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

**7**

**Invesco V.I. American Value Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. American Value Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. American Value Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $5,167 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.695% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.595% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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)

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**Invesco V.I. American Value Fund**

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expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $13,332.

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, 2025, Invesco was paid $51,426 for accounting and fund administrative services and was reimbursed $540,991 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $21,310 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $375619838 | &nbsp;&nbsp;&nbsp;&nbsp; $2468762 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $378088600 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 11520801 | &nbsp;&nbsp;&nbsp;&nbsp; 26334798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37855599 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 387140639 | &nbsp;&nbsp;&nbsp;&nbsp; 28803560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 415944199 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12493 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61506)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49013)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $387140639 | &nbsp;&nbsp;&nbsp;&nbsp; $28754547 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $415895186 |

---

\* 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.

**11**

**Invesco V.I. American Value Fund**

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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.

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $12493 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $12493 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(61506)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(61506)<br>|

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $590 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $590 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $590 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; (15110)<br>| &nbsp;&nbsp;&nbsp; (14937)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14937)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (46307)<br>| &nbsp;&nbsp;&nbsp; (46307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (46307)<br>|
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 273 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 11098 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; 11009 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11009 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96 |
| Total | &nbsp;&nbsp;&nbsp; $12493 | &nbsp;&nbsp;&nbsp; $(61506)<br>| &nbsp;&nbsp;&nbsp; $(49013)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(49013)<br>|

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**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(194132)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (49013)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(243145)<br>|

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $12485370 |

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**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

**12**

**Invesco V.I. American Value 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $11673509 | &nbsp;&nbsp;&nbsp;&nbsp; $3062913 |
| Long-term capital gain | &nbsp;&nbsp; 45811089 | &nbsp;&nbsp;&nbsp;&nbsp; 8093913 |
| Total distributions | &nbsp;&nbsp; $57484598 | &nbsp;&nbsp;&nbsp;&nbsp; $11156826 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $8642732 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 48613890 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 90054461 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 4895 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (65213)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 242108731 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $389359496 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $226,540,396 and $272,092,273, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $101879473 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (11825012)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $90054461 |

---

Cost of investments for tax purposes is $325,840,725.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2025, undistributed net investment income was decreased by $1,728 and undistributed net realized gain was increased by $1,728. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 727481 | &nbsp;&nbsp;&nbsp; $13131429 | &nbsp;&nbsp;&nbsp; 553679 | &nbsp;&nbsp;&nbsp; $9085202 |
| Series II | &nbsp;&nbsp;&nbsp; 1718422 | &nbsp;&nbsp;&nbsp; 29589951 | &nbsp;&nbsp;&nbsp; 758115 | &nbsp;&nbsp;&nbsp; 12058131 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1594164 | &nbsp;&nbsp;&nbsp; 27339921 | &nbsp;&nbsp;&nbsp; 312921 | &nbsp;&nbsp;&nbsp; 5319651 |
| Series II | &nbsp;&nbsp;&nbsp; 1795395 | &nbsp;&nbsp;&nbsp; 30144677 | &nbsp;&nbsp;&nbsp; 349741 | &nbsp;&nbsp;&nbsp; 5837175 |

---

**13**

**Invesco V.I. American Value Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1903980)<br>| &nbsp;&nbsp;&nbsp; $(34082582)<br>| &nbsp;&nbsp;&nbsp; (1896642)<br>| &nbsp;&nbsp;&nbsp; $(30387165)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (3179447)<br>| &nbsp;&nbsp;&nbsp; (54193366)<br>| &nbsp;&nbsp;&nbsp; (3216772)<br>| &nbsp;&nbsp;&nbsp; (50949143)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 752035 | &nbsp;&nbsp;&nbsp; $11930030 | &nbsp;&nbsp;&nbsp; (3138958)<br>| &nbsp;&nbsp;&nbsp; $(49036149)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% 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.

**14**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**15**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $45811089 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 24.43% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**16**

**Invesco V.I. American Value Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**17**

**Invesco V.I. American Value Fund**

------

![](img36b7c0f21.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | |
|:---|:---|
| [2](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_SOI-Continued-204_1) | Consolidated Schedule of Investments |
| [12](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_FS-Continued-204_1) | Consolidated Financial Statements |
| [14](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_FS-Continued-204_3) | Consolidated Financial Highlights |
| [15](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_NTF-Continued-204_1) | Notes to Consolidated Financial Statements |
| [24](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_ARS-Continued-204_1) | Report of Independent Registered Public Accounting Firm |
| [25](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_TI-Continued-204_1) | Tax Information |
| [26](#xx_a70cc356-c2ca-4f3b-a634-4bac2cdac7a1_OIRSR-Continued-204_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIIBRA-NCSR

------

**Consolidated Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities–2.33%** | **U.S. Treasury Securities–2.33%** | **U.S. Treasury Securities–2.33%** | **U.S. Treasury Securities–2.33%** |  |  |
| **U.S. Treasury Floating Rate Notes–2.33%** | **U.S. Treasury Floating Rate Notes–2.33%** | **U.S. Treasury Floating Rate Notes–2.33%** | **U.S. Treasury Floating Rate Notes–2.33%** | **U.S. Treasury Floating Rate Notes–2.33%** | **U.S. Treasury Floating Rate Notes–2.33%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.18%) <br> (Cost $8,949,999)<sup>(a)</sup> <br>| 3.75% | 07/31/2026 |  | $8950 | &nbsp;&nbsp; $8953331 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–90.76%**<sup>(b)</sup>  | **Money Market Funds–90.76%**<sup>(b)</sup>  | **Money Market Funds–90.76%**<sup>(b)</sup>  | **Money Market Funds–90.76%**<sup>(b)</sup>  | **Money Market Funds–90.76%**<sup>(b)</sup>  | **Money Market Funds–90.76%**<sup>(b)</sup>  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.68%<sup>(c)</sup> <br>|  |  |  | 93958187 | &nbsp;&nbsp; 93958187 |
| Invesco Government Money Market Fund, Cash Reserve Shares, 3.59%<sup>(c)</sup> <br>|  |  |  | 68795682 | &nbsp;&nbsp; 68795682 |
| Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 3.94%<sup>(c)</sup> <br>|  |  |  | 34195706 | &nbsp;&nbsp; 34195706 |
| Invesco Premier U.S. Government Money Portfolio, Institutional Class, 3.67%<sup>(c)</sup> <br>|  |  |  | 65514454 | &nbsp;&nbsp; 65514454 |
| Invesco Treasury Obligations Portfolio, Institutional Class, 3.63%<sup>(c)</sup> <br>|  |  |  | 51505418 | &nbsp;&nbsp; 51505418 |
| Invesco Treasury Portfolio, Institutional Class, 3.64%<sup>(c)</sup> <br>|  |  |  | 25834488 | &nbsp;&nbsp; 25834488 |
| Invesco V.I. Government Money Market Fund, Series I, 3.42%<sup>(c)</sup> <br>|  |  |  | 9240310 | &nbsp;&nbsp; 9240310 |
| Total Money Market Funds (Cost $349,044,245) | Total Money Market Funds (Cost $349,044,245) | Total Money Market Funds (Cost $349,044,245) | Total Money Market Funds (Cost $349,044,245) |  | &nbsp;&nbsp; 349044245 |
| **Options Purchased–0.37%** | **Options Purchased–0.37%** | **Options Purchased–0.37%** | **Options Purchased–0.37%** | **Options Purchased–0.37%** | **Options Purchased–0.37%** |
| (Cost $3,884,421)<sup>(d)</sup>  | (Cost $3,884,421)<sup>(d)</sup>  | (Cost $3,884,421)<sup>(d)</sup>  | (Cost $3,884,421)<sup>(d)</sup>  |  | &nbsp;&nbsp; 1438872 |
| TOTAL INVESTMENTS IN SECURITIES–93.46% (Cost $361,878,665) | TOTAL INVESTMENTS IN SECURITIES–93.46% (Cost $361,878,665) | TOTAL INVESTMENTS IN SECURITIES–93.46% (Cost $361,878,665) | TOTAL INVESTMENTS IN SECURITIES–93.46% (Cost $361,878,665) |  | &nbsp;&nbsp; 359436448 |
| OTHER ASSETS LESS LIABILITIES–6.54% | OTHER ASSETS LESS LIABILITIES–6.54% | OTHER ASSETS LESS LIABILITIES–6.54% | OTHER ASSETS LESS LIABILITIES–6.54% |  | &nbsp;&nbsp; 25141862 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $384578310 |

---

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $109484804 | &nbsp;&nbsp; $117357394 | &nbsp;&nbsp; $(132884011) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $93958187 | &nbsp;&nbsp; $4416634 |
| Invesco Government Money Market Fund, Cash <br> Reserve Shares<br>| 57405756 | &nbsp;&nbsp; 28411648 | &nbsp;&nbsp; (17021722) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 68795682 | &nbsp;&nbsp; 2479896 |
| Invesco US Dollar Liquidity Portfolio, Agency <br> Class<br>| 39409556 | &nbsp;&nbsp; 97971739 | &nbsp;&nbsp; (103185589) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 34195706 | &nbsp;&nbsp; 1659919 |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class<br>| 71683244 | &nbsp;&nbsp; 28212242 | &nbsp;&nbsp; (34381032) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 65514454 | &nbsp;&nbsp; 2606741 |
| Invesco Treasury Obligations Portfolio, <br> Institutional Class<br>| 51505418 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 51505418 | &nbsp;&nbsp; 2089412 |
| Invesco Treasury Portfolio, Institutional Class | 40495750 | &nbsp;&nbsp; 133420558 | &nbsp;&nbsp; (148081820) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25834488 | &nbsp;&nbsp; 1777705 |
| Invesco V.I. Government Money Market Fund, <br> Series I<br>| 9240310 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9240310 | &nbsp;&nbsp; 364589 |
| Total | $379224838 | &nbsp;&nbsp; $405373581 | &nbsp;&nbsp; $(435554174) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $349044245 | &nbsp;&nbsp; $15394896 |

---

<sup>(d)</sup> The table below details options purchased.

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

**2**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| EURO STOXX 50 Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 4700.00 | EUR | 846000 | &nbsp;&nbsp;&nbsp; $148 |
| EURO STOXX 50 Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 5100.00 | EUR | 918000 | &nbsp;&nbsp;&nbsp; 2200 |
| EURO STOXX 50 Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 19 | EUR | 5100.00 | EUR | 969000 | &nbsp;&nbsp;&nbsp; 7614 |
| EURO STOXX 50 Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 19 | EUR | 5400.00 | EUR | 1026000 | &nbsp;&nbsp;&nbsp; 9445 |
| EURO STOXX 50 Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 19 | EUR | 5000.00 | EUR | 950000 | &nbsp;&nbsp;&nbsp; 9624 |
| EURO STOXX 50 Index | Put | 06/19/2026 | &nbsp;&nbsp;&nbsp; 19 | EUR | 5200.00 | EUR | 988000 | &nbsp;&nbsp;&nbsp; 18042 |
| EURO STOXX 50 Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 5000.00 | EUR | 900000 | &nbsp;&nbsp;&nbsp; 18107 |
| EURO STOXX 50 Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 19 | EUR | 5100.00 | EUR | 969000 | &nbsp;&nbsp;&nbsp; 18176 |
| EURO STOXX 50 Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 5200.00 | EUR | 936000 | &nbsp;&nbsp;&nbsp; 26654 |
| EURO STOXX 50 Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 5500.00 | EUR | 990000 | &nbsp;&nbsp;&nbsp; 43936 |
| EURO STOXX 50 Index | Put | 11/20/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 5500.00 | EUR | 990000 | &nbsp;&nbsp;&nbsp; 48040 |
| EURO STOXX 50 Index | Put | 12/18/2026 | &nbsp;&nbsp;&nbsp; 18 | EUR | 5500.00 | EUR | 990000 | &nbsp;&nbsp;&nbsp; 51128 |
| FTSE 100 Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 13 | GBP | 8150.00 | GBP | 1059500 | &nbsp;&nbsp;&nbsp; 350 |
| FTSE 100 Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 8475.00 | GBP | 1017000 | &nbsp;&nbsp;&nbsp; 1698 |
| FTSE 100 Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 8800.00 | GBP | 1056000 | &nbsp;&nbsp;&nbsp; 4448 |
| FTSE 100 Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 8500.00 | GBP | 1020000 | &nbsp;&nbsp;&nbsp; 5338 |
| FTSE 100 Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 8350.00 | GBP | 1002000 | &nbsp;&nbsp;&nbsp; 5742 |
| FTSE 100 Index | Put | 06/19/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 8700.00 | GBP | 1044000 | &nbsp;&nbsp;&nbsp; 10999 |
| FTSE 100 Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 13 | GBP | 8700.00 | GBP | 1131000 | &nbsp;&nbsp;&nbsp; 12354 |
| FTSE 100 Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 13 | GBP | 8950.00 | GBP | 1163500 | &nbsp;&nbsp;&nbsp; 21028 |
| FTSE 100 Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 13 | GBP | 9000.00 | GBP | 1170000 | &nbsp;&nbsp;&nbsp; 27862 |
| FTSE 100 Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 13 | GBP | 9375.00 | GBP | 1218750 | &nbsp;&nbsp;&nbsp; 42932 |
| FTSE 100 Index | Put | 11/20/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 9625.00 | GBP | 1155000 | &nbsp;&nbsp;&nbsp; 53864 |
| FTSE 100 Index | Put | 12/18/2026 | &nbsp;&nbsp;&nbsp; 12 | GBP | 9600.00 | GBP | 1152000 | &nbsp;&nbsp;&nbsp; 58151 |
| MSCI Emerging Markets Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 9 | USD | 1060.00 | USD | 954000 | &nbsp;&nbsp;&nbsp; 450 |
| MSCI Emerging Markets Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1070.00 | USD | 856000 | &nbsp;&nbsp;&nbsp; 1140 |
| MSCI Emerging Markets Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1090.00 | USD | 872000 | &nbsp;&nbsp;&nbsp; 2700 |
| MSCI Emerging Markets Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1100.00 | USD | 880000 | &nbsp;&nbsp;&nbsp; 4000 |
| MSCI Emerging Markets Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 9 | USD | 1100.00 | USD | 990000 | &nbsp;&nbsp;&nbsp; 6975 |
| MSCI Emerging Markets Index | Put | 06/18/2026 | &nbsp;&nbsp;&nbsp; 9 | USD | 1140.00 | USD | 1026000 | &nbsp;&nbsp;&nbsp; 17370 |
| MSCI Emerging Markets Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1210.00 | USD | 968000 | &nbsp;&nbsp;&nbsp; 21680 |
| MSCI Emerging Markets Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 9 | USD | 1220.00 | USD | 1098000 | &nbsp;&nbsp;&nbsp; 22275 |
| MSCI Emerging Markets Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1250.00 | USD | 1000000 | &nbsp;&nbsp;&nbsp; 23720 |
| MSCI Emerging Markets Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1350.00 | USD | 1080000 | &nbsp;&nbsp;&nbsp; 47240 |
| MSCI Emerging Markets Index | Put | 11/20/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1375.00 | USD | 1100000 | &nbsp;&nbsp;&nbsp; 58440 |
| MSCI Emerging Markets Index | Put | 12/18/2026 | &nbsp;&nbsp;&nbsp; 8 | USD | 1360.00 | USD | 1088000 | &nbsp;&nbsp;&nbsp; 61240 |
| Nikkei 225 Index | Put | 03/13/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 36250.00 | JPY | 145000000 | &nbsp;&nbsp;&nbsp; 3141 |
| Nikkei 225 Index | Put | 03/13/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 37000.00 | JPY | 185000000 | &nbsp;&nbsp;&nbsp; 4213 |
| Nikkei 225 Index | Put | 03/13/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 37250.00 | JPY | 186250000 | &nbsp;&nbsp;&nbsp; 4309 |
| Nikkei 225 Index | Put | 06/12/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 34250.00 | JPY | 137000000 | &nbsp;&nbsp;&nbsp; 6639 |
| Nikkei 225 Index | Put | 06/12/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 35000.00 | JPY | 140000000 | &nbsp;&nbsp;&nbsp; 7329 |
| Nikkei 225 Index | Put | 06/12/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 36000.00 | JPY | 144000000 | &nbsp;&nbsp;&nbsp; 8427 |
| Nikkei 225 Index | Put | 09/11/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 38500.00 | JPY | 154000000 | &nbsp;&nbsp;&nbsp; 19025 |
| Nikkei 225 Index | Put | 09/11/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 39250.00 | JPY | 157000000 | &nbsp;&nbsp;&nbsp; 20812 |
| Nikkei 225 Index | Put | 09/11/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 40750.00 | JPY | 163000000 | &nbsp;&nbsp;&nbsp; 24643 |
| Nikkei 225 Index | Put | 12/11/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 43000.00 | JPY | 172000000 | &nbsp;&nbsp;&nbsp; 44305 |
| Nikkei 225 Index | Put | 12/11/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 47500.00 | JPY | 190000000 | &nbsp;&nbsp;&nbsp; 78907 |
| Nikkei 225 Index | Put | 12/11/2026 | &nbsp;&nbsp;&nbsp; 4 | JPY | 50500.00 | JPY | 202000000 | &nbsp;&nbsp;&nbsp; 112360 |
| S&P 500 Mini Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 597.00 | USD | 1194000 | &nbsp;&nbsp;&nbsp; 340 |
| S&P 500 Mini Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 600.00 | USD | 1200000 | &nbsp;&nbsp;&nbsp; 2700 |

---

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

**3**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value**<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value**<sup>(a)</sup> | **Value** |
| S&P 500 Mini Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 562.00 | USD | 1124000 | &nbsp;&nbsp;&nbsp; $5590 |
| S&P 500 Mini Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 597.00 | USD | 1194000 | &nbsp;&nbsp;&nbsp; 5660 |
| S&P 500 Mini Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 560.00 | USD | 1120000 | &nbsp;&nbsp;&nbsp; 7890 |
| S&P 500 Mini Index | Put | 06/18/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 595.00 | USD | 1190000 | &nbsp;&nbsp;&nbsp; 16280 |
| S&P 500 Mini Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 19 | USD | 623.00 | USD | 1183700 | &nbsp;&nbsp;&nbsp; 25327 |
| S&P 500 Mini Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 19 | USD | 630.00 | USD | 1197000 | &nbsp;&nbsp;&nbsp; 32082 |
| S&P 500 Mini Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 19 | USD | 640.00 | USD | 1216000 | &nbsp;&nbsp;&nbsp; 39093 |
| S&P 500 Mini Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 19 | USD | 671.00 | USD | 1274900 | &nbsp;&nbsp;&nbsp; 56060 |
| S&P 500 Mini Index | Put | 11/20/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 688.00 | USD | 1376000 | &nbsp;&nbsp;&nbsp; 73640 |
| S&P 500 Mini Index | Put | 12/18/2026 | &nbsp;&nbsp;&nbsp; 20 | USD | 685.00 | USD | 1370000 | &nbsp;&nbsp;&nbsp; 74990 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1438872 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** |
| Gasoline Reformulated Blendstock Oxygenate Blending | &nbsp;&nbsp;&nbsp; 110 | January-2026 | &nbsp;&nbsp;&nbsp; $7923300 | &nbsp;&nbsp;&nbsp; $(195400)<br>| &nbsp;&nbsp;&nbsp; $(195400)<br>|
| Gold 100 Oz. | &nbsp;&nbsp;&nbsp; 44 | February-2026 | &nbsp;&nbsp;&nbsp; 19100840 | &nbsp;&nbsp;&nbsp; 372351 | &nbsp;&nbsp;&nbsp; 372351 |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp; 15 | January-2026 | &nbsp;&nbsp;&nbsp; 934125 | &nbsp;&nbsp;&nbsp; (69043)<br>| &nbsp;&nbsp;&nbsp; (69043)<br>|
| Silver | &nbsp;&nbsp;&nbsp; 26 | March-2026 | &nbsp;&nbsp;&nbsp; 9178390 | &nbsp;&nbsp;&nbsp; 2431667 | &nbsp;&nbsp;&nbsp; 2431667 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 2539575 | &nbsp;&nbsp;&nbsp; 2539575 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 149 | March-2026 | &nbsp;&nbsp;&nbsp; 18610100 | &nbsp;&nbsp;&nbsp; (561657)<br>| &nbsp;&nbsp;&nbsp; (561657)<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 16 | March-2026 | &nbsp;&nbsp;&nbsp; 5514000 | &nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp; 2192 |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp; 149 | March-2026 | &nbsp;&nbsp;&nbsp; 10227871 | &nbsp;&nbsp;&nbsp; 119419 | &nbsp;&nbsp;&nbsp; 119419 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 56 | March-2026 | &nbsp;&nbsp;&nbsp; 7503987 | &nbsp;&nbsp;&nbsp; 145848 | &nbsp;&nbsp;&nbsp; 145848 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 333 | March-2026 | &nbsp;&nbsp;&nbsp; 23499810 | &nbsp;&nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp; 442000 |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 38 | March-2026 | &nbsp;&nbsp;&nbsp; 12226762 | &nbsp;&nbsp;&nbsp; (61374)<br>| &nbsp;&nbsp;&nbsp; (61374)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 86428 | &nbsp;&nbsp;&nbsp; 86428 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Australia 10 Year Bonds | &nbsp;&nbsp;&nbsp; 972 | March-2026 | &nbsp;&nbsp;&nbsp; 71018394 | &nbsp;&nbsp;&nbsp; 93296 | &nbsp;&nbsp;&nbsp; 93296 |
| Canada 10 Year Bonds | &nbsp;&nbsp;&nbsp; 1043 | March-2026 | &nbsp;&nbsp;&nbsp; 91879443 | &nbsp;&nbsp;&nbsp; (1417652)<br>| &nbsp;&nbsp;&nbsp; (1417652)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp; 396 | March-2026 | &nbsp;&nbsp;&nbsp; 59368424 | &nbsp;&nbsp;&nbsp; (498946)<br>| &nbsp;&nbsp;&nbsp; (498946)<br>|
| Japan 10 Year Bonds | &nbsp;&nbsp;&nbsp; 77 | March-2026 | &nbsp;&nbsp;&nbsp; 65089185 | &nbsp;&nbsp;&nbsp; (501924)<br>| &nbsp;&nbsp;&nbsp; (501924)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp; 431 | March-2026 | &nbsp;&nbsp;&nbsp; 53082925 | &nbsp;&nbsp;&nbsp; 302071 | &nbsp;&nbsp;&nbsp; 302071 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 431 | March-2026 | &nbsp;&nbsp;&nbsp; 49820906 | &nbsp;&nbsp;&nbsp; (338883)<br>| &nbsp;&nbsp;&nbsp; (338883)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; (2362038)<br>| &nbsp;&nbsp;&nbsp; (2362038)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $263965 | &nbsp;&nbsp;&nbsp; $263965 |

---

<sup>(a)</sup> Futures contracts collateralized by $15,623,667 cash held with Goldman Sachs International, the futures commission merchant.

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

**4**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity**<sup>(c)</sup> <br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Brent Crude <br> Roll Yield Index<br>| 0.17% | Monthly | 12550 | October—2026 | USD | 5826852 | $— | $53148 | $53148 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial <br> Bank of Commerce <br> Seasonally Enhanced <br> Cotton Commodity <br> Excess Return Index<br>| 0.28 | Monthly | 24300 | February—2026 | USD | 2867998 |  | 13450 | 13450 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial <br> Bank of Commerce <br> Seasonally Enhanced <br> Lean Hog Commodity <br> Index<br>| 0.20 | Monthly | 77500 | April—2026 | USD | 4026373 |  | 30457 | 30457 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial <br> Bank of Commerce <br> Seasonally Enhanced <br> Live Cattle Commodity <br> Index<br>| 0.15 | Monthly | 23000 | December—2026 | USD | 2842188 |  | 47603 | 47603 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | CIBZ Enhanced Sugar <br> 2 Excess Return Index<br>| 0.21 | Monthly | 45300 | December—2026 | USD | 4696056 |  | 50596 | 50596 |
| Citibank, N.A. | Receive | Citi Commodities <br> Benchmark (Regular <br> Roll) Mono Index <br> Coffee<br>| 0.12 | Monthly | 149000 | November—2026 | USD | 2634767 |  | 10281 | 10281 |
| Citibank, N.A. | Receive | Citi Commodities <br> Curve Beta Enhanced <br> Distributed Mono Index <br> - WTI Crude Oil (Excess <br> Return)<br>| 0.14 | Monthly | 2670 | October—2026 | USD | 2089654 |  | 56110 | 56110 |
| Citibank, N.A. | Receive | Citi Commodities <br> Curve Beta Enhanced <br> Extended Copper (Daily <br> Rebalancing) Excess <br> Return Index<br>| 0.30 | Monthly | 9900 | May—2026 | USD | 12665410 | (54130)<br>| 915265 | 969395 |
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Contag <br> Beta Gas Oil Excess <br> Return Index<br>| 0.25 | Monthly | 25100 | January—2026 | USD | 8918201 |  | 47831 | 47831 |
| Macquarie Bank Ltd. | Receive | Macquarie Aluminum <br> Dynamic Selection <br> Index<br>| 0.30 | Monthly | 96000 | October—2026 | USD | 5842714 |  | 81974 | 81974 |
| Merrill Lynch <br> International<br>| Receive | MLCISCE Excess Return <br> Index<br>| 0.12 | Monthly | 48500 | May—2026 | USD | 1975851 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX Aluminum <br> Annual Excess Return <br> Index<br>| 0.28 | Monthly | 14400 | November—2026 | USD | 1949600 |  | 1 | 1 |
| Merrill Lynch <br> International<br>| Receive | MLCX Natural Gas <br> Annual Excess Return <br> Index<br>| 0.25 | Monthly | 51200 | October—2026 | USD | 2933074 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX6CTE Excess <br> Return Index<br>| 0.18 | Monthly | 34000 | October—2026 | USD | 2419770 |  | 0 | 0 |
| Morgan Stanley and Co. <br> International PLC<br>| Receive | S&P GSCI Aluminum <br> Dynamic Index Excess <br> Return<br>| 0.30 | Monthly | 51800 | April—2026 | USD | 5713343 |  | 205201 | 205201 |
| Royal Bank of Canada | Receive | RBC Commodity SB01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 16500 | November—2026 | USD | 2136532 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Commodity SO01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 24900 | February—2026 | USD | 2628840 |  | 0 | 0 |
| Subtotal |  |  |  |  |  |  |  |  | (54130)<br>| 1511917 | 1566047 |

---

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

**5**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity**<sup>(c)</sup> | **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | BNP Paribas AIR VAR <br> Intraday US Calendar <br> Excess Return Index<br>| 0.00% | Monthly | 52000 | October—2026 | USD | 11225422 | $— | $26556 | $26556 |
| Citibank, N.A. | Receive | Citi EQ U.S. Volatility <br> Carry Series 5 Index<br>| 0.00 | Monthly | 34000 | September—2026 | USD | 5310460 |  | 11833 | 11833 |
| Goldman Sachs <br> International<br>| Receive | Volatility Carry US <br> Series VSB1 Excess <br> Return Strategy<br>| 0.00 | Monthly | 70500 | October—2026 | USD | 7087365 |  | 20445 | 20445 |
| Goldman Sachs <br> International<br>| Receive | Volatility Carry US <br> Series VSB1 Excess <br> Return Strategy<br>| 0.00 | Monthly | 8500 | October—2026 | USD | 854505 |  | 2465 | 2465 |
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> Volatility Relative <br> Value SPX S2<br>| 0.00 | Monthly | 57000 | October—2026 | USD | 7895640 |  | 9690 | 9690 |
| Subtotal |  |  |  |  |  |  |  |  |  | 70989 | 70989 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  | (54130)<br>| 1582906 | 1637036 |
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Soybean Oil <br> Seasonal Index<br>| 0.19 | Monthly | 27000 | November—2026 | USD | 2784289 |  | (67562)<br>| (67562)<br>|
| Barclays Bank PLC | Receive | Barclays Soybeans <br> Seasonal Index Excess <br> Return<br>| 0.19 | Monthly | 8700 | February—2026 | USD | 2716530 |  | (73802)<br>| (73802)<br>|
| Barclays Bank PLC | Receive | Barclays Wheat <br> Seasonal Index<br>| 0.17 | Monthly | 169000 | May—2026 | USD | 1912894 |  | (24877)<br>| (24877)<br>|
| BNP Paribas S.A. | Receive | BNP Paribas <br> Commodity Daily <br> Dynamic Curve CL <br> Index<br>| 0.25 | Monthly | 3300 | October—2026 | USD | 1539089 |  | (19584)<br>| (19584)<br>|
| BNP Paribas S.A. | Receive | BNP Paribas <br> Commodity Daily <br> Dynamic Curve CO <br> Index<br>| 0.25 | Monthly | 4800 | October—2026 | USD | 2346182 |  | (36623)<br>| (36623)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial <br> Bank of Commerce <br> Seasonally Enhanced <br> Bean Oil Commodity <br> Index<br>| 0.26 | Monthly | 29300 | February—2026 | USD | 3530606 |  | (162741)<br>| (162741)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial <br> Bank of Commerce <br> Soybean Meal 1 Excess <br> Return Commodity <br> Index<br>| 0.14 | Monthly | 18000 | February—2026 | USD | 3078677 |  | (76214)<br>| (76214)<br>|
| Goldman Sachs <br> International<br>| Receive | Enhanced Strategy <br> AB42 on the S&P GSCI <br> Soybeans Excess <br> Return<br>| 0.14 | Monthly | 5680 | November—2026 | USD | 2215160 |  | (101337)<br>| (101337)<br>|
| Goldman Sachs <br> International<br>| Receive | Goldman Sachs <br> Heating Oil F0 <br> Standard Roll Excess <br> Return Index<br>| 0.14 | Monthly | 16600 | October—2026 | USD | 3444092 |  | (241970)<br>| (241970)<br>|
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Corn Excess <br> Return Index<br>| 0.18 | Monthly | 6500 | June—2026 | USD | 156431 |  | (856)<br>| (856)<br>|
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Soybean Oil <br> Excess Return Index<br>| 0.25 | Monthly | 20500 | February—2026 | USD | 2757354 |  | (127579)<br>| (127579)<br>|
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Wheat Excess <br> Return A48 Strategy<br>| 0.20 | Monthly | 35000 | July—2026 | USD | 301406 |  | (11701)<br>| (11701)<br>|

---

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

**6**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity**<sup>(c)</sup> | **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Front <br> Month Heating Oil <br> Index - Excess Return<br>| 0.11% | Monthly | 22400 | October—2026 | USD | 6570762 | $— | $(91923)<br>| $(91923)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Soymeal <br> type A Excess Return<br>| 0.17 | Monthly | 8800 | February—2026 | USD | 2627463 |  | (33785)<br>| (33785)<br>|
| Subtotal |  |  |  |  |  |  |  |  |  | (1070554)<br>| (1070554)<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Macquarie Bank Ltd. | Receive | Macquarie Volatility <br> Product VMAQWSL5<br>| 0.15 | Monthly | 93000 | October—2026 | USD | 11196856 |  | (2241)<br>| (2241)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (1072795)<br>| (1072795)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $(54130)<br>| $510111 | $564241 |

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $550,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
| <sup>(c)</sup> The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not <br>publicly available. |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity** | **Floating** <br>**Rate** <br>**Index**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | MSCI EMU Quality <br> Index<br>| ESTRON + <br> 0.398%<br>| Monthly | 1350 | January—2026 | EUR | 6584530 | $— | $30842 | $30842 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum Volatility <br> Index<br>| TONAR - <br> 0.150%<br>| Monthly | 50627 | January—2026 | JPY | 224549477 |  | 2647 | 2647 |
| Citibank, N.A. | Receive | Invesco UK Broad <br> Low Volatility Net <br> Total Return Index<br>| SONIA + <br> 0.915%<br>| Monthly | 1000 | February—2026 | GBP | 6726990 |  | 131447 | 131447 |
| Citibank, N.A. | Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.560%<br>| Monthly | 300 | February—2026 | GBP | 2749272 |  | 91256 | 91256 |
| Citibank, N.A. | Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.930%<br>| Monthly | 460 | February—2026 | GBP | 4215550 |  | 139925 | 139925 |
| Citibank, N.A. | Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.820%<br>| Monthly | 203 | March—2026 | GBP | 2142434 |  | 20850 | 20850 |
| Citibank, N.A. | Receive | MSCI EMU <br> Momentum Index<br>| ESTRON + <br> 0.353%<br>| Monthly | 760 | January—2026 | EUR | 6903813 |  | 139600 | 139600 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum Volatility <br> Index<br>| TONAR - <br> 0.070%<br>| Monthly | 202195 | February—2026 | JPY | 896809637 |  | 10572 | 10572 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum Volatility <br> Index<br>| TONAR - <br> 0.070%<br>| Monthly | 102398 | February—2026 | JPY | 454173017 |  | 5354 | 5354 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum Volatility <br> Index<br>| TONAR - <br> 0.090%<br>| Monthly | 96780 | February—2026 | JPY | 429255108 |  | 5060 | 5060 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum Volatility <br> Index<br>| TONAR + <br> 0.250%<br>| Monthly | 3000 | March—2026 | JPY | 13250340 |  | 513 | 513 |

---

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

**7**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity** | **Floating**<br> **Rate**<br> **Index**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco U.S. Large <br> Cap Broad Price <br> Momentum Total <br> Return Index<br>| SOFR + <br> 0.920%<br>| Monthly | 625 | March—2026 | USD | 8163575 | $— | $4147 | $4147 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco U.S. Large <br> Cap Broad Price <br> Momentum Total <br> Return Index<br>| SOFR + <br> 0.920%<br>| Monthly | 45 | March—2026 | USD | 587777 |  | 299 | 299 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco U.S. Large <br> Cap Broad Quality <br> Total Return Index<br>| SOFR + <br> 0.910%<br>| Monthly | 515 | March—2026 | USD | 8774158 |  | 37254 | 37254 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Low Volatility Net <br> Total Return Index<br>| SONIA + <br> 0.895%<br>| Monthly | 150 | March—2026 | GBP | 1018483 |  | 6999 | 6999 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.895%<br>| Monthly | 80 | March—2026 | GBP | 745829 |  | 7230 | 7230 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.539%<br>| Monthly | 94 | January—2026 | GBP | 981548 |  | 23828 | 23828 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.895%<br>| Monthly | 185 | March—2026 | GBP | 1954542 |  | 16201 | 16201 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.895%<br>| Monthly | 95 | March—2026 | GBP | 1002617 |  | 9757 | 9757 |
| Merrill Lynch <br> International<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.509%<br>| Monthly | 173 | January—2026 | GBP | 1806466 |  | 43854 | 43854 |
| Merrill Lynch <br> International<br>| Receive | MSCI EMU Minimum <br> Volatility Index<br>| ESTRON + <br> 0.339%<br>| Monthly | 1670 | March—2026 | EUR | 6672552 |  | 98934 | 98934 |
| Merrill Lynch <br> International<br>| Receive | MSCI EMU Quality <br> Index<br>| ESTRON + <br> 0.520%<br>| Monthly | 30 | March—2026 | EUR | 146467 |  | 516 | 516 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 827085 | 827085 |
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Citibank, N.A. | Receive | MSCI Japan Quality <br> Index<br>| TONAR - <br> 0.010%<br>| Monthly | 59956 | February—2026 | JPY | 281348326 |  | (11414)<br>| (11414)<br>|
| Citibank, N.A. | Receive | MSCI Japan Quality <br> Index<br>| TONAR + <br> 0.000%<br>| Monthly | 214033 | February—2026 | JPY | 1004366975 |  | (40746)<br>| (40746)<br>|
| Citibank, N.A. | Receive | MSCI Japan Quality <br> Index<br>| TONAR + <br> 0.020%<br>| Monthly | 148011 | February—2026 | JPY | 694553458 |  | (28177)<br>| (28177)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco U.S. Low <br> Volatility Total <br> Return Index<br>| SOFR + <br> 0.920%<br>| Monthly | 1030 | March—2026 | USD | 8896234 |  | (60894)<br>| (60894)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (141231)<br>| (141231)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $685854 | $685854 |

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $550,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |

---

---

| | | |
|:---|:---|:---|
| **Reference Entity Components** | **Reference Entity Components** | **Reference Entity Components** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Barclays Brent Crude Roll Yield Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Brent Crude | &nbsp;&nbsp; 100.00% |

---

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

**8**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton** <br> **Commodity Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Lean Hog** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Lean Hog | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Live Cattle** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Live Cattle | &nbsp;&nbsp; 100.00% |
| **CIBZ Enhanced Sugar 2 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Benchmark (Regular Roll) Mono Index Coffee** |  |  |
|  | **Long Futures Contracts** |  |
|  | Coffee | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Curve Beta Enhanced Distributed Mono Index - WTI** <br> **Crude Oil (Excess Return)**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Crude Oil | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Curve Beta Enhanced Extended Copper (Daily** <br> **Rebalancing) Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Contag Beta Gas Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gas Oil | &nbsp;&nbsp; 100.00% |
| **Macquarie Aluminum Dynamic Selection Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **MLCISCE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Corn | &nbsp;&nbsp; 100.00% |
| **MLCX Aluminum Annual Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **MLCX Natural Gas Annual Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Natural Gas | &nbsp;&nbsp; 100.00% |

---

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

**9**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **MLCX6CTE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Aluminum Dynamic Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SB01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SO01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Barclays Soybean Oil Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |
| **Barclays Soybeans Seasonal Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Barclays Wheat Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Wheat | &nbsp;&nbsp; 100.00% |
| **BNP Paribas Commodity Daily Dynamic Curve CL Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Crude Oil | &nbsp;&nbsp; 100.00% |
| **BNP Paribas Commodity Daily Dynamic Curve CO Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Brent Crude | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Bean Oil | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **Goldman Sachs Heating Oil F0 Standard Roll Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Heating Oil | &nbsp;&nbsp; 100.00% |

---

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

**10**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **S&P GSCI Corn Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Corn | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Soybean Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Wheat Excess Return A48 Strategy** |  |  |
|  | **Long Futures Contracts** |  |
|  | Wheat | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Front Month Heating Oil Index - Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Heating Oil | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Soymeal type A Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EMU | —European Economic and Monetary Union |
| ESTRON | —Euro Short-Term Rate |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| JPY | —Japanese Yen |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| TONAR | —Tokyo Overnight Average Rate |
| USD | —U.S. Dollar |

---

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

**11**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

**Consolidated Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $12,834,420)<br>| &nbsp;&nbsp; $10392203 |
| Investments in affiliated money market funds, at value <br> (Cost $349,044,245)<br>| &nbsp;&nbsp; 349044245 |
| Other investments: |  |
| Swaps receivable — OTC | &nbsp;&nbsp; 119959 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 2464121 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 15623667 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 550000 |
| Cash | &nbsp;&nbsp; 823079 |
| Foreign currencies, at value (Cost $8,825,877) | &nbsp;&nbsp; 8789053 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 11459 |
| Dividends | &nbsp;&nbsp; 1096799 |
| Interest | &nbsp;&nbsp; 60329 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 103422 |
| Total assets | &nbsp;&nbsp; 389078336 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 1941369 |
| Premiums received on swap agreements — OTC | &nbsp;&nbsp; 54130 |
| Swaps payable — OTC | &nbsp;&nbsp; 608144 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 1214026 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 206145 |
| Accrued fees to affiliates | &nbsp;&nbsp; 267634 |
| Accrued other operating expenses | &nbsp;&nbsp; 100907 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 107671 |
| Total liabilities | &nbsp;&nbsp; 4500026 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $384578310 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $447667504 |
| Distributable earnings (loss) | &nbsp;&nbsp; (63089194)<br>|
|  | &nbsp;&nbsp; $384578310 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $26511862 |
| Series II | &nbsp;&nbsp; $358066448 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 3076889 |
| Series II | &nbsp;&nbsp; 42632795 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $8.62 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $8.40 |

---

**Consolidated Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $1050202 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 15394896 |
| Total investment income | &nbsp;&nbsp; 16445098 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3899258 |
| Administrative services fees | &nbsp;&nbsp; 680753 |
| Custodian fees | &nbsp;&nbsp; 64329 |
| Distribution fees - Series II | &nbsp;&nbsp; 930951 |
| Transfer agent fees | &nbsp;&nbsp; 20540 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24801 |
| Reports to shareholders | &nbsp;&nbsp; 10694 |
| Professional services fees | &nbsp;&nbsp; 84408 |
| Other | &nbsp;&nbsp; 8175 |
| Total expenses | &nbsp;&nbsp; 5723909 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (1918468)<br>|
| Net expenses | &nbsp;&nbsp; 3805441 |
| Net investment income | &nbsp;&nbsp; 12639657 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (5367679)<br>|
| Foreign currencies | &nbsp;&nbsp; 222930 |
| Futures contracts | &nbsp;&nbsp; (4819264)<br>|
| Swap agreements | &nbsp;&nbsp; 19756082 |
|  | &nbsp;&nbsp; 9792069 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (119099)<br>|
| Foreign currencies | &nbsp;&nbsp; 127062 |
| Futures contracts | &nbsp;&nbsp; 7440698 |
| Swap agreements | &nbsp;&nbsp; 5282367 |
|  | &nbsp;&nbsp; 12731028 |
| Net realized and unrealized gain | &nbsp;&nbsp; 22523097 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $35162754 |

---

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

**12**

**Invesco V.I. Balanced-Risk Allocation Fund**

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**Consolidated Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $12639657 | &nbsp;&nbsp; $17359236 |
| Net realized gain | &nbsp;&nbsp; 9792069 | &nbsp;&nbsp; 22522592 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 12731028 | &nbsp;&nbsp; (23289455)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 35162754 | &nbsp;&nbsp; 16592373 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (3317401)<br>| &nbsp;&nbsp; (2400906)<br>|
| Series II | &nbsp;&nbsp; (24699139)<br>| &nbsp;&nbsp; (23600140)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (28016540)<br>| &nbsp;&nbsp; (26001046)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (13792793)<br>| &nbsp;&nbsp; 6035622 |
| Series II | &nbsp;&nbsp; (31384275)<br>| &nbsp;&nbsp; (27251986)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (45177068)<br>| &nbsp;&nbsp; (21216364)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (38030854)<br>| &nbsp;&nbsp; (30625037)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 422609164 | &nbsp;&nbsp; 453234201 |
| End of year | &nbsp;&nbsp; $384578310 | &nbsp;&nbsp; $422609164 |

---

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

**13**

**Invesco V.I. Balanced-Risk Allocation Fund**

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**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $8.46 | $0.28 | $0.50 | $0.78 | $(0.62)<br>| $— | $— | $(0.62)<br>| $8.62 | 9.14<br> %<br>| $26512 | 0.70 %<sup>(d)</sup><br>| 1.16<br> %<br>| 3.26<br> %<br>| 19<br> %<br>|
| Year ended 12/31/24 | 8.68 | 0.37 | (0.03)<br>| 0.34 | (0.56)<br>|  |  | (0.56)<br>| 8.46 | 3.76 | 39559 | 0.72 <br><sup>(d)</sup><br>| 1.14 | 4.09 | 10 |
| Year ended 12/31/23 | 8.14 | 0.32 | 0.22 | 0.54 |  |  |  |  | 8.68 | 6.63 | 34610 | 0.73 <br><sup>(d)</sup><br>| 1.13 | 3.90 | 68 |
| Year ended 12/31/22 | 10.76 | 0.06 | (1.60)<br>| (1.54)<br>| (0.74)<br>| (0.34)<br>| (0.00)<br>| (1.08)<br>| 8.14 | (14.35)<br>| 41209 | 0.73 <br><sup>(d)</sup><br>| 1.12 | 0.59 | 140 |
| Year ended 12/31/21 | 10.48 | (0.08)<br>| 1.08 | 1.00 | (0.36)<br>| (0.36)<br>|  | (0.72)<br>| 10.76 | 9.55 | 49456 | 0.71 | 1.11 | (0.69)<br>| 107 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 8.27 | 0.26 | 0.46 | 0.72 | (0.59)<br>|  |  | (0.59)<br>| 8.40 | 8.69 | 358066 | 0.95 <br><sup>(d)</sup><br>| 1.41 | 3.01 | 19 |
| Year ended 12/31/24 | 8.48 | 0.34 | (0.02)<br>| 0.32 | (0.53)<br>|  |  | (0.53)<br>| 8.27 | 3.56 | 383050 | 0.97 <br><sup>(d)</sup><br>| 1.39 | 3.84 | 10 |
| Year ended 12/31/23 | 7.97 | 0.30 | 0.21 | 0.51 |  |  |  |  | 8.48 | 6.40 | 418624 | 0.98 <br><sup>(d)</sup><br>| 1.38 | 3.65 | 68 |
| Year ended 12/31/22 | 10.55 | 0.03 | (1.56)<br>| (1.53)<br>| (0.71)<br>| (0.34)<br>| (0.00)<br>| (1.05)<br>| 7.97 | (14.52)<br>| 768478 | 0.98 <br><sup>(d)</sup><br>| 1.37 | 0.34 | 140 |
| Year ended 12/31/21 | 10.29 | (0.10)<br>| 1.05 | 0.95 | (0.33)<br>| (0.36)<br>|  | (0.69)<br>| 10.55 | 9.26 | 931915 | 0.96 | 1.36 | (0.94)<br>| 107 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> 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 0.19%, 0.19%, 0.17% and 0.11% for the years ended December 31, 2025, 2024, 2023 and 2022, respectively. 

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

**14**

**Invesco V.I. Balanced-Risk Allocation Fund**

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**Notes to Consolidated Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Balanced-Risk Allocation Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Cayman Commodity Fund IV Ltd. (the "Subsidiary"), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. 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 Subsidiary. 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 ("FASB") 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

**15**

**Invesco V.I. Balanced-Risk Allocation Fund**

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements.

**16**

**Invesco V.I. Balanced-Risk Allocation Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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

**N.** **Swap Agreements** — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's net asset value ("NAV") per share 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. 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

**17**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

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.

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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

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

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.950% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.925% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.825% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.775% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.94%.

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

**18**

**Invesco V.I. Balanced-Risk Allocation Fund**

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the table above. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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, 2027, 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 fiscal year-end Acquired Fund Fees and Expenses of 0.19% and excluding certain items discussed below) of Series I and Series II shares to 0.88% and 1.13% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $1,918,468.

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, 2025, Invesco was paid $58,834 for accounting and fund administrative services and was reimbursed $621,919 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8953331 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8953331 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 349044245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 349044245 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1438872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1438872 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 350483117 | &nbsp;&nbsp;&nbsp;&nbsp; 8953331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359436448 |

---

**19**

**Invesco V.I. Balanced-Risk Allocation Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $3908844 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3908844 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2464121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2464121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 3908844 | &nbsp;&nbsp;&nbsp;&nbsp; 2464121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6372965 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (3644879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3644879)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1214026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1214026)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (3644879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1214026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4858905)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 263965 | &nbsp;&nbsp;&nbsp;&nbsp; 1250095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1514060 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $350747082 | &nbsp;&nbsp;&nbsp;&nbsp; $10203426 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $360950508 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2804018 | &nbsp;&nbsp;&nbsp;&nbsp; $709459 | &nbsp;&nbsp;&nbsp;&nbsp; $395367 | &nbsp;&nbsp;&nbsp;&nbsp; $3908844 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 1566047 | &nbsp;&nbsp;&nbsp;&nbsp; 898074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2464121 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1438872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1438872 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 4370065 | &nbsp;&nbsp;&nbsp;&nbsp; 3046405 | &nbsp;&nbsp;&nbsp;&nbsp; 395367 | &nbsp;&nbsp;&nbsp;&nbsp; 7811837 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (2804018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2148331)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (395367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5347716)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $1566047 | &nbsp;&nbsp;&nbsp;&nbsp; $898074 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2464121 |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(264443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(623031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2757405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3644879)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1070554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1214026)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1334997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (766503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2757405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4858905)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 264443 | &nbsp;&nbsp;&nbsp;&nbsp; 623031 | &nbsp;&nbsp;&nbsp;&nbsp; 2757405 | &nbsp;&nbsp;&nbsp;&nbsp; 3644879 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1070554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(143472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1214026)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**20**

**Invesco V.I. Balanced-Risk Allocation Fund**

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**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, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<sup>(a)</sup><br>|
| **Fund** |  |  |  |  |  |  |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; $33488 | &nbsp;&nbsp;&nbsp; $(7791)<br>| &nbsp;&nbsp;&nbsp; $25697 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25697 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 597102 | &nbsp;&nbsp;&nbsp; (196100)<br>| &nbsp;&nbsp;&nbsp; 401002 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (270000)<br>| &nbsp;&nbsp;&nbsp; 131002 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 22910 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22910 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22910 |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 101270 | &nbsp;&nbsp;&nbsp; (56778)<br>| &nbsp;&nbsp;&nbsp; 44492 | &nbsp;&nbsp;&nbsp; (44492)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (140)<br>|
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 143304 | &nbsp;&nbsp;&nbsp; (11768)<br>| &nbsp;&nbsp;&nbsp; 131536 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131536 |
| Subtotal - Fund | &nbsp;&nbsp;&nbsp; 898074 | &nbsp;&nbsp;&nbsp; (272577)<br>| &nbsp;&nbsp;&nbsp; 625497 | &nbsp;&nbsp;&nbsp; (44492)<br>| &nbsp;&nbsp;&nbsp; (270000)<br>| &nbsp;&nbsp;&nbsp; 311005 |
| **Subsidiary** |  |  |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 53148 | &nbsp;&nbsp;&nbsp; (167341)<br>| &nbsp;&nbsp;&nbsp; (114193)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (114193)<br>|
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (56819)<br>| &nbsp;&nbsp;&nbsp; (56819)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (56819)<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 142106 | &nbsp;&nbsp;&nbsp; (241481)<br>| &nbsp;&nbsp;&nbsp; (99375)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (99375)<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 1035786 | &nbsp;&nbsp;&nbsp; (3073)<br>| &nbsp;&nbsp;&nbsp; 1032713 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1032713)<br>| &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (484487)<br>| &nbsp;&nbsp;&nbsp; (484487)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; (194487)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 47831 | &nbsp;&nbsp;&nbsp; (92734)<br>| &nbsp;&nbsp;&nbsp; (44903)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (44903)<br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; 81974 | &nbsp;&nbsp;&nbsp; (33966)<br>| &nbsp;&nbsp;&nbsp; 48008 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48008 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 75834 | &nbsp;&nbsp;&nbsp; (234485)<br>| &nbsp;&nbsp;&nbsp; (158651)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158651 | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 205201 | &nbsp;&nbsp;&nbsp; (751)<br>| &nbsp;&nbsp;&nbsp; 204450 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 204450 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 44126 | &nbsp;&nbsp;&nbsp; (234456)<br>| &nbsp;&nbsp;&nbsp; (190330)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (190330)<br>|
| Subtotal - Subsidiary | &nbsp;&nbsp;&nbsp; 1686006 | &nbsp;&nbsp;&nbsp; (1549593)<br>| &nbsp;&nbsp;&nbsp; 136413 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (584062)<br>| &nbsp;&nbsp;&nbsp; (447649)<br>|
| Total | &nbsp;&nbsp;&nbsp; $2584080 | &nbsp;&nbsp;&nbsp; $(1822170)<br>| &nbsp;&nbsp;&nbsp; $761910 | &nbsp;&nbsp;&nbsp; $(44492)<br>| &nbsp;&nbsp;&nbsp; $(854062)<br>| &nbsp;&nbsp;&nbsp; $(136644)<br>|

---

<sup>(a)</sup>

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

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2574736 | &nbsp;&nbsp;&nbsp;&nbsp; $4401453 | &nbsp;&nbsp;&nbsp;&nbsp; $(11795453)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4819264)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5422330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5422330)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 8270807 | &nbsp;&nbsp;&nbsp;&nbsp; 11485275 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 19756082 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2036605 | &nbsp;&nbsp;&nbsp;&nbsp; 4026649 | &nbsp;&nbsp;&nbsp;&nbsp; 1377444 | &nbsp;&nbsp;&nbsp;&nbsp; 7440698 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (117156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (117156)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1610289 | &nbsp;&nbsp;&nbsp;&nbsp; 3672078 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5282367 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $14492437 | &nbsp;&nbsp;&nbsp;&nbsp; $18045969 | &nbsp;&nbsp;&nbsp;&nbsp; $(10418009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22120397 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) of unaffiliated investment securities.

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $469835138 | &nbsp;&nbsp;&nbsp;&nbsp; $82253425 | &nbsp;&nbsp;&nbsp;&nbsp; $268699040 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 904 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**21**

**Invesco V.I. Balanced-Risk Allocation 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 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 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $28016540 | &nbsp;&nbsp;&nbsp;&nbsp; $26001046 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $33375546 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (1132037)<br>|
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (33280)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (59976)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (95239447)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 447667504 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $384578310 |

---

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 derivative instruments and Subsidiary differences.

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

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

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $26593778 | &nbsp;&nbsp;&nbsp;&nbsp; $68645669 | &nbsp;&nbsp;&nbsp;&nbsp; $95239447 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $5,023,040 and $2,106,020, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $6376297 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (7508334)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(1132037)<br>|

---

Cost of investments for tax purposes is $362,028,415.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, income from the Subsidiary, elimination entry and derivative instruments, on December 31, 2025, undistributed net investment income was increased by $15,460,241 and undistributed net realized gain (loss) was decreased by $15,460,241. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**22**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1449861 | &nbsp;&nbsp;&nbsp; $12527234 | &nbsp;&nbsp;&nbsp; 1618272 | &nbsp;&nbsp;&nbsp; $14246634 |
| Series II | &nbsp;&nbsp;&nbsp; 2373356 | &nbsp;&nbsp;&nbsp; 20262624 | &nbsp;&nbsp;&nbsp; 2114787 | &nbsp;&nbsp;&nbsp; 18470431 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 381750 | &nbsp;&nbsp;&nbsp; 3317401 | &nbsp;&nbsp;&nbsp; 274703 | &nbsp;&nbsp;&nbsp; 2400906 |
| Series II | &nbsp;&nbsp;&nbsp; 2916073 | &nbsp;&nbsp;&nbsp; 24699139 | &nbsp;&nbsp;&nbsp; 2763482 | &nbsp;&nbsp;&nbsp; 23600140 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (3430664)<br>| &nbsp;&nbsp;&nbsp; (29637428)<br>| &nbsp;&nbsp;&nbsp; (1202424)<br>| &nbsp;&nbsp;&nbsp; (10611918)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (8995057)<br>| &nbsp;&nbsp;&nbsp; (76346038)<br>| &nbsp;&nbsp;&nbsp; (7915109)<br>| &nbsp;&nbsp;&nbsp; (69322557)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5304681)<br>| &nbsp;&nbsp;&nbsp; $(45177068)<br>| &nbsp;&nbsp;&nbsp; (2346289)<br>| &nbsp;&nbsp;&nbsp; $(21216364)<br>|

---

<sup>(a)</sup> 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.

**23**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco V.I. Balanced-Risk Allocation Fund and its subsidiary (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 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 13, 2026

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.

**24**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 1.39% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 1.41% |

---

\*

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

**25**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**26**

**Invesco V.I. Balanced-Risk Allocation Fund**

------

![](imge7dc7fbc1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Comstock Fund**

------

---

| | |
|:---|:---|
| [2](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_SOI-Continued-66_1) | Schedule of Investments |
| [5](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_FS-Continued-66_1) | Financial Statements |
| [7](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_FS-Continued-66_3) | Financial Highlights |
| [8](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_NTF-Continued-66_1) | Notes to Financial Statements |
| [15](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_ARS-Continued-66_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_TI-Continued-66_1) | Tax Information |
| [17](#xx_e9b8663b-fd54-42d4-b89a-503b404ded3b_OIRSR-Continued-66_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VICOM-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.08%** | **Common Stocks & Other Equity Interests–98.08%** | **Common Stocks & Other Equity Interests–98.08%** |
| **Aerospace & Defense–1.33%** | **Aerospace & Defense–1.33%** | **Aerospace & Defense–1.33%** |
| Textron, Inc. | 224935 | &nbsp;&nbsp; $19607584 |
| **Air Freight & Logistics–2.06%** | **Air Freight & Logistics–2.06%** | **Air Freight & Logistics–2.06%** |
| FedEx Corp. | 104949 | &nbsp;&nbsp; 30315568 |
| **Asset Management & Custody Banks–2.29%** | **Asset Management & Custody Banks–2.29%** | **Asset Management & Custody Banks–2.29%** |
| State Street Corp. | 261809 | &nbsp;&nbsp; 33775979 |
| **Biotechnology–0.57%** | **Biotechnology–0.57%** | **Biotechnology–0.57%** |
| Regeneron Pharmaceuticals, Inc. | 10903 | &nbsp;&nbsp; 8415699 |
| **Brewers–0.94%** | **Brewers–0.94%** | **Brewers–0.94%** |
| Anheuser-Busch InBev S.A./N.V. <br> (Belgium) | 216588 | &nbsp;&nbsp; 13900831 |
| **Broadline Retail–1.30%** | **Broadline Retail–1.30%** | **Broadline Retail–1.30%** |
| eBay, Inc. | 219187 | &nbsp;&nbsp; 19091188 |
| **Building Products–1.54%** | **Building Products–1.54%** | **Building Products–1.54%** |
| Johnson Controls International PLC | 189916 | &nbsp;&nbsp; 22742441 |
| **Cable & Satellite–1.79%** | **Cable & Satellite–1.79%** | **Cable & Satellite–1.79%** |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup>  | 75639 | &nbsp;&nbsp; 15789641 |
| Comcast Corp., Class A | 351966 | &nbsp;&nbsp; 10520264 |
|  |  | &nbsp;&nbsp; 26309905 |
| **Communications Equipment–3.16%** | **Communications Equipment–3.16%** | **Communications Equipment–3.16%** |
| Cisco Systems, Inc.<sup>(c)</sup>  | 512576 | &nbsp;&nbsp; 39483729 |
| F5, Inc.<sup>(b)</sup>  | 27334 | &nbsp;&nbsp; 6977277 |
|  |  | &nbsp;&nbsp; 46461006 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **2.45%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.45%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.45%** |
| Caterpillar, Inc.<sup>(c)</sup>  | 32946 | &nbsp;&nbsp; 18873775 |
| Wabtec Corp. | 80795 | &nbsp;&nbsp; 17245693 |
|  |  | &nbsp;&nbsp; 36119468 |
| **Consumer Finance–0.45%** | **Consumer Finance–0.45%** | **Consumer Finance–0.45%** |
| Capital One Financial Corp. | 27178 | &nbsp;&nbsp; 6586860 |
| **Diversified Banks–9.81%** | **Diversified Banks–9.81%** | **Diversified Banks–9.81%** |
| Bank of America Corp. | 1007960 | &nbsp;&nbsp; 55437800 |
| Citigroup, Inc.<sup>(c)</sup>  | 229067 | &nbsp;&nbsp; 26729828 |
| Fifth Third Bancorp<sup>(c)</sup>  | 469940 | &nbsp;&nbsp; 21997891 |
| Wells Fargo & Co.<sup>(c)</sup>  | 431808 | &nbsp;&nbsp; 40244506 |
|  |  | &nbsp;&nbsp; 144410025 |
| **Electric Utilities–0.81%** | **Electric Utilities–0.81%** | **Electric Utilities–0.81%** |
| Evergy, Inc. | 164843 | &nbsp;&nbsp; 11949469 |
| **Electrical Components & Equipment–2.39%** | **Electrical Components & Equipment–2.39%** | **Electrical Components & Equipment–2.39%** |
| Eaton Corp. PLC | 50463 | &nbsp;&nbsp; 16072970 |
| Emerson Electric Co.<sup>(c)</sup>  | 144094 | &nbsp;&nbsp; 19124156 |
|  |  | &nbsp;&nbsp; 35197126 |
| **Fertilizers & Agricultural Chemicals–0.57%** | **Fertilizers & Agricultural Chemicals–0.57%** | **Fertilizers & Agricultural Chemicals–0.57%** |
| Corteva, Inc. | 124765 | &nbsp;&nbsp; 8362998 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Food Distributors–1.52%** | **Food Distributors–1.52%** | **Food Distributors–1.52%** |
| Sysco Corp. | 304534 | &nbsp;&nbsp; $22441110 |
| **Footwear–1.24%** | **Footwear–1.24%** | **Footwear–1.24%** |
| NIKE, Inc., Class B | 286413 | &nbsp;&nbsp; 18247372 |
| **Health Care Distributors–0.77%** | **Health Care Distributors–0.77%** | **Health Care Distributors–0.77%** |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 149205 | &nbsp;&nbsp; 11276914 |
| **Health Care Equipment–2.70%** | **Health Care Equipment–2.70%** | **Health Care Equipment–2.70%** |
| Becton, Dickinson and Co. | 72980 | &nbsp;&nbsp; 14163229 |
| GE HealthCare Technologies, Inc.<sup>(c)</sup>  | 124747 | &nbsp;&nbsp; 10231749 |
| Medtronic PLC | 160209 | &nbsp;&nbsp; 15389676 |
|  |  | &nbsp;&nbsp; 39784654 |
| **Health Care Services–2.70%** | **Health Care Services–2.70%** | **Health Care Services–2.70%** |
| CVS Health Corp. | 501341 | &nbsp;&nbsp; 39786422 |
| **Household Products–3.19%** | **Household Products–3.19%** | **Household Products–3.19%** |
| Clorox Co. (The) | 146019 | &nbsp;&nbsp; 14723096 |
| Kimberly-Clark Corp. | 88823 | &nbsp;&nbsp; 8961352 |
| Reckitt Benckiser Group PLC (United <br> Kingdom) | 287398 | &nbsp;&nbsp; 23256062 |
|  |  | &nbsp;&nbsp; 46940510 |
| **Integrated Oil & Gas–4.66%** | **Integrated Oil & Gas–4.66%** | **Integrated Oil & Gas–4.66%** |
| Chevron Corp. | 224644 | &nbsp;&nbsp; 34237992 |
| Exxon Mobil Corp.<sup>(c)</sup>  | 115227 | &nbsp;&nbsp; 13866417 |
| Suncor Energy, Inc. (Canada) | 462994 | &nbsp;&nbsp; 20538414 |
|  |  | &nbsp;&nbsp; 68642823 |
| **Interactive Media & Services–5.02%** | **Interactive Media & Services–5.02%** | **Interactive Media & Services–5.02%** |
| Alphabet, Inc., Class A | 165359 | &nbsp;&nbsp; 51757367 |
| Meta Platforms, Inc., Class A | 33440 | &nbsp;&nbsp; 22073410 |
|  |  | &nbsp;&nbsp; 73830777 |
| **Investment Banking & Brokerage–0.62%** | **Investment Banking & Brokerage–0.62%** | **Investment Banking & Brokerage–0.62%** |
| Goldman Sachs Group, Inc. (The) | 10342 | &nbsp;&nbsp; 9090618 |
| **IT Consulting & Other Services–2.36%** | **IT Consulting & Other Services–2.36%** | **IT Consulting & Other Services–2.36%** |
| Cognizant Technology Solutions Corp., <br> Class A<sup>(c)</sup>  | 316983 | &nbsp;&nbsp; 26309589 |
| DXC Technology Co.<sup>(b)</sup>  | 573519 | &nbsp;&nbsp; 8402053 |
|  |  | &nbsp;&nbsp; 34711642 |
| **Life & Health Insurance–0.94%** | **Life & Health Insurance–0.94%** | **Life & Health Insurance–0.94%** |
| MetLife, Inc.<sup>(c)</sup>  | 175975 | &nbsp;&nbsp; 13891466 |
| **Life Sciences Tools & Services–1.38%** | **Life Sciences Tools & Services–1.38%** | **Life Sciences Tools & Services–1.38%** |
| ICON PLC<sup>(b)</sup>  | 70756 | &nbsp;&nbsp; 12893158 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 32862 | &nbsp;&nbsp; 7407424 |
|  |  | &nbsp;&nbsp; 20300582 |
| **Managed Health Care–3.22%** | **Managed Health Care–3.22%** | **Managed Health Care–3.22%** |
| Elevance Health, Inc. | 70912 | &nbsp;&nbsp; 24858202 |
| Humana, Inc. | 33603 | &nbsp;&nbsp; 8606736 |
| UnitedHealth Group, Inc. | 42351 | &nbsp;&nbsp; 13980489 |
|  |  | &nbsp;&nbsp; 47445427 |
| **Movies & Entertainment–1.43%** | **Movies & Entertainment–1.43%** | **Movies & Entertainment–1.43%** |
| Universal Music Group N.V. (Netherlands) | 270035 | &nbsp;&nbsp; 7039768 |

---

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

**2**

**Invesco V.I. Comstock Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| Walt Disney Co. (The) | 123120 | &nbsp;&nbsp; $14007362 |
|  |  | &nbsp;&nbsp; 21047130 |
| **Multi-Utilities–3.03%** | **Multi-Utilities–3.03%** | **Multi-Utilities–3.03%** |
| Dominion Energy, Inc.<sup>(c)</sup>  | 309707 | &nbsp;&nbsp; 18145733 |
| Sempra | 299282 | &nbsp;&nbsp; 26423608 |
|  |  | &nbsp;&nbsp; 44569341 |
| **Oil & Gas Equipment & Services–0.56%** | **Oil & Gas Equipment & Services–0.56%** | **Oil & Gas Equipment & Services–0.56%** |
| Tenaris S.A. | 423708 | &nbsp;&nbsp; 8175809 |
| **Oil & Gas Exploration & Production–1.75%** | **Oil & Gas Exploration & Production–1.75%** | **Oil & Gas Exploration & Production–1.75%** |
| ConocoPhillips | 194949 | &nbsp;&nbsp; 18249176 |
| EQT Corp. | 141235 | &nbsp;&nbsp; 7570196 |
|  |  | &nbsp;&nbsp; 25819372 |
| **Paper & Plastic Packaging Products & Materials–0.87%** | **Paper & Plastic Packaging Products & Materials–0.87%** | **Paper & Plastic Packaging Products & Materials–0.87%** |
| International Paper Co.<sup>(c)</sup>  | 326365 | &nbsp;&nbsp; 12855517 |
| **Pharmaceuticals–6.71%** | **Pharmaceuticals–6.71%** | **Pharmaceuticals–6.71%** |
| AstraZeneca PLC (United Kingdom) | 120719 | &nbsp;&nbsp; 22340172 |
| Bristol-Myers Squibb Co. | 194260 | &nbsp;&nbsp; 10478384 |
| Johnson & Johnson | 107822 | &nbsp;&nbsp; 22313763 |
| Merck & Co., Inc. | 224623 | &nbsp;&nbsp; 23643817 |
| Sanofi S.A., ADR | 413065 | &nbsp;&nbsp; 20017130 |
|  |  | &nbsp;&nbsp; 98793266 |
| **Property & Casualty Insurance–2.10%** | **Property & Casualty Insurance–2.10%** | **Property & Casualty Insurance–2.10%** |
| Allstate Corp. (The) | 51417 | &nbsp;&nbsp; 10702448 |
| American International Group, Inc. | 236223 | &nbsp;&nbsp; 20208878 |
|  |  | &nbsp;&nbsp; 30911326 |
| **Regional Banks–4.61%** | **Regional Banks–4.61%** | **Regional Banks–4.61%** |
| Citizens Financial Group, Inc. | 423847 | &nbsp;&nbsp; 24756903 |
| Huntington Bancshares, Inc. | 1446526 | &nbsp;&nbsp; 25097226 |
| M&T Bank Corp. | 89468 | &nbsp;&nbsp; 18026013 |
|  |  | &nbsp;&nbsp; 67880142 |
| **Research & Consulting Services–0.91%** | **Research & Consulting Services–0.91%** | **Research & Consulting Services–0.91%** |
| TransUnion<sup>(c)</sup>  | 155420 | &nbsp;&nbsp; 13327265 |
| **Restaurants–3.20%** | **Restaurants–3.20%** | **Restaurants–3.20%** |
| Domino's Pizza, Inc.<sup>(c)</sup>  | 34308 | &nbsp;&nbsp; 14300261 |
| Restaurant Brands International, Inc. <br> (Canada) | 251604 | &nbsp;&nbsp; 17168941 |
| Starbucks Corp. | 186193 | &nbsp;&nbsp; 15679313 |
|  |  | &nbsp;&nbsp; 47148515 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–3.52%** | **Semiconductors–3.52%** | **Semiconductors–3.52%** | **Semiconductors–3.52%** |
| Intel Corp.<sup>(b)</sup>  | Intel Corp.<sup>(b)</sup>  | 459749 | &nbsp;&nbsp; $16964738 |
| NXP Semiconductors N.V. (Netherlands) | NXP Semiconductors N.V. (Netherlands) | 110609 | &nbsp;&nbsp; 24008790 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 63327 | &nbsp;&nbsp; 10832083 |
|  |  |  | &nbsp;&nbsp; 51805611 |
| **Soft Drinks & Non-alcoholic Beverages–1.06%** | **Soft Drinks & Non-alcoholic Beverages–1.06%** | **Soft Drinks & Non-alcoholic Beverages–1.06%** | **Soft Drinks & Non-alcoholic Beverages–1.06%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 222684 | &nbsp;&nbsp; 15567838 |
| **Specialty Chemicals–1.31%** | **Specialty Chemicals–1.31%** | **Specialty Chemicals–1.31%** | **Specialty Chemicals–1.31%** |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | 286549 | &nbsp;&nbsp; 19310537 |
| **Systems Software–2.81%** | **Systems Software–2.81%** | **Systems Software–2.81%** | **Systems Software–2.81%** |
| Microsoft Corp. | Microsoft Corp. | 85393 | &nbsp;&nbsp; 41297763 |
| **Telecom Tower REITs–0.77%** | **Telecom Tower REITs–0.77%** | **Telecom Tower REITs–0.77%** | **Telecom Tower REITs–0.77%** |
| SBA Communications Corp., Class A | SBA Communications Corp., Class A | 58304 | &nbsp;&nbsp; 11277743 |
| **Tobacco–1.66%** | **Tobacco–1.66%** | **Tobacco–1.66%** | **Tobacco–1.66%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 152696 | &nbsp;&nbsp; 24492438 |
| Total Common Stocks & Other Equity Interests <br> (Cost $904,134,301) | Total Common Stocks & Other Equity Interests <br> (Cost $904,134,301) | Total Common Stocks & Other Equity Interests <br> (Cost $904,134,301) | &nbsp;&nbsp; 1443916077 |
| **Money Market Funds–2.58%** | **Money Market Funds–2.58%** | **Money Market Funds–2.58%** | **Money Market Funds–2.58%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 13321956 | &nbsp;&nbsp; 13321956 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 24739932 | &nbsp;&nbsp; 24739932 |
| Total Money Market Funds (Cost $38,061,888) | Total Money Market Funds (Cost $38,061,888) | Total Money Market Funds (Cost $38,061,888) | &nbsp;&nbsp; 38061888 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.66% <br> (Cost $942,196,189)<br>|  |  | &nbsp;&nbsp; 1481977965 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–8.18%** | **Money Market Funds–8.18%** | **Money Market Funds–8.18%** | **Money Market Funds–8.18%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 33555391 | &nbsp;&nbsp; 33555391 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 86795718 | &nbsp;&nbsp; 86821757 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $120,377,148) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $120,377,148) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $120,377,148) | &nbsp;&nbsp; 120377148 |
| TOTAL INVESTMENTS IN SECURITIES–108.84% <br> (Cost $1,062,573,337) | TOTAL INVESTMENTS IN SECURITIES–108.84% <br> (Cost $1,062,573,337) | TOTAL INVESTMENTS IN SECURITIES–108.84% <br> (Cost $1,062,573,337) | &nbsp;&nbsp; 1602355113 |
| OTHER ASSETS LESS LIABILITIES—(8.84)% | OTHER ASSETS LESS LIABILITIES—(8.84)% | OTHER ASSETS LESS LIABILITIES—(8.84)% | &nbsp;&nbsp; (130149642)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1472205471 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco V.I. Comstock Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $10946450 | &nbsp;&nbsp; $92467037 | &nbsp;&nbsp; $(90091531) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13321956 | &nbsp;&nbsp; $514993 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 20328278 | &nbsp;&nbsp; 171724498 | &nbsp;&nbsp; (167312844) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24739932 | &nbsp;&nbsp; 947061 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 23751088 | &nbsp;&nbsp; 762377084 | &nbsp;&nbsp; (752572781) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 33555391 | &nbsp;&nbsp; 1,058,495\* |
| Invesco Private Prime Fund | 61891507 | &nbsp;&nbsp; 1673106395 | &nbsp;&nbsp; (1648169745) | &nbsp;&nbsp; - | &nbsp;&nbsp; (6400) | &nbsp;&nbsp; 86821757 | &nbsp;&nbsp; 2,872,853\* |
| Total | $116917323 | &nbsp;&nbsp; $2699675014 | &nbsp;&nbsp; $(2658146901) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(6400) | &nbsp;&nbsp; $158439036 | &nbsp;&nbsp; $5393402 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Goldman Sachs International | USD | 426248 | CAD | 586565 | &nbsp;&nbsp;&nbsp; $1476 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 1564975 | CAD | 2162414 | &nbsp;&nbsp;&nbsp; 11859 |
| 01/21/2026 | Royal Bank of Canada | USD | 723798 | EUR | 621010 | &nbsp;&nbsp;&nbsp; 6567 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 19902 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Goldman Sachs International | EUR | 21613701 | USD | 25155062 | &nbsp;&nbsp;&nbsp; (264617)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | GBP | 16848951 | USD | 22257494 | &nbsp;&nbsp;&nbsp; (453632)<br>|
| 01/21/2026 | Royal Bank of Canada | CAD | 28408471 | USD | 20345623 | &nbsp;&nbsp;&nbsp; (369870)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (1088119)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(1068217)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**4**

**Invesco V.I. Comstock Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $904,134,301)\*<br>| &nbsp;&nbsp; $1443916077 |
| Investments in affiliated money market funds, at value <br> (Cost $158,439,036)<br>| &nbsp;&nbsp; 158439036 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 19902 |
| Cash collateral from securities on loan | &nbsp;&nbsp; 40154106 |
| Foreign currencies, at value and cost | &nbsp;&nbsp; 34 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 23720 |
| Dividends | &nbsp;&nbsp; 2394069 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 196370 |
| Total assets | &nbsp;&nbsp; 1645143314 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1088119 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 9718130 |
| Amount due custodian | &nbsp;&nbsp; 437303 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 160531254 |
| Accrued fees to affiliates | &nbsp;&nbsp; 906589 |
| Accrued other operating expenses | &nbsp;&nbsp; 52523 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 203925 |
| Total liabilities | &nbsp;&nbsp; 172937843 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1472205471 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $793689850 |
| Distributable earnings | &nbsp;&nbsp; 678515621 |
|  | &nbsp;&nbsp; $1472205471 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $223322027 |
| Series II | &nbsp;&nbsp; $1248883444 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 10426757 |
| Series II | &nbsp;&nbsp; 58658197 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $21.42 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.29 |

---

\* At December 31, 2025, securities with an aggregate value of $155,824,469 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $502,842) | &nbsp;&nbsp; $32611795 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $160,233)<br>| &nbsp;&nbsp; 1622287 |
| Total investment income | &nbsp;&nbsp; 34234082 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8135958 |
| Administrative services fees | &nbsp;&nbsp; 2353342 |
| Custodian fees | &nbsp;&nbsp; 16646 |
| Distribution fees - Series II | &nbsp;&nbsp; 3054865 |
| Transfer agent fees | &nbsp;&nbsp; 70972 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 32274 |
| Reports to shareholders | &nbsp;&nbsp; 10089 |
| Professional services fees | &nbsp;&nbsp; 57409 |
| Other | &nbsp;&nbsp; 15379 |
| Total expenses | &nbsp;&nbsp; 13746934 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (40009)<br>|
| Net expenses | &nbsp;&nbsp; 13706925 |
| Net investment income | &nbsp;&nbsp; 20527157 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 143002627 |
| Affiliated investment securities | &nbsp;&nbsp; (6400)<br>|
| Foreign currencies | &nbsp;&nbsp; 29956 |
| Forward foreign currency contracts | &nbsp;&nbsp; (2791692)<br>|
|  | &nbsp;&nbsp; 140234491 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 67890618 |
| Foreign currencies | &nbsp;&nbsp; 8004 |
| Forward foreign currency contracts | &nbsp;&nbsp; (2038490)<br>|
|  | &nbsp;&nbsp; 65860132 |
| Net realized and unrealized gain | &nbsp;&nbsp; 206094623 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $226621780 |

---

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

**5**

**Invesco V.I. Comstock Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $20527157 | &nbsp;&nbsp; $21120736 |
| Net realized gain | &nbsp;&nbsp; 140234491 | &nbsp;&nbsp; 151317173 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 65860132 | &nbsp;&nbsp; 27700726 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 226621780 | &nbsp;&nbsp; 200138635 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (26102115)<br>| &nbsp;&nbsp; (18365751)<br>|
| Series II | &nbsp;&nbsp; (147758300)<br>| &nbsp;&nbsp; (104283621)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (173860415)<br>| &nbsp;&nbsp; (122649372)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 7784076 | &nbsp;&nbsp; (13777955)<br>|
| Series II | &nbsp;&nbsp; (16287791)<br>| &nbsp;&nbsp; (58627385)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (8503715)<br>| &nbsp;&nbsp; (72405340)<br>|
| Net increase in net assets | &nbsp;&nbsp; 44257650 | &nbsp;&nbsp; 5083923 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1427947821 | &nbsp;&nbsp; 1422863898 |
| End of year | &nbsp;&nbsp; $1472205471 | &nbsp;&nbsp; $1427947821 |

---

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

**6**

**Invesco V.I. Comstock Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $20.72 | $0.36 | $3.14 | $3.50 | $(0.38)<br>| $(2.42)<br>| $(2.80)<br>| $21.42 | 17.45<br> %<br>| &nbsp;&nbsp; $223322 | 0.75<br> %<br>| 0.75<br> %<br>| 1.64<br> %<br>| 20<br> %<br>|
| Year ended 12/31/24 | 19.67 | 0.36 | 2.64 | 3.00 | (0.39)<br>| (1.56)<br>| (1.95)<br>| 20.72 | 15.18 | &nbsp;&nbsp; 207469 | 0.76 | 0.76 | 1.67 | 19 |
| Year ended 12/31/23 | 20.34 | 0.37 | 1.77 | 2.14 | (0.39)<br>| (2.42)<br>| (2.81)<br>| 19.67 | 12.36 | &nbsp;&nbsp; 209813 | 0.75 | 0.75 | 1.80 | 20 |
| Year ended 12/31/22 | 21.14 | 0.36 | (0.16)<br>| 0.20 | (0.34)<br>| (0.66)<br>| (1.00)<br>| 20.34 | 1.12 | &nbsp;&nbsp; 207442 | 0.75 | 0.75 | 1.72 | 21 |
| Year ended 12/31/21 | 16.13 | 0.30 | 5.07 | 5.37 | (0.36)<br>|  | (0.36)<br>| 21.14 | 33.36 | &nbsp;&nbsp; 212550 | 0.74 | 0.74 | 1.53 | 16 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 20.61 | 0.30 | 3.13 | 3.43 | (0.33)<br>| (2.42)<br>| (2.75)<br>| 21.29 | 17.14 | &nbsp;&nbsp; 1248883 | 1.00 | 1.00 | 1.39 | 20 |
| Year ended 12/31/24 | 19.58 | 0.30 | 2.62 | 2.92 | (0.33)<br>| (1.56)<br>| (1.89)<br>| 20.61 | 14.87 | &nbsp;&nbsp; 1220479 | 1.01 | 1.01 | 1.42 | 19 |
| Year ended 12/31/23 | 20.25 | 0.32 | 1.77 | 2.09 | (0.34)<br>| (2.42)<br>| (2.76)<br>| 19.58 | 12.10 | &nbsp;&nbsp; 1213051 | 1.00 | 1.00 | 1.55 | 20 |
| Year ended 12/31/22 | 21.05 | 0.31 | (0.16)<br>| 0.15 | (0.29)<br>| (0.66)<br>| (0.95)<br>| 20.25 | 0.85 | &nbsp;&nbsp; 1185393 | 1.00 | 1.00 | 1.47 | 21 |
| Year ended 12/31/21 | 16.07 | 0.25 | 5.05 | 5.30 | (0.32)<br>|  | (0.32)<br>| 21.05 | 33.04 | &nbsp;&nbsp; 1323433 | 0.99 | 0.99 | 1.28 | 16 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Comstock Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Comstock Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Comstock Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $13,646 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.530% |

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**10**

**Invesco V.I. Comstock Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $40,009.

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, 2025, Invesco was paid $203,526 for accounting and fund administrative services and was reimbursed $2,149,816 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $41,771 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1369203435 | &nbsp;&nbsp;&nbsp;&nbsp; $74712642 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1443916077 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 38061888 | &nbsp;&nbsp;&nbsp;&nbsp; 120377148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158439036 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1407265323 | &nbsp;&nbsp;&nbsp;&nbsp; 195089790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1602355113 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19902 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1088119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1088119)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1068217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1068217)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1407265323 | &nbsp;&nbsp;&nbsp;&nbsp; $194021573 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1601286896 |

---

\* 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.

**11**

**Invesco V.I. Comstock 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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $19902 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $19902 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(1088119)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1088119)<br>|

---

**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, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; $1476 | &nbsp;&nbsp;&nbsp; $(264617)<br>| &nbsp;&nbsp;&nbsp; $(263141)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(263141)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 11859 | &nbsp;&nbsp;&nbsp; (453632)<br>| &nbsp;&nbsp;&nbsp; (441773)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (441773)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 6567 | &nbsp;&nbsp;&nbsp; (369870)<br>| &nbsp;&nbsp;&nbsp; (363303)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (363303)<br>|
| Total | &nbsp;&nbsp;&nbsp; $19902 | &nbsp;&nbsp;&nbsp; $(1088119)<br>| &nbsp;&nbsp;&nbsp; $(1068217)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1068217)<br>|

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2791692)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2038490)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(4830182)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $82136214 |

---

**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

**12**

**Invesco V.I. Comstock 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $33361823 | &nbsp;&nbsp;&nbsp;&nbsp; $26217618 |
| Long-term capital gain | &nbsp;&nbsp; 140498592 | &nbsp;&nbsp;&nbsp;&nbsp; 96431754 |
| Total distributions | &nbsp;&nbsp; $173860415 | &nbsp;&nbsp;&nbsp;&nbsp; $122649372 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $23950905 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 128959206 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 525708918 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 4189 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (107597)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 793689850 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1472205471 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $277,826,475 and $439,773,278, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $563730856 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (38021938)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $525708918 |

---

Cost of investments for tax purposes is $1,075,577,978.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2025, undistributed net investment income was increased by $29,955 and undistributed net realized gain was decreased by $29,955. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 708771 | &nbsp;&nbsp;&nbsp; $15398578 | &nbsp;&nbsp;&nbsp; 479795 | &nbsp;&nbsp;&nbsp; $10204293 |
| Series II | &nbsp;&nbsp;&nbsp; 3037013 | &nbsp;&nbsp;&nbsp; 65530409 | &nbsp;&nbsp;&nbsp; 2342802 | &nbsp;&nbsp;&nbsp; 50056575 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1267708 | &nbsp;&nbsp;&nbsp; 26102115 | &nbsp;&nbsp;&nbsp; 879586 | &nbsp;&nbsp;&nbsp; 18365751 |
| Series II | &nbsp;&nbsp;&nbsp; 7214761 | &nbsp;&nbsp;&nbsp; 147758300 | &nbsp;&nbsp;&nbsp; 5018461 | &nbsp;&nbsp;&nbsp; 104283621 |

---

**13**

**Invesco V.I. Comstock Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1563073)<br>| &nbsp;&nbsp;&nbsp; $(33716617)<br>| &nbsp;&nbsp;&nbsp; (2011916)<br>| &nbsp;&nbsp;&nbsp; $(42347999)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (10810801)<br>| &nbsp;&nbsp;&nbsp; (229576500)<br>| &nbsp;&nbsp;&nbsp; (10101263)<br>| &nbsp;&nbsp;&nbsp; (212967581)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (145621)<br>| &nbsp;&nbsp;&nbsp; $(8503715)<br>| &nbsp;&nbsp;&nbsp; (3392535)<br>| &nbsp;&nbsp;&nbsp; $(72405340)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**14**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**15**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $140498592 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 75.58% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**16**

**Invesco V.I. Comstock Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**17**

**Invesco V.I. Comstock Fund**

------

![](imgd5c1246b1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Core Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_SOI-Continued-67_1) | Schedule of Investments |
| [5](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_FS-Continued-67_1) | Financial Statements |
| [7](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_FS-Continued-67_3) | Financial Highlights |
| [8](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_NTF-Continued-67_1) | Notes to Financial Statements |
| [14](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_ARS-Continued-67_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_TI-Continued-67_1) | Tax Information |
| [16](#xx_cbd9d7c5-fbc4-4917-a02b-22b26123f8a0_OIRSR-Continued-67_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VICEQ-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.88%** | **Common Stocks & Other Equity Interests–98.88%** | **Common Stocks & Other Equity Interests–98.88%** |
| **Aerospace & Defense–2.86%** | **Aerospace & Defense–2.86%** | **Aerospace & Defense–2.86%** |
| Airbus SE (France) | 18002 | &nbsp;&nbsp; $4180492 |
| Boeing Co. (The)<sup>(b)</sup>  | 38054 | &nbsp;&nbsp; 8262285 |
| Howmet Aerospace, Inc. | 26664 | &nbsp;&nbsp; 5466653 |
| Northrop Grumman Corp. | 7632 | &nbsp;&nbsp; 4351843 |
|  |  | &nbsp;&nbsp; 22261273 |
| **Application Software–2.96%** | **Application Software–2.96%** | **Application Software–2.96%** |
| Intuit, Inc. | 14253 | &nbsp;&nbsp; 9441472 |
| Salesforce, Inc. | 33117 | &nbsp;&nbsp; 8773024 |
| Synopsys, Inc.<sup>(b)</sup>  | 10305 | &nbsp;&nbsp; 4840465 |
|  |  | &nbsp;&nbsp; 23054961 |
| **Asset Management & Custody Banks–0.57%** | **Asset Management & Custody Banks–0.57%** | **Asset Management & Custody Banks–0.57%** |
| KKR & Co., Inc., Class A | 34813 | &nbsp;&nbsp; 4437961 |
| **Automobile Manufacturers–0.73%** | **Automobile Manufacturers–0.73%** | **Automobile Manufacturers–0.73%** |
| Tesla, Inc.<sup>(b)</sup>  | 12559 | &nbsp;&nbsp; 5648033 |
| **Biotechnology–1.19%** | **Biotechnology–1.19%** | **Biotechnology–1.19%** |
| AbbVie, Inc. | 40587 | &nbsp;&nbsp; 9273724 |
| **Broadline Retail–4.40%** | **Broadline Retail–4.40%** | **Broadline Retail–4.40%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 148594 | &nbsp;&nbsp; 34298467 |
| **Building Products–0.84%** | **Building Products–0.84%** | **Building Products–0.84%** |
| Johnson Controls International PLC | 54962 | &nbsp;&nbsp; 6581700 |
| **Communications Equipment–1.11%** | **Communications Equipment–1.11%** | **Communications Equipment–1.11%** |
| Cisco Systems, Inc.<sup>(c)</sup>  | 112305 | &nbsp;&nbsp; 8650854 |
| **Construction Materials–1.23%** | **Construction Materials–1.23%** | **Construction Materials–1.23%** |
| CRH PLC | 77094 | &nbsp;&nbsp; 9621331 |
| **Consumer Finance–2.10%** | **Consumer Finance–2.10%** | **Consumer Finance–2.10%** |
| American Express Co. | 24376 | &nbsp;&nbsp; 9017901 |
| Capital One Financial Corp. | 30377 | &nbsp;&nbsp; 7362170 |
|  |  | &nbsp;&nbsp; 16380071 |
| **Consumer Staples Merchandise Retail–1.41%** | **Consumer Staples Merchandise Retail–1.41%** | **Consumer Staples Merchandise Retail–1.41%** |
| Walmart, Inc. | 98561 | &nbsp;&nbsp; 10980681 |
| **Data Center REITs–0.79%** | **Data Center REITs–0.79%** | **Data Center REITs–0.79%** |
| Digital Realty Trust, Inc. | 39682 | &nbsp;&nbsp; 6139202 |
| **Diversified Banks–4.46%** | **Diversified Banks–4.46%** | **Diversified Banks–4.46%** |
| JPMorgan Chase & Co. | 66680 | &nbsp;&nbsp; 21485629 |
| Wells Fargo & Co. | 141973 | &nbsp;&nbsp; 13231884 |
|  |  | &nbsp;&nbsp; 34717513 |
| **Electric Utilities–1.89%** | **Electric Utilities–1.89%** | **Electric Utilities–1.89%** |
| Constellation Energy Corp. | 16116 | &nbsp;&nbsp; 5693299 |
| PPL Corp. | 258016 | &nbsp;&nbsp; 9035721 |
|  |  | &nbsp;&nbsp; 14729020 |
| **Electrical Components & Equipment–2.93%** | **Electrical Components & Equipment–2.93%** | **Electrical Components & Equipment–2.93%** |
| Eaton Corp. PLC | 17613 | &nbsp;&nbsp; 5609917 |
| Emerson Electric Co. | 47978 | &nbsp;&nbsp; 6367640 |
| Rockwell Automation, Inc. | 27907 | &nbsp;&nbsp; 10857776 |
|  |  | &nbsp;&nbsp; 22835333 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–1.21%** | **Financial Exchanges & Data–1.21%** | **Financial Exchanges & Data–1.21%** |
| Cboe Global Markets, Inc. | 37497 | &nbsp;&nbsp; $9411747 |
| **Health Care Distributors–1.16%** | **Health Care Distributors–1.16%** | **Health Care Distributors–1.16%** |
| McKesson Corp. | 11009 | &nbsp;&nbsp; 9030573 |
| **Health Care Equipment–2.94%** | **Health Care Equipment–2.94%** | **Health Care Equipment–2.94%** |
| Abbott Laboratories | 56841 | &nbsp;&nbsp; 7121609 |
| Boston Scientific Corp.<sup>(b)</sup>  | 78949 | &nbsp;&nbsp; 7527787 |
| Medtronic PLC | 85824 | &nbsp;&nbsp; 8244253 |
|  |  | &nbsp;&nbsp; 22893649 |
| **Health Care Facilities–0.73%** | **Health Care Facilities–0.73%** | **Health Care Facilities–0.73%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 28470 | &nbsp;&nbsp; 5657558 |
| **Health Care Supplies–0.36%** | **Health Care Supplies–0.36%** | **Health Care Supplies–0.36%** |
| Medline Inc., Class A<sup>(b)</sup>  | 66138 | &nbsp;&nbsp; 2777796 |
| **Home Improvement Retail–0.85%** | **Home Improvement Retail–0.85%** | **Home Improvement Retail–0.85%** |
| Lowe's Cos., Inc. | 27607 | &nbsp;&nbsp; 6657704 |
| **Homebuilding–0.66%** | **Homebuilding–0.66%** | **Homebuilding–0.66%** |
| D.R. Horton, Inc. | 35441 | &nbsp;&nbsp; 5104567 |
| **Hotels, Resorts & Cruise Lines–1.81%** | **Hotels, Resorts & Cruise Lines–1.81%** | **Hotels, Resorts & Cruise Lines–1.81%** |
| Marriott International, Inc., Class A | 22065 | &nbsp;&nbsp; 6845446 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 26124 | &nbsp;&nbsp; 7286506 |
|  |  | &nbsp;&nbsp; 14131952 |
| **Household Products–1.55%** | **Household Products–1.55%** | **Household Products–1.55%** |
| Procter & Gamble Co. (The) | 84370 | &nbsp;&nbsp; 12091065 |
| **Industrial Machinery & Supplies & Components–0.62%** | **Industrial Machinery & Supplies & Components–0.62%** | **Industrial Machinery & Supplies & Components–0.62%** |
| Lincoln Electric Holdings, Inc. | 20216 | &nbsp;&nbsp; 4844562 |
| **Industrial REITs–1.27%** | **Industrial REITs–1.27%** | **Industrial REITs–1.27%** |
| Prologis, Inc. | 77285 | &nbsp;&nbsp; 9866203 |
| **Insurance Brokers–0.52%** | **Insurance Brokers–0.52%** | **Insurance Brokers–0.52%** |
| Arthur J. Gallagher & Co. | 15728 | &nbsp;&nbsp; 4070249 |
| **Integrated Oil & Gas–1.47%** | **Integrated Oil & Gas–1.47%** | **Integrated Oil & Gas–1.47%** |
| Chevron Corp. | 75372 | &nbsp;&nbsp; 11487447 |
| **Interactive Media & Services–9.83%** | **Interactive Media & Services–9.83%** | **Interactive Media & Services–9.83%** |
| Alphabet, Inc., Class A | 171143 | &nbsp;&nbsp; 53567759 |
| Meta Platforms, Inc., Class A | 34901 | &nbsp;&nbsp; 23037801 |
|  |  | &nbsp;&nbsp; 76605560 |
| **Investment Banking & Brokerage–1.93%** | **Investment Banking & Brokerage–1.93%** | **Investment Banking & Brokerage–1.93%** |
| Charles Schwab Corp. (The) | 103940 | &nbsp;&nbsp; 10384646 |
| Raymond James Financial, Inc. | 28765 | &nbsp;&nbsp; 4619371 |
|  |  | &nbsp;&nbsp; 15004017 |
| **Life Sciences Tools & Services–1.62%** | **Life Sciences Tools & Services–1.62%** | **Life Sciences Tools & Services–1.62%** |
| Danaher Corp. | 37302 | &nbsp;&nbsp; 8539174 |
| Lonza Group AG (Switzerland) | 6031 | &nbsp;&nbsp; 4066219 |
|  |  | &nbsp;&nbsp; 12605393 |
| **Managed Health Care–1.00%** | **Managed Health Care–1.00%** | **Managed Health Care–1.00%** |
| UnitedHealth Group, Inc. | 23615 | &nbsp;&nbsp; 7795548 |

---

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

**2**

**Invesco V.I. Core Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Multi-Utilities–0.77%** | **Multi-Utilities–0.77%** | **Multi-Utilities–0.77%** |
| Ameren Corp. | 60413 | &nbsp;&nbsp; $6032842 |
| **Oil & Gas Exploration & Production–0.87%** | **Oil & Gas Exploration & Production–0.87%** | **Oil & Gas Exploration & Production–0.87%** |
| ConocoPhillips | 72623 | &nbsp;&nbsp; 6798239 |
| **Oil & Gas Storage & Transportation–0.59%** | **Oil & Gas Storage & Transportation–0.59%** | **Oil & Gas Storage & Transportation–0.59%** |
| Cheniere Energy, Inc. | 23502 | &nbsp;&nbsp; 4568554 |
| **Passenger Ground Transportation–0.89%** | **Passenger Ground Transportation–0.89%** | **Passenger Ground Transportation–0.89%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 84934 | &nbsp;&nbsp; 6939957 |
| **Personal Care Products–0.96%** | **Personal Care Products–0.96%** | **Personal Care Products–0.96%** |
| Estee Lauder Cos., Inc. (The), Class A | 71366 | &nbsp;&nbsp; 7473448 |
| **Pharmaceuticals–2.06%** | **Pharmaceuticals–2.06%** | **Pharmaceuticals–2.06%** |
| Eli Lilly and Co. | 14943 | &nbsp;&nbsp; 16058942 |
| **Property & Casualty Insurance–1.82%** | **Property & Casualty Insurance–1.82%** | **Property & Casualty Insurance–1.82%** |
| American International Group, Inc. | 87932 | &nbsp;&nbsp; 7522582 |
| Hartford Insurance Group, Inc. (The) | 48411 | &nbsp;&nbsp; 6671036 |
|  |  | &nbsp;&nbsp; 14193618 |
| **Restaurants–0.97%** | **Restaurants–0.97%** | **Restaurants–0.97%** |
| McDonald's Corp. | 24801 | &nbsp;&nbsp; 7579930 |
| **Semiconductor Materials & Equipment–1.16%** | **Semiconductor Materials & Equipment–1.16%** | **Semiconductor Materials & Equipment–1.16%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 8425 | &nbsp;&nbsp; 9013570 |
| **Semiconductors–12.51%** | **Semiconductors–12.51%** | **Semiconductors–12.51%** |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup>  | 24573 | &nbsp;&nbsp; 2686075 |
| Broadcom, Inc. | 69730 | &nbsp;&nbsp; 24133553 |
| NVIDIA Corp. | 331889 | &nbsp;&nbsp; 61897298 |
| Texas Instruments, Inc. | 50288 | &nbsp;&nbsp; 8724465 |
|  |  | &nbsp;&nbsp; 97441391 |
| **Specialty Chemicals–0.64%** | **Specialty Chemicals–0.64%** | **Specialty Chemicals–0.64%** |
| DuPont de Nemours, Inc. | 124518 | &nbsp;&nbsp; 5005624 |
| **Systems Software–8.21%** | **Systems Software–8.21%** | **Systems Software–8.21%** |
| Microsoft Corp. | 119444 | &nbsp;&nbsp; 57765507 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 40523 | &nbsp;&nbsp; $6207719 |
|  |  |  | &nbsp;&nbsp; 63973226 |
| **Technology Hardware, Storage & Peripherals–5.80%** | **Technology Hardware, Storage & Peripherals–5.80%** | **Technology Hardware, Storage & Peripherals–5.80%** | **Technology Hardware, Storage & Peripherals–5.80%** |
| Apple, Inc. | Apple, Inc. | 166252 | &nbsp;&nbsp; 45197269 |
| **Tobacco–1.17%** | **Tobacco–1.17%** | **Tobacco–1.17%** | **Tobacco–1.17%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 56732 | &nbsp;&nbsp; 9099813 |
| **Transaction & Payment Processing Services–1.46%** | **Transaction & Payment Processing Services–1.46%** | **Transaction & Payment Processing Services–1.46%** | **Transaction & Payment Processing Services–1.46%** |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 19898 | &nbsp;&nbsp; 11359370 |
| Total Common Stocks & Other Equity Interests <br> (Cost $439,379,870) | Total Common Stocks & Other Equity Interests <br> (Cost $439,379,870) | Total Common Stocks & Other Equity Interests <br> (Cost $439,379,870) | &nbsp;&nbsp; 770381507 |
| **Money Market Funds–1.18%** | **Money Market Funds–1.18%** | **Money Market Funds–1.18%** | **Money Market Funds–1.18%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 3203585 | &nbsp;&nbsp; 3203585 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 5949516 | &nbsp;&nbsp; 5949516 |
| Total Money Market Funds (Cost $9,153,101) | Total Money Market Funds (Cost $9,153,101) | Total Money Market Funds (Cost $9,153,101) | &nbsp;&nbsp; 9153101 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.06% <br> (Cost $448,532,971)<br>|  |  | &nbsp;&nbsp; 779534608 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.98%** | **Money Market Funds–1.98%** | **Money Market Funds–1.98%** | **Money Market Funds–1.98%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 4306102 | &nbsp;&nbsp; 4306102 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 11147442 | &nbsp;&nbsp; 11150787 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,456,889) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,456,889) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,456,889) | &nbsp;&nbsp; 15456889 |
| TOTAL INVESTMENTS IN SECURITIES–102.04% <br> (Cost $463,989,860) | TOTAL INVESTMENTS IN SECURITIES–102.04% <br> (Cost $463,989,860) | TOTAL INVESTMENTS IN SECURITIES–102.04% <br> (Cost $463,989,860) | &nbsp;&nbsp; 794991497 |
| OTHER ASSETS LESS LIABILITIES—(2.04)% | OTHER ASSETS LESS LIABILITIES—(2.04)% | OTHER ASSETS LESS LIABILITIES—(2.04)% | &nbsp;&nbsp; (15897681)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $779093816 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $3224364 | &nbsp;&nbsp; $44628361 | &nbsp;&nbsp; $(44649140) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3203585 | &nbsp;&nbsp; $95581 |
| Invesco Treasury Portfolio, Institutional Class | 5988108 | &nbsp;&nbsp; 82881241 | &nbsp;&nbsp; (82919833) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5949516 | &nbsp;&nbsp; 175905 |

---

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

**3**

**Invesco V.I. Core Equity Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **December 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $1215153 | &nbsp;&nbsp; $176838509 | &nbsp;&nbsp; $(173747560) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4306102 | &nbsp;&nbsp; $174,833\* |
| Invesco Private Prime Fund | 3173499 | &nbsp;&nbsp; 443583073 | &nbsp;&nbsp; (435605736) | &nbsp;&nbsp; - | (49) | &nbsp;&nbsp; 11150787 | &nbsp;&nbsp; 471,589\* |
| Total | $13601124 | &nbsp;&nbsp; $747931184 | &nbsp;&nbsp; $(736922269) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(49) | &nbsp;&nbsp; $24609990 | &nbsp;&nbsp; $917908 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Core Equity Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $439,379,870)\*<br>| &nbsp;&nbsp; $770381507 |
| Investments in affiliated money market funds, at value <br> (Cost $24,609,990)<br>| &nbsp;&nbsp; 24609990 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 103306 |
| Dividends | &nbsp;&nbsp; 528458 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 371525 |
| Total assets | &nbsp;&nbsp; 795994786 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 585417 |
| Amount due custodian | &nbsp;&nbsp; 111378 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15456889 |
| Accrued fees to affiliates | &nbsp;&nbsp; 332902 |
| Accrued other operating expenses | &nbsp;&nbsp; 33909 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 380475 |
| Total liabilities | &nbsp;&nbsp; 16900970 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $779093816 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $392844034 |
| Distributable earnings | &nbsp;&nbsp; 386249782 |
|  | &nbsp;&nbsp; $779093816 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $754788156 |
| Series II | &nbsp;&nbsp; $24305660 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 20950122 |
| Series II | &nbsp;&nbsp; 679766 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $36.03 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $35.76 |

---

\* At December 31, 2025, securities with an aggregate value of $15,014,851 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $74,262) | &nbsp;&nbsp; $8752066 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $19,856)<br>| &nbsp;&nbsp; 291342 |
| Total investment income | &nbsp;&nbsp; 9043408 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4679371 |
| Administrative services fees | &nbsp;&nbsp; 1246184 |
| Custodian fees | &nbsp;&nbsp; 6081 |
| Distribution fees - Series II | &nbsp;&nbsp; 57895 |
| Transfer agent fees | &nbsp;&nbsp; 38912 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 27428 |
| Reports to shareholders | &nbsp;&nbsp; 10309 |
| Professional services fees | &nbsp;&nbsp; 57976 |
| Other | &nbsp;&nbsp; 7523 |
| Total expenses | &nbsp;&nbsp; 6131679 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (7434)<br>|
| Net expenses | &nbsp;&nbsp; 6124245 |
| Net investment income | &nbsp;&nbsp; 2919163 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 56377448 |
| Affiliated investment securities | &nbsp;&nbsp; (49)<br>|
| Foreign currencies | &nbsp;&nbsp; (2940)<br>|
|  | &nbsp;&nbsp; 56374459 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 53626839 |
| Foreign currencies | &nbsp;&nbsp; 8086 |
|  | &nbsp;&nbsp; 53634925 |
| Net realized and unrealized gain | &nbsp;&nbsp; 110009384 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $112928547 |

---

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

**5**

**Invesco V.I. Core Equity Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $2919163 | &nbsp;&nbsp; $4805929 |
| Net realized gain | &nbsp;&nbsp; 56374459 | &nbsp;&nbsp; 57086961 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 53634925 | &nbsp;&nbsp; 101874605 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 112928547 | &nbsp;&nbsp; 163767495 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (59159700)<br>| &nbsp;&nbsp; (65342737)<br>|
| Series II | &nbsp;&nbsp; (1851753)<br>| &nbsp;&nbsp; (2021044)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (61011453)<br>| &nbsp;&nbsp; (67363781)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (44996784)<br>| &nbsp;&nbsp; (3157491)<br>|
| Series II | &nbsp;&nbsp; (102388)<br>| &nbsp;&nbsp; (650104)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (45099172)<br>| &nbsp;&nbsp; (3807595)<br>|
| Net increase in net assets | &nbsp;&nbsp; 6817922 | &nbsp;&nbsp; 92596119 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 772275894 | &nbsp;&nbsp; 679679775 |
| End of year | &nbsp;&nbsp; $779093816 | &nbsp;&nbsp; $772275894 |

---

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

**6**

**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.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $33.62 | $0.14 | $5.26 | $5.40 | $(0.24)<br>| $(2.75)<br>| $(2.99)<br>| $36.03 | 16.17<br> %<br>| &nbsp;&nbsp; $754788 | 0.80<br> %<br>| 0.80<br> %<br>| 0.39<br> %<br>| 31<br> %<br>|
| Year ended 12/31/24 | 29.29 | 0.22 | 7.24 | 7.46 | (0.24)<br>| (2.89)<br>| (3.13)<br>| 33.62 | 25.60 | &nbsp;&nbsp; 749457 | 0.81 | 0.81 | 0.67 | 46 |
| Year ended 12/31/23 | 24.55 | 0.17 | 5.45 | 5.62 | (0.21)<br>| (0.67)<br>| (0.88)<br>| 29.29 | 23.36 | &nbsp;&nbsp; 659227 | 0.80 | 0.80 | 0.61 | 47 |
| Year ended 12/31/22 | 37.79 | 0.24 | (8.10)<br>| (7.86)<br>| (0.30)<br>| (5.08)<br>| (5.38)<br>| 24.55 | (20.55)<br>| &nbsp;&nbsp; 682777 | 0.80 | 0.80 | 0.78 | 88 |
| Year ended 12/31/21 | 30.43 | 0.25 | 8.16 | 8.41 | (0.24)<br>| (0.81)<br>| (1.05)<br>| 37.79 | 27.74 | &nbsp;&nbsp; 969408 | 0.80 | 0.80 | 0.72 | 54 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 33.39 | 0.05 | 5.22 | 5.27 | (0.15)<br>| (2.75)<br>| (2.90)<br>| 35.76 | 15.88 | &nbsp;&nbsp; 24306 | 1.05 | 1.05 | 0.14 | 31 |
| Year ended 12/31/24 | 29.12 | 0.14 | 7.19 | 7.33 | (0.17)<br>| (2.89)<br>| (3.06)<br>| 33.39 | 25.29 | &nbsp;&nbsp; 22819 | 1.06 | 1.06 | 0.42 | 46 |
| Year ended 12/31/23 | 24.40 | 0.10 | 5.42 | 5.52 | (0.13)<br>| (0.67)<br>| (0.80)<br>| 29.12 | 23.08 | &nbsp;&nbsp; 20453 | 1.05 | 1.05 | 0.36 | 47 |
| Year ended 12/31/22 | 37.57 | 0.16 | (8.05)<br>| (7.89)<br>| (0.20)<br>| (5.08)<br>| (5.28)<br>| 24.40 | (20.75)<br>| &nbsp;&nbsp; 18208 | 1.05 | 1.05 | 0.53 | 88 |
| Year ended 12/31/21 | 30.27 | 0.16 | 8.11 | 8.27 | (0.16)<br>| (0.81)<br>| (0.97)<br>| 37.57 | 27.42 | &nbsp;&nbsp; 25276 | 1.05 | 1.05 | 0.47 | 54 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Core Equity Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**8**

**Invesco V.I. Core Equity Fund**

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securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Core Equity Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $1,815 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $1.75 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

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For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**10**

**Invesco V.I. Core Equity Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $7,434.

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, 2025, Invesco was paid $108,345 for accounting and fund administrative services and was reimbursed $1,137,839 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $9,345 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $762134796 | &nbsp;&nbsp;&nbsp;&nbsp; $8246711 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $770381507 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9153101 | &nbsp;&nbsp;&nbsp;&nbsp; 15456889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24609990 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $771287897 | &nbsp;&nbsp;&nbsp;&nbsp; $23703600 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $794991497 |

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**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.

**11**

**Invesco V.I. Core Equity Fund**

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**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $11240603 | &nbsp;&nbsp;&nbsp;&nbsp; $28657612 |
| Long-term capital gain | &nbsp;&nbsp; 49770850 | &nbsp;&nbsp;&nbsp;&nbsp; 38706169 |
| Total distributions | &nbsp;&nbsp; $61011453 | &nbsp;&nbsp;&nbsp;&nbsp; $67363781 |

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

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $6100285 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 50821694 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 329522932 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (2401)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (192728)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 392844034 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $779093816 |

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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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $232,322,030 and $334,757,700, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $336603096 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (7080164)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $329522932 |

---

Cost of investments for tax purposes is $465,468,565.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2025, undistributed net investment income was decreased by $2,940 and undistributed net realized gain was increased by $2,940. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 679992 | &nbsp;&nbsp;&nbsp; $23861185 | &nbsp;&nbsp;&nbsp; 2637482 | &nbsp;&nbsp;&nbsp; $88863991 |
| Series II | &nbsp;&nbsp;&nbsp; 31496 | &nbsp;&nbsp;&nbsp; 1076224 | &nbsp;&nbsp;&nbsp; 61381 | &nbsp;&nbsp;&nbsp; 2003302 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1663191 | &nbsp;&nbsp;&nbsp; 59159700 | &nbsp;&nbsp;&nbsp; 1966970 | &nbsp;&nbsp;&nbsp; 65342737 |
| Series II | &nbsp;&nbsp;&nbsp; 52428 | &nbsp;&nbsp;&nbsp; 1851753 | &nbsp;&nbsp;&nbsp; 61225 | &nbsp;&nbsp;&nbsp; 2021044 |

---

**12**

**Invesco V.I. Core Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (3687051)<br>| &nbsp;&nbsp;&nbsp; $(128017669)<br>| &nbsp;&nbsp;&nbsp; (4820352)<br>| &nbsp;&nbsp;&nbsp; $(157364219)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (87615)<br>| &nbsp;&nbsp;&nbsp; (3030365)<br>| &nbsp;&nbsp;&nbsp; (141623)<br>| &nbsp;&nbsp;&nbsp; (4674450)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1347559)<br>| &nbsp;&nbsp;&nbsp; $(45099172)<br>| &nbsp;&nbsp;&nbsp; (234917)<br>| &nbsp;&nbsp;&nbsp; $(3807595)<br>|

---

<sup>(a)</sup> 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.

**13**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $49770850 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 64.84% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Core Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Core Equity Fund**

------

![](imgcb1436c51.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | |
|:---|:---|
| [2](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_SOI-Continued-68_1) | Schedule of Investments |
| [30](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_FS-Continued-68_1) | Financial Statements |
| [32](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_FS-Continued-68_3) | Financial Highlights |
| [33](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_NTF-Continued-68_1) | Notes to Financial Statements |
| [41](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_ARS-Continued-68_1) | Report of Independent Registered Public Accounting Firm |
| [42](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_TI-Continued-68_1) | Tax Information |
| [43](#xx_ecca86fe-b217-4827-bb83-bbf931647ec6_OIRSR-Continued-68_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VICPB-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–41.40%** | **U.S. Dollar Denominated Bonds & Notes–41.40%** | **U.S. Dollar Denominated Bonds & Notes–41.40%** | **U.S. Dollar Denominated Bonds & Notes–41.40%** |
| **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** |
| Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | $148000 | &nbsp;&nbsp; $147215 |
| **Aerospace & Defense–0.36%** | **Aerospace & Defense–0.36%** | **Aerospace & Defense–0.36%** | **Aerospace & Defense–0.36%** |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027 |  | 3000 | &nbsp;&nbsp; 3079 |
| 6.30%, 05/01/2029 |  | 2000 | &nbsp;&nbsp; 2124 |
| 6.39%, 05/01/2031 |  | 3000 | &nbsp;&nbsp; 3257 |
| 6.53%, 05/01/2034 |  | 2000 | &nbsp;&nbsp; 2213 |
| 5.81%, 05/01/2050 |  | 2000 | &nbsp;&nbsp; 1970 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<br>|  | 2000 | &nbsp;&nbsp; 2044 |
| Hexcel Corp., 5.88%, 02/26/2035 |  | 2000 | &nbsp;&nbsp; 2098 |
| Howmet Aerospace, Inc., | Howmet Aerospace, Inc., |  |  |
| 4.85%, 10/15/2031 |  | 2000 | &nbsp;&nbsp; 2057 |
| 4.55%, 11/15/2032 |  | 116000 | &nbsp;&nbsp; 116557 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 4135 |
| 5.75%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4242 |
| L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>|  | 1000 | &nbsp;&nbsp; 1042 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.15%, 08/15/2028 |  | 2000 | &nbsp;&nbsp; 2014 |
| 4.50%, 02/15/2029 |  | 3000 | &nbsp;&nbsp; 3048 |
| 4.40%, 08/15/2030 |  | 3000 | &nbsp;&nbsp; 3030 |
| 4.80%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 4043 |
| 5.00%, 08/15/2035 |  | 4000 | &nbsp;&nbsp; 4076 |
| 5.90%, 11/15/2063 |  | 2000 | &nbsp;&nbsp; 2068 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2095 |
| 6.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 3233 |
| 5.15%, 02/27/2033 |  | 2000 | &nbsp;&nbsp; 2066 |
| 6.40%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 1101 |
| Textron, Inc., 4.95%, 03/15/2036 |  | 22000 | &nbsp;&nbsp; 21849 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31585 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 61951 |
| 6.38%, 05/31/2033<sup>(b)</sup> <br>|  | 238000 | &nbsp;&nbsp; 244380 |
| 6.25%, 01/31/2034<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30108 |
|  |  |  | &nbsp;&nbsp; 561465 |
| **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 2000 | &nbsp;&nbsp; 2028 |
| 5.80%, 03/21/2034 |  | 3000 | &nbsp;&nbsp; 3142 |
| CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>|  | 4000 | &nbsp;&nbsp; 4049 |
| Deere Funding Canada Corp., 4.15%, <br> 10/09/2030<br>|  | 23000 | &nbsp;&nbsp; 23005 |
| Imperial Brands Finance PLC (United <br> Kingdom), 5.63%, 07/01/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205685 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.38%, 10/15/2030 |  | 5000 | &nbsp;&nbsp; 5055 |
| 5.10%, 04/11/2034 |  | 3000 | &nbsp;&nbsp; 3103 |
|  |  |  | &nbsp;&nbsp; 246067 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** |
| Cargill, Inc., | Cargill, Inc., |  |  |
| 4.13%, 10/23/2030<sup>(b)</sup> <br>|  | $15000 | &nbsp;&nbsp; $14940 |
| 5.38%, 10/23/2055<sup>(b)</sup> <br>|  | 41611 | &nbsp;&nbsp; 40076 |
|  |  |  | &nbsp;&nbsp; 55016 |
| **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029 |  | 2000 | &nbsp;&nbsp; 2109 |
| 6.50%, 05/06/2034 |  | 4000 | &nbsp;&nbsp; 4331 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 4.65%, 10/15/2030 |  | 2000 | &nbsp;&nbsp; 2048 |
| 5.15%, 05/22/2034 |  | 2000 | &nbsp;&nbsp; 2078 |
| 5.25%, 05/14/2035 |  | 1000 | &nbsp;&nbsp; 1037 |
| 5.50%, 05/22/2054 |  | 4000 | &nbsp;&nbsp; 3892 |
|  |  |  | &nbsp;&nbsp; 15495 |
| **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** |
| Gildan Activewear, Inc. (Canada), | Gildan Activewear, Inc. (Canada), |  |  |
| 4.70%, 10/07/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4977 |
| 5.40%, 10/07/2035<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9983 |
|  |  |  | &nbsp;&nbsp; 14960 |
| **Application Software–0.03%** | **Application Software–0.03%** | **Application Software–0.03%** | **Application Software–0.03%** |
| Autodesk, Inc., 5.30%, 06/15/2035 |  | 2000 | &nbsp;&nbsp; 2056 |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<br>|  | 4000 | &nbsp;&nbsp; 4001 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2092 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.25%, 09/15/2028 |  | 3000 | &nbsp;&nbsp; 3011 |
| 4.50%, 10/15/2029 |  | 4000 | &nbsp;&nbsp; 4043 |
| 4.45%, 09/15/2030 |  | 4000 | &nbsp;&nbsp; 4020 |
| 4.75%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3034 |
| 4.90%, 10/15/2034 |  | 2000 | &nbsp;&nbsp; 1996 |
| 5.10%, 09/15/2035 |  | 3000 | &nbsp;&nbsp; 3024 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19030 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4165 |
| Synopsys, Inc., 5.70%, 04/01/2055 |  | 4000 | &nbsp;&nbsp; 3972 |
|  |  |  | &nbsp;&nbsp; 54444 |
| **Asset Management & Custody Banks–0.07%** | **Asset Management & Custody Banks–0.07%** | **Asset Management & Custody Banks–0.07%** | **Asset Management & Custody Banks–0.07%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 1000 | &nbsp;&nbsp; 1026 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 3145 |
| 5.15%, 05/15/2033 |  | 1000 | &nbsp;&nbsp; 1039 |
| 5.20%, 04/15/2035 |  | 3000 | &nbsp;&nbsp; 3064 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.42% (SOFR + 0.68%), <br> 06/09/2028<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3004 |
| 4.89%, 07/21/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2032 |
| 4.98%, 03/14/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1030 |
| 5.06%, 07/22/2032<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2074 |
| 5.83%, 10/25/2033<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2160 |
| Series J, 4.97%, 04/26/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1020 |
| Series I, 3.75%<sup>(d)(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 986 |

---

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

**2**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| Brookfield Asset Management Ltd. <br> (Canada), | Brookfield Asset Management Ltd. <br> (Canada), |  |  |
| 5.80%, 04/24/2035 |  | $2000 | &nbsp;&nbsp; $2097 |
| 6.08%, 09/15/2055 |  | 6000 | &nbsp;&nbsp; 6140 |
| Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>|  | 8000 | &nbsp;&nbsp; 7891 |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4180 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2124 |
| Golub Capital Private Credit Fund, <br> 5.45%, 08/15/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3022 |
| Northern Trust Corp., | Northern Trust Corp., |  |  |
| 4.15%, 11/19/2030 |  | 19000 | &nbsp;&nbsp; 19026 |
| 6.13%, 11/02/2032 |  | 2000 | &nbsp;&nbsp; 2184 |
| 5.12%, 11/19/2040<sup>(d)</sup> <br>|  | 40000 | &nbsp;&nbsp; 39960 |
| State Street Corp., | State Street Corp., |  |  |
| 6.12%, 11/21/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1083 |
| 4.78%, 10/23/2036<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9952 |
|  |  |  | &nbsp;&nbsp; 118239 |
| **Automobile Manufacturers–2.08%** | **Automobile Manufacturers–2.08%** | **Automobile Manufacturers–2.08%** | **Automobile Manufacturers–2.08%** |
| American Honda Finance Corp., <br> 4.90%, 01/10/2034<br>|  | 2000 | &nbsp;&nbsp; 2010 |
| Daimler Truck Finance North America LLC <br> (Germany), | Daimler Truck Finance North America LLC <br> (Germany), |  |  |
| 4.65%, 10/12/2030<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151138 |
| 5.00%, 10/12/2032<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 429862 |
| 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 120175 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.95%, 06/10/2026 |  | 242000 | &nbsp;&nbsp; 244150 |
| 7.35%, 11/04/2027 |  | 209000 | &nbsp;&nbsp; 218294 |
| 5.92%, 03/20/2028 |  | 200000 | &nbsp;&nbsp; 204765 |
| 6.80%, 05/12/2028 |  | 339000 | &nbsp;&nbsp; 353836 |
| 6.80%, 11/07/2028 |  | 200000 | &nbsp;&nbsp; 209889 |
| 7.20%, 06/10/2030 |  | 49000 | &nbsp;&nbsp; 52559 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.44%, 07/08/2028 |  | 5000 | &nbsp;&nbsp; 5049 |
| 5.34%, 07/08/2035 |  | 2000 | &nbsp;&nbsp; 2044 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2023 |
| 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1016 |
| 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2059 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3090 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1049 |
| Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 205320 |
| Mercedes-Benz Finance North America LLC <br> (Germany), | Mercedes-Benz Finance North America LLC <br> (Germany), |  |  |
| 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 263006 |
| 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 147913 |
| 5.13%, 08/01/2034<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 207058 |
| PACCAR Financial Corp., 4.00%, <br> 09/26/2029<br>|  | 2000 | &nbsp;&nbsp; 2006 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/09/2029 |  | 2000 | &nbsp;&nbsp; 2033 |
| 5.10%, 03/21/2031 |  | 1000 | &nbsp;&nbsp; 1039 |
| Volkswagen Group of America Finance LLC <br> (Germany), | Volkswagen Group of America Finance LLC <br> (Germany), |  |  |
| 5.25%, 03/22/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204543 |
| 5.60%, 03/22/2034<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 243254 |
|  |  |  | &nbsp;&nbsp; 3280211 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–0.58%** | **Automotive Parts & Equipment–0.58%** | **Automotive Parts & Equipment–0.58%** | **Automotive Parts & Equipment–0.58%** |
| American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |  |  |
| 6.38%, 10/15/2032<sup>(b)</sup> <br>|  | $56000 | &nbsp;&nbsp; $57060 |
| 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18345 |
| BMW US Capital LLC (Germany), <br> 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4022 |
| Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 46049 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3077 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2033 |
| Magna International, Inc. (Canada), <br> 5.88%, 06/01/2035<br>|  | 3000 | &nbsp;&nbsp; 3183 |
| ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153644 |
| 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 85832 |
| 6.75%, 04/23/2030<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 85041 |
| 7.50%, 03/24/2031<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 258934 |
| 6.88%, 04/23/2032<sup>(b)</sup> <br>|  | 203000 | &nbsp;&nbsp; 198672 |
|  |  |  | &nbsp;&nbsp; 915892 |
| **Automotive Retail–0.19%** | **Automotive Retail–0.19%** | **Automotive Retail–0.19%** | **Automotive Retail–0.19%** |
| Advance Auto Parts, Inc., | Advance Auto Parts, Inc., |  |  |
| 7.00%, 08/01/2030<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 43394 |
| 7.38%, 08/01/2033<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 64300 |
| AutoZone, Inc., 5.20%, <br> 08/01/2033<br>|  | 1000 | &nbsp;&nbsp; 1028 |
| Lithia Motors, Inc., 5.50%, <br> 10/01/2030<sup>(b)</sup> <br>|  | 180000 | &nbsp;&nbsp; 181360 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 2000 | &nbsp;&nbsp; 2015 |
|  |  |  | &nbsp;&nbsp; 292097 |
| **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2029 |  | 3000 | &nbsp;&nbsp; 3074 |
| 5.05%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 3084 |
| 5.40%, 03/15/2054 |  | 4000 | &nbsp;&nbsp; 3892 |
| 5.50%, 03/15/2064 |  | 3000 | &nbsp;&nbsp; 2917 |
| Amgen, Inc., 5.15%, 03/02/2028 |  | 3000 | &nbsp;&nbsp; 3071 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 5.25%, 10/15/2033 |  | 1000 | &nbsp;&nbsp; 1051 |
| 5.55%, 10/15/2053 |  | 2000 | &nbsp;&nbsp; 1992 |
|  |  |  | &nbsp;&nbsp; 19081 |
| **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 2000 | &nbsp;&nbsp; 1648 |
| 4.95%, 05/19/2050 |  | 2000 | &nbsp;&nbsp; 1402 |
| Univision Communications, Inc., <br> 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9680 |
|  |  |  | &nbsp;&nbsp; 12730 |
| **Broadline Retail–0.25%** | **Broadline Retail–0.25%** | **Broadline Retail–0.25%** | **Broadline Retail–0.25%** |
| El Puerto de Liverpool S.A.B. de C.V. <br> (Mexico), 6.66%, 01/22/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 214480 |
| MercadoLibre, Inc. (Brazil), 4.90%, <br> 01/15/2033<br>|  | 182000 | &nbsp;&nbsp; 180469 |
|  |  |  | &nbsp;&nbsp; 394949 |
| **Building Products–0.02%** | **Building Products–0.02%** | **Building Products–0.02%** | **Building Products–0.02%** |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3220 |

---

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

**3**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Building Products–(continued)** | **Building Products–(continued)** | **Building Products–(continued)** | **Building Products–(continued)** |
| CRH America Finance, Inc., | CRH America Finance, Inc., |  |  |
| 4.40%, 02/09/2031 |  | $9000 | &nbsp;&nbsp; $9017 |
| 5.00%, 02/09/2036 |  | 14000 | &nbsp;&nbsp; 14054 |
| 5.60%, 02/09/2056 |  | 10000 | &nbsp;&nbsp; 9863 |
| Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2066 |
|  |  |  | &nbsp;&nbsp; 38220 |
| **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 6.38%, 09/01/2029<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31442 |
| 7.38%, 03/01/2031<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9190 |
| Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., | Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., |  |  |
| 6.65%, 02/01/2034 |  | 3000 | &nbsp;&nbsp; 3162 |
| 5.85%, 12/01/2035 |  | 4000 | &nbsp;&nbsp; 3992 |
| 6.70%, 12/01/2055 |  | 5000 | &nbsp;&nbsp; 4798 |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032 |  | 1000 | &nbsp;&nbsp; 1057 |
| 6.05%, 05/15/2055 |  | 6000 | &nbsp;&nbsp; 5933 |
| Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3027 |
|  |  |  | &nbsp;&nbsp; 62601 |
| **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** |
| Penske Truck Leasing Co. L.P./PTL Finance <br> Corp., | Penske Truck Leasing Co. L.P./PTL Finance <br> Corp., |  |  |
| 5.75%, 05/24/2026<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3015 |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2024 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3088 |
| 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1029 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1043 |
| 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3090 |
| Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 2000 | &nbsp;&nbsp; 2045 |
|  |  |  | &nbsp;&nbsp; 15334 |
| **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** |
| Melco Resorts Finance Ltd. <br> (Hong Kong), 6.50%, <br> 09/24/2033<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15052 |
| **Commercial & Residential Mortgage Finance–0.19%** | **Commercial & Residential Mortgage Finance–0.19%** | **Commercial & Residential Mortgage Finance–0.19%** | **Commercial & Residential Mortgage Finance–0.19%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2079 |
| 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3186 |
| 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4003 |
| Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203812 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 2000 | &nbsp;&nbsp; 2098 |
| Rocket Cos., Inc., | Rocket Cos., Inc., |  |  |
| 6.13%, 08/01/2030<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19651 |
| 6.38%, 08/01/2033<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 58457 |
|  |  |  | &nbsp;&nbsp; 293286 |
| **Computer & Electronics Retail–0.00%** | **Computer & Electronics Retail–0.00%** | **Computer & Electronics Retail–0.00%** | **Computer & Electronics Retail–0.00%** |
| Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 1000 | &nbsp;&nbsp; 1031 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Computer & Electronics Retail–(continued)** | **Computer & Electronics Retail–(continued)** | **Computer & Electronics Retail–(continued)** | **Computer & Electronics Retail–(continued)** |
| Leidos, Inc., 5.75%, 03/15/2033 |  | $3000 | &nbsp;&nbsp; $3180 |
|  |  |  | &nbsp;&nbsp; 4211 |
| **Construction & Engineering–0.12%** | **Construction & Engineering–0.12%** | **Construction & Engineering–0.12%** | **Construction & Engineering–0.12%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 184000 | &nbsp;&nbsp; 188679 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.13%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.13%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.13%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.13%** |
| Caterpillar, Inc., 5.20%, <br> 05/15/2035<br>|  | 2000 | &nbsp;&nbsp; 2074 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| 4.70%, 02/15/2031 |  | 5000 | &nbsp;&nbsp; 5107 |
| 5.30%, 05/09/2035 |  | 2000 | &nbsp;&nbsp; 2075 |
| Komatsu Finance America, Inc., <br> 4.20%, 09/18/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199305 |
| Westinghouse Air Brake Technologies <br> Corp., | Westinghouse Air Brake Technologies <br> Corp., |  |  |
| 4.90%, 05/29/2030 |  | 2000 | &nbsp;&nbsp; 2050 |
| 5.50%, 05/29/2035 |  | 2000 | &nbsp;&nbsp; 2091 |
|  |  |  | &nbsp;&nbsp; 212702 |
| **Construction Materials–0.00%** | **Construction Materials–0.00%** | **Construction Materials–0.00%** | **Construction Materials–0.00%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| 5.88%, 01/31/2031<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2044 |
| 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2054 |
|  |  |  | &nbsp;&nbsp; 4098 |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| LG Electronics, Inc. (South Korea), <br> 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104064 |
| **Consumer Finance–0.19%** | **Consumer Finance–0.19%** | **Consumer Finance–0.19%** | **Consumer Finance–0.19%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1005 |
| 4.73%, 04/25/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2031 |
| 5.16% (SOFR + 1.26%), <br> 04/25/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3039 |
| 4.35%, 07/20/2029<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8060 |
| 4.75% (SOFR + 0.81%), <br> 07/20/2029<sup>(c)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7009 |
| 5.53%, 04/25/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2087 |
| 5.02%, 04/25/2031<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2062 |
| 4.92%, 07/20/2033<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4072 |
| 5.44%, 01/30/2036<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2078 |
| 5.67%, 04/25/2036<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1056 |
| 4.80%, 10/24/2036<sup>(d)</sup> <br>|  | 72000 | &nbsp;&nbsp; 71123 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| 7.15%, 10/29/2027<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2048 |
| 4.49%, 09/11/2031<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6991 |
| 5.20%, 09/11/2036<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4977 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 69777 |
| General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 2000 | &nbsp;&nbsp; 2007 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 7.13%, 09/15/2032 |  | 51000 | &nbsp;&nbsp; 53050 |
| 6.50%, 03/15/2033 |  | 51000 | &nbsp;&nbsp; 51618 |
| Synchrony Financial, 5.02%, <br> 07/29/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1013 |
|  |  |  | &nbsp;&nbsp; 295103 |

---

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

**4**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | $2000 | &nbsp;&nbsp; $1917 |
| **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.80%, 05/01/2030 |  | 3000 | &nbsp;&nbsp; 3051 |
| 4.90%, 05/01/2033 |  | 1000 | &nbsp;&nbsp; 1006 |
| 4.95%, 11/01/2035 |  | 5000 | &nbsp;&nbsp; 4947 |
|  |  |  | &nbsp;&nbsp; 9004 |
| **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3167 |
| 4.95%, 08/15/2029 |  | 4000 | &nbsp;&nbsp; 4068 |
| 6.88%, 11/01/2033 |  | 2000 | &nbsp;&nbsp; 2223 |
|  |  |  | &nbsp;&nbsp; 9458 |
| **Diversified Banks–10.69%** | **Diversified Banks–10.69%** | **Diversified Banks–10.69%** | **Diversified Banks–10.69%** |
| Australia and New Zealand Banking <br> Group Ltd. (Australia), 6.74%, <br> 12/08/2032<sup>(b)(f)</sup> <br>|  | 387000 | &nbsp;&nbsp; 428639 |
| Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 9.38%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 223355 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 5.08% (SOFR + 1.12%), <br> 11/06/2030<br>|  | 400000 | &nbsp;&nbsp; 400523 |
| 5.13%, 11/06/2035 |  | 200000 | &nbsp;&nbsp; 200007 |
| 9.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221836 |
| 9.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 241627 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 4.90% (SOFR + 1.05%), <br> 02/04/2028<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2012 |
| 4.95%, 07/22/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2029 |
| 4.72% (SOFR + 0.83%), <br> 01/24/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3005 |
| 5.20%, 04/25/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1026 |
| 4.62%, 05/09/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1013 |
| 4.27%, 07/23/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1005 |
| 4.90% (SOFR + 1.01%), <br> 01/24/2031<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2002 |
| 5.16%, 01/24/2031<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4130 |
| 5.43%, 08/15/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1023 |
| 5.51%, 01/24/2036<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3130 |
| 7.75%, 05/14/2038 |  | 232000 | &nbsp;&nbsp; 281870 |
| 6.63%<sup>(d)(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4171 |
| Series RR, 4.38%<sup>(d)(e)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7920 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| 5.30%, 06/05/2026 |  | 2000 | &nbsp;&nbsp; 2012 |
| 7.70%, 05/26/2084<sup>(d)</sup> <br>|  | 365000 | &nbsp;&nbsp; 387796 |
| 7.30%, 11/26/2084<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 220817 |
| Bank of New York Mellon (The), <br> 4.65% (SOFR + 0.71%), <br> 04/20/2027<sup>(c)</sup> <br>|  | 260000 | &nbsp;&nbsp; 260360 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(d)</sup> <br>|  | 306000 | &nbsp;&nbsp; 325197 |
| 8.00%, 01/27/2084<sup>(d)</sup> <br>|  | 54000 | &nbsp;&nbsp; 58049 |
| 6.88%, 10/27/2085<sup>(d)</sup> <br>|  | 312000 | &nbsp;&nbsp; 320055 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 6.69%, 09/13/2034<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 229264 |
| 5.86%, 08/11/2046<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205062 |
| BPCE S.A. (France), 6.29%, <br> 01/14/2036<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 266970 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 4.96% (SOFR + 1.14%), <br> 05/07/2028<sup>(c)</sup> <br>|  | $4000 | &nbsp;&nbsp; $4027 |
| 5.17%, 02/13/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3079 |
| 4.54%, 09/19/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3026 |
| 5.28% (SOFR + 1.46%), <br> 05/07/2031<sup>(c)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6095 |
| 4.50%, 09/11/2031<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8027 |
| 6.17%, 05/25/2034<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3188 |
| 5.83%, 02/13/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2079 |
| 5.17%, 09/11/2036<sup>(d)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11108 |
| 5.41%, 09/19/2039<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4031 |
| 5.61%, 03/04/2056<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1993 |
| 6.63%<sup>(d)(e)</sup> <br>|  | 219000 | &nbsp;&nbsp; 222653 |
| Series AA, 7.63%<sup>(d)(e)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53513 |
| Series BB, 7.20%<sup>(d)(e)</sup> <br>|  | 60000 | &nbsp;&nbsp; 62329 |
| Series DD, 7.00%<sup>(d)(e)</sup> <br>|  | 107000 | &nbsp;&nbsp; 112911 |
| Series Z, 7.38%<sup>(d)(e)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53544 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3130 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), 3.96%, <br> 10/17/2028<br>|  | 250000 | &nbsp;&nbsp; 251324 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| 5.22%, 05/27/2031<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256752 |
| 4.82%, 09/25/2033<sup>(b)(d)</sup> <br>|  | 296000 | &nbsp;&nbsp; 295723 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 6.34%, 07/27/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2107 |
| 4.77%, 07/28/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2024 |
| 5.63%, 01/29/2032<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1050 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.60%, 05/17/2028<sup>(d)</sup> <br>|  | 224000 | &nbsp;&nbsp; 228231 |
| 5.21%, 08/11/2028<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 210550 |
| 5.29%, 11/19/2030<sup>(d)</sup> <br>|  | 256000 | &nbsp;&nbsp; 264222 |
| 5.13%, 03/03/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205037 |
| 5.24%, 05/13/2031<sup>(d)</sup> <br>|  | 213000 | &nbsp;&nbsp; 219522 |
| 5.40% (SOFR + 1.57%), <br> 05/13/2031<sup>(c)</sup> <br>|  | 390000 | &nbsp;&nbsp; 398114 |
| 5.79%, 05/13/2036<sup>(d)</sup> <br>|  | 239000 | &nbsp;&nbsp; 252550 |
| 5.74%, 09/10/2036<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205954 |
| 5.13%, 11/06/2036<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200624 |
| 6.33%, 03/09/2044<sup>(d)</sup> <br>|  | 315000 | &nbsp;&nbsp; 345211 |
| 6.88%<sup>(d)(e)</sup> <br>|  | 216000 | &nbsp;&nbsp; 224213 |
| 7.05%<sup>(d)(e)</sup> <br>|  | 232000 | &nbsp;&nbsp; 241853 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206360 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 3.63%, 12/01/2027 |  | 2000 | &nbsp;&nbsp; 1991 |
| 5.57%, 04/22/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3060 |
| 4.85%, 07/25/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2026 |
| 4.92%, 01/24/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2037 |
| 5.30%, 07/24/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| 6.09%, 10/23/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2107 |
| 5.01%, 01/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2051 |
| 5.58%, 04/22/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1044 |
| 5.00%, 07/22/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2054 |
| 4.60%, 10/22/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3043 |
| 5.14%, 01/24/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3101 |
| 5.10%, 04/22/2031<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5164 |
| 4.26%, 10/22/2031<sup>(d)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27921 |

---

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

**5**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| 5.72%, 09/14/2033<sup>(d)</sup> <br>|  | $2000 | &nbsp;&nbsp; $2115 |
| 5.34%, 01/23/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1037 |
| 5.50%, 01/24/2036<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2091 |
| 5.57%, 04/22/2036<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4198 |
| 4.81%, 10/22/2036<sup>(d)</sup> <br>|  | 38000 | &nbsp;&nbsp; 37747 |
| 5.53%, 11/29/2045<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2032 |
| Series W, 5.11% (3 mo. Term <br> SOFR + 1.26%), 05/15/2047<sup>(c)</sup> <br>|  | 1000 | &nbsp;&nbsp; 886 |
| Series NN, 6.88%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2122 |
| KeyCorp, 2.55%, 10/01/2029 |  | 3000 | &nbsp;&nbsp; 2833 |
| Lloyds Banking Group PLC (United <br> Kingdom), | Lloyds Banking Group PLC (United <br> Kingdom), |  |  |
| 4.43%, 11/04/2031<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 210408 |
| 4.94%, 11/04/2036<sup>(d)</sup> <br>|  | 261000 | &nbsp;&nbsp; 258325 |
| 6.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199773 |
| Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>|  | 230000 | &nbsp;&nbsp; 233124 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.16%, 04/24/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206182 |
| 5.41% (SOFR + 1.48%), <br> 04/24/2031<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203706 |
| 4.53%, 09/12/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201163 |
| 5.43%, 04/17/2035<sup>(d)</sup> <br>|  | 92000 | &nbsp;&nbsp; 95642 |
| 5.57%, 01/16/2036<sup>(d)</sup> <br>|  | 60000 | &nbsp;&nbsp; 62905 |
| 5.62%, 04/24/2036<sup>(d)</sup> <br>|  | 152000 | &nbsp;&nbsp; 159179 |
| 5.19%, 09/12/2036<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203279 |
| 6.35%<sup>(d)(e)</sup> <br>|  | 256000 | &nbsp;&nbsp; 261982 |
| 8.20%<sup>(d)(e)</sup> <br>|  | 158000 | &nbsp;&nbsp; 174036 |
| Mizuho Financial Group, Inc. (Japan), <br> 5.59%, 07/10/2035<sup>(d)</sup> <br>|  | 268000 | &nbsp;&nbsp; 281264 |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| 4.47%, 07/06/2028<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251733 |
| 4.73%, 07/18/2031<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253476 |
| Multibank, Inc. (Panama), 7.75%, <br> 02/03/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207401 |
| National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(d)</sup> <br>|  | 198000 | &nbsp;&nbsp; 208272 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| 4.25%, 08/28/2030<sup>(b)(f)</sup> <br>|  | 345000 | &nbsp;&nbsp; 345648 |
| 6.30%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205061 |
| Pinnacle Bank, 5.63%, 02/15/2028 |  | 250000 | &nbsp;&nbsp; 255458 |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1020 |
| 5.58%, 06/12/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1037 |
| 4.90%, 05/13/2031<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2047 |
| 5.07%, 01/24/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1023 |
| 5.37%, 07/21/2036<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4116 |
| Series V, 6.20%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3052 |
| Series W, 6.25%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3099 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 4.64% (SOFR + 0.71%), <br> 01/21/2027<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2009 |
| 4.95%, 02/01/2029 |  | 2000 | &nbsp;&nbsp; 2054 |
| 5.00%, 02/01/2033 |  | 1000 | &nbsp;&nbsp; 1030 |
| 7.50%, 05/02/2084<sup>(d)</sup> <br>|  | 338000 | &nbsp;&nbsp; 359012 |
| 6.50%, 11/24/2085<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 210262 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(d)</sup> <br>|  | $200000 | &nbsp;&nbsp; $202061 |
| 5.01%, 10/15/2030<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204359 |
| 5.24%, 05/13/2031<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206158 |
| 5.49% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204920 |
| 7.75%<sup>(b)(d)(e)</sup> <br>|  | 288000 | &nbsp;&nbsp; 300037 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 6.60%<sup>(d)(e)</sup> <br>|  | 285000 | &nbsp;&nbsp; 294983 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208300 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 4.93%, 10/15/2035 |  | 10000 | &nbsp;&nbsp; 9997 |
| 8.13%, 10/31/2082<sup>(d)</sup> <br>|  | 247000 | &nbsp;&nbsp; 260666 |
| Truist Bank, | Truist Bank, |  |  |
| 4.42%, 07/24/2028<sup>(d)</sup> <br>|  | 267000 | &nbsp;&nbsp; 268705 |
| 4.67% (SOFR + 0.77%), <br> 07/24/2028<sup>(c)</sup> <br>|  | 368000 | &nbsp;&nbsp; 368040 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3119 |
| 5.38%, 01/23/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3108 |
| UBS AG (Switzerland), 4.30% (SOFR + <br> 0.50%), 05/17/2027<sup>(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250327 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 5.71%, 04/22/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2042 |
| 4.81%, 07/25/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2023 |
| 5.28% (SOFR + 1.37%), <br> 04/23/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3039 |
| 5.57%, 07/25/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3109 |
| 6.30%, 10/23/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3171 |
| 5.20%, 01/23/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3090 |
| 5.15%, 04/23/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3097 |
| 5.39%, 04/24/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1041 |
| 5.56%, 07/25/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1049 |
| 5.50%, 01/23/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1044 |
| 5.61%, 04/23/2036<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3146 |
| 6.85%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3147 |
| 7.63%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3202 |
| Series BB, 3.90%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2992 |
| Westpac Banking Corp. (Australia), <br> 6.82%, 11/17/2033<br>|  | 3000 | &nbsp;&nbsp; 3363 |
|  |  |  | &nbsp;&nbsp; 16874863 |
| **Diversified Capital Markets–1.33%** | **Diversified Capital Markets–1.33%** | **Diversified Capital Markets–1.33%** | **Diversified Capital Markets–1.33%** |
| Deutsche Bank AG (Germany), 4.47%, <br> 12/10/2031<sup>(d)</sup> <br>|  | 156000 | &nbsp;&nbsp; 155503 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.43%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206911 |
| 4.40%, 09/23/2031<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199085 |
| 5.01%, 03/23/2037<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198314 |
| 5.53%, 05/06/2047<sup>(b)(d)</sup> <br>|  | 455000 | &nbsp;&nbsp; 449418 |
| 7.00%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204970 |
| 7.13%<sup>(b)(d)(e)</sup> <br>|  | 226000 | &nbsp;&nbsp; 231729 |
| Series 28, 9.25%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 220040 |
| Series 33, 9.25%<sup>(b)(d)(e)</sup> <br>|  | 201000 | &nbsp;&nbsp; 235839 |
|  |  |  | &nbsp;&nbsp; 2101809 |
| **Diversified Financial Services–1.86%** | **Diversified Financial Services–1.86%** | **Diversified Financial Services–1.86%** | **Diversified Financial Services–1.86%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.50%, 01/31/2056<sup>(d)</sup> <br>|  | 241000 | &nbsp;&nbsp; 249526 |

---

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

**6**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Aircastle Ltd./Aircastle Ireland DAC, <br> 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | $150000 | &nbsp;&nbsp; $151655 |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| 4.70%, 04/07/2028 |  | 2000 | &nbsp;&nbsp; 2025 |
| 4.95%, 04/07/2030 |  | 4000 | &nbsp;&nbsp; 4092 |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3297 |
| 5.15%, 08/12/2035 |  | 5000 | &nbsp;&nbsp; 5012 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3038 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3127 |
| 4.70%, 01/30/2031<sup>(b)</sup> <br>|  | 134000 | &nbsp;&nbsp; 133172 |
| 4.95%, 10/15/2032<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 10902 |
| BlackRock Funding, Inc., 4.90%, <br> 01/08/2035<br>|  | 2000 | &nbsp;&nbsp; 2042 |
| Blackstone Reg Finance Co. L.L.C., | Blackstone Reg Finance Co. L.L.C., |  |  |
| 4.30%, 11/03/2030 |  | 13000 | &nbsp;&nbsp; 13000 |
| 4.95%, 02/15/2036 |  | 14000 | &nbsp;&nbsp; 13905 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2123 |
| 5.75%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3143 |
| Eagle Funding LuxCo S.a.r.l. (Mexico), <br> 5.50%, 08/17/2030<sup>(b)</sup> <br>|  | 1103000 | &nbsp;&nbsp; 1124883 |
| Gabon Blue Bond Master Trust <br> (Gabon), Series 2, 6.10%, <br> 08/01/2038<sup>(b)</sup> <br>|  | 341000 | &nbsp;&nbsp; 349964 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31541 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 108951 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 218291 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 4000 | &nbsp;&nbsp; 4079 |
| 5.20%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2048 |
| 5.15%, 06/15/2030 |  | 4000 | &nbsp;&nbsp; 4081 |
| 5.65%, 03/15/2035 |  | 1000 | &nbsp;&nbsp; 1026 |
| OPEC Fund for International <br> Development (The) <br> (Supranational), 4.50%, <br> 01/26/2026<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 245071 |
| Voya Global Funding, 4.60%, <br> 11/24/2030<sup>(b)</sup> <br>|  | 68000 | &nbsp;&nbsp; 68432 |
| Wynnton Funding Trust II, 5.99%, <br> 08/15/2055<sup>(b)</sup> <br>|  | 171000 | &nbsp;&nbsp; 172658 |
|  |  |  | &nbsp;&nbsp; 2931084 |
| **Diversified Metals & Mining–0.28%** | **Diversified Metals & Mining–0.28%** | **Diversified Metals & Mining–0.28%** | **Diversified Metals & Mining–0.28%** |
| BHP Billiton Finance (USA) Ltd. (Australia), | BHP Billiton Finance (USA) Ltd. (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 1000 | &nbsp;&nbsp; 1032 |
| 5.25%, 09/08/2030 |  | 2000 | &nbsp;&nbsp; 2084 |
| 5.25%, 09/08/2033 |  | 3000 | &nbsp;&nbsp; 3120 |
| 5.75%, 09/05/2055 |  | 4000 | &nbsp;&nbsp; 4083 |
| Corporacion Nacional del Cobre de <br> Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201394 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3051 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1032 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2057 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3140 |
| 5.89%, 04/04/2054<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 996 |
| 6.14%, 04/01/2055<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3100 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** |
| Rio Tinto Finance (USA) PLC (Australia), | Rio Tinto Finance (USA) PLC (Australia), |  |  |
| 5.00%, 03/14/2032 |  | $4000 | &nbsp;&nbsp; $4133 |
| 5.88%, 03/14/2065 |  | 3000 | &nbsp;&nbsp; 3101 |
| Windfall Mining Group, Inc./Groupe <br> Minier Windfall, Inc. (South Africa), <br> 5.85%, 05/13/2032<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 210068 |
|  |  |  | &nbsp;&nbsp; 442391 |
| **Diversified REITs–0.00%** | **Diversified REITs–0.00%** | **Diversified REITs–0.00%** | **Diversified REITs–0.00%** |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 3000 | &nbsp;&nbsp; 3069 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 2000 | &nbsp;&nbsp; 2065 |
| 6.13%, 04/01/2054 |  | 2000 | &nbsp;&nbsp; 1995 |
|  |  |  | &nbsp;&nbsp; 7129 |
| **Diversified Support Services–0.20%** | **Diversified Support Services–0.20%** | **Diversified Support Services–0.20%** | **Diversified Support Services–0.20%** |
| Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 280611 |
| Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2110 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1023 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7167 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17794 |
|  |  |  | &nbsp;&nbsp; 308705 |
| **Drug Retail–0.37%** | **Drug Retail–0.37%** | **Drug Retail–0.37%** | **Drug Retail–0.37%** |
| CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 217694 |
| CVS Pass-Through Trust, 5.77%, <br> 01/10/2033<sup>(b)</sup> <br>|  | 50751 | &nbsp;&nbsp; 51760 |
| Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), <br> 5.75%, 12/01/2030<br>|  | 300000 | &nbsp;&nbsp; 311443 |
|  |  |  | &nbsp;&nbsp; 580897 |
| **Electric Utilities–1.81%** | **Electric Utilities–1.81%** | **Electric Utilities–1.81%** | **Electric Utilities–1.81%** |
| AEP Texas, Inc., | AEP Texas, Inc., |  |  |
| 3.95%, 06/01/2028<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 161458 |
| 5.70%, 05/15/2034 |  | 5000 | &nbsp;&nbsp; 5225 |
| 5.85%, 10/15/2055 |  | 3000 | &nbsp;&nbsp; 2948 |
| AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>|  | 1000 | &nbsp;&nbsp; 1034 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| Series C, 4.30%, 03/15/2031 |  | 5000 | &nbsp;&nbsp; 5019 |
| 5.85%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3225 |
| 5.10%, 04/02/2035 |  | 3000 | &nbsp;&nbsp; 3073 |
| Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 215459 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 2000 | &nbsp;&nbsp; 2063 |
| 5.20%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2062 |
| Series C, 5.80%, 03/15/2056<sup>(d)</sup> <br>|  | 45000 | &nbsp;&nbsp; 44694 |
| Arizona Public Service Co., 5.90%, <br> 08/15/2055<br>|  | 8000 | &nbsp;&nbsp; 8144 |
| Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<br>|  | 2000 | &nbsp;&nbsp; 2073 |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 42160 |

---

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

**7**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Capital Power (US Holdings), Inc. (Canada), | Capital Power (US Holdings), Inc. (Canada), |  |  |
| 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | $2000 | &nbsp;&nbsp; $2041 |
| 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1047 |
| CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |  |  |
| 4.80%, 03/15/2030 |  | 4000 | &nbsp;&nbsp; 4098 |
| 5.05%, 03/01/2035 |  | 2000 | &nbsp;&nbsp; 2021 |
| Series AJ, 4.85%, 10/01/2052 |  | 1000 | &nbsp;&nbsp; 899 |
| Commonwealth Edison Co., 5.95%, <br> 06/01/2055<br>|  | 2000 | &nbsp;&nbsp; 2081 |
| Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |  |  |
| 5.50%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1052 |
| 5.90%, 11/15/2053 |  | 2000 | &nbsp;&nbsp; 2041 |
| 5.75%, 11/15/2055 |  | 34000 | &nbsp;&nbsp; 33937 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 2000 | &nbsp;&nbsp; 2169 |
| 6.50%, 10/01/2053 |  | 3000 | &nbsp;&nbsp; 3273 |
| 5.75%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 993 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 4000 | &nbsp;&nbsp; 4123 |
| 5.25%, 03/15/2035 |  | 3000 | &nbsp;&nbsp; 3102 |
| 5.35%, 01/15/2053 |  | 2000 | &nbsp;&nbsp; 1927 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | 2000 | &nbsp;&nbsp; 2042 |
| 4.95%, 09/15/2035 |  | 5000 | &nbsp;&nbsp; 4961 |
| 5.00%, 08/15/2052 |  | 1000 | &nbsp;&nbsp; 884 |
| Duke Energy Florida LLC, 4.20%, <br> 12/01/2030<br>|  | 52000 | &nbsp;&nbsp; 52100 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| 5.40%, 04/01/2053 |  | 2000 | &nbsp;&nbsp; 1901 |
| 5.90%, 05/15/2055 |  | 3000 | &nbsp;&nbsp; 3062 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 184000 | &nbsp;&nbsp; 192556 |
| 9.13%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 233378 |
| Entergy Corp., | Entergy Corp., |  |  |
| 7.13%, 12/01/2054<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2101 |
| 5.88%, 06/15/2056<sup>(d)</sup> <br>|  | 72000 | &nbsp;&nbsp; 72004 |
| 6.10%, 06/15/2056<sup>(d)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27969 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| 5.15%, 09/15/2034 |  | 3000 | &nbsp;&nbsp; 3068 |
| 5.80%, 03/15/2055 |  | 2000 | &nbsp;&nbsp; 2018 |
| Entergy Texas, Inc., 5.25%, <br> 04/15/2035<br>|  | 3000 | &nbsp;&nbsp; 3082 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| 4.95%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 3050 |
| 5.13%, 08/15/2035 |  | 4000 | &nbsp;&nbsp; 4044 |
| Evergy Missouri West, Inc., 5.25%, <br> 12/15/2035<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35213 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 2000 | &nbsp;&nbsp; 2057 |
| 5.13%, 03/15/2031 |  | 2000 | &nbsp;&nbsp; 2069 |
| 5.45%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1041 |
| 5.88%, 03/15/2055 |  | 3000 | &nbsp;&nbsp; 3024 |
| Conv., 3.25%, 03/15/2029<sup>(b)</sup> <br>|  | 149000 | &nbsp;&nbsp; 148925 |
| FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2044 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 2000 | &nbsp;&nbsp; 2017 |
| 5.00%, 01/15/2035 |  | 2000 | &nbsp;&nbsp; 2011 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| 4.80%, 05/15/2033 |  | $2000 | &nbsp;&nbsp; $2040 |
| 4.70%, 02/15/2036 |  | 67000 | &nbsp;&nbsp; 66390 |
| 5.80%, 03/15/2065 |  | 4000 | &nbsp;&nbsp; 4067 |
| 5.60%, 02/15/2066 |  | 80000 | &nbsp;&nbsp; 78827 |
| Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 3000 | &nbsp;&nbsp; 3060 |
| Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 36519 |
| Louisville Gas and Electric Co., <br> 5.85%, 08/15/2055<br>|  | 3000 | &nbsp;&nbsp; 3026 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3139 |
| 5.85%, 09/15/2054 |  | 1000 | &nbsp;&nbsp; 1033 |
| 5.30%, 02/01/2055 |  | 2000 | &nbsp;&nbsp; 1903 |
| National Rural Utilities Cooperative Finance <br> Corp., | National Rural Utilities Cooperative Finance <br> Corp., |  |  |
| 4.85%, 02/07/2029 |  | 3000 | &nbsp;&nbsp; 3070 |
| 5.00%, 02/07/2031 |  | 3000 | &nbsp;&nbsp; 3103 |
| 5.80%, 01/15/2033 |  | 2000 | &nbsp;&nbsp; 2146 |
| 5.00%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 4079 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.90%, 03/15/2029 |  | 4000 | &nbsp;&nbsp; 4100 |
| 5.05%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2064 |
| 5.45%, 03/15/2035 |  | 3000 | &nbsp;&nbsp; 3107 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 4.65%, 10/03/2030<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3023 |
| 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2035 |
| 6.00%, 07/03/2055<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6098 |
| Northern States Power Co., 5.65%, <br> 05/15/2055<br>|  | 2000 | &nbsp;&nbsp; 2015 |
| NRG Energy, Inc., | NRG Energy, Inc., |  |  |
| 4.73%, 10/15/2030<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19036 |
| 5.75%, 01/15/2034<sup>(b)</sup> <br>|  | 96000 | &nbsp;&nbsp; 97027 |
| 5.41%, 10/15/2035<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 15992 |
| 6.00%, 01/15/2036<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 108473 |
| Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<br>|  | 2000 | &nbsp;&nbsp; 1986 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<br>|  | 2000 | &nbsp;&nbsp; 2086 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 4000 | &nbsp;&nbsp; 3937 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.65%, 11/01/2029 |  | 4000 | &nbsp;&nbsp; 4071 |
| 5.65%, 11/15/2033 |  | 1000 | &nbsp;&nbsp; 1064 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2014 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 2000 | &nbsp;&nbsp; 2042 |
| 5.30%, 02/15/2031 |  | 2000 | &nbsp;&nbsp; 2060 |
| 5.45%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1015 |
| 5.80%, 01/15/2055 |  | 1000 | &nbsp;&nbsp; 934 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 4000 | &nbsp;&nbsp; 4076 |
| 5.15%, 05/15/2030 |  | 1000 | &nbsp;&nbsp; 1031 |
| PPL Capital Funding, Inc., | PPL Capital Funding, Inc., |  |  |
| Conv., 3.00%, 12/01/2030<sup>(b)</sup> <br>|  | 155000 | &nbsp;&nbsp; 155409 |
| 5.25%, 09/01/2034 |  | 1000 | &nbsp;&nbsp; 1026 |
| PPL Electric Utilities Corp., 5.55%, <br> 08/15/2055<br>|  | 3000 | &nbsp;&nbsp; 2996 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 1000 | &nbsp;&nbsp; 933 |

---

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

**8**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| RWE Finance US LLC (Germany), | RWE Finance US LLC (Germany), |  |  |
| 5.13%, 09/18/2035<sup>(b)</sup> <br>|  | $150000 | &nbsp;&nbsp; $149215 |
| 5.88%, 09/18/2055<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146821 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 2000 | &nbsp;&nbsp; 1898 |
| 5.55%, 04/15/2054 |  | 3000 | &nbsp;&nbsp; 2920 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 1000 | &nbsp;&nbsp; 1002 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| 5.70%, 10/15/2032 |  | 3000 | &nbsp;&nbsp; 3183 |
| 4.85%, 03/15/2035 |  | 2000 | &nbsp;&nbsp; 1976 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3084 |
| Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1028 |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | 2000 | &nbsp;&nbsp; 2060 |
| 5.25%, 04/15/2035 |  | 1000 | &nbsp;&nbsp; 1032 |
| 5.13%, 03/15/2055 |  | 2000 | &nbsp;&nbsp; 1837 |
| Virginia Electric and Power Co., | Virginia Electric and Power Co., |  |  |
| 5.00%, 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3074 |
| Series C, 4.90%, 09/15/2035 |  | 8000 | &nbsp;&nbsp; 7965 |
| Series D, 5.60%, 09/15/2055 |  | 8000 | &nbsp;&nbsp; 7777 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2015 |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 371000 | &nbsp;&nbsp; 371336 |
| 4.60%, 10/15/2030<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8007 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 61000 | &nbsp;&nbsp; 64638 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 27401 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1117 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1055 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4132 |
| 5.25%, 10/15/2035<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9973 |
| Wisconsin Electric Power Co., 4.15%, <br> 10/15/2030<br>|  | 5000 | &nbsp;&nbsp; 5001 |
| Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 4000 | &nbsp;&nbsp; 4056 |
|  |  |  | &nbsp;&nbsp; 2865717 |
| **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6976 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1012 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1027 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| 6.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2120 |
| 6.40%, 04/15/2033 |  | 2000 | &nbsp;&nbsp; 2152 |
|  |  |  | &nbsp;&nbsp; 13287 |
| **Electronic Components–0.07%** | **Electronic Components–0.07%** | **Electronic Components–0.07%** | **Electronic Components–0.07%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 4.13%, 11/15/2030 |  | 23000 | &nbsp;&nbsp; 22887 |
| 4.40%, 02/15/2033 |  | 44000 | &nbsp;&nbsp; 43551 |
| 5.00%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4083 |
| 5.38%, 11/15/2054 |  | 2000 | &nbsp;&nbsp; 1946 |
| 5.30%, 11/15/2055 |  | 35000 | &nbsp;&nbsp; 33460 |
|  |  |  | &nbsp;&nbsp; 105927 |
| **Electronic Equipment & Instruments–0.00%** | **Electronic Equipment & Instruments–0.00%** | **Electronic Equipment & Instruments–0.00%** | **Electronic Equipment & Instruments–0.00%** |
| Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>|  | 2000 | &nbsp;&nbsp; 2087 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup> <br>|  | $30000 | &nbsp;&nbsp; $31283 |
| **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 3079 |
| 5.00%, 12/15/2033 |  | 1000 | &nbsp;&nbsp; 1034 |
| 5.00%, 04/01/2034 |  | 3000 | &nbsp;&nbsp; 3082 |
| Rollins, Inc., 5.25%, 02/24/2035 |  | 4000 | &nbsp;&nbsp; 4083 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 2000 | &nbsp;&nbsp; 2017 |
| 5.35%, 09/18/2028 |  | 2000 | &nbsp;&nbsp; 2063 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<br>|  | 4000 | &nbsp;&nbsp; 3900 |
|  |  |  | &nbsp;&nbsp; 19258 |
| **Fertilizers & Agricultural Chemicals–0.04%** | **Fertilizers & Agricultural Chemicals–0.04%** | **Fertilizers & Agricultural Chemicals–0.04%** | **Fertilizers & Agricultural Chemicals–0.04%** |
| Mosaic Co. (The), | Mosaic Co. (The), |  |  |
| 4.35%, 01/15/2029 |  | 36000 | &nbsp;&nbsp; 36126 |
| 4.60%, 11/15/2030 |  | 30000 | &nbsp;&nbsp; 30078 |
|  |  |  | &nbsp;&nbsp; 66204 |
| **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 3.95%, 12/01/2028 |  | 21000 | &nbsp;&nbsp; 21063 |
| 4.20%, 03/15/2031 |  | 68000 | &nbsp;&nbsp; 68069 |
| 4.95%, 06/15/2052 |  | 2000 | &nbsp;&nbsp; 1832 |
| 5.20%, 06/15/2062 |  | 1000 | &nbsp;&nbsp; 919 |
| Moody's Corp., 5.25%, 07/15/2044 |  | 2000 | &nbsp;&nbsp; 1946 |
| MSCI, Inc., 5.25%, 09/01/2035 |  | 3000 | &nbsp;&nbsp; 3021 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 2000 | &nbsp;&nbsp; 2065 |
| 5.55%, 02/15/2034 |  | 2000 | &nbsp;&nbsp; 2101 |
| 5.95%, 08/15/2053 |  | 2000 | &nbsp;&nbsp; 2080 |
| 6.10%, 06/28/2063 |  | 3000 | &nbsp;&nbsp; 3149 |
|  |  |  | &nbsp;&nbsp; 106245 |
| **Food Distributors–0.01%** | **Food Distributors–0.01%** | **Food Distributors–0.01%** | **Food Distributors–0.01%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| 4.55%, 08/04/2030 |  | 8000 | &nbsp;&nbsp; 8077 |
| 5.15%, 08/04/2035 |  | 3000 | &nbsp;&nbsp; 3048 |
| Sysco Corp., 5.10%, 09/23/2030 |  | 3000 | &nbsp;&nbsp; 3099 |
|  |  |  | &nbsp;&nbsp; 14224 |
| **Food Retail–0.01%** | **Food Retail–0.01%** | **Food Retail–0.01%** | **Food Retail–0.01%** |
| Alimentation Couche-Tard, Inc. <br> (Canada), 5.08%, 09/29/2035<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9064 |
| Kroger Co. (The), 5.65%, <br> 09/15/2064<br>|  | 2000 | &nbsp;&nbsp; 1910 |
|  |  |  | &nbsp;&nbsp; 10974 |
| **Forest Products–0.06%** | **Forest Products–0.06%** | **Forest Products–0.06%** | **Forest Products–0.06%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1013 |
| 4.95%, 06/30/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2059 |
| Suzano Netherlands B.V. (Brazil), <br> 5.50%, 01/15/2036<br>|  | 89000 | &nbsp;&nbsp; 88288 |
|  |  |  | &nbsp;&nbsp; 91360 |

---

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

**9**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Gas Utilities–0.15%** | **Gas Utilities–0.15%** | **Gas Utilities–0.15%** | **Gas Utilities–0.15%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | $3000 | &nbsp;&nbsp; $3246 |
| 5.20%, 08/15/2035 |  | 6000 | &nbsp;&nbsp; 6198 |
| 6.20%, 11/15/2053 |  | 3000 | &nbsp;&nbsp; 3253 |
| 5.45%, 01/15/2056 |  | 7000 | &nbsp;&nbsp; 6779 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1042 |
| Snam S.p.A. (Italy), 5.00%, <br> 05/28/2030<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 213287 |
| Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2047 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3079 |
|  |  |  | &nbsp;&nbsp; 238931 |
| **Gold–0.02%** | **Gold–0.02%** | **Gold–0.02%** | **Gold–0.02%** |
| Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12017 |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13859 |
|  |  |  | &nbsp;&nbsp; 25876 |
| **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** |
| Cardinal Health, Inc., | Cardinal Health, Inc., |  |  |
| 4.50%, 09/15/2030 |  | 3000 | &nbsp;&nbsp; 3029 |
| 5.45%, 02/15/2034 |  | 2000 | &nbsp;&nbsp; 2083 |
| 5.15%, 09/15/2035 |  | 2000 | &nbsp;&nbsp; 2033 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1026 |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.25%, 09/15/2029 |  | 2000 | &nbsp;&nbsp; 2014 |
| 4.65%, 05/30/2030 |  | 6000 | &nbsp;&nbsp; 6106 |
| 4.95%, 05/30/2032 |  | 3000 | &nbsp;&nbsp; 3086 |
|  |  |  | &nbsp;&nbsp; 19377 |
| **Health Care Equipment–0.01%** | **Health Care Equipment–0.01%** | **Health Care Equipment–0.01%** | **Health Care Equipment–0.01%** |
| GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 2000 | &nbsp;&nbsp; 2038 |
| Smith & Nephew PLC (United <br> Kingdom), 5.40%, 03/20/2034<br>|  | 3000 | &nbsp;&nbsp; 3105 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.25%, 09/11/2029 |  | 3000 | &nbsp;&nbsp; 3017 |
| 4.85%, 02/10/2030 |  | 4000 | &nbsp;&nbsp; 4109 |
| 5.20%, 02/10/2035 |  | 5000 | &nbsp;&nbsp; 5136 |
|  |  |  | &nbsp;&nbsp; 17405 |
| **Health Care Facilities–0.11%** | **Health Care Facilities–0.11%** | **Health Care Facilities–0.11%** | **Health Care Facilities–0.11%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 3000 | &nbsp;&nbsp; 3102 |
| Ascension Health, | Ascension Health, |  |  |
| Series 2025, <br>4.29%, 11/15/2030<br>|  | 92000 | &nbsp;&nbsp; 92185 |
| 4.92%, 11/15/2035 |  | 69000 | &nbsp;&nbsp; 69133 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 2000 | &nbsp;&nbsp; 2011 |
| 5.05%, 10/15/2034 |  | 4000 | &nbsp;&nbsp; 3927 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 3000 | &nbsp;&nbsp; 3066 |
| 5.38%, 05/15/2043 |  | 3000 | &nbsp;&nbsp; 2933 |
|  |  |  | &nbsp;&nbsp; 176357 |
| **Health Care REITs–0.04%** | **Health Care REITs–0.04%** | **Health Care REITs–0.04%** | **Health Care REITs–0.04%** |
| DOC DR LLC, 4.30%, 03/15/2027 |  | 2000 | &nbsp;&nbsp; 2004 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | $4000 | &nbsp;&nbsp; $4087 |
| National Health Investors, Inc., <br> 5.35%, 02/01/2033<br>|  | 4000 | &nbsp;&nbsp; 3996 |
| Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 2000 | &nbsp;&nbsp; 2036 |
| Ventas Realty, L.P., 5.00%, <br> 02/15/2036<br>|  | 54000 | &nbsp;&nbsp; 53670 |
|  |  |  | &nbsp;&nbsp; 65793 |
| **Health Care Services–0.79%** | **Health Care Services–0.79%** | **Health Care Services–0.79%** | **Health Care Services–0.79%** |
| Cigna Group (The), 4.50%, <br> 09/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3021 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 4.35%, 09/01/2030 |  | 11000 | &nbsp;&nbsp; 10957 |
| 5.32%, 12/01/2034 |  | 6000 | &nbsp;&nbsp; 6115 |
| 4.83%, 09/01/2035 |  | 23000 | &nbsp;&nbsp; 22765 |
| 4.98%, 09/01/2035 |  | 14000 | &nbsp;&nbsp; 13841 |
| 5.58%, 09/01/2045 |  | 9000 | &nbsp;&nbsp; 8804 |
| 5.55%, 12/01/2054 |  | 5000 | &nbsp;&nbsp; 4792 |
| 5.66%, 09/01/2055 |  | 9000 | &nbsp;&nbsp; 8704 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 1000 | &nbsp;&nbsp; 1021 |
| 5.25%, 01/30/2031 |  | 1000 | &nbsp;&nbsp; 1034 |
| 5.00%, 09/15/2032 |  | 3000 | &nbsp;&nbsp; 3063 |
| 5.45%, 09/15/2035 |  | 6000 | &nbsp;&nbsp; 6144 |
| 6.75%, 12/10/2054<sup>(d)</sup> <br>|  | 69000 | &nbsp;&nbsp; 72100 |
| 7.00%, 03/10/2055<sup>(d)</sup> <br>|  | 390000 | &nbsp;&nbsp; 409382 |
| 6.20%, 09/15/2055 |  | 7000 | &nbsp;&nbsp; 7112 |
| 6.00%, 06/01/2063 |  | 1000 | &nbsp;&nbsp; 970 |
| 6.25%, 09/15/2065 |  | 5000 | &nbsp;&nbsp; 5036 |
| HCA, Inc., | HCA, Inc., |  |  |
| 4.30%, 11/15/2030 |  | 8000 | &nbsp;&nbsp; 7972 |
| 5.45%, 09/15/2034 |  | 3000 | &nbsp;&nbsp; 3089 |
| 5.75%, 03/01/2035 |  | 3000 | &nbsp;&nbsp; 3151 |
| 5.90%, 06/01/2053 |  | 2000 | &nbsp;&nbsp; 1960 |
| 6.20%, 03/01/2055 |  | 2000 | &nbsp;&nbsp; 2040 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 200000 | &nbsp;&nbsp; 204193 |
| 5.85%, 05/08/2029 |  | 209000 | &nbsp;&nbsp; 218181 |
| 6.00%, 05/08/2034 |  | 200000 | &nbsp;&nbsp; 211599 |
| Laboratory Corp. of America <br> Holdings, 4.35%, 04/01/2030<br>|  | 4000 | &nbsp;&nbsp; 4007 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 3000 | &nbsp;&nbsp; 1907 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 5000 | &nbsp;&nbsp; 2971 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1108 |
|  |  |  | &nbsp;&nbsp; 1247039 |
| **Health Care Supplies–0.00%** | **Health Care Supplies–0.00%** | **Health Care Supplies–0.00%** | **Health Care Supplies–0.00%** |
| Solventum Corp., 5.60%, <br> 03/23/2034<br>|  | 3000 | &nbsp;&nbsp; 3123 |
| **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** |
| Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |  |  |
| 5.55%, 03/15/2056 |  | 57000 | &nbsp;&nbsp; 56230 |
| 5.80%, 03/15/2056 |  | 6000 | &nbsp;&nbsp; 6131 |
|  |  |  | &nbsp;&nbsp; 62361 |

---

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

**10**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** |
| Home Depot, Inc. (The), | Home Depot, Inc. (The), |  |  |
| 4.90%, 04/15/2029 |  | $1000 | &nbsp;&nbsp; $1029 |
| 3.95%, 09/15/2030 |  | 5000 | &nbsp;&nbsp; 4990 |
| 4.65%, 09/15/2035 |  | 6000 | &nbsp;&nbsp; 5951 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 5.80%, 09/15/2062 |  | 1000 | &nbsp;&nbsp; 978 |
| 5.85%, 04/01/2063 |  | 1000 | &nbsp;&nbsp; 981 |
|  |  |  | &nbsp;&nbsp; 13929 |
| **Homebuilding–0.00%** | **Homebuilding–0.00%** | **Homebuilding–0.00%** | **Homebuilding–0.00%** |
| Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<br>|  | 2000 | &nbsp;&nbsp; 2071 |
| **Hotel & Resort REITs–0.00%** | **Hotel & Resort REITs–0.00%** | **Hotel & Resort REITs–0.00%** | **Hotel & Resort REITs–0.00%** |
| Phillips Edison Grocery Center Operating <br> Partnership I L.P., | Phillips Edison Grocery Center Operating <br> Partnership I L.P., |  |  |
| 5.25%, 08/15/2032 |  | 2000 | &nbsp;&nbsp; 2049 |
| 5.75%, 07/15/2034 |  | 3000 | &nbsp;&nbsp; 3146 |
| 4.95%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 989 |
|  |  |  | &nbsp;&nbsp; 6184 |
| **Hotels, Resorts & Cruise Lines–0.29%** | **Hotels, Resorts & Cruise Lines–0.29%** | **Hotels, Resorts & Cruise Lines–0.29%** | **Hotels, Resorts & Cruise Lines–0.29%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1050 |
| 5.75%, 03/15/2030<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18527 |
| 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 169000 | &nbsp;&nbsp; 174689 |
| 5.75%, 08/01/2032<sup>(b)</sup> <br>|  | 126000 | &nbsp;&nbsp; 129469 |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>|  | 3000 | &nbsp;&nbsp; 3078 |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15366 |
| 6.13%, 04/01/2032<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5181 |
| 5.75%, 09/15/2033<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 59387 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.88%, 05/15/2029 |  | 3000 | &nbsp;&nbsp; 3070 |
| 4.80%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2043 |
| 5.30%, 05/15/2034 |  | 2000 | &nbsp;&nbsp; 2063 |
| 5.35%, 03/15/2035 |  | 4000 | &nbsp;&nbsp; 4118 |
| Marriott Ownership Resorts, Inc., <br> 6.50%, 10/01/2033<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 35599 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1035 |
| 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2056 |
|  |  |  | &nbsp;&nbsp; 456731 |
| **Household Appliances–0.02%** | **Household Appliances–0.02%** | **Household Appliances–0.02%** | **Household Appliances–0.02%** |
| Whirlpool Corp., | Whirlpool Corp., |  |  |
| 6.13%, 06/15/2030 |  | 8000 | &nbsp;&nbsp; 7997 |
| 6.50%, 06/15/2033 |  | 20000 | &nbsp;&nbsp; 19408 |
|  |  |  | &nbsp;&nbsp; 27405 |
| **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** |
| AES Corp. (The), 5.80%, <br> 03/15/2032<br>|  | 1000 | &nbsp;&nbsp; 1026 |
| Vistra Corp., 7.00%<sup>(b)(d)(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17360 |
| VoltaGrid LLC, 7.38%, <br> 11/01/2030<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49562 |
|  |  |  | &nbsp;&nbsp; 67948 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029 |  | $4000 | &nbsp;&nbsp; $4115 |
| 4.95%, 09/01/2031 |  | 2000 | &nbsp;&nbsp; 2068 |
| 5.00%, 03/01/2035 |  | 4000 | &nbsp;&nbsp; 4076 |
|  |  |  | &nbsp;&nbsp; 10259 |
| **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 103440 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | 2000 | &nbsp;&nbsp; 2033 |
| 5.40%, 08/14/2028 |  | 1000 | &nbsp;&nbsp; 1034 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 1000 | &nbsp;&nbsp; 1036 |
| 5.80%, 09/15/2033 |  | 1000 | &nbsp;&nbsp; 1060 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1043 |
|  |  |  | &nbsp;&nbsp; 109646 |
| **Insurance Brokers–0.15%** | **Insurance Brokers–0.15%** | **Insurance Brokers–0.15%** | **Insurance Brokers–0.15%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | 1000 | &nbsp;&nbsp; 1024 |
| 5.00%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3069 |
| 5.15%, 02/15/2035 |  | 3000 | &nbsp;&nbsp; 3033 |
| 6.75%, 02/15/2054 |  | 1000 | &nbsp;&nbsp; 1107 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2102 |
| 5.45%, 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2918 |
| 5.70%, 09/15/2053 |  | 2000 | &nbsp;&nbsp; 2019 |
| Willis North America, Inc., | Willis North America, Inc., |  |  |
| 4.55%, 03/15/2031 |  | 100000 | &nbsp;&nbsp; 100164 |
| 5.15%, 03/15/2036 |  | 114000 | &nbsp;&nbsp; 114054 |
|  |  |  | &nbsp;&nbsp; 229490 |
| **Integrated Oil & Gas–1.34%** | **Integrated Oil & Gas–1.34%** | **Integrated Oil & Gas–1.34%** | **Integrated Oil & Gas–1.34%** |
| Ecopetrol S.A. (Colombia), | Ecopetrol S.A. (Colombia), |  |  |
| 4.63%, 11/02/2031 |  | 11000 | &nbsp;&nbsp; 9868 |
| 8.88%, 01/13/2033 |  | 297000 | &nbsp;&nbsp; 317388 |
| 8.38%, 01/19/2036 |  | 48000 | &nbsp;&nbsp; 49430 |
| 5.88%, 05/28/2045 |  | 12000 | &nbsp;&nbsp; 8938 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.20%, 08/01/2029 |  | 3000 | &nbsp;&nbsp; 3076 |
| 6.45%, 09/15/2036 |  | 1000 | &nbsp;&nbsp; 1066 |
| 4.63%, 06/15/2045 |  | 1000 | &nbsp;&nbsp; 808 |
| 4.40%, 04/15/2046 |  | 5000 | &nbsp;&nbsp; 3975 |
| Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |  |  |
| 8.75%, 06/02/2029 |  | 162000 | &nbsp;&nbsp; 173781 |
| 6.63%, 06/15/2035 |  | 268000 | &nbsp;&nbsp; 254483 |
| SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), |  |  |
| 4.13%, 09/17/2030<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 418340 |
| 4.63%, 09/17/2035<sup>(b)</sup> <br>|  | 403000 | &nbsp;&nbsp; 393478 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 217008 |
| 5.38%, 06/02/2035<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 261071 |
|  |  |  | &nbsp;&nbsp; 2112710 |
| **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.30%, 02/15/2030 |  | 1000 | &nbsp;&nbsp; 1002 |
| 5.40%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1037 |
| 6.05%, 08/15/2056 |  | 3000 | &nbsp;&nbsp; 3029 |

---

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

**11**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| 6.88%, 09/15/2055<sup>(d)</sup> <br>|  | $46000 | &nbsp;&nbsp; $47650 |
| 7.00%, 09/15/2055<sup>(d)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18925 |
| Cipher Compute LLC, 7.13%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 161000 | &nbsp;&nbsp; 164177 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| 6.38%, 06/09/2056<sup>(d)</sup> <br>|  | 91000 | &nbsp;&nbsp; 91190 |
| 6.63%, 06/09/2056<sup>(d)</sup> <br>|  | 198000 | &nbsp;&nbsp; 197893 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 5.25%, 04/02/2035 |  | 1000 | &nbsp;&nbsp; 1017 |
| 5.00%, 01/15/2036 |  | 85000 | &nbsp;&nbsp; 84311 |
| 5.75%, 11/30/2045 |  | 142000 | &nbsp;&nbsp; 141069 |
| 5.88%, 11/30/2055 |  | 40313 | &nbsp;&nbsp; 39857 |
| 6.00%, 11/30/2065 |  | 57000 | &nbsp;&nbsp; 56317 |
| WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 97946 |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, 07/15/2029<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 169132 |
|  |  |  | &nbsp;&nbsp; 1114552 |
| **Interactive Media & Services–0.68%** | **Interactive Media & Services–0.68%** | **Interactive Media & Services–0.68%** | **Interactive Media & Services–0.68%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| 4.38%, 11/15/2032 |  | 6000 | &nbsp;&nbsp; 6022 |
| 4.70%, 11/15/2035 |  | 17000 | &nbsp;&nbsp; 17011 |
| 5.35%, 11/15/2045 |  | 36000 | &nbsp;&nbsp; 35800 |
| 5.45%, 11/15/2055 |  | 22000 | &nbsp;&nbsp; 21597 |
| 5.30%, 05/15/2065 |  | 4000 | &nbsp;&nbsp; 3765 |
| Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)</sup> <br>|  | 281000 | &nbsp;&nbsp; 285059 |
| Match Group Holdings II LLC, 6.13%, <br> 09/15/2033<sup>(b)</sup> <br>|  | 101000 | &nbsp;&nbsp; 102285 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.55%, 08/15/2031 |  | 4000 | &nbsp;&nbsp; 4072 |
| 4.75%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 4035 |
| 4.88%, 11/15/2035 |  | 104000 | &nbsp;&nbsp; 103901 |
| 5.40%, 08/15/2054 |  | 2000 | &nbsp;&nbsp; 1862 |
| 5.63%, 11/15/2055 |  | 78000 | &nbsp;&nbsp; 74921 |
| 5.75%, 05/15/2063 |  | 2000 | &nbsp;&nbsp; 1923 |
| 5.55%, 08/15/2064 |  | 3000 | &nbsp;&nbsp; 2785 |
| 5.75%, 11/15/2065 |  | 125000 | &nbsp;&nbsp; 119338 |
| WarnerMedia Holdings, Inc., 5.05%, <br> 03/15/2042<sup>(f)</sup> <br>|  | 413000 | &nbsp;&nbsp; 291681 |
|  |  |  | &nbsp;&nbsp; 1076057 |
| **Internet Services & Infrastructure–0.76%** | **Internet Services & Infrastructure–0.76%** | **Internet Services & Infrastructure–0.76%** | **Internet Services & Infrastructure–0.76%** |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 1019000 | &nbsp;&nbsp; 1077499 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 94942 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 33958 |
|  |  |  | &nbsp;&nbsp; 1206399 |
| **Investment Banking & Brokerage–0.42%** | **Investment Banking & Brokerage–0.42%** | **Investment Banking & Brokerage–0.42%** | **Investment Banking & Brokerage–0.42%** |
| Brookfield Finance, Inc. (Canada), <br> 5.33%, 01/15/2036<br>|  | 11000 | &nbsp;&nbsp; 11021 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| 4.34%, 11/14/2031<sup>(d)</sup> <br>|  | 95000 | &nbsp;&nbsp; 94888 |
| 4.91%, 11/14/2036<sup>(d)</sup> <br>|  | 108000 | &nbsp;&nbsp; 107324 |
| Series K, 5.00%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2014 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.20% (SOFR + 1.29%), <br> 04/23/2028<sup>(c)</sup> <br>|  | $3000 | &nbsp;&nbsp; $3028 |
| 5.73%, 04/25/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3135 |
| 5.05%, 07/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2050 |
| 4.69%, 10/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2028 |
| 5.21%, 01/28/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3100 |
| 5.22%, 04/23/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3099 |
| 4.37%, 10/21/2031<sup>(d)</sup> <br>|  | 42000 | &nbsp;&nbsp; 41909 |
| 5.85%, 04/25/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2127 |
| 5.33%, 07/23/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2056 |
| 5.54%, 01/28/2036<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2077 |
| 4.94%, 10/21/2036<sup>(d)</sup> <br>|  | 31000 | &nbsp;&nbsp; 30786 |
| 5.73%, 01/28/2056<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4046 |
| Series V, 4.13%<sup>(d)(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16849 |
| Series W, 7.50%<sup>(d)(e)</sup> <br>|  | 77000 | &nbsp;&nbsp; 82039 |
| Series X, 7.50%<sup>(d)(e)</sup> <br>|  | 109000 | &nbsp;&nbsp; 115464 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3063 |
| 4.99%, 04/12/2029<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4080 |
| 5.16%, 04/20/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3069 |
| 5.45%, 07/20/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2064 |
| 6.41%, 11/01/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2120 |
| 5.17%, 01/16/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3081 |
| 5.04%, 07/19/2030<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4102 |
| 4.65%, 10/18/2030<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4049 |
| 5.19%, 04/17/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3094 |
| 5.25%, 04/21/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1030 |
| 5.42%, 07/21/2034<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2081 |
| 5.47%, 01/18/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2080 |
| 5.83%, 04/19/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2126 |
| 5.32%, 07/19/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1030 |
| 5.59%, 01/18/2036<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3136 |
| 5.66%, 04/17/2036<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4201 |
| 5.95%, 01/19/2038<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3158 |
| Series I, <br>4.36%, 10/22/2031<sup>(d)</sup> <br>|  | 43000 | &nbsp;&nbsp; 42868 |
| 4.89%, 10/22/2036<sup>(d)</sup> <br>|  | 45000 | &nbsp;&nbsp; 44619 |
| Raymond James Financial, Inc., <br> 4.90%, 09/11/2035<br>|  | 7000 | &nbsp;&nbsp; 6963 |
|  |  |  | &nbsp;&nbsp; 671054 |
| **IT Consulting & Other Services–0.63%** | **IT Consulting & Other Services–0.63%** | **IT Consulting & Other Services–0.63%** | **IT Consulting & Other Services–0.63%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| 4.80%, 02/10/2030 |  | 382000 | &nbsp;&nbsp; 390900 |
| 5.20%, 02/10/2035 |  | 261000 | &nbsp;&nbsp; 267920 |
| 5.70%, 02/10/2055<sup>(f)</sup> <br>|  | 348000 | &nbsp;&nbsp; 343195 |
|  |  |  | &nbsp;&nbsp; 1002015 |
| **Leisure Facilities–0.03%** | **Leisure Facilities–0.03%** | **Leisure Facilities–0.03%** | **Leisure Facilities–0.03%** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 44869 |
| **Leisure Products–0.04%** | **Leisure Products–0.04%** | **Leisure Products–0.04%** | **Leisure Products–0.04%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 3000 | &nbsp;&nbsp; 3107 |
| Polaris, Inc., 5.60%, 03/01/2031 |  | 66000 | &nbsp;&nbsp; 66715 |
|  |  |  | &nbsp;&nbsp; 69822 |

---

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

**12**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–2.68%** | **Life & Health Insurance–2.68%** | **Life & Health Insurance–2.68%** | **Life & Health Insurance–2.68%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup> <br>|  | $192000 | &nbsp;&nbsp; $191375 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| 5.38%, 04/05/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207137 |
| 4.95%, 03/30/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201538 |
| 5.40%, 09/30/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191724 |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2055 |
| American National Group, Inc., | American National Group, Inc., |  |  |
| 6.00%, 07/15/2035 |  | 2000 | &nbsp;&nbsp; 2029 |
| 7.00%, 12/01/2055<sup>(d)</sup> <br>|  | 129000 | &nbsp;&nbsp; 129704 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4111 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| 6.25%, 04/01/2054 |  | 2000 | &nbsp;&nbsp; 1947 |
| 6.63%, 05/19/2055 |  | 2000 | &nbsp;&nbsp; 2038 |
| Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)</sup> <br>|  | 283000 | &nbsp;&nbsp; 294969 |
| Constellation Global Funding, 4.85%, <br> 10/22/2030<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27806 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1046 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1027 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2055 |
| Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209734 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 82277 |
| 4.50%, 09/18/2030<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 371251 |
| High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104679 |
| Jackson National Life Global Funding, <br> 4.70%, 06/05/2028<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151655 |
| Lincoln Financial Global Funding, <br> 4.63%, 08/18/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6044 |
| Lincoln National Corp., 5.35%, <br> 11/15/2035<br>|  | 51000 | &nbsp;&nbsp; 51479 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(g)</sup> <br>|  | 784000 | &nbsp;&nbsp; 727552 |
| MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202081 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.25%, 01/15/2054 |  | 1000 | &nbsp;&nbsp; 953 |
| Series G, 6.35%, 03/15/2055<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3165 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| 5.95%, 04/16/2054<sup>(b)(d)</sup> <br>|  | 226000 | &nbsp;&nbsp; 235457 |
| 6.50%, 04/30/2055<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 215483 |
| Penn Mutual Life Insurance Co. (The), <br> 3.80%, 04/29/2061<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1333 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152057 |
| Protective Life Corp., | Protective Life Corp., |  |  |
| 4.70%, 01/15/2031<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 63309 |
| 5.35%, 12/15/2035<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 112295 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 2000 | &nbsp;&nbsp; 2052 |
| Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup> <br>|  | 283000 | &nbsp;&nbsp; 284914 |
|  |  |  | &nbsp;&nbsp; 4238331 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.25%, 02/15/2028 |  | $3000 | &nbsp;&nbsp; $3084 |
| 5.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2086 |
| 5.35%, 02/15/2033 |  | 1000 | &nbsp;&nbsp; 1042 |
| 5.05%, 04/15/2053 |  | 3000 | &nbsp;&nbsp; 2708 |
| 5.63%, 07/15/2054 |  | 2000 | &nbsp;&nbsp; 1964 |
|  |  |  | &nbsp;&nbsp; 10884 |
| **Marine Transportation–0.27%** | **Marine Transportation–0.27%** | **Marine Transportation–0.27%** | **Marine Transportation–0.27%** |
| A.P. Moller - Maersk A/S, 5.88%, <br> 09/14/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1065 |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 66784 |
| 6.25%, 09/15/2033<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 65003 |
| Stena International S.A. (Sweden), <br> 7.63%, 02/15/2031<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 94836 |
| Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 193000 | &nbsp;&nbsp; 196079 |
|  |  |  | &nbsp;&nbsp; 423767 |
| **Metal, Glass & Plastic Containers–0.34%** | **Metal, Glass & Plastic Containers–0.34%** | **Metal, Glass & Plastic Containers–0.34%** | **Metal, Glass & Plastic Containers–0.34%** |
| Ball Corp., 5.50%, 09/15/2033 |  | 225000 | &nbsp;&nbsp; 229551 |
| Crown Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 88028 |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | 112000 | &nbsp;&nbsp; 115657 |
| 5.44%, 04/03/2034 |  | 103000 | &nbsp;&nbsp; 106682 |
|  |  |  | &nbsp;&nbsp; 539918 |
| **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 1000 | &nbsp;&nbsp; 970 |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 2000 | &nbsp;&nbsp; 2088 |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | 3000 | &nbsp;&nbsp; 2970 |
| Mid-America Apartments L.P., <br> 5.30%, 02/15/2032<br>|  | 2000 | &nbsp;&nbsp; 2091 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 1000 | &nbsp;&nbsp; 1014 |
|  |  |  | &nbsp;&nbsp; 8163 |
| **Multi-line Insurance–0.16%** | **Multi-line Insurance–0.16%** | **Multi-line Insurance–0.16%** | **Multi-line Insurance–0.16%** |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 240000 | &nbsp;&nbsp; 247063 |
| **Multi-Utilities–0.16%** | **Multi-Utilities–0.16%** | **Multi-Utilities–0.16%** | **Multi-Utilities–0.16%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 3000 | &nbsp;&nbsp; 3015 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3072 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 2000 | &nbsp;&nbsp; 2146 |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| 5.38%, 11/15/2032 |  | 2000 | &nbsp;&nbsp; 2080 |
| 6.00%, 02/15/2056<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7037 |
| 6.20%, 02/15/2056<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7009 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| 5.20%, 03/01/2034 |  | 2000 | &nbsp;&nbsp; 2068 |
| 5.85%, 05/15/2055 |  | 3000 | &nbsp;&nbsp; 3083 |

---

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

**13**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| DTE Energy Co., 4.95%, <br> 07/01/2027<br>|  | $2000 | &nbsp;&nbsp; $2027 |
| ENGIE S.A. (France), 5.25%, <br> 04/10/2029<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 210920 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 3000 | &nbsp;&nbsp; 3078 |
| 5.35%, 04/01/2034 |  | 4000 | &nbsp;&nbsp; 4133 |
| 5.85%, 04/01/2055 |  | 4000 | &nbsp;&nbsp; 3991 |
| Sempra, 6.88%, 10/01/2054<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3095 |
| WEC Energy Group, Inc., 5.15%, <br> 10/01/2027<br>|  | 2000 | &nbsp;&nbsp; 2041 |
|  |  |  | &nbsp;&nbsp; 258795 |
| **Office REITs–0.13%** | **Office REITs–0.13%** | **Office REITs–0.13%** | **Office REITs–0.13%** |
| Boston Properties L.P., | Boston Properties L.P., |  |  |
| Conv., 2.00%, 10/01/2030<sup>(b)</sup> <br>|  | 148000 | &nbsp;&nbsp; 143634 |
| 5.75%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4116 |
| COPT Defense Properties L.P., <br> 4.50%, 10/15/2030<br>|  | 5000 | &nbsp;&nbsp; 4984 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.38%, 02/15/2032 |  | 2000 | &nbsp;&nbsp; 2062 |
| 5.88%, 10/01/2034 |  | 2000 | &nbsp;&nbsp; 2093 |
| Piedmont Operating Partnership L.P., | Piedmont Operating Partnership L.P., |  |  |
| 6.88%, 07/15/2029 |  | 2000 | &nbsp;&nbsp; 2125 |
| 5.63%, 01/15/2033 |  | 45000 | &nbsp;&nbsp; 45485 |
|  |  |  | &nbsp;&nbsp; 204499 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1931 |
| **Oil & Gas Exploration & Production–0.05%** | **Oil & Gas Exploration & Production–0.05%** | **Oil & Gas Exploration & Production–0.05%** | **Oil & Gas Exploration & Production–0.05%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24108 |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 2000 | &nbsp;&nbsp; 1929 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027 |  | 3000 | &nbsp;&nbsp; 3045 |
| 5.15%, 01/30/2030 |  | 4000 | &nbsp;&nbsp; 4119 |
| 5.90%, 04/18/2064 |  | 1000 | &nbsp;&nbsp; 945 |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| 4.40%, 07/15/2028 |  | 1000 | &nbsp;&nbsp; 1011 |
| 5.35%, 01/15/2036 |  | 1000 | &nbsp;&nbsp; 1028 |
| 5.95%, 07/15/2055 |  | 3000 | &nbsp;&nbsp; 3057 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3041 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., | Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5631 |
| 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16167 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 15381 | &nbsp;&nbsp; 15719 |
| Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>|  | 2000 | &nbsp;&nbsp; 2082 |
|  |  |  | &nbsp;&nbsp; 81882 |
| **Oil & Gas Refining & Marketing–0.18%** | **Oil & Gas Refining & Marketing–0.18%** | **Oil & Gas Refining & Marketing–0.18%** | **Oil & Gas Refining & Marketing–0.18%** |
| Sunoco L.P., | Sunoco L.P., |  |  |
| 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 67526 |
| 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 125000 | &nbsp;&nbsp; 125048 |
| 7.88%<sup>(b)(d)(e)</sup> <br>|  | 84000 | &nbsp;&nbsp; 86355 |
|  |  |  | &nbsp;&nbsp; 278929 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–1.68%** | **Oil & Gas Storage & Transportation–1.68%** | **Oil & Gas Storage & Transportation–1.68%** | **Oil & Gas Storage & Transportation–1.68%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., | Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., |  |  |
| 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | $36000 | &nbsp;&nbsp; $37284 |
| 5.75%, 10/15/2033<sup>(b)</sup> <br>|  | 258000 | &nbsp;&nbsp; 259695 |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1061 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3028 |
| 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4076 |
| Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3789 |
| Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 3000 | &nbsp;&nbsp; 2905 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 1000 | &nbsp;&nbsp; 1054 |
| 7.63%, 01/15/2083<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2179 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.10%, 12/01/2028 |  | 2000 | &nbsp;&nbsp; 2102 |
| 6.40%, 12/01/2030 |  | 2000 | &nbsp;&nbsp; 2161 |
| 5.55%, 05/15/2034 |  | 2000 | &nbsp;&nbsp; 2058 |
| 5.95%, 05/15/2054 |  | 2000 | &nbsp;&nbsp; 1899 |
| 8.00%, 05/15/2054<sup>(d)</sup> <br>|  | 70000 | &nbsp;&nbsp; 74778 |
| 6.05%, 09/01/2054 |  | 2000 | &nbsp;&nbsp; 1925 |
| 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 298794 |
| 6.50%, 02/15/2056<sup>(d)</sup> <br>|  | 270000 | &nbsp;&nbsp; 269227 |
| 6.75%, 02/15/2056<sup>(d)</sup> <br>|  | 195000 | &nbsp;&nbsp; 195850 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.30%, 06/20/2028 |  | 5000 | &nbsp;&nbsp; 5044 |
| 4.60%, 01/15/2031 |  | 24000 | &nbsp;&nbsp; 24302 |
| 5.20%, 01/15/2036 |  | 12000 | &nbsp;&nbsp; 12223 |
| GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), | GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), |  |  |
| 5.85%, 02/23/2036<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 214693 |
| 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212703 |
| 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218677 |
| 6.10%, 08/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208659 |
| Gulfstream Natural Gas System L.L.C., <br> 5.60%, 07/23/2035<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6164 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 1000 | &nbsp;&nbsp; 1034 |
| 4.80%, 02/01/2033 |  | 2000 | &nbsp;&nbsp; 2005 |
| 5.20%, 06/01/2033 |  | 1000 | &nbsp;&nbsp; 1029 |
| 5.85%, 06/01/2035 |  | 1000 | &nbsp;&nbsp; 1058 |
| Kodiak Gas Services LLC, 6.50%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 38826 |
| MPLX L.P., | MPLX L.P., |  |  |
| 4.80%, 02/15/2031 |  | 6000 | &nbsp;&nbsp; 6072 |
| 5.00%, 01/15/2033 |  | 6000 | &nbsp;&nbsp; 6034 |
| 5.40%, 09/15/2035 |  | 8000 | &nbsp;&nbsp; 8062 |
| 4.95%, 03/14/2052 |  | 2000 | &nbsp;&nbsp; 1682 |
| 6.20%, 09/15/2055 |  | 5000 | &nbsp;&nbsp; 4961 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19688 |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10198 |
| South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada), | South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada), |  |  |
| 7.50%, 03/01/2055<sup>(d)</sup> <br>|  | 38000 | &nbsp;&nbsp; 40640 |
| 7.63%, 03/01/2055<sup>(d)</sup> <br>|  | 67000 | &nbsp;&nbsp; 70091 |

---

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

**14**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| South Bow USA Infrastructure Holdings LLC <br> (Canada), | South Bow USA Infrastructure Holdings LLC <br> (Canada), |  |  |
| 5.03%, 10/01/2029 |  | $2000 | &nbsp;&nbsp; $2030 |
| 5.58%, 10/01/2034 |  | 1000 | &nbsp;&nbsp; 1010 |
| 6.18%, 10/01/2054 |  | 1000 | &nbsp;&nbsp; 962 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| Series A, 4.05%, 09/15/2028 |  | 4000 | &nbsp;&nbsp; 4002 |
| 5.75%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2121 |
| Series B, 5.10%, 09/15/2035 |  | 3000 | &nbsp;&nbsp; 3031 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 39000 | &nbsp;&nbsp; 40455 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.50%, 02/01/2029<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 37336 |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14472 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 7.50%, 05/01/2033<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 23783 |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18446 |
| 7.75%, 05/01/2035<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 43820 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17421 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 4.80%, 03/01/2031 |  | 78000 | &nbsp;&nbsp; 77987 |
| 6.15%, 04/01/2033 |  | 1000 | &nbsp;&nbsp; 1061 |
| 5.45%, 11/15/2034 |  | 1000 | &nbsp;&nbsp; 1008 |
| 5.50%, 12/15/2035 |  | 74000 | &nbsp;&nbsp; 73634 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028 |  | 2000 | &nbsp;&nbsp; 2059 |
| 4.80%, 11/15/2029 |  | 4000 | &nbsp;&nbsp; 4083 |
| 5.65%, 03/15/2033 |  | 1000 | &nbsp;&nbsp; 1054 |
| 5.15%, 03/15/2034 |  | 2000 | &nbsp;&nbsp; 2036 |
| 5.80%, 11/15/2054 |  | 4000 | &nbsp;&nbsp; 3956 |
| 6.00%, 03/15/2055 |  | 2000 | &nbsp;&nbsp; 2044 |
|  |  |  | &nbsp;&nbsp; 2655521 |
| **Other Specialty Retail–0.02%** | **Other Specialty Retail–0.02%** | **Other Specialty Retail–0.02%** | **Other Specialty Retail–0.02%** |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3103 |
| VSP Optical Group, Inc., 5.45%, <br> 12/01/2035<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28197 |
|  |  |  | &nbsp;&nbsp; 31300 |
| **Packaged Foods & Meats–0.02%** | **Packaged Foods & Meats–0.02%** | **Packaged Foods & Meats–0.02%** | **Packaged Foods & Meats–0.02%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| 5.20%, 03/21/2029 |  | 2000 | &nbsp;&nbsp; 2049 |
| 5.40%, 03/21/2034 |  | 1000 | &nbsp;&nbsp; 1019 |
| 5.25%, 10/13/2054 |  | 2000 | &nbsp;&nbsp; 1818 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3253 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4089 |
| 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3085 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2017 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 997 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3016 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 2000 | &nbsp;&nbsp; 1972 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6039 |
|  |  |  | &nbsp;&nbsp; 30385 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Paper & Plastic Packaging Products & Materials–0.01%** | **Paper & Plastic Packaging Products & Materials–0.01%** | **Paper & Plastic Packaging Products & Materials–0.01%** | **Paper & Plastic Packaging Products & Materials–0.01%** |
| Graphic Packaging International LLC, <br> 6.38%, 07/15/2032<sup>(b)</sup> <br>|  | $11000 | &nbsp;&nbsp; $11219 |
| **Paper Products–0.00%** | **Paper Products–0.00%** | **Paper Products–0.00%** | **Paper Products–0.00%** |
| Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6879 |
| **Passenger Airlines–0.09%** | **Passenger Airlines–0.09%** | **Passenger Airlines–0.09%** | **Passenger Airlines–0.09%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 839 | &nbsp;&nbsp; 768 |
| Series B, 5.65%, 11/11/2034 |  | 20000 | &nbsp;&nbsp; 20125 |
| 4.90%, 05/11/2038 |  | 53000 | &nbsp;&nbsp; 52771 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup> <br>|  | 50903 | &nbsp;&nbsp; 51002 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2017 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2019 |
| British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(b)</sup> <br>|  | 3195 | &nbsp;&nbsp; 2927 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 6000 | &nbsp;&nbsp; 6109 |
| 5.25%, 07/10/2030 |  | 2000 | &nbsp;&nbsp; 2056 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., <br> 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 4751 | &nbsp;&nbsp; 4781 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 1020 | &nbsp;&nbsp; 1047 |
| Series 24-A, 5.88%, <br> 02/15/2037<br>|  | 1931 | &nbsp;&nbsp; 1985 |
| Series AA, 5.45%, 02/15/2037 |  | 1931 | &nbsp;&nbsp; 1992 |
|  |  |  | &nbsp;&nbsp; 149599 |
| **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 4.30%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 4028 |
| 4.15%, 01/15/2031 |  | 5000 | &nbsp;&nbsp; 4984 |
| 4.80%, 09/15/2035 |  | 6000 | &nbsp;&nbsp; 5972 |
| 5.35%, 09/15/2054 |  | 2000 | &nbsp;&nbsp; 1909 |
|  |  |  | &nbsp;&nbsp; 16893 |
| **Pharmaceuticals–1.42%** | **Pharmaceuticals–1.42%** | **Pharmaceuticals–1.42%** | **Pharmaceuticals–1.42%** |
| AstraZeneca Finance LLC (United Kingdom), | AstraZeneca Finance LLC (United Kingdom), |  |  |
| 4.85%, 02/26/2029 |  | 1000 | &nbsp;&nbsp; 1027 |
| 4.90%, 02/26/2031 |  | 3000 | &nbsp;&nbsp; 3106 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 5.75%, 02/01/2031 |  | 3000 | &nbsp;&nbsp; 3210 |
| 6.40%, 11/15/2063 |  | 1000 | &nbsp;&nbsp; 1096 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.70%, 02/09/2034 |  | 2000 | &nbsp;&nbsp; 2028 |
| 4.88%, 02/27/2053 |  | 1000 | &nbsp;&nbsp; 914 |
| 5.00%, 02/09/2054 |  | 3000 | &nbsp;&nbsp; 2805 |
| 5.55%, 10/15/2055 |  | 6000 | &nbsp;&nbsp; 6047 |
| 5.10%, 02/09/2064 |  | 3000 | &nbsp;&nbsp; 2765 |
| 5.20%, 08/14/2064 |  | 3000 | &nbsp;&nbsp; 2837 |
| 5.65%, 10/15/2065 |  | 5000 | &nbsp;&nbsp; 5042 |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | 151000 | &nbsp;&nbsp; 151508 |
| 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 296000 | &nbsp;&nbsp; 297036 |
| 4.63%, 10/15/2032<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150450 |
| 5.00%, 10/15/2035<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150843 |

---

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

**15**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.15%, 03/15/2031 |  | $233000 | &nbsp;&nbsp; $232334 |
| 4.45%, 12/04/2032 |  | 53000 | &nbsp;&nbsp; 53090 |
| 4.75%, 12/04/2035 |  | 86000 | &nbsp;&nbsp; 85712 |
| 4.90%, 05/17/2044 |  | 2000 | &nbsp;&nbsp; 1883 |
| 5.55%, 12/04/2055 |  | 112000 | &nbsp;&nbsp; 110593 |
| 5.15%, 05/17/2063 |  | 2000 | &nbsp;&nbsp; 1839 |
| 5.70%, 12/04/2065 |  | 95000 | &nbsp;&nbsp; 94063 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 4.20%, 09/18/2034 |  | 4000 | &nbsp;&nbsp; 3918 |
| 4.70%, 09/18/2054 |  | 4000 | &nbsp;&nbsp; 3569 |
| Pfizer, Inc., | Pfizer, Inc., |  |  |
| 4.20%, 11/15/2030 |  | 62000 | &nbsp;&nbsp; 62303 |
| 4.50%, 11/15/2032 |  | 69000 | &nbsp;&nbsp; 69179 |
| 5.60%, 11/15/2055 |  | 88000 | &nbsp;&nbsp; 87267 |
| 5.70%, 11/15/2065 |  | 95000 | &nbsp;&nbsp; 93472 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| 5.20%, 07/07/2035<sup>(f)</sup> <br>|  | 354000 | &nbsp;&nbsp; 360729 |
| 5.90%, 07/07/2055 |  | 200000 | &nbsp;&nbsp; 202516 |
| Zoetis, Inc., 4.15%, 08/17/2028 |  | 3000 | &nbsp;&nbsp; 3017 |
|  |  |  | &nbsp;&nbsp; 2246198 |
| **Property & Casualty Insurance–0.02%** | **Property & Casualty Insurance–0.02%** | **Property & Casualty Insurance–0.02%** | **Property & Casualty Insurance–0.02%** |
| Allstate Corp. (The), 4.20%, <br> 12/15/2046<br>|  | 2000 | &nbsp;&nbsp; 1649 |
| American International Group, Inc., <br> 4.85%, 05/07/2030<br>|  | 4000 | &nbsp;&nbsp; 4102 |
| CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 10000 | &nbsp;&nbsp; 10053 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, 03/15/2055<br>|  | 2000 | &nbsp;&nbsp; 2016 |
| Hanover Insurance Group, Inc. (The), <br> 5.50%, 09/01/2035<br>|  | 6000 | &nbsp;&nbsp; 6104 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 5.05%, 07/24/2035 |  | 4000 | &nbsp;&nbsp; 4068 |
| 5.45%, 05/25/2053 |  | 2000 | &nbsp;&nbsp; 1972 |
| 5.70%, 07/24/2055 |  | 5000 | &nbsp;&nbsp; 5111 |
|  |  |  | &nbsp;&nbsp; 35075 |
| **Rail Transportation–0.00%** | **Rail Transportation–0.00%** | **Rail Transportation–0.00%** | **Rail Transportation–0.00%** |
| Canadian Pacific Railway Co. (Canada), <br> 5.20%, 03/30/2035<br>|  | 3000 | &nbsp;&nbsp; 3089 |
| **Real Estate Development–0.02%** | **Real Estate Development–0.02%** | **Real Estate Development–0.02%** | **Real Estate Development–0.02%** |
| Essential Properties L.P., 5.40%, <br> 12/01/2035<br>|  | 4000 | &nbsp;&nbsp; 4009 |
| Prologis Targeted U.S. Logistics Fund L.P., | Prologis Targeted U.S. Logistics Fund L.P., |  |  |
| 4.25%, 01/15/2031<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9931 |
| 4.75%, 01/15/2036<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 20567 |
|  |  |  | &nbsp;&nbsp; 34507 |
| **Regional Banks–0.21%** | **Regional Banks–0.21%** | **Regional Banks–0.21%** | **Regional Banks–0.21%** |
| Pinnacle Financial Partners, Inc., <br> 6.17%, 11/01/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2079 |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1043 |
| Truist Financial Corp., 4.96%, <br> 10/23/2036<sup>(d)</sup> <br>|  | 69000 | &nbsp;&nbsp; 68291 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(d)</sup> <br>|  | 259000 | &nbsp;&nbsp; 259199 |
|  |  |  | &nbsp;&nbsp; 330612 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Reinsurance–0.15%** | **Reinsurance–0.15%** | **Reinsurance–0.15%** | **Reinsurance–0.15%** |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | $2000 | &nbsp;&nbsp; $2085 |
| Global Atlantic (Fin) Co., | Global Atlantic (Fin) Co., |  |  |
| 6.75%, 03/15/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4090 |
| 7.95%, 10/15/2054<sup>(b)(d)</sup> <br>|  | 75000 | &nbsp;&nbsp; 77854 |
| 7.25%, 03/01/2056<sup>(b)(d)</sup> <br>|  | 144000 | &nbsp;&nbsp; 144743 |
| RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7058 |
|  |  |  | &nbsp;&nbsp; 235830 |
| **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3092 |
| Southern Power Co., | Southern Power Co., |  |  |
| Series A, 4.25%, 10/01/2030 |  | 6000 | &nbsp;&nbsp; 5987 |
| Series B, 4.90%, 10/01/2035 |  | 8000 | &nbsp;&nbsp; 7919 |
|  |  |  | &nbsp;&nbsp; 16998 |
| **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** |
| Verisk Analytics, Inc., | Verisk Analytics, Inc., |  |  |
| 4.50%, 08/15/2030 |  | 4000 | &nbsp;&nbsp; 4032 |
| 5.13%, 02/15/2036 |  | 7000 | &nbsp;&nbsp; 7049 |
|  |  |  | &nbsp;&nbsp; 11081 |
| **Restaurants–0.19%** | **Restaurants–0.19%** | **Restaurants–0.19%** | **Restaurants–0.19%** |
| 1011778 BC ULC/New Red Finance, <br> Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 41797 |
| Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 233394 |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3064 |
| 4.60%, 05/15/2030 |  | 1000 | &nbsp;&nbsp; 1018 |
| 4.40%, 02/12/2031 |  | 9000 | &nbsp;&nbsp; 9075 |
| 4.95%, 08/14/2033 |  | 4000 | &nbsp;&nbsp; 4130 |
| 4.95%, 03/03/2035 |  | 2000 | &nbsp;&nbsp; 2027 |
| 5.00%, 02/13/2036 |  | 8000 | &nbsp;&nbsp; 8068 |
|  |  |  | &nbsp;&nbsp; 302573 |
| **Retail REITs–0.03%** | **Retail REITs–0.03%** | **Retail REITs–0.03%** | **Retail REITs–0.03%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 3000 | &nbsp;&nbsp; 3146 |
| Brixmor Operating Partnership L.P., | Brixmor Operating Partnership L.P., |  |  |
| 4.85%, 02/15/2033 |  | 6000 | &nbsp;&nbsp; 6015 |
| 5.75%, 02/15/2035 |  | 3000 | &nbsp;&nbsp; 3153 |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| 4.85%, 03/01/2035 |  | 3000 | &nbsp;&nbsp; 2988 |
| 5.30%, 02/01/2036 |  | 3000 | &nbsp;&nbsp; 3079 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031 |  | 4000 | &nbsp;&nbsp; 4072 |
| 5.50%, 03/01/2034 |  | 2000 | &nbsp;&nbsp; 2065 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 3000 | &nbsp;&nbsp; 3143 |
| 5.50%, 06/15/2034 |  | 1000 | &nbsp;&nbsp; 1038 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 2.20%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 1920 |
| 5.63%, 10/13/2032 |  | 2000 | &nbsp;&nbsp; 2121 |
| 4.50%, 02/01/2033 |  | 10000 | &nbsp;&nbsp; 9897 |
| 5.13%, 04/15/2035 |  | 2000 | &nbsp;&nbsp; 2035 |
| 5.38%, 09/01/2054 |  | 2000 | &nbsp;&nbsp; 1936 |

---

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

**16**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.00%, 07/15/2032 |  | $1000 | &nbsp;&nbsp; $1025 |
| 5.25%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1029 |
| 5.10%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 1015 |
| Simon Property Group L.P., 4.75%, <br> 09/26/2034<br>|  | 4000 | &nbsp;&nbsp; 3980 |
|  |  |  | &nbsp;&nbsp; 53657 |
| **Self-Storage REITs–0.02%** | **Self-Storage REITs–0.02%** | **Self-Storage REITs–0.02%** | **Self-Storage REITs–0.02%** |
| Americold Realty Operating Partnership <br> L.P., | Americold Realty Operating Partnership <br> L.P., |  |  |
| 5.60%, 05/15/2032 |  | 2000 | &nbsp;&nbsp; 2015 |
| 5.41%, 09/12/2034 |  | 2000 | &nbsp;&nbsp; 1952 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 2000 | &nbsp;&nbsp; 2067 |
| 4.95%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 3039 |
| 5.40%, 02/01/2034 |  | 3000 | &nbsp;&nbsp; 3086 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1007 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 2049 |
| 4.75%, 01/15/2031 |  | 4000 | &nbsp;&nbsp; 4094 |
| 5.13%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1028 |
| 5.00%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 3061 |
| 5.00%, 01/31/2035 |  | 4000 | &nbsp;&nbsp; 4057 |
| 5.25%, 05/15/2035 |  | 2000 | &nbsp;&nbsp; 2066 |
| 5.25%, 03/15/2054 |  | 2000 | &nbsp;&nbsp; 1902 |
| Public Storage Operating Co., 5.35%, <br> 08/01/2053<br>|  | 1000 | &nbsp;&nbsp; 971 |
|  |  |  | &nbsp;&nbsp; 32394 |
| **Semiconductors–2.32%** | **Semiconductors–2.32%** | **Semiconductors–2.32%** | **Semiconductors–2.32%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 5.20%, 07/15/2035 |  | 3000 | &nbsp;&nbsp; 3075 |
| 4.80%, 02/15/2036 |  | 11000 | &nbsp;&nbsp; 10858 |
| 4.90%, 02/15/2038 |  | 7000 | &nbsp;&nbsp; 6866 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 214518 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206573 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 405000 | &nbsp;&nbsp; 429492 |
| 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 213000 | &nbsp;&nbsp; 223061 |
| 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 526000 | &nbsp;&nbsp; 540678 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 288720 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 214552 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210409 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 416000 | &nbsp;&nbsp; 444294 |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 211268 |
| Kioxia Holdings Corp. (Japan), | Kioxia Holdings Corp. (Japan), |  |  |
| 6.25%, 07/24/2030<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55606 |
| 6.63%, 07/24/2033<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 55161 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 2000 | &nbsp;&nbsp; 2074 |
| 5.65%, 11/01/2032 |  | 2000 | &nbsp;&nbsp; 2104 |
| 6.05%, 11/01/2035 |  | 2000 | &nbsp;&nbsp; 2135 |
| SK hynix, Inc. (South Korea), | SK hynix, Inc. (South Korea), |  |  |
| 4.25%, 09/11/2028<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 205725 |
| 4.38%, 09/11/2030<sup>(b)</sup> <br>|  | 335000 | &nbsp;&nbsp; 334894 |
|  |  |  | &nbsp;&nbsp; 3662063 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| 5.50%, 07/15/2034 |  | $3000 | &nbsp;&nbsp; $3101 |
| 5.25%, 03/15/2035 |  | 2000 | &nbsp;&nbsp; 2034 |
|  |  |  | &nbsp;&nbsp; 5135 |
| **Soft Drinks & Non-alcoholic Beverages–0.18%** | **Soft Drinks & Non-alcoholic Beverages–0.18%** | **Soft Drinks & Non-alcoholic Beverages–0.18%** | **Soft Drinks & Non-alcoholic Beverages–0.18%** |
| Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>|  | 2000 | &nbsp;&nbsp; 1946 |
| Coca-Cola FEMSA S.A.B. de C.V. <br> (Mexico), 5.10%, 05/06/2035<br>|  | 254000 | &nbsp;&nbsp; 258123 |
| Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | 3000 | &nbsp;&nbsp; 3010 |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| 4.10%, 01/15/2029 |  | 6000 | &nbsp;&nbsp; 6035 |
| 4.60%, 02/07/2030 |  | 3000 | &nbsp;&nbsp; 3070 |
| 4.30%, 07/23/2030 |  | 6000 | &nbsp;&nbsp; 6064 |
| 5.00%, 02/07/2035 |  | 3000 | &nbsp;&nbsp; 3096 |
|  |  |  | &nbsp;&nbsp; 281344 |
| **Sovereign Debt–1.71%** | **Sovereign Debt–1.71%** | **Sovereign Debt–1.71%** | **Sovereign Debt–1.71%** |
| Barbados Government International <br> Bond (Barbados), 8.00%, <br> 06/26/2035<sup>(b)</sup> <br>|  | 88000 | &nbsp;&nbsp; 92818 |
| Brazilian Government International <br> Bond (Brazil), 6.13%, <br> 03/15/2034<br>|  | 208000 | &nbsp;&nbsp; 210579 |
| Costa Rica Government International <br> Bond (Costa Rica), 7.30%, <br> 11/13/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 225125 |
| Egyptian Financial Co. for Sovereign <br> Taskeek (The) (Egypt), 6.38%, <br> 04/07/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205396 |
| Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), |  |  |
| 6.05%, 08/06/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208900 |
| 6.88%, 08/15/2055<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 214250 |
| Kuwait International Government <br> Bond (Kuwait), 4.14%, <br> 10/09/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200396 |
| Mexico Government International Bond <br> (Mexico), | Mexico Government International Bond <br> (Mexico), |  |  |
| 4.75%, 03/22/2031 |  | 312000 | &nbsp;&nbsp; 309192 |
| Series 10, 5.63%, 09/22/2035 |  | 238000 | &nbsp;&nbsp; 235025 |
| Peruvian Government International <br> Bond (Peru), 5.38%, <br> 02/08/2035<br>|  | 70000 | &nbsp;&nbsp; 71680 |
| Republic of Poland Government <br> International Bond (Poland), <br> 5.75%, 11/16/2032<br>|  | 5000 | &nbsp;&nbsp; 5377 |
| Romanian Government International Bond <br> (Romania), | Romanian Government International Bond <br> (Romania), |  |  |
| 5.25%, 11/25/2027<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30507 |
| 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 144021 |
| 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 93008 |
| 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 106000 | &nbsp;&nbsp; 115223 |
| 5.75%, 03/24/2035<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 89388 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 212625 |
| Turkiye Government International <br> Bond (Turkey), 6.95%, <br> 09/16/2035<br>|  | 29000 | &nbsp;&nbsp; 29916 |
|  |  |  | &nbsp;&nbsp; 2693426 |

---

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

**17**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Specialized Consumer Services–0.40%** | **Specialized Consumer Services–0.40%** | **Specialized Consumer Services–0.40%** | **Specialized Consumer Services–0.40%** |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | $208000 | &nbsp;&nbsp; $211714 |
| 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 413265 |
|  |  |  | &nbsp;&nbsp; 624979 |
| **Specialized Finance–0.09%** | **Specialized Finance–0.09%** | **Specialized Finance–0.09%** | **Specialized Finance–0.09%** |
| HA Sustainable Infrastructure Capital, <br> Inc., 8.00%, 06/01/2056<sup>(d)</sup> <br>|  | 136000 | &nbsp;&nbsp; 142471 |
| **Specialty Chemicals–0.31%** | **Specialty Chemicals–0.31%** | **Specialty Chemicals–0.31%** | **Specialty Chemicals–0.31%** |
| OCP S.A. (Morocco), 6.70%, <br> 03/01/2036<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 216891 |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| 4.30%, 08/15/2028 |  | 8000 | &nbsp;&nbsp; 8051 |
| 4.50%, 08/15/2030 |  | 5000 | &nbsp;&nbsp; 5053 |
| 5.15%, 08/15/2035 |  | 2000 | &nbsp;&nbsp; 2037 |
| Sociedad Quimica y Minera de Chile <br> S.A. (Chile), 6.50%, <br> 11/07/2033<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 228347 |
| Solstice Advanced Materials, Inc., <br> 5.63%, 09/30/2033<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30282 |
|  |  |  | &nbsp;&nbsp; 490661 |
| **Steel–0.38%** | **Steel–0.38%** | **Steel–0.38%** | **Steel–0.38%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46637 |
| 7.63%, 01/15/2034<sup>(b)</sup> <br>|  | 317000 | &nbsp;&nbsp; 331514 |
| POSCO Holdings, Inc. (South Korea), <br> 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | 211000 | &nbsp;&nbsp; 215742 |
|  |  |  | &nbsp;&nbsp; 593893 |
| **Systems Software–0.03%** | **Systems Software–0.03%** | **Systems Software–0.03%** | **Systems Software–0.03%** |
| Oracle Corp., | Oracle Corp., |  |  |
| 4.45%, 09/26/2030 |  | 7000 | &nbsp;&nbsp; 6850 |
| 6.25%, 11/09/2032 |  | 1000 | &nbsp;&nbsp; 1043 |
| 4.90%, 02/06/2033 |  | 1000 | &nbsp;&nbsp; 963 |
| 4.70%, 09/27/2034 |  | 4000 | &nbsp;&nbsp; 3711 |
| 5.20%, 09/26/2035 |  | 10000 | &nbsp;&nbsp; 9584 |
| 5.88%, 09/26/2045 |  | 7000 | &nbsp;&nbsp; 6325 |
| 6.90%, 11/09/2052 |  | 1000 | &nbsp;&nbsp; 989 |
| 5.38%, 09/27/2054 |  | 4000 | &nbsp;&nbsp; 3237 |
| 6.00%, 08/03/2055 |  | 4000 | &nbsp;&nbsp; 3531 |
| 5.95%, 09/26/2055 |  | 8000 | &nbsp;&nbsp; 7093 |
| 5.50%, 09/27/2064 |  | 4000 | &nbsp;&nbsp; 3196 |
| 6.13%, 08/03/2065 |  | 1000 | &nbsp;&nbsp; 887 |
|  |  |  | &nbsp;&nbsp; 47409 |
| **Technology Hardware, Storage & Peripherals–0.00%** | **Technology Hardware, Storage & Peripherals–0.00%** | **Technology Hardware, Storage & Peripherals–0.00%** | **Technology Hardware, Storage & Peripherals–0.00%** |
| Apple, Inc., 4.25%, 02/09/2047 |  | 2000 | &nbsp;&nbsp; 1720 |
| Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |  |  |
| 5.00%, 10/15/2034 |  | 2000 | &nbsp;&nbsp; 1983 |
| 5.60%, 10/15/2054 |  | 3000 | &nbsp;&nbsp; 2782 |
|  |  |  | &nbsp;&nbsp; 6485 |
| **Tobacco–0.04%** | **Tobacco–0.04%** | **Tobacco–0.04%** | **Tobacco–0.04%** |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 1000 | &nbsp;&nbsp; 1062 |
| 4.63%, 03/22/2033 |  | 6000 | &nbsp;&nbsp; 5968 |
| 6.00%, 02/20/2034 |  | 1000 | &nbsp;&nbsp; 1071 |
| 7.08%, 08/02/2043 |  | 1000 | &nbsp;&nbsp; 1128 |
| 7.08%, 08/02/2053 |  | 2000 | &nbsp;&nbsp; 2270 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.38%, 11/01/2027 |  | $4000 | &nbsp;&nbsp; $4038 |
| 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3067 |
| 4.88%, 02/15/2028 |  | 1000 | &nbsp;&nbsp; 1020 |
| 4.13%, 04/28/2028 |  | 3000 | &nbsp;&nbsp; 3014 |
| 5.25%, 09/07/2028 |  | 2000 | &nbsp;&nbsp; 2067 |
| 4.88%, 02/13/2029 |  | 2000 | &nbsp;&nbsp; 2048 |
| 4.63%, 11/01/2029 |  | 4000 | &nbsp;&nbsp; 4074 |
| 4.38%, 04/30/2030 |  | 2000 | &nbsp;&nbsp; 2013 |
| 4.00%, 10/29/2030 |  | 9000 | &nbsp;&nbsp; 8931 |
| 5.13%, 02/13/2031 |  | 1000 | &nbsp;&nbsp; 1037 |
| 4.75%, 11/01/2031 |  | 4000 | &nbsp;&nbsp; 4086 |
| 5.75%, 11/17/2032 |  | 2000 | &nbsp;&nbsp; 2141 |
| 5.38%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3139 |
| 5.63%, 09/07/2033 |  | 1000 | &nbsp;&nbsp; 1062 |
| 4.90%, 11/01/2034 |  | 4000 | &nbsp;&nbsp; 4034 |
| 4.88%, 04/30/2035 |  | 1000 | &nbsp;&nbsp; 1004 |
| 4.63%, 10/29/2035 |  | 10000 | &nbsp;&nbsp; 9788 |
|  |  |  | &nbsp;&nbsp; 68062 |
| **Trading Companies & Distributors–0.05%** | **Trading Companies & Distributors–0.05%** | **Trading Companies & Distributors–0.05%** | **Trading Companies & Distributors–0.05%** |
| Air Lease Corp., Series B, 4.65%<sup>(d)(e)</sup> <br>|  | 60000 | &nbsp;&nbsp; 59606 |
| Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |  |  |
| 4.35%, 03/15/2031 |  | 10000 | &nbsp;&nbsp; 9968 |
| 5.00%, 10/03/2034 |  | 2000 | &nbsp;&nbsp; 2019 |
|  |  |  | &nbsp;&nbsp; 71593 |
| **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** |
| Block, Inc., 5.63%, 08/15/2030<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25521 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 1000 | &nbsp;&nbsp; 1029 |
|  |  |  | &nbsp;&nbsp; 26550 |
| **Water Utilities–0.00%** | **Water Utilities–0.00%** | **Water Utilities–0.00%** | **Water Utilities–0.00%** |
| American Water Capital Corp., <br> 5.70%, 09/01/2055<br>|  | 6000 | &nbsp;&nbsp; 6013 |
| **Wireless Telecommunication Services–0.08%** | **Wireless Telecommunication Services–0.08%** | **Wireless Telecommunication Services–0.08%** | **Wireless Telecommunication Services–0.08%** |
| Sprint Spectrum Co. LLC/Sprint <br> Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC, 5.15%, <br> 03/20/2028<sup>(b)</sup> <br>|  | 94050 | &nbsp;&nbsp; 94895 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 4.95%, 11/15/2035 |  | 10000 | &nbsp;&nbsp; 9946 |
| 5.65%, 01/15/2053 |  | 1000 | &nbsp;&nbsp; 968 |
| 6.00%, 06/15/2054 |  | 3000 | &nbsp;&nbsp; 3065 |
| 5.88%, 11/15/2055 |  | 3000 | &nbsp;&nbsp; 3010 |
| 5.70%, 01/15/2056 |  | 13000 | &nbsp;&nbsp; 12692 |
|  |  |  | &nbsp;&nbsp; 124576 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $63,803,923) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $63,803,923) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $63,803,923) | &nbsp;&nbsp; 65376039 |
| **Asset-Backed Securities–30.31%** | **Asset-Backed Securities–30.31%** | **Asset-Backed Securities–30.31%** | **Asset-Backed Securities–30.31%** |
| Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, <br> 0.71%, 02/25/2035<sup>(h)</sup> <br>|  | 258 | &nbsp;&nbsp; 257 |
| AGL CLO 17 Ltd., Series 2022-17A, <br> Class AR, 4.82% (3 mo. Term <br> SOFR + 0.95%), 01/21/2035<sup>(b)(c)</sup> <br>|  | 307000 | &nbsp;&nbsp; 306567 |
| ALA Trust, Series 2025-OANA, <br> Class B, 5.59% (1 mo. Term SOFR <br> + 1.84%), 06/15/2040<sup>(b)(c)</sup> <br>|  | 610000 | &nbsp;&nbsp; 612589 |

---

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

**18**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup> <br>|  | $380000 | &nbsp;&nbsp; $370983 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(b)(h)</sup> <br>|  | 15270 | &nbsp;&nbsp; 14962 |
| Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(h)</sup> <br>|  | 64751 | &nbsp;&nbsp; 62000 |
| Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 6526 | &nbsp;&nbsp; 6321 |
| Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(h)</sup> <br>|  | 60643 | &nbsp;&nbsp; 52820 |
| Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(b)(h)</sup> <br>|  | 155430 | &nbsp;&nbsp; 136179 |
| Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(b)</sup> <br>|  | 273797 | &nbsp;&nbsp; 260082 |
| Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)(h)</sup> <br>|  | 67867 | &nbsp;&nbsp; 68441 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 226305 | &nbsp;&nbsp; 227550 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)(h)</sup> <br>|  | 284265 | &nbsp;&nbsp; 286896 |
| Series 2025-HB1, Class A1, <br> 5.87% (30 Day Average SOFR + <br> 1.80%), 02/25/2055<sup>(b)(c)</sup> <br>|  | 75229 | &nbsp;&nbsp; 75760 |
| Apidos CLO XXV, Series 2016-25A, <br> Class A1R3, 5.02% (3 mo. Term <br> SOFR + 1.14%), 01/20/2037<sup>(b)(c)</sup> <br>|  | 302000 | &nbsp;&nbsp; 302048 |
| Ares LIII CLO Ltd., Series 2019-53A, <br> Class A1R2, 4.86% (3 mo. Term <br> SOFR + 1.09%), 10/24/2036<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250175 |
| Avis Budget Rental Car Funding (AESOP) <br> LLC, | Avis Budget Rental Car Funding (AESOP) <br> LLC, |  |  |
| Series 2022-1A, Class A, 3.83%, <br> 08/21/2028<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 558130 |
| Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 104290 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 363340 |
| Series 2025-3A, Class A, 4.17%, <br> 02/20/2030<sup>(b)</sup> <br>|  | 156000 | &nbsp;&nbsp; 156046 |
| Series 2025-3A, Class B, 4.46%, <br> 02/20/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100103 |
| Series 2025-4A, Class A, 4.40%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 348850 |
| Series 2025-4A, Class B, 4.77%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 153619 |
| Series 2025-4A, Class C, 5.26%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99560 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| Series 2019-3A, Class ARR, <br> 4.90% (3 mo. Term SOFR + <br> 1.03%), 10/21/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249725 |
| Series 2021-1A, Class AR, 4.82% <br> (3 mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(c)</sup> <br>|  | 175000 | &nbsp;&nbsp; 174822 |
| Series 2021-3A, Class AR, 4.93% <br> (3 mo. Term SOFR + 1.06%), <br> 07/24/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249609 |
| Series 2021-4A, Class A1R, <br> 5.08% (3 mo. Term SOFR + <br> 1.20%), 10/20/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250335 |
| Banc of America Commercial <br> Mortgage Trust, Series 2015-<br> UBS7, Class AS, 3.99%, <br> 09/15/2048<sup>(h)</sup> <br>|  | 32179 | &nbsp;&nbsp; 32112 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | $27547 | &nbsp;&nbsp; $24082 |
| Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(h)</sup> <br>|  | 6862 | &nbsp;&nbsp; 5997 |
| Banc of America Mortgage Trust, <br> Series 2007-1, Class 1A24, <br> 6.00%, 03/25/2037<br>|  | 18119 | &nbsp;&nbsp; 15674 |
| Bank, Series 2019-BNK16, Class XA, <br> IO, 0.93%, 02/15/2052<sup>(i)</sup> <br>|  | 1363693 | &nbsp;&nbsp; 30105 |
| Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>|  | 90000 | &nbsp;&nbsp; 92587 |
| Barings CLO Ltd., Series 2021-2A, <br> Class A1R, 4.97% (3 mo. Term <br> SOFR + 1.07%), 07/15/2034<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 320098 |
| Barings Equipment Finance LLC, <br> Series 2025-B, Class A3, 4.13%, <br> 10/13/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200725 |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 262883 | &nbsp;&nbsp; 229890 |
| Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 262883 | &nbsp;&nbsp; 219874 |
| Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 227511 | &nbsp;&nbsp; 205282 |
| Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 264255 | &nbsp;&nbsp; 231255 |
| Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 322221 | &nbsp;&nbsp; 269906 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, | Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| Series 2005-9, Class A1, 0.76% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.30%), 10/25/2035<sup>(c)</sup> <br>|  | 16458 | &nbsp;&nbsp; 15952 |
| Series 2006-1, Class A1, 0.65% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.25%), 02/25/2036<sup>(c)</sup> <br>|  | 19432 | &nbsp;&nbsp; 18855 |
| Beechwood Park CLO Ltd., <br> Series 2019-1A, Class A1RR, <br> 4.97% (3 mo. Term SOFR + <br> 1.07%), 01/17/2035<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250156 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| Series 2018-B1, Class XA, IO, <br> 0.52%, 01/15/2051<sup>(i)</sup> <br>|  | 1113669 | &nbsp;&nbsp; 11001 |
| Series 2018-B3, Class C, 4.55%, <br> 04/10/2051<sup>(h)</sup> <br>|  | 22000 | &nbsp;&nbsp; 19383 |
| Series 2019-B14, Class A5, <br> 3.05%, 12/15/2062<br>|  | 90000 | &nbsp;&nbsp; 85345 |
| Series 2019-B15, Class B, <br> 3.56%, 12/15/2072<br>|  | 45000 | &nbsp;&nbsp; 38122 |
| Benefit Street Partners CLO XXIII Ltd., <br> Series 2021-23A, Class A1R, <br> 4.96% (3 mo. Term SOFR + <br> 1.10%), 04/25/2034<sup>(b)(c)</sup> <br>|  | 240000 | &nbsp;&nbsp; 239658 |
| Benefit Street Partners CLO XXV Ltd., <br> Series 2021-25A, Class A1R, <br> 4.90% (3 mo. Term SOFR + <br> 1.00%), 01/15/2035<sup>(b)(c)</sup> <br>|  | 278000 | &nbsp;&nbsp; 278032 |
| BlackRock CLO L.P., Series 2025-2A, <br> Class A, 5.05% (3 mo. Term SOFR <br> + 1.27%), 11/21/2033<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250182 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(h)</sup> <br>|  | 23021 | &nbsp;&nbsp; 22556 |

---

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

**19**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.37%, <br> 06/15/2044<sup>(b)(h)</sup> <br>|  | $660000 | &nbsp;&nbsp; $678711 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 4.71% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(c)</sup> <br>|  | 183338 | &nbsp;&nbsp; 183267 |
| Series 2024-VLT5, Class A, <br> 5.41%, 11/13/2046<sup>(b)(h)</sup> <br>|  | 350000 | &nbsp;&nbsp; 355146 |
| Series 2024-VLT5, Class B, <br> 5.80%, 11/13/2046<sup>(b)(h)</sup> <br>|  | 130000 | &nbsp;&nbsp; 132435 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 4.75% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 319963 |
| Series 2022-LBA6, Class B, <br> 5.05% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 230006 |
| Series 2022-LBA6, Class C, <br> 5.35% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100017 |
| Series 2025-VLT6, Class A, <br> 5.19% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(c)</sup> <br>|  | 185000 | &nbsp;&nbsp; 185027 |
| Series 2025-VLT7, Class A, <br> 5.45% (1 mo. Term SOFR + <br> 1.70%), 07/15/2044<sup>(b)(c)</sup> <br>|  | 358000 | &nbsp;&nbsp; 359149 |
| Series 2025-VOLT, Class A, <br> 5.45% (1 mo. Term SOFR + <br> 1.70%), 12/15/2044<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250610 |
| Series 2025-VOLT, Class B, <br> 5.85% (1 mo. Term SOFR + <br> 2.10%), 12/15/2044<sup>(b)(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 231213 |
| Series 2025-VOLT, Class C, <br> 6.10% (1 mo. Term SOFR + <br> 2.35%), 12/15/2044<sup>(b)(c)</sup> <br>|  | 310000 | &nbsp;&nbsp; 311288 |
| Series 2025-VOLT, Class D, <br> 6.50% (1 mo. Term SOFR + <br> 2.75%), 12/15/2044<sup>(b)(c)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105297 |
| Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |  |  |
| Series 2015-4A, Class A1R3, <br> 4.80% (3 mo. Term SOFR + <br> 0.92%), 07/20/2032<sup>(b)(c)</sup> <br>|  | 253632 | &nbsp;&nbsp; 253780 |
| Series 2015-5A, Class A1R4, <br> 4.76% (3 mo. Term SOFR + <br> 0.88%), 01/20/2032<sup>(b)(c)</sup> <br>|  | 370000 | &nbsp;&nbsp; 370121 |
| CD Mortgage Trust, Series 2017-CD6, <br> Class XA, IO, 0.89%, <br> 11/13/2050<sup>(i)</sup> <br>|  | 521184 | &nbsp;&nbsp; 6011 |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 4.85% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(c)</sup> <br>|  | 175767 | &nbsp;&nbsp; 176047 |
| Centersquare Issuer LLC, <br> Series 2025-3A, Class A2, <br> 5.00%, 08/25/2055<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 227176 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(b)(h)</sup> <br>|  | 2926 | &nbsp;&nbsp; 2794 |
| Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(h)</sup> <br>|  | 17162 | &nbsp;&nbsp; 15687 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(h)</sup> <br>|  | 17487 | &nbsp;&nbsp; 16345 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(h)</sup> <br>|  | 22734 | &nbsp;&nbsp; 21276 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.76%, 01/25/2036<sup>(h)</sup> <br>|  | $20630 | &nbsp;&nbsp; $19134 |
| CIFC Funding Ltd., Series 2016-1A, <br> Class AR3, 4.87% (3 mo. Term <br> SOFR + 1.00%), 10/21/2031<sup>(b)(c)</sup> <br>|  | 117321 | &nbsp;&nbsp; 117370 |
| Citigroup Commercial Mortgage Trust, <br> Series 2017-C4, Class XA, IO, <br> 0.98%, 10/12/2050<sup>(i)</sup> <br>|  | 1535265 | &nbsp;&nbsp; 21094 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(c)</sup> <br>|  | 43981 | &nbsp;&nbsp; 42742 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(h)</sup> <br>|  | 260625 | &nbsp;&nbsp; 218311 |
| Series 2024-1, Class A3A, <br> 6.00%, 07/25/2054<sup>(b)(h)</sup> <br>|  | 182278 | &nbsp;&nbsp; 185814 |
| CLI Funding IX LLC, Series 2025-1A, <br> Class A, 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 94958 | &nbsp;&nbsp; 96527 |
| Clover CLO LLC, Series 2021-3A, <br> Class AR, 4.93% (3 mo. Term <br> SOFR + 1.07%), 01/25/2035<sup>(b)(c)</sup> <br>|  | 265000 | &nbsp;&nbsp; 265142 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, 1.73%, <br> 11/26/2066<sup>(b)(h)</sup> <br>|  | 66413 | &nbsp;&nbsp; 60554 |
| Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(h)</sup> <br>|  | 174879 | &nbsp;&nbsp; 158630 |
| Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(b)</sup> <br>|  | 186159 | &nbsp;&nbsp; 179132 |
| Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(b)(h)</sup> <br>|  | 238969 | &nbsp;&nbsp; 235407 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, <br> 4.93%, 11/25/2050<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 129933 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 1760 | &nbsp;&nbsp; 1752 |
| Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 24122 | &nbsp;&nbsp; 14046 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 2800 | &nbsp;&nbsp; 2309 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 26414 | &nbsp;&nbsp; 24147 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(h)</sup> <br>|  | 70456 | &nbsp;&nbsp; 63450 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 230584 | &nbsp;&nbsp; 225535 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 115000 | &nbsp;&nbsp; 107545 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(h)</sup> <br>|  | 210112 | &nbsp;&nbsp; 209572 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(b)(h)</sup> <br>|  | 123772 | &nbsp;&nbsp; 125038 |
| Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(h)</sup> <br>|  | 264345 | &nbsp;&nbsp; 266476 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 776000 | &nbsp;&nbsp; 709793 |
| CSFB Mortgage-Backed Pass-Through <br> Ctfs., Series 2004-AR5, <br> Class 3A1, 4.58%, <br> 06/25/2034<sup>(h)</sup> <br>|  | 4515 | &nbsp;&nbsp; 4261 |

---

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

**20**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | $91450 | &nbsp;&nbsp; $39887 |
| DB Master Finance LLC, | DB Master Finance LLC, |  |  |
| Series 2019-1A, Class A23, <br> 4.35%, 05/20/2049<sup>(b)</sup> <br>|  | 46875 | &nbsp;&nbsp; 46307 |
| Series 2025-1A, Class A2I, <br> 4.89%, 08/20/2055<sup>(b)</sup> <br>|  | 120000 | &nbsp;&nbsp; 120535 |
| Series 2025-1A, Class A2II, <br> 5.17%, 08/20/2055<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 90381 |
| Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |  |  |
| Series 2019-1A, Class A2, <br> 3.67%, 10/25/2049<sup>(b)</sup> <br>|  | 104640 | &nbsp;&nbsp; 100925 |
| Series 2025-1A, Class A2I, <br> 4.93%, 07/25/2055<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 372735 |
| Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 302967 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(b)(h)</sup> <br>|  | 8553 | &nbsp;&nbsp; 8320 |
| Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(h)</sup> <br>|  | 23208 | &nbsp;&nbsp; 20392 |
| Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(h)</sup> <br>|  | 186162 | &nbsp;&nbsp; 163959 |
| Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(b)</sup> <br>|  | 208267 | &nbsp;&nbsp; 207755 |
| Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 129130 | &nbsp;&nbsp; 129296 |
| Series 2025-NQM2, Class A1, <br> 5.60%, 06/25/2070<sup>(b)(h)</sup> <br>|  | 246736 | &nbsp;&nbsp; 249209 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| Series 2024-2, Class A4, 5.69%, <br> 12/20/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53759 |
| Series 2024-4, Class A3, 4.56%, <br> 11/20/2028<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 111188 |
| Series 2025-4, Class A3, 4.11%, <br> 12/20/2029<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 160808 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-FA8, <br> Class 1A6, 4.50% (1 mo. Term <br> SOFR + 0.76%), 11/25/2035<sup>(c)</sup> <br>|  | 49564 | &nbsp;&nbsp; 18554 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(h)</sup> <br>|  | 369285 | &nbsp;&nbsp; 332762 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(h)</sup> <br>|  | 119926 | &nbsp;&nbsp; 108769 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, 4.81% <br> (3 mo. Term SOFR + 0.95%), <br> 04/22/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249688 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 311233 | &nbsp;&nbsp; 314181 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(h)</sup> <br>|  | 7650 | &nbsp;&nbsp; 7539 |
| Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(b)(h)</sup> <br>|  | 143595 | &nbsp;&nbsp; 145075 |
| GMACM Mortgage Loan Trust, <br> Series 2006-AR1, Class 1A1, <br> 3.36%, 04/19/2036<sup>(h)</sup> <br>|  | 27403 | &nbsp;&nbsp; 22759 |
| Goldentree Loan Management US CLO <br> 8 Ltd., Series 2020-8A, <br> Class ARR, 5.03% (3 mo. Term <br> SOFR + 1.15%), 10/20/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250267 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Golub Capital Partners CLO 53(B) <br> Ltd., Series 2021-53A, Class AR, <br> 4.86% (3 mo. Term SOFR + <br> 0.98%), 07/20/2034<sup>(b)(c)</sup> <br>|  | $451000 | &nbsp;&nbsp; $450775 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |  |
| Series 2020-GC45, Class A5, <br> 2.91%, 02/13/2053<br>|  | 50000 | &nbsp;&nbsp; 47134 |
| Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 300000 | &nbsp;&nbsp; 276256 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(h)</sup> <br>|  | 214422 | &nbsp;&nbsp; 193273 |
| Series 2025-HE1, Class A1, <br> 5.42% (30 Day Average SOFR + <br> 1.55%), 10/25/2055<sup>(b)(c)</sup> <br>|  | 119813 | &nbsp;&nbsp; 120187 |
| Series 2025-NQM4, Class A1, <br> 5.01%, 10/25/2065<sup>(b)(h)</sup> <br>|  | 263316 | &nbsp;&nbsp; 264300 |
| Series 2025-NQM5, Class A1, <br> 5.01%, 07/25/2065<sup>(b)(h)</sup> <br>|  | 242752 | &nbsp;&nbsp; 243169 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.00%, 07/25/2035<sup>(h)</sup> <br>|  | 3967 | &nbsp;&nbsp; 3820 |
| Harbor Park CLO Ltd., Series 2018-<br> 1A, Class AR2, 4.83% (3 mo. <br> Term SOFR + 0.95%), <br> 01/20/2031<sup>(b)(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 300169 |
| Hertz Vehicle Financing III L.P., | Hertz Vehicle Financing III L.P., |  |  |
| Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 110900 |
| Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 101037 |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, 4.88%, <br> 05/27/2042<sup>(b)</sup> <br>|  | 268826 | &nbsp;&nbsp; 273094 |
| Invitation Homes Trust, <br> Series 2024-SFR1, Class A, <br> 4.00%, 09/17/2041<sup>(b)</sup> <br>|  | 99829 | &nbsp;&nbsp; 98375 |
| IP Mortgage Trust, | IP Mortgage Trust, |  |  |
| Series 2025-IP, Class A, 5.25%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 294000 | &nbsp;&nbsp; 299513 |
| Series 2025-IP, Class B, 5.54%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 280000 | &nbsp;&nbsp; 285503 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| Series 2025-NQM3, Class A1, <br> 5.50%, 11/25/2065<sup>(b)(h)</sup> <br>|  | 259646 | &nbsp;&nbsp; 262026 |
| Series 2025-NQM4, Class A1, <br> 4.95%, 03/25/2066<sup>(b)(h)</sup> <br>|  | 68374 | &nbsp;&nbsp; 68475 |
| Jersey Mike's Funding, <br> Series 2025-1A, Class A2, <br> 5.61%, 08/16/2055<sup>(b)</sup> <br>|  | 199500 | &nbsp;&nbsp; 203691 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(h)</sup> <br>|  | 6998 | &nbsp;&nbsp; 6971 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(h)</sup> <br>|  | 287645 | &nbsp;&nbsp; 246694 |
| Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(h)</sup> <br>|  | 40261 | &nbsp;&nbsp; 40596 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(h)</sup> <br>|  | 193654 | &nbsp;&nbsp; 195552 |
| JPMBB Commercial Mortgage Securities <br> Trust, | JPMBB Commercial Mortgage Securities <br> Trust, |  |  |
| Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 233966 |
| Series 2015-C27, Class XA, IO, <br> 0.70%, 02/15/2048<sup>(i)</sup> <br>|  | 248731 | &nbsp;&nbsp; 2 |

---

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

**21**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Juniper Valley Park CLO Ltd., <br> Series 2023-1A, Class ARR, <br> 4.96% (3 mo. Term SOFR + <br> 1.08%), 07/20/2036<sup>(b)(c)</sup> <br>|  | $530000 | &nbsp;&nbsp; $529752 |
| KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 4.98% (3 mo. Term <br> SOFR + 1.10%), 01/18/2032<sup>(b)(c)</sup> <br>|  | 129555 | &nbsp;&nbsp; 129581 |
| Life Mortgage Trust, Series 2021-<br> BMR, Class C, 4.96% (1 mo. Term <br> SOFR + 1.21%), 03/15/2038<sup>(b)(c)</sup> <br>|  | 11748 | &nbsp;&nbsp; 11700 |
| Magnetite XXXI Ltd., Series 2021-<br> 31A, Class A1R, 0.00% (3 mo. <br> Term SOFR + 1.00%), <br> 07/15/2034<sup>(b)(c)(j)</sup> <br>|  | 355000 | &nbsp;&nbsp; 355089 |
| MASTR Asset Backed Securities Trust, <br> Series 2006-WMC3, Class A3, <br> 4.05% (1 mo. Term SOFR + <br> 0.31%), 08/25/2036<sup>(c)</sup> <br>|  | 33654 | &nbsp;&nbsp; 11419 |
| Mello Mortgage Capital Acceptance Trust, | Mello Mortgage Capital Acceptance Trust, |  |  |
| Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(b)(h)</sup> <br>|  | 156077 | &nbsp;&nbsp; 140576 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 155172 | &nbsp;&nbsp; 139479 |
| Merchants Fleet Funding LLC, <br> Series 2025-1A, Class A, 4.49%, <br> 01/20/2039<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110433 |
| Merrill Lynch Mortgage Investors <br> Trust, Series 2005-3, Class 3A, <br> 2.39%, 11/25/2035<sup>(h)</sup> <br>|  | 2379 | &nbsp;&nbsp; 2272 |
| Metronet Infrastructure Issuer LLC, <br> Series 2025-4A, Class A2, <br> 5.16%, 12/20/2055<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110460 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(h)</sup> <br>|  | 184039 | &nbsp;&nbsp; 169600 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 4.57% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(b)(c)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124889 |
| Series 2021-STOR, Class B, <br> 4.77% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(b)(c)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104882 |
| MILE Trust, | MILE Trust, |  |  |
| Series 2025-STNE, Class A, <br> 5.25% (1 mo. Term SOFR + <br> 1.50%), 07/15/2042<sup>(b)(c)</sup> <br>|  | 610000 | &nbsp;&nbsp; 611298 |
| Series 2025-STNE, Class B, <br> 5.45% (1 mo. Term SOFR + <br> 1.70%), 07/15/2042<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100232 |
| Series 2025-STNE, Class C, <br> 5.85% (1 mo. Term SOFR + <br> 2.10%), 07/15/2042<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100209 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, <br> Series 2025-5C2, Class B, <br> 5.69%, 11/15/2058<sup>(h)</sup> <br>|  | 142000 | &nbsp;&nbsp; 145620 |
| Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |  |
| Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(i)</sup> <br>|  | 531472 | &nbsp;&nbsp; 7052 |
| Series 2019-L2, Class A4, <br> 4.07%, 03/15/2052<br>|  | 80000 | &nbsp;&nbsp; 78652 |
| Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>|  | 60000 | &nbsp;&nbsp; 56972 |
| Morgan Stanley Re-REMIC Trust, <br> Series 2012-R3, Class 1B, <br> 6.00%, 11/26/2036<sup>(b)(h)</sup> <br>|  | 167355 | &nbsp;&nbsp; 149313 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Morgan Stanley Residential Mortgage Loan <br> Trust, | Morgan Stanley Residential Mortgage Loan <br> Trust, |  |  |
| Series 2024-3, Class A1, 6.00%, <br> 07/25/2054<sup>(b)(h)</sup> <br>|  | $124275 | &nbsp;&nbsp; $126240 |
| Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 196822 | &nbsp;&nbsp; 199174 |
| Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(h)</sup> <br>|  | 327834 | &nbsp;&nbsp; 331462 |
| Series 2025-NQM8, Class A1, <br> 4.96%, 09/25/2070<sup>(b)(h)</sup> <br>|  | 217906 | &nbsp;&nbsp; 218188 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 154051 | &nbsp;&nbsp; 156348 |
| Neuberger Berman Loan Advisers CLO <br> 38 Ltd., Series 2020-38A, <br> Class AR2, 4.84% (3 mo. Term <br> SOFR + 0.96%), 10/20/2036<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250066 |
| Neuberger Berman Loan Advisers CLO <br> 47 Ltd., Series 2022-47A, <br> Class AR, 5.20% (3 mo. Term <br> SOFR + 1.09%), 04/16/2035<sup>(b)(c)</sup> <br>|  | 270000 | &nbsp;&nbsp; 270006 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2019-NQM4, Class A1, <br> 2.49%, 09/25/2059<sup>(b)(h)</sup> <br>|  | 8520 | &nbsp;&nbsp; 8233 |
| Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(h)</sup> <br>|  | 14471 | &nbsp;&nbsp; 13693 |
| Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 186742 | &nbsp;&nbsp; 177805 |
| Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)(h)</sup> <br>|  | 77961 | &nbsp;&nbsp; 79057 |
| NextGear Floorplan Master Owner <br> Trust, Series 2025-2A, Class A2, <br> 4.23%, 10/15/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100320 |
| Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 4.87% (3 mo. Term <br> SOFR + 0.97%), 01/15/2035<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249534 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(h)</sup> <br>|  | 244478 | &nbsp;&nbsp; 211442 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(h)</sup> <br>|  | 212401 | &nbsp;&nbsp; 192687 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 216422 |
| Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)(h)</sup> <br>|  | 136948 | &nbsp;&nbsp; 137076 |
| Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(h)</sup> <br>|  | 85406 | &nbsp;&nbsp; 85963 |
| Series 2025-HE2, Class A1, <br> 5.32% (30 Day Average SOFR + <br> 1.45%), 08/25/2055<sup>(b)(c)</sup> <br>|  | 174677 | &nbsp;&nbsp; 175028 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(b)(h)</sup> <br>|  | 193733 | &nbsp;&nbsp; 174987 |
| One Bryant Park Trust, <br> Series 2019-OBP, Class A, 2.52%, <br> 09/15/2054<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 105912 |
| Palmer Square Loan Funding Ltd. (Cayman <br> Islands), | Palmer Square Loan Funding Ltd. (Cayman <br> Islands), |  |  |
| Series 2025-2A, Class A1, 5.23% <br> (3 mo. Term SOFR + 0.94%), <br> 07/15/2033<sup>(b)(c)</sup> <br>|  | 570000 | &nbsp;&nbsp; 570262 |
| Series 2025-3A, Class A1, 4.66% <br> (3 mo. Term SOFR + 0.95%), <br> 01/15/2034<sup>(b)(c)</sup> <br>|  | 275000 | &nbsp;&nbsp; 274933 |

---

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

**22**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 4.81% (3 mo. Term <br> SOFR + 0.94%), 05/18/2034<sup>(b)(c)</sup> <br>|  | $250000 | &nbsp;&nbsp; $249877 |
| Planet Fitness Master Issuer LLC, | Planet Fitness Master Issuer LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 5.27%, 12/06/2055<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100665 |
| Series 2025-1A, Class A2II, <br> 5.65%, 12/06/2055<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100287 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, <br> 01/25/2060<sup>(b)(h)</sup> <br>|  | 110775 | &nbsp;&nbsp; 112742 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 197774 | &nbsp;&nbsp; 188211 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 238780 | &nbsp;&nbsp; 238735 |
| Provident Funding Mortgage Trust, <br> Series 2025-4, Class A1, 6.00%, <br> 09/25/2055<sup>(b)(h)</sup> <br>|  | 352873 | &nbsp;&nbsp; 359718 |
| Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 357105 | &nbsp;&nbsp; 371313 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J4, Class A1, <br> 6.00%, 12/25/2054<sup>(b)(h)</sup> <br>|  | 160271 | &nbsp;&nbsp; 163351 |
| Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(h)</sup> <br>|  | 128989 | &nbsp;&nbsp; 130968 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(h)</sup> <br>|  | 173640 | &nbsp;&nbsp; 174349 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)(h)</sup> <br>|  | 208838 | &nbsp;&nbsp; 210994 |
| Series 2025-CES7, Class A1A, <br> 5.38%, 07/25/2055<sup>(b)(h)</sup> <br>|  | 137973 | &nbsp;&nbsp; 139408 |
| Residential Accredit Loans, Inc. Trust, | Residential Accredit Loans, Inc. Trust, |  |  |
| Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 205 | &nbsp;&nbsp; 165 |
| Series 2007-QS6, Class A28, <br> 5.75%, 04/25/2037<br>|  | 2748 | &nbsp;&nbsp; 2285 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(h)</sup> <br>|  | 2017 | &nbsp;&nbsp; 2008 |
| RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 4.97% (3 mo. Term <br> SOFR + 1.07%), 07/15/2034<sup>(b)(c)</sup> <br>|  | 625000 | &nbsp;&nbsp; 625186 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, 03/25/2067<sup>(b)</sup> <br>|  | 178499 | &nbsp;&nbsp; 177284 |
| SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class A, <br> 5.00% (1 mo. Term SOFR + <br> 1.25%), 08/15/2042<sup>(b)(c)</sup> <br>|  | 145000 | &nbsp;&nbsp; 145274 |
| Sequoia Mortgage Trust, <br> Series 2025-10, Class A1, <br> 5.50%, 11/25/2055<sup>(b)(h)</sup> <br>|  | 354527 | &nbsp;&nbsp; 356607 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 293644 | &nbsp;&nbsp; 276637 |
| Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 96651 | &nbsp;&nbsp; 89029 |
| Shackleton CLO Ltd., Series 2015-<br> 7RA, Class ARR, 5.00% (3 mo. <br> Term SOFR + 1.10%), <br> 07/15/2031<sup>(b)(c)</sup> <br>|  | 68065 | &nbsp;&nbsp; 68066 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| SHRN Trust, | SHRN Trust, |  |  |
| Series 2025-MF18, Class A, <br> 4.95% (1 mo. Term SOFR + <br> 1.20%), 10/15/2040<sup>(b)(c)</sup> <br>|  | $520000 | &nbsp;&nbsp; $520976 |
| Series 2025-MF18, Class B, <br> 5.20% (1 mo. Term SOFR + <br> 1.45%), 10/15/2040<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100274 |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 4.96% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(c)</sup> <br>|  | 372000 | &nbsp;&nbsp; 372214 |
| Signal Peak CLO 4 Ltd., <br> Series 2017-4A, Class AR2, <br> 4.98% (3 mo. Term SOFR + <br> 1.12%), 10/26/2034<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 599595 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 47333 | &nbsp;&nbsp; 46871 |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 153200 | &nbsp;&nbsp; 142845 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 296825 | &nbsp;&nbsp; 258058 |
| STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 79251 | &nbsp;&nbsp; 74916 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(b)(h)</sup> <br>|  | 6762 | &nbsp;&nbsp; 6531 |
| Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(h)</sup> <br>|  | 9046 | &nbsp;&nbsp; 8681 |
| Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(h)</sup> <br>|  | 275311 | &nbsp;&nbsp; 245007 |
| Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(h)</sup> <br>|  | 211775 | &nbsp;&nbsp; 192235 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, Series 2004-12, <br> Class 3A2, 5.05%, <br> 09/25/2034<sup>(h)</sup> <br>|  | 495 | &nbsp;&nbsp; 489 |
| Structured Asset Securities Corp. <br> Mortgage Pass-Through Ctfs., <br> Series 2003-34A, Class 5A5, <br> 5.64%, 11/25/2033<sup>(h)</sup> <br>|  | 13576 | &nbsp;&nbsp; 13254 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | 191070 | &nbsp;&nbsp; 197891 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 209880 | &nbsp;&nbsp; 212945 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 207900 | &nbsp;&nbsp; 212556 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 217800 | &nbsp;&nbsp; 216737 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 198000 | &nbsp;&nbsp; 197651 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 202950 | &nbsp;&nbsp; 201717 |
| Switch ABS Issuer LLC, <br> Series 2025-2A, Class A21, <br> 5.12%, 10/25/2055<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 140016 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 4.99% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(c)</sup> <br>|  | 149388 | &nbsp;&nbsp; 149430 |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 4.80% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(c)</sup> <br>|  | 249857 | &nbsp;&nbsp; 249977 |

---

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

**23**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Symphony CLO XXII Ltd., <br> Series 2020-22A, Class A1AR, <br> 5.06% (3 mo. Term SOFR + <br> 1.18%), 04/18/2033<sup>(b)(c)</sup> <br>|  | $209518 | &nbsp;&nbsp; $209568 |
| Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 4.80% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(c)</sup> <br>|  | 230957 | &nbsp;&nbsp; 230878 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, 4.93%, <br> 07/15/2030<br>|  | 280000 | &nbsp;&nbsp; 284662 |
| Taco Bell Funding LLC, | Taco Bell Funding LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.82%, 08/25/2055<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 398695 |
| Series 2025-1A, Class A2II, <br> 5.05%, 08/25/2055<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 259845 |
| Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(b)</sup> <br>|  | 275733 | &nbsp;&nbsp; 261503 |
| Thayer Park, CLO Ltd., <br> Series 2017-1A, Class A1RR, <br> 4.87% (3 mo. Term SOFR + <br> 1.00%), 04/20/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250137 |
| Thornburg Mortgage Securities Trust, <br> Series 2005-1, Class A3, 4.66%, <br> 04/25/2045<sup>(h)</sup> <br>|  | 9438 | &nbsp;&nbsp; 9261 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(b)</sup> <br>|  | 242174 | &nbsp;&nbsp; 231069 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 4.85% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(c)</sup> <br>|  | 193679 | &nbsp;&nbsp; 193891 |
| UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |  |  |
| Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(i)</sup> <br>|  | 688940 | &nbsp;&nbsp; 9310 |
| Series 2019-C16, Class A4, <br> 3.60%, 04/15/2052<br>|  | 80000 | &nbsp;&nbsp; 77557 |
| Vantage Data Centers Issuer LLC, <br> Series 2025-2A, Class A2, <br> 5.24%, 11/15/2055<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 208383 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| Series 2025-AZ, Class A, 5.06%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 695000 | &nbsp;&nbsp; 703884 |
| Series 2025-AZ, Class B, 5.30%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101332 |
| Series 2025-AZ, Class C, 5.84%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 235000 | &nbsp;&nbsp; 239562 |
| Series 2025-AZ, Class D, 6.23%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 250264 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(h)</sup> <br>|  | 54631 | &nbsp;&nbsp; 49527 |
| Series 2021-7, Class A1, 2.83%, <br> 10/25/2066<sup>(b)</sup> <br>|  | 229010 | &nbsp;&nbsp; 210785 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(h)</sup> <br>|  | 31489 | &nbsp;&nbsp; 30568 |
| Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(b)</sup> <br>|  | 181676 | &nbsp;&nbsp; 171114 |
| Series 2022-3, Class A1, 4.13%, <br> 02/25/2067<sup>(b)</sup> <br>|  | 129461 | &nbsp;&nbsp; 124823 |
| Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(h)</sup> <br>|  | 110256 | &nbsp;&nbsp; 110550 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, 11/25/2055<sup>(b)</sup> <br>|  | 18108 | &nbsp;&nbsp; 17588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| WaMu Mortgage Pass-Through Ctfs. Trust, | WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 5.69%, 10/25/2033<sup>(h)</sup> <br>|  | $12778 | &nbsp;&nbsp; $12345 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(h)</sup> <br>|  | 34107 | &nbsp;&nbsp; 32213 |
| Series 2005-AR16, Class 1A1, <br> 4.37%, 12/25/2035<sup>(h)</sup> <br>|  | 14928 | &nbsp;&nbsp; 13684 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class XA, <br> IO, 0.82%, 12/15/2050<sup>(i)</sup> <br>|  | 716627 | &nbsp;&nbsp; 9745 |
| Wendy's Funding LLC, Series 2018-<br> 1A, Class A2II, 3.88%, <br> 03/15/2048<sup>(b)</sup> <br>|  | 55184 | &nbsp;&nbsp; 54304 |
| WEST Trust, Series 2025-ROSE, <br> Class A, 5.28%, 04/10/2035<sup>(b)(h)</sup> <br>|  | 435000 | &nbsp;&nbsp; 442272 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 507000 | &nbsp;&nbsp; 513882 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 15633 | &nbsp;&nbsp; 15368 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 489761 | &nbsp;&nbsp; 462861 |
| Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 123438 | &nbsp;&nbsp; 125992 |
| Zayo Issuer LLC, | Zayo Issuer LLC, |  |  |
| Series 2025-2A, Class A2, <br> 5.95%, 06/20/2055<sup>(b)</sup> <br>|  | 219000 | &nbsp;&nbsp; 224948 |
| Series 2025-3A, Class A2, <br> 5.57%, 10/20/2055<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250189 |
| Total Asset-Backed Securities (Cost $48,969,415) | Total Asset-Backed Securities (Cost $48,969,415) | Total Asset-Backed Securities (Cost $48,969,415) | &nbsp;&nbsp; 47868365 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.97%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.97%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.97%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.97%** |
| **Collateralized Mortgage Obligations–0.35%** | **Collateralized Mortgage Obligations–0.35%** | **Collateralized Mortgage Obligations–0.35%** | **Collateralized Mortgage Obligations–0.35%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>7.00%, 02/25/2028 to <br> 04/25/2032<sup>(k)</sup> <br>|  | 30963 | &nbsp;&nbsp; 4005 |
| 6.50%, 04/25/2029 to <br> 02/25/2033<sup>(i)(k)</sup> <br>|  | 104419 | &nbsp;&nbsp; 11533 |
| 7.50%, 11/25/2029<sup>(k)</sup> <br>|  | 4563 | &nbsp;&nbsp; 427 |
| 6.00%, 02/25/2033 to <br> 03/25/2036<sup>(i)(k)</sup> <br>|  | 97453 | &nbsp;&nbsp; 14406 |
| 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(i)(k)</sup> <br>|  | 141504 | &nbsp;&nbsp; 18149 |

---

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

**24**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.00%, 11/25/2027<sup>(k)</sup> <br>|  | $7353 | &nbsp;&nbsp; $101 |
| 3.11% (7.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 11/25/2030<sup>(c)(k)</sup> <br>|  | 12788 | &nbsp;&nbsp; 686 |
| 3.85% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/18/2031 to <br> 12/18/2031<sup>(c)(k)</sup> <br>|  | 1052 | &nbsp;&nbsp; 96 |
| 3.91% (7.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 11/25/2031<sup>(c)(k)</sup> <br>|  | 22886 | &nbsp;&nbsp; 1965 |
| 3.26% (7.25% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/25/2032<sup>(c)(k)</sup> <br>|  | 1171 | &nbsp;&nbsp; 88 |
| 3.96% (7.95% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/25/2032<sup>(c)(k)</sup> <br>|  | 6004 | &nbsp;&nbsp; 539 |
| 3.95% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 03/18/2032 to <br> 12/18/2032<sup>(c)(k)</sup> <br>|  | 2164 | &nbsp;&nbsp; 205 |
| 4.11% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2032 to <br> 04/25/2032<sup>(c)(k)</sup> <br>|  | 1864 | &nbsp;&nbsp; 185 |
| 3.01% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 09/25/2032<sup>(c)(k)</sup> <br>|  | 5929 | &nbsp;&nbsp; 542 |
| 3.81% (7.80% - (30 Day Average <br> SOFR + 0.11%)), <br> 04/25/2032<sup>(c)(k)</sup> <br>|  | 195 | &nbsp;&nbsp; 21 |
| 4.01% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 12/25/2032<sup>(c)(k)</sup> <br>|  | 89074 | &nbsp;&nbsp; 9430 |
| 4.05% (8.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/18/2032<sup>(c)(k)</sup> <br>|  | 6008 | &nbsp;&nbsp; 384 |
| 4.26% (8.25% - (30 Day Average <br> SOFR + 0.11%)), 02/25/2033 to <br> 05/25/2033<sup>(c)(k)</sup> <br>|  | 34637 | &nbsp;&nbsp; 5026 |
| 7.00%, 04/25/2033<sup>(k)</sup> <br>|  | 1428 | &nbsp;&nbsp; 228 |
| 2.06% (6.05% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 07/25/2038<sup>(c)(k)</sup> <br>|  | 17696 | &nbsp;&nbsp; 1512 |
| 2.76% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 05/25/2035<sup>(c)(k)</sup> <br>|  | 4683 | &nbsp;&nbsp; 229 |
| 2.61% (6.60% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/25/2035<sup>(c)(k)</sup> <br>|  | 11178 | &nbsp;&nbsp; 536 |
| 2.71% (6.70% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/25/2035<sup>(c)(k)</sup> <br>|  | 43199 | &nbsp;&nbsp; 3844 |
| 3.50%, 08/25/2035<sup>(k)</sup> <br>|  | 111862 | &nbsp;&nbsp; 11088 |
| 2.11% (6.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 10/25/2035<sup>(c)(k)</sup> <br>|  | 48656 | &nbsp;&nbsp; 4783 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(k)</sup> <br>|  | 37697 | &nbsp;&nbsp; 5698 |
| 2.56% (6.55% - (30 Day Average <br> SOFR + 0.11%)), <br> 10/25/2041<sup>(c)(k)</sup> <br>|  | 11019 | &nbsp;&nbsp; 971 |
| 2.16% (6.15% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/25/2042<sup>(c)(k)</sup> <br>|  | 33709 | &nbsp;&nbsp; 3660 |
| 5.50%, 07/25/2046<sup>(k)</sup> <br>|  | 31011 | &nbsp;&nbsp; 3977 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 1.91% (5.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 09/25/2047<sup>(c)(k)</sup> <br>|  | $231445 | &nbsp;&nbsp; $23286 |
| 6.50%, 10/25/2028 to <br> 11/25/2029<br>|  | 18251 | &nbsp;&nbsp; 18556 |
| 6.00%, 11/25/2028 to <br> 12/25/2031<br>|  | 24495 | &nbsp;&nbsp; 25285 |
| 4.24% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(c)</sup> <br>|  | 180 | &nbsp;&nbsp; 178 |
| 9.94% (24.57% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 03/25/2036<sup>(c)</sup> <br>|  | 19345 | &nbsp;&nbsp; 23035 |
| 9.57% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(c)</sup> <br>|  | 11600 | &nbsp;&nbsp; 13940 |
| 9.57% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(c)</sup> <br>|  | 9276 | &nbsp;&nbsp; 10429 |
| 4.93% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(c)</sup> <br>|  | 7991 | &nbsp;&nbsp; 8081 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.76%, 02/25/2026<sup>(i)</sup> <br>|  | 303097 | &nbsp;&nbsp; 54 |
| Series K735, Class X1, IO, <br>0.96%, 05/25/2026<sup>(i)</sup> <br>|  | 1553301 | &nbsp;&nbsp; 3353 |
| Series K083, Class AM, <br>4.03%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23085 |
| Series K085, Class AM, <br>4.06%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23098 |
| Series K089, Class AM, <br>3.63%, 01/25/2029<sup>(h)</sup> <br>|  | 39000 | &nbsp;&nbsp; 38666 |
| Series K088, Class AM, <br>3.76%, 01/25/2029<sup>(h)</sup> <br>|  | 92000 | &nbsp;&nbsp; 91596 |
| Series K093, Class X1, IO, <br>0.94%, 05/25/2029<sup>(i)</sup> <br>|  | 1545712 | &nbsp;&nbsp; 40988 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.55% (7.65% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2026 to <br> 03/15/2029<sup>(c)(k)</sup> <br>|  | 6358 | &nbsp;&nbsp; 225 |
| 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(k)</sup> <br>|  | 25908 | &nbsp;&nbsp; 378 |
| 2.50%, 05/15/2028<sup>(k)</sup> <br>|  | 8355 | &nbsp;&nbsp; 169 |
| 4.00% (8.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 06/15/2029<sup>(c)(k)</sup> <br>|  | 268 | &nbsp;&nbsp; 16 |
| 2.60% (6.70% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/15/2035<sup>(c)(k)</sup> <br>|  | 91667 | &nbsp;&nbsp; 5969 |
| 2.65% (6.75% - (30 Day Average <br> SOFR + 0.11%)), <br> 02/15/2035<sup>(c)(k)</sup> <br>|  | 9610 | &nbsp;&nbsp; 609 |
| 2.62% (6.72% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/15/2035<sup>(c)(k)</sup> <br>|  | 6852 | &nbsp;&nbsp; 433 |
| 2.05% (6.15% - (30 Day Average <br> SOFR + 0.11%)), <br> 07/15/2035<sup>(c)(k)</sup> <br>|  | 1791 | &nbsp;&nbsp; 93 |
| 2.90% (7.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/15/2037<sup>(c)(k)</sup> <br>|  | 2034 | &nbsp;&nbsp; 216 |
| 1.90% (6.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 04/15/2038<sup>(c)(k)</sup> <br>|  | 2720 | &nbsp;&nbsp; 244 |

---

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

**25**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 1.97% (6.07% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/15/2038<sup>(c)(k)</sup> <br>|  | $70099 | &nbsp;&nbsp; $5569 |
| 2.15% (6.25% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/15/2039<sup>(c)(k)</sup> <br>|  | 15244 | &nbsp;&nbsp; 1422 |
| 2.00% (6.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/15/2044<sup>(c)(k)</sup> <br>|  | 32384 | &nbsp;&nbsp; 3343 |
| 6.50%, 02/15/2028 to <br> 06/15/2032<br>|  | 76042 | &nbsp;&nbsp; 78099 |
| 8.00%, 03/15/2030 |  | 144 | &nbsp;&nbsp; 150 |
| 5.10% (30 Day Average SOFR + <br> 1.11%), 02/15/2032<sup>(c)</sup> <br>|  | 233 | &nbsp;&nbsp; 235 |
| 3.50%, 05/15/2032 |  | 3621 | &nbsp;&nbsp; 3576 |
| 9.72% (24.75% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 08/15/2035<sup>(c)</sup> <br>|  | 2727 | &nbsp;&nbsp; 3237 |
| 4.50% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(c)</sup> <br>|  | 397 | &nbsp;&nbsp; 394 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| PO, <br>0.00%, 06/01/2026<sup>(j)</sup> <br>|  | 171 | &nbsp;&nbsp; 170 |
| IO, <br>3.00%, 12/15/2027<sup>(k)</sup> <br>|  | 9726 | &nbsp;&nbsp; 166 |
| 3.15%, 12/15/2027<sup>(i)</sup> <br>|  | 2961 | &nbsp;&nbsp; 59 |
| 7.00%, 09/01/2029<sup>(k)</sup> <br>|  | 547 | &nbsp;&nbsp; 46 |
| 7.50%, 12/15/2029<sup>(k)</sup> <br>|  | 13005 | &nbsp;&nbsp; 1215 |
| 6.00%, 12/15/2032<sup>(k)</sup> <br>|  | 8696 | &nbsp;&nbsp; 968 |
|  |  |  | &nbsp;&nbsp; 554945 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 17164 | &nbsp;&nbsp; 17833 |
| 6.00%, 10/01/2029 |  | 16091 | &nbsp;&nbsp; 16531 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 9115 | &nbsp;&nbsp; 9586 |
| 5.00%, 12/01/2034 |  | 432 | &nbsp;&nbsp; 434 |
| 5.50%, 09/01/2039 |  | 51322 | &nbsp;&nbsp; 53563 |
| 4.00%, 11/01/2048 to <br> 07/01/2049<br>|  | 68660 | &nbsp;&nbsp; 66130 |
|  |  |  | &nbsp;&nbsp; 164077 |
| **Federal National Mortgage Association (FNMA)–0.19%** | **Federal National Mortgage Association (FNMA)–0.19%** | **Federal National Mortgage Association (FNMA)–0.19%** | **Federal National Mortgage Association (FNMA)–0.19%** |
| 7.00%, 01/01/2030 to <br> 12/01/2032<br>|  | 2679 | &nbsp;&nbsp; 2814 |
| 3.50%, 12/01/2030 to <br> 05/01/2047<br>|  | 274644 | &nbsp;&nbsp; 260501 |
| 6.50%, 09/01/2031 to <br> 01/01/2034<br>|  | 1199 | &nbsp;&nbsp; 1245 |
| 7.50%, 01/01/2033 |  | 436 | &nbsp;&nbsp; 448 |
| 5.50%, 02/01/2035 to <br> 05/01/2036<br>|  | 25317 | &nbsp;&nbsp; 26055 |
|  |  |  | &nbsp;&nbsp; 291063 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–3.71%** | **Government National Mortgage Association (GNMA)–3.71%** | **Government National Mortgage Association (GNMA)–3.71%** |
| 7.00%, 07/15/2031 | $82 | &nbsp;&nbsp; $85 |
| 6.50%, 11/15/2031 | 501 | &nbsp;&nbsp; 513 |
| 6.00%, 11/15/2032 | 335 | &nbsp;&nbsp; 344 |
| 4.00%, 07/20/2049 | 20455 | &nbsp;&nbsp; 19586 |
| IO, <br>2.70% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(c)(k)</sup> <br>| 12757 | &nbsp;&nbsp; 698 |
| 2.80% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(c)(k)</sup> <br>| 68988 | &nbsp;&nbsp; 4671 |
| 4.50%, 09/16/2047<sup>(k)</sup> <br>| 80162 | &nbsp;&nbsp; 14519 |
| 2.35% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(c)(k)</sup> <br>| 84210 | &nbsp;&nbsp; 10202 |
| TBA, <br>2.00%, 01/01/2056<sup>(l)</sup> <br>| 345000 | &nbsp;&nbsp; 285810 |
| 2.50%, 01/01/2056<sup>(l)</sup> <br>| 1297000 | &nbsp;&nbsp; 1118967 |
| 4.50%, 01/01/2056<sup>(l)</sup> <br>| 1398000 | &nbsp;&nbsp; 1361958 |
| 5.00%, 01/01/2056<sup>(l)</sup> <br>| 688000 | &nbsp;&nbsp; 686535 |
| 5.50%, 01/01/2056<sup>(l)</sup> <br>| 1247000 | &nbsp;&nbsp; 1259286 |
| 6.00%, 01/01/2056<sup>(l)</sup> <br>| 1073000 | &nbsp;&nbsp; 1093580 |
|  |  | &nbsp;&nbsp; 5856754 |
| **Uniform Mortgage-Backed Securities–18.62%** | **Uniform Mortgage-Backed Securities–18.62%** | **Uniform Mortgage-Backed Securities–18.62%** |
| TBA, <br>2.00%, 01/01/2041 to <br> 01/01/2056<sup>(l)</sup> <br>| 6770103 | &nbsp;&nbsp; 5571882 |
| 4.50%, 01/01/2041 to <br> 01/01/2056<sup>(l)</sup> <br>| 1427318 | &nbsp;&nbsp; 1415800 |
| 5.00%, 01/01/2041 to <br> 01/01/2056<sup>(l)</sup> <br>| 2819233 | &nbsp;&nbsp; 2825726 |
| 2.50%, 01/01/2056<sup>(l)</sup> <br>| 6082701 | &nbsp;&nbsp; 5143209 |
| 3.00%, 01/01/2056<sup>(l)</sup> <br>| 4827457 | &nbsp;&nbsp; 4270602 |
| 3.50%, 01/01/2056<sup>(l)</sup> <br>| 2618701 | &nbsp;&nbsp; 2421378 |
| 4.00%, 01/01/2056<sup>(l)</sup> <br>| 2164696 | &nbsp;&nbsp; 2053558 |
| 5.50%, 01/01/2056<sup>(l)</sup> <br>| 2321723 | &nbsp;&nbsp; 2354550 |
| 6.00%, 01/01/2056<sup>(l)</sup> <br>| 1996845 | &nbsp;&nbsp; 2050528 |
| 6.50%, 01/01/2056<sup>(l)</sup> <br>| 1250000 | &nbsp;&nbsp; 1299246 |
|  |  | &nbsp;&nbsp; 29406479 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $37,363,488) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $37,363,488) | &nbsp;&nbsp; 36273318 |
| **U.S. Treasury Securities–19.61%** | **U.S. Treasury Securities–19.61%** | **U.S. Treasury Securities–19.61%** |
| **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** |
| 3.52% - 4.14%, <br> 05/14/2026<sup>(m)(n)</sup> <br>| 745000 | &nbsp;&nbsp; 735521 |
| **U.S. Treasury Bonds–3.95%** | **U.S. Treasury Bonds–3.95%** | **U.S. Treasury Bonds–3.95%** |
| 4.63%, 11/15/2045 | 470100 | &nbsp;&nbsp; 459449 |
| 4.75%, 08/15/2055 | 5875400 | &nbsp;&nbsp; 5778089 |
|  |  | &nbsp;&nbsp; 6237538 |
| **U.S. Treasury Notes–15.20%** | **U.S. Treasury Notes–15.20%** | **U.S. Treasury Notes–15.20%** |
| 3.38%, 12/31/2027 | 3540900 | &nbsp;&nbsp; 3534053 |
| 3.50%, 12/15/2028 | 2507600 | &nbsp;&nbsp; 2504759 |
| 3.63%, 12/31/2030 | 5164200 | &nbsp;&nbsp; 5139791 |
| 3.88%, 12/31/2032 | 997500 | &nbsp;&nbsp; 993214 |
| 4.00%, 11/15/2035 | 11998300 | &nbsp;&nbsp; 11826762 |
|  |  | &nbsp;&nbsp; 23998579 |
| Total U.S. Treasury Securities (Cost $31,133,603) | Total U.S. Treasury Securities (Cost $31,133,603) | &nbsp;&nbsp; 30971638 |

---

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

**26**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Variable Rate Senior Loan Interests–0.56%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests–0.56%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests–0.56%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests–0.56%**<sup>(o)(p)</sup>  |
| **Restaurants–0.56%** | **Restaurants–0.56%** | **Restaurants–0.56%** | **Restaurants–0.56%** |
| Raising Cane's Restaurants LLC, Term <br> Loan, 5.84% (1 mo. Term SOFR + <br> 2.00%), 11/03/2032 <br>(Cost $877,800)<br>|  | $880000 | &nbsp;&nbsp; $883027 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.50%** | **Preferred Stocks–0.50%** | **Preferred Stocks–0.50%** | **Preferred Stocks–0.50%** |
| **Aerospace & Defense–0.04%** | **Aerospace & Defense–0.04%** | **Aerospace & Defense–0.04%** | **Aerospace & Defense–0.04%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 1000 | &nbsp;&nbsp; 69060 |
| **Diversified Banks–0.01%** | **Diversified Banks–0.01%** | **Diversified Banks–0.01%** | **Diversified Banks–0.01%** |
| Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | 10 | &nbsp;&nbsp; 12120 |
| **Diversified Financial Services–0.23%** | **Diversified Financial Services–0.23%** | **Diversified Financial Services–0.23%** | **Diversified Financial Services–0.23%** |
| Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(d)</sup>  | Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(d)</sup>  | 13475 | &nbsp;&nbsp; 354931 |
| **Electric Utilities–0.03%** | **Electric Utilities–0.03%** | **Electric Utilities–0.03%** | **Electric Utilities–0.03%** |
| Southern Co. (The), 7.13%, Series A, Conv. <br> Pfd. | Southern Co. (The), 7.13%, Series A, Conv. <br> Pfd. | 1000 | &nbsp;&nbsp; 50360 |
| **Investment Banking & Brokerage–0.08%** | **Investment Banking & Brokerage–0.08%** | **Investment Banking & Brokerage–0.08%** | **Investment Banking & Brokerage–0.08%** |
| Morgan Stanley, 6.88%, Series F, Pfd. | Morgan Stanley, 6.88%, Series F, Pfd. | 5000 | &nbsp;&nbsp; 125550 |
| **Regional Banks–0.11%** | **Regional Banks–0.11%** | **Regional Banks–0.11%** | **Regional Banks–0.11%** |
| M&T Bank Corp., 7.50%, Series J, Pfd. | M&T Bank Corp., 7.50%, Series J, Pfd. | 6570 | &nbsp;&nbsp; 174434 |
| Total Preferred Stocks (Cost $738,830) | Total Preferred Stocks (Cost $738,830) | Total Preferred Stocks (Cost $738,830) | &nbsp;&nbsp; 786455 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes–0.10%** | **Agency Credit Risk Transfer Notes–0.10%** | **Agency Credit Risk Transfer Notes–0.10%** | **Agency Credit Risk Transfer Notes–0.10%** |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |  |
| Series 2023-R02, Class 1M1, <br> STACR<sup>®</sup>, 6.17% (30 Day Average <br> SOFR + 2.30%), 01/25/2043<sup>(b)(c)</sup> <br>|  | $60736 | &nbsp;&nbsp; 61952 |
| Series 2025-R04, Class 1A1, <br> STACR<sup>®</sup>, 4.87% (30 Day Average <br> SOFR + 1.00%), 05/25/2045<sup>(b)(c)</sup> <br>|  | 16141 | &nbsp;&nbsp; 16165 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 5.97% (30 Day Average <br> SOFR + 2.10%), 03/25/2043<sup>(b)(c)</sup> <br>|  | 42784 | &nbsp;&nbsp; 43330 |
| Series 2025-DNA4, Class A1, <br> STACR<sup>®</sup>, 4.77% (30 Day Average <br> SOFR + 0.90%), 10/25/2045<sup>(b)(c)</sup> <br>|  | 41625 | &nbsp;&nbsp; 41701 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $161,286) | Total Agency Credit Risk Transfer Notes <br> (Cost $161,286) | Total Agency Credit Risk Transfer Notes <br> (Cost $161,286) | &nbsp;&nbsp; 163148 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.08%**<sup>(q)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.08%**<sup>(q)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.08%**<sup>(q)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.08%**<sup>(q)</sup>  |
| **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** |
| Netflix, Inc., 3.88%, 11/15/2029<sup>(b)</sup> <br>(Cost $111,565)<br>| EUR | 100000 | &nbsp;&nbsp; $121441 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–5.96%** | **Money Market Funds–5.96%** | **Money Market Funds–5.96%** | **Money Market Funds–5.96%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(r)(s)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(r)(s)</sup>  | 3288642 | &nbsp;&nbsp; 3288642 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(r)(s)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(r)(s)</sup>  | 6124189 | &nbsp;&nbsp; 6124189 |
| Total Money Market Funds (Cost $9,412,831) | Total Money Market Funds (Cost $9,412,831) | Total Money Market Funds (Cost $9,412,831) | &nbsp;&nbsp; 9412831 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-121.49% <br> (Cost $192,572,741)<br>|  |  | &nbsp;&nbsp; 191856262 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.16%** | **Money Market Funds–1.16%** | **Money Market Funds–1.16%** | **Money Market Funds–1.16%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(r)(s)(t)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(r)(s)(t)</sup>  | 507485 | &nbsp;&nbsp; 507485 |
| Invesco Private Prime Fund, 3.88%<sup>(r)(s)(t)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(r)(s)(t)</sup>  | 1318213 | &nbsp;&nbsp; 1318608 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,826,093) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,826,093) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,826,093) | &nbsp;&nbsp; 1826093 |
| TOTAL INVESTMENTS IN SECURITIES–122.65% <br> (Cost $194,398,834) | TOTAL INVESTMENTS IN SECURITIES–122.65% <br> (Cost $194,398,834) | TOTAL INVESTMENTS IN SECURITIES–122.65% <br> (Cost $194,398,834) | &nbsp;&nbsp; 193682355 |
| OTHER ASSETS LESS LIABILITIES—(22.65)% | OTHER ASSETS LESS LIABILITIES—(22.65)% | OTHER ASSETS LESS LIABILITIES—(22.65)% | &nbsp;&nbsp; (35767525)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $157914830 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| EUR | – Euro |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TBA | – To Be Announced |

---

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

**27**

**Invesco V.I. Core Plus Bond Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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, 2025 was $81,439,007, which represented 51.57% of the Fund's Net Assets. 

<sup>(c)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(d)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> 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, 2025. 

<sup>(i)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2025. 

<sup>(j)</sup> Zero coupon bond issued at a discount.

<sup>(k)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(l)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1P.

<sup>(m)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(n)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

<sup>(o)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(p)</sup> 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 Secured Overnight Financing Rate ("SOFR"), 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. 

<sup>(q)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(r)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $11123631 | &nbsp;&nbsp; $26452243 | &nbsp;&nbsp; $(34287232) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3288642 | &nbsp;&nbsp; $236416 |
| Invesco Treasury Portfolio, Institutional Class | 20674884 | &nbsp;&nbsp; 49125594 | &nbsp;&nbsp; (63676289) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6124189 | &nbsp;&nbsp; 436099 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 767918 | &nbsp;&nbsp; 39334489 | &nbsp;&nbsp; (39594922) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 507485 | &nbsp;&nbsp; 61,557\* |
| Invesco Private Prime Fund | 2010497 | &nbsp;&nbsp; 95194094 | &nbsp;&nbsp; (95886186) | &nbsp;&nbsp; - | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 1318608 | &nbsp;&nbsp; 170,113\* |
| Total | $34576930 | &nbsp;&nbsp; $210106420 | &nbsp;&nbsp; $(233444629) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $203 | &nbsp;&nbsp; $11238924 | &nbsp;&nbsp; $904185 |

---

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

<sup>(s)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(t)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1L. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 112 | March-2026 | &nbsp;&nbsp;&nbsp; $23384375 | &nbsp;&nbsp;&nbsp; $11250 | &nbsp;&nbsp;&nbsp; $11250 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 15 | March-2026 | &nbsp;&nbsp;&nbsp; 1733906 | &nbsp;&nbsp;&nbsp; (17134)<br>| &nbsp;&nbsp;&nbsp; (17134)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 51 | March-2026 | &nbsp;&nbsp;&nbsp; 6018000 | &nbsp;&nbsp;&nbsp; (82358)<br>| &nbsp;&nbsp;&nbsp; (82358)<br>|
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; (88242)<br>| &nbsp;&nbsp;&nbsp; (88242)<br>|

---

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

**28**

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 36 | March-2026 | &nbsp;&nbsp;&nbsp; $(3934969)<br>| &nbsp;&nbsp;&nbsp; $7178 | &nbsp;&nbsp;&nbsp; $7178 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 64 | March-2026 | &nbsp;&nbsp;&nbsp; (7196000)<br>| &nbsp;&nbsp;&nbsp; 12393 | &nbsp;&nbsp;&nbsp; 12393 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 73 | March-2026 | &nbsp;&nbsp;&nbsp; (8396140)<br>| &nbsp;&nbsp;&nbsp; 10721 | &nbsp;&nbsp;&nbsp; 10721 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 30292 | &nbsp;&nbsp;&nbsp; 30292 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(57950)<br>| &nbsp;&nbsp;&nbsp; $(57950)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/28/2026 | Barclays Bank PLC | EUR | 185000 | USD | 215839 | &nbsp;&nbsp;&nbsp; $(1811)<br>|
| 01/28/2026 | State Street Bank & Trust Co. | GBP | 50000 | USD | 66861 | &nbsp;&nbsp;&nbsp; (534)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(2345)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**29**

**Invesco V.I. Core Plus Bond Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $183,159,910)\*<br>| &nbsp;&nbsp; $182443431 |
| Investments in affiliated money market funds, at value <br> (Cost $11,238,924)<br>| &nbsp;&nbsp; 11238924 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 3268 |
| Cash | &nbsp;&nbsp; 10451 |
| Foreign currencies, at value (Cost $390,392) | &nbsp;&nbsp; 395588 |
| Receivable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 250590 |
| Fund shares sold | &nbsp;&nbsp; 51131 |
| Dividends | &nbsp;&nbsp; 35381 |
| Interest | &nbsp;&nbsp; 1404170 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 76790 |
| Total assets | &nbsp;&nbsp; 195909724 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 2345 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1256249 |
| TBA purchased commitment | &nbsp;&nbsp; 34591642 |
| Fund shares reacquired | &nbsp;&nbsp; 103413 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1826093 |
| Accrued fees to affiliates | &nbsp;&nbsp; 67428 |
| Accrued other operating expenses | &nbsp;&nbsp; 68288 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 79436 |
| Total liabilities | &nbsp;&nbsp; 37994894 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $157914830 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $175627273 |
| Distributable earnings (loss) | &nbsp;&nbsp; (17712443)<br>|
|  | &nbsp;&nbsp; $157914830 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $109922250 |
| Series II | &nbsp;&nbsp; $47992580 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 18797612 |
| Series II | &nbsp;&nbsp; 8319630 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $5.85 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $5.77 |

---

\* At December 31, 2025, securities with an aggregate value of $1,774,358 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $6767097 |
| Dividends | &nbsp;&nbsp; 50469 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $18,580)<br>| &nbsp;&nbsp; 691095 |
| Total investment income | &nbsp;&nbsp; 7508661 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 659730 |
| Administrative services fees | &nbsp;&nbsp; 239096 |
| Custodian fees | &nbsp;&nbsp; 57708 |
| Distribution fees - Series II | &nbsp;&nbsp; 110620 |
| Transfer agent fees | &nbsp;&nbsp; 7308 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22806 |
| Reports to shareholders | &nbsp;&nbsp; 10542 |
| Professional services fees | &nbsp;&nbsp; 62450 |
| Other | &nbsp;&nbsp; 1759 |
| Total expenses | &nbsp;&nbsp; 1172019 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (184703)<br>|
| Net expenses | &nbsp;&nbsp; 987316 |
| Net investment income | &nbsp;&nbsp; 6521345 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1273344 |
| Affiliated investment securities | &nbsp;&nbsp; 203 |
| Foreign currencies | &nbsp;&nbsp; 21742 |
| Forward foreign currency contracts | &nbsp;&nbsp; (12862)<br>|
| Futures contracts | &nbsp;&nbsp; (1136540)<br>|
|  | &nbsp;&nbsp; 145887 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 3186687 |
| Foreign currencies | &nbsp;&nbsp; 8255 |
| Forward foreign currency contracts | &nbsp;&nbsp; (6055)<br>|
| Futures contracts | &nbsp;&nbsp; 172620 |
|  | &nbsp;&nbsp; 3361507 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3507394 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $10028739 |

---

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

**30**

**Invesco V.I. Core Plus Bond Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6521345 | &nbsp;&nbsp; $6373440 |
| Net realized gain | &nbsp;&nbsp; 145887 | &nbsp;&nbsp; 1334601 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 3361507 | &nbsp;&nbsp; (3897665)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 10028739 | &nbsp;&nbsp; 3810376 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (4538153)<br>| &nbsp;&nbsp; (3922900)<br>|
| Series II | &nbsp;&nbsp; (1889310)<br>| &nbsp;&nbsp; (1429086)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (6427463)<br>| &nbsp;&nbsp; (5351986)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 931617 | &nbsp;&nbsp; 16812417 |
| Series II | &nbsp;&nbsp; 5000985 | &nbsp;&nbsp; 6555347 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 5932602 | &nbsp;&nbsp; 23367764 |
| Net increase in net assets | &nbsp;&nbsp; 9533878 | &nbsp;&nbsp; 21826154 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 148380952 | &nbsp;&nbsp; 126554798 |
| End of year | &nbsp;&nbsp; $157914830 | &nbsp;&nbsp; $148380952 |

---

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

**31**

**Invesco V.I. Core Plus Bond Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $5.70 | $0.26 | $0.14 | $0.40 | $(0.25)<br>| $— | $(0.25)<br>| $5.85 | 7.09<br> %<br>| &nbsp;&nbsp; $109922 | 0.60<br> %<br>| 0.72<br> %<br>| 4.52<br> %<br>| 548<br> %<br>|
| Year ended 12/31/24 | 5.74 | 0.27 | (0.09)<br>| 0.18 | (0.22)<br>|  | (0.22)<br>| 5.70 | 3.06 | &nbsp;&nbsp; 106439 | 0.59 | 0.73 | 4.68 | 419 |
| Year ended 12/31/23 | 5.56 | 0.25 | 0.08 | 0.33 | (0.15)<br>|  | (0.15)<br>| 5.74 | 6.14 | &nbsp;&nbsp; 90748 | 0.60 | 0.72 | 4.44 | 454 |
| Year ended 12/31/22 | 6.55 | 0.19 | (1.15)<br>| (0.96)<br>| (0.03)<br>| (0.00)<br>| (0.03)<br>| 5.56 | (14.54)<br>| &nbsp;&nbsp; 90481 | 0.61 | 0.71 | 3.28 | 507 |
| Year ended 12/31/21 | 6.93 | 0.12 | (0.17)<br>| (0.05)<br>| (0.10)<br>| (0.23)<br>| (0.33)<br>| 6.55 | (0.65)<br>| &nbsp;&nbsp; 39799 | 0.61 | 0.92 | 1.77 | 377 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 5.62 | 0.25 | 0.14 | 0.39 | (0.24)<br>|  | (0.24)<br>| 5.77 | 6.96 | &nbsp;&nbsp; 47993 | 0.85 | 0.97 | 4.27 | 548 |
| Year ended 12/31/24 | 5.67 | 0.25 | (0.09)<br>| 0.16 | (0.21)<br>|  | (0.21)<br>| 5.62 | 2.72 | &nbsp;&nbsp; 41942 | 0.84 | 0.98 | 4.43 | 419 |
| Year ended 12/31/23 | 5.50 | 0.23 | 0.08 | 0.31 | (0.14)<br>|  | (0.14)<br>| 5.67 | 5.85 | &nbsp;&nbsp; 35807 | 0.85 | 0.97 | 4.19 | 454 |
| Year ended 12/31/22 | 6.49 | 0.17 | (1.13)<br>| (0.96)<br>| (0.03)<br>| (0.00)<br>| (0.03)<br>| 5.50 | (14.68)<br>| &nbsp;&nbsp; 28052 | 0.86 | 0.96 | 3.03 | 507 |
| Year ended 12/31/21 | 6.89 | 0.10 | (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.23)<br>| (0.33)<br>| 6.49 | (1.01)<br>| &nbsp;&nbsp; 2035 | 0.86 | 1.17 | 1.52 | 377 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2022, the portfolio turnover calculation excludes the value of securities purchased of $96,195,733 in connection with the acquisition of Invesco V.I. Core Bond Fund into the Fund. 

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

**32**

**Invesco V.I. Core Plus Bond Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**33**

**Invesco V.I. Core Plus Bond Fund**

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **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.

**K.** **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.

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt

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**Invesco V.I. Core Plus Bond Fund**

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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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

**O.** **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 instrument or asset. 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.

**P.** **Dollar Rolls and Forward Commitment Transactions** - The Fund may enter into dollar roll transactions to enhance the Fund's performance. The Fund

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**Invesco V.I. Core Plus Bond Fund**

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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.

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.

**Q.** **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.

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

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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, 2027, 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 and Series II shares to 0.61% and 0.86%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $184,703.

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, 2025, Invesco was paid $20,420 for accounting and fund administrative services and was reimbursed $218,676 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.

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**Invesco V.I. Core Plus Bond Fund**

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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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $64648487 | &nbsp;&nbsp;&nbsp;&nbsp; $727552 | &nbsp;&nbsp;&nbsp;&nbsp; $65376039 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47868365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47868365 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36273318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36273318 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30971638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30971638 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 883027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 883027 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 786455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 786455 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163148 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121441 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9412831 | &nbsp;&nbsp;&nbsp;&nbsp; 1826093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11238924 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 10199286 | &nbsp;&nbsp;&nbsp;&nbsp; 182755517 | &nbsp;&nbsp;&nbsp;&nbsp; 727552 | &nbsp;&nbsp;&nbsp;&nbsp; 193682355 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 41542 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41542 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (99492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (99492)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (99492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (101837)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (57950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60295)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $10141336 | &nbsp;&nbsp;&nbsp;&nbsp; $182753172 | &nbsp;&nbsp;&nbsp;&nbsp; $727552 | &nbsp;&nbsp;&nbsp;&nbsp; $193622060 |

---

\* 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.

**37**

**Invesco V.I. Core Plus Bond 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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $41542 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (41542)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(99492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(99492)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101837)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99492 | &nbsp;&nbsp;&nbsp;&nbsp; 99492 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2345)<br>|

---

<sup>(a)</sup> 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, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $(1811)<br>| &nbsp;&nbsp;&nbsp; $(1811)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1811)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; (534)<br>| &nbsp;&nbsp;&nbsp; (534)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (534)<br>|
| Total | &nbsp;&nbsp;&nbsp; $(2345)<br>| &nbsp;&nbsp;&nbsp; $(2345)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2345)<br>|

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(12862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(12862)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1136540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1136540)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (6055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (6055)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 172620 | &nbsp;&nbsp;&nbsp;&nbsp; 172620 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(18917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(963920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(982837)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $242131 | &nbsp;&nbsp;&nbsp;&nbsp; $48357425 |

---

**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.

**38**

**Invesco V.I. Core Plus Bond 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $6427463 | &nbsp;&nbsp;&nbsp;&nbsp; $5351986 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $6708005 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (728067)<br>|
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 5196 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (59833)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (23637744)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 175627273 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $157914830 |

---

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 derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $11845714 | &nbsp;&nbsp;&nbsp;&nbsp; $11792030 | &nbsp;&nbsp;&nbsp;&nbsp; $23637744 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $160,314,724 and $142,024,979, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2206809 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2934876)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(728067)<br>|

---

Cost of investments for tax purposes is $194,350,127.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of dollar rolls, on December 31, 2025, undistributed net investment income was increased by $202,900 and undistributed net realized gain (loss) was decreased by $202,900. Further, as a result of tax deferrals acquired in the reorganization of into the Fund, and . These reclassifications had no effect on the net assets or the distributable earnings (loss) of the Fund.

**39**

**Invesco V.I. Core Plus Bond Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 4279358 | &nbsp;&nbsp;&nbsp; $25183134 | &nbsp;&nbsp;&nbsp; 4644066 | &nbsp;&nbsp;&nbsp; $27037991 |
| Series II | &nbsp;&nbsp;&nbsp; 1717238 | &nbsp;&nbsp;&nbsp; 9911099 | &nbsp;&nbsp;&nbsp; 2110549 | &nbsp;&nbsp;&nbsp; 12097977 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 777081 | &nbsp;&nbsp;&nbsp; 4538153 | &nbsp;&nbsp;&nbsp; 683432 | &nbsp;&nbsp;&nbsp; 3922900 |
| Series II | &nbsp;&nbsp;&nbsp; 327437 | &nbsp;&nbsp;&nbsp; 1888940 | &nbsp;&nbsp;&nbsp; 252043 | &nbsp;&nbsp;&nbsp; 1428770 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (4946208)<br>| &nbsp;&nbsp;&nbsp; (28789670)<br>| &nbsp;&nbsp;&nbsp; (2447324)<br>| &nbsp;&nbsp;&nbsp; (14148474)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1182880)<br>| &nbsp;&nbsp;&nbsp; (6799054)<br>| &nbsp;&nbsp;&nbsp; (1214829)<br>| &nbsp;&nbsp;&nbsp; (6971400)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 972026 | &nbsp;&nbsp;&nbsp; $5932602 | &nbsp;&nbsp;&nbsp; 4027937 | &nbsp;&nbsp;&nbsp; $23367764 |

---

<sup>(a)</sup> 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.

**40**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**41**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 2.16% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 14.36% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 80.70% |

---

\*

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

**42**

**Invesco V.I. Core Plus Bond Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**43**

**Invesco V.I. Core Plus Bond Fund**

------

![](img9d8e8c0b1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Discovery Large Cap Fund**

Effective April 30, 2025, Invesco V.I. Capital Appreciation Fund was renamed Invesco V.I. Discovery Large Cap Fund.

------

---

| | |
|:---|:---|
| [2](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_SOI-Continued-714_1) | Schedule of Investments |
| [4](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_FS-Continued-714_1) | Financial Statements |
| [6](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_FS-Continued-714_3) | Financial Highlights |
| [7](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_NTF-Continued-714_1) | Notes to Financial Statements |
| [13](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_ARS-Continued-714_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_TI-Continued-714_1) | Tax Information |
| [15](#xx_3d9775c6-7ae1-40ea-a62a-8148d4667910_OIRSR-Continued-714_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VICAPA-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.63%** | **Common Stocks & Other Equity Interests–98.63%** | **Common Stocks & Other Equity Interests–98.63%** |
| **Aerospace & Defense–3.55%** | **Aerospace & Defense–3.55%** | **Aerospace & Defense–3.55%** |
| Axon Enterprise, Inc.<sup>(b)(c)</sup>  | 4132 | &nbsp;&nbsp; $2346687 |
| General Electric Co. | 25349 | &nbsp;&nbsp; 7808253 |
| Howmet Aerospace, Inc. | 30767 | &nbsp;&nbsp; 6307850 |
|  |  | &nbsp;&nbsp; 16462790 |
| **Apparel Retail–0.98%** | **Apparel Retail–0.98%** | **Apparel Retail–0.98%** |
| TJX Cos., Inc. (The) | 29441 | &nbsp;&nbsp; 4522432 |
| **Application Software–2.91%** | **Application Software–2.91%** | **Application Software–2.91%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 16724 | &nbsp;&nbsp; 11268965 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 12621 | &nbsp;&nbsp; 2243383 |
|  |  | &nbsp;&nbsp; 13512348 |
| **Asset Management & Custody Banks–0.97%** | **Asset Management & Custody Banks–0.97%** | **Asset Management & Custody Banks–0.97%** |
| BlackRock, Inc. | 4203 | &nbsp;&nbsp; 4498639 |
| **Automobile Manufacturers–2.35%** | **Automobile Manufacturers–2.35%** | **Automobile Manufacturers–2.35%** |
| Tesla, Inc.<sup>(b)</sup>  | 24290 | &nbsp;&nbsp; 10923699 |
| **Automotive Retail–1.43%** | **Automotive Retail–1.43%** | **Automotive Retail–1.43%** |
| Carvana Co.<sup>(b)</sup>  | 15746 | &nbsp;&nbsp; 6645127 |
| **Biotechnology–1.44%** | **Biotechnology–1.44%** | **Biotechnology–1.44%** |
| AbbVie, Inc. | 19582 | &nbsp;&nbsp; 4474291 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 2647 | &nbsp;&nbsp; 2225995 |
|  |  | &nbsp;&nbsp; 6700286 |
| **Broadline Retail–6.05%** | **Broadline Retail–6.05%** | **Broadline Retail–6.05%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 121548 | &nbsp;&nbsp; 28055709 |
| **Coal & Consumable Fuels–1.07%** | **Coal & Consumable Fuels–1.07%** | **Coal & Consumable Fuels–1.07%** |
| Cameco Corp. (Canada) | 54335 | &nbsp;&nbsp; 4971109 |
| **Communications Equipment–1.17%** | **Communications Equipment–1.17%** | **Communications Equipment–1.17%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 41527 | &nbsp;&nbsp; 5441283 |
| **Construction & Engineering–1.68%** | **Construction & Engineering–1.68%** | **Construction & Engineering–1.68%** |
| Quanta Services, Inc.<sup>(c)</sup>  | 18469 | &nbsp;&nbsp; 7795026 |
| **Consumer Finance–1.59%** | **Consumer Finance–1.59%** | **Consumer Finance–1.59%** |
| American Express Co. | 19922 | &nbsp;&nbsp; 7370144 |
| **Consumer Staples Merchandise Retail–0.95%** | **Consumer Staples Merchandise Retail–0.95%** | **Consumer Staples Merchandise Retail–0.95%** |
| Walmart, Inc. | 39727 | &nbsp;&nbsp; 4425985 |
| **Electrical Components & Equipment–1.32%** | **Electrical Components & Equipment–1.32%** | **Electrical Components & Equipment–1.32%** |
| Vertiv Holdings Co., Class A | 37843 | &nbsp;&nbsp; 6130944 |
| **Electronic Components–1.40%** | **Electronic Components–1.40%** | **Electronic Components–1.40%** |
| Amphenol Corp., Class A | 47930 | &nbsp;&nbsp; 6477260 |
| **Financial Exchanges & Data–0.50%** | **Financial Exchanges & Data–0.50%** | **Financial Exchanges & Data–0.50%** |
| Nasdaq, Inc. | 23785 | &nbsp;&nbsp; 2310237 |
| **Health Care Distributors–1.39%** | **Health Care Distributors–1.39%** | **Health Care Distributors–1.39%** |
| Cencora, Inc. | 19107 | &nbsp;&nbsp; 6453389 |
| **Health Care Equipment–1.85%** | **Health Care Equipment–1.85%** | **Health Care Equipment–1.85%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 69172 | &nbsp;&nbsp; 6595550 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 3473 | &nbsp;&nbsp; $1966968 |
|  |  | &nbsp;&nbsp; 8562518 |
| **Health Care REITs–1.07%** | **Health Care REITs–1.07%** | **Health Care REITs–1.07%** |
| Welltower, Inc. | 26825 | &nbsp;&nbsp; 4978988 |
| **Heavy Electrical Equipment–1.80%** | **Heavy Electrical Equipment–1.80%** | **Heavy Electrical Equipment–1.80%** |
| GE Vernova, Inc. | 12746 | &nbsp;&nbsp; 8330403 |
| **Hotels, Resorts & Cruise Lines–1.00%** | **Hotels, Resorts & Cruise Lines–1.00%** | **Hotels, Resorts & Cruise Lines–1.00%** |
| Hilton Worldwide Holdings, Inc. | 16086 | &nbsp;&nbsp; 4620704 |
| **Independent Power Producers & Energy Traders–0.57%** | **Independent Power Producers & Energy Traders–0.57%** | **Independent Power Producers & Energy Traders–0.57%** |
| Vistra Corp. | 16470 | &nbsp;&nbsp; 2657105 |
| **Industrial Machinery & Supplies & Components–0.65%** | **Industrial Machinery & Supplies & Components–0.65%** | **Industrial Machinery & Supplies & Components–0.65%** |
| Parker-Hannifin Corp. | 3432 | &nbsp;&nbsp; 3016591 |
| **Interactive Media & Services–11.92%** | **Interactive Media & Services–11.92%** | **Interactive Media & Services–11.92%** |
| Alphabet, Inc., Class C | 106428 | &nbsp;&nbsp; 33397106 |
| Meta Platforms, Inc., Class A | 27166 | &nbsp;&nbsp; 17932005 |
| Reddit, Inc., Class A<sup>(b)</sup>  | 17334 | &nbsp;&nbsp; 3984567 |
|  |  | &nbsp;&nbsp; 55313678 |
| **Internet Services & Infrastructure–3.54%** | **Internet Services & Infrastructure–3.54%** | **Internet Services & Infrastructure–3.54%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 22812 | &nbsp;&nbsp; 4497386 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 31775 | &nbsp;&nbsp; 5114822 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 30964 | &nbsp;&nbsp; 6792263 |
|  |  | &nbsp;&nbsp; 16404471 |
| **Investment Banking & Brokerage–1.69%** | **Investment Banking & Brokerage–1.69%** | **Investment Banking & Brokerage–1.69%** |
| Goldman Sachs Group, Inc. (The) | 8906 | &nbsp;&nbsp; 7828374 |
| **Life Sciences Tools & Services–0.67%** | **Life Sciences Tools & Services–0.67%** | **Life Sciences Tools & Services–0.67%** |
| Thermo Fisher Scientific, Inc. | 5357 | &nbsp;&nbsp; 3104114 |
| **Movies & Entertainment–1.68%** | **Movies & Entertainment–1.68%** | **Movies & Entertainment–1.68%** |
| Netflix, Inc.<sup>(b)</sup>  | 45674 | &nbsp;&nbsp; 4282394 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 6073 | &nbsp;&nbsp; 3526652 |
|  |  | &nbsp;&nbsp; 7809046 |
| **Pharmaceuticals–0.76%** | **Pharmaceuticals–0.76%** | **Pharmaceuticals–0.76%** |
| Eli Lilly and Co. | 3290 | &nbsp;&nbsp; 3535697 |
| **Real Estate Services–0.92%** | **Real Estate Services–0.92%** | **Real Estate Services–0.92%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 26609 | &nbsp;&nbsp; 4278461 |
| **Semiconductor Materials & Equipment–1.82%** | **Semiconductor Materials & Equipment–1.82%** | **Semiconductor Materials & Equipment–1.82%** |
| Lam Research Corp. | 49442 | &nbsp;&nbsp; 8463482 |
| **Semiconductors–22.10%** | **Semiconductors–22.10%** | **Semiconductors–22.10%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 15130 | &nbsp;&nbsp; 3240241 |
| Broadcom, Inc. | 74966 | &nbsp;&nbsp; 25945733 |
| Monolithic Power Systems, Inc.<sup>(c)</sup>  | 5616 | &nbsp;&nbsp; 5090118 |
| NVIDIA Corp. | 311008 | &nbsp;&nbsp; 58002992 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 33695 | &nbsp;&nbsp; 10239573 |
|  |  | &nbsp;&nbsp; 102518657 |
| **Systems Software–8.39%** | **Systems Software–8.39%** | **Systems Software–8.39%** |
| Microsoft Corp. | 80464 | &nbsp;&nbsp; 38914000 |

---

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

**2**

**Invesco V.I. Discovery Large Cap Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals–5.54%** | **Technology Hardware, Storage & Peripherals–5.54%** | **Technology Hardware, Storage & Peripherals–5.54%** | **Technology Hardware, Storage & Peripherals–5.54%** |
| Apple, Inc. | Apple, Inc. | 94475 | &nbsp;&nbsp; $25683973 |
| **Transaction & Payment Processing Services–1.91%** | **Transaction & Payment Processing Services–1.91%** | **Transaction & Payment Processing Services–1.91%** | **Transaction & Payment Processing Services–1.91%** |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 15545 | &nbsp;&nbsp; 8874330 |
| Total Common Stocks & Other Equity Interests <br> (Cost $182,841,803) | Total Common Stocks & Other Equity Interests <br> (Cost $182,841,803) | Total Common Stocks & Other Equity Interests <br> (Cost $182,841,803) | &nbsp;&nbsp; 457590999 |
| **Money Market Funds–1.00%** | **Money Market Funds–1.00%** | **Money Market Funds–1.00%** | **Money Market Funds–1.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 1629938 | &nbsp;&nbsp; 1629938 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(d)(e)</sup>  | 3027029 | &nbsp;&nbsp; 3027029 |
| Total Money Market Funds (Cost $4,656,967) | Total Money Market Funds (Cost $4,656,967) | Total Money Market Funds (Cost $4,656,967) | &nbsp;&nbsp; 4656967 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-99.63% (Cost $187,498,770)<br>|  |  | &nbsp;&nbsp; 462247966 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.74%** | **Money Market Funds–2.74%** | **Money Market Funds–2.74%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 3528670 | &nbsp;&nbsp; $3528670 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 9187389 | &nbsp;&nbsp; 9190145 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,718,815) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,718,815) | &nbsp;&nbsp; 12718815 |
| TOTAL INVESTMENTS IN SECURITIES–102.37% <br> (Cost $200,217,585) | TOTAL INVESTMENTS IN SECURITIES–102.37% <br> (Cost $200,217,585) | &nbsp;&nbsp; 474966781 |
| OTHER ASSETS LESS LIABILITIES—(2.37)% | OTHER ASSETS LESS LIABILITIES—(2.37)% | &nbsp;&nbsp; (11012855)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $463953926 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $- | &nbsp;&nbsp; $51906079 | &nbsp;&nbsp; $(50276141) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1629938 | &nbsp;&nbsp; $73324 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| - | &nbsp;&nbsp; 96397004 | &nbsp;&nbsp; (93369975) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3027029 | &nbsp;&nbsp; 134992 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1632253 | &nbsp;&nbsp; 390887021 | &nbsp;&nbsp; (388990604) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3528670 | &nbsp;&nbsp; 356,183\* |
| Invesco Private Prime Fund | 4250112 | &nbsp;&nbsp; 859195070 | &nbsp;&nbsp; (854253014) | &nbsp;&nbsp; - | &nbsp;&nbsp; (2023) | &nbsp;&nbsp; 9190145 | &nbsp;&nbsp; 966,012\* |
| Total | $5882365 | &nbsp;&nbsp; $1398385174 | &nbsp;&nbsp; $(1386889734) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(2023) | &nbsp;&nbsp; $17375782 | &nbsp;&nbsp; $1530511 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. Discovery Large Cap Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $182,841,803)\*<br>| &nbsp;&nbsp; $457590999 |
| Investments in affiliated money market funds, at value <br> (Cost $17,375,782)<br>| &nbsp;&nbsp; 17375782 |
| Cash | &nbsp;&nbsp; 1999806 |
| Cash collateral from securities on loan | &nbsp;&nbsp; 2905648 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5525 |
| Fund shares sold | &nbsp;&nbsp; 29904 |
| Fund expenses absorbed | &nbsp;&nbsp; 3080 |
| Dividends | &nbsp;&nbsp; 93418 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 94621 |
| Total assets | &nbsp;&nbsp; 480098783 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 80892 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15624463 |
| Accrued fees to affiliates | &nbsp;&nbsp; 300700 |
| Accrued other operating expenses | &nbsp;&nbsp; 44181 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 94621 |
| Total liabilities | &nbsp;&nbsp; 16144857 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $463953926 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $(48949535)<br>|
| Distributable earnings | &nbsp;&nbsp; 512903461 |
|  | &nbsp;&nbsp; $463953926 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $301777093 |
| Series II | &nbsp;&nbsp; $162176833 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 4770915 |
| Series II | &nbsp;&nbsp; 2737233 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $63.25 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $59.25 |

---

\* At December 31, 2025, securities with an aggregate value of $15,078,234 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $38,932) | &nbsp;&nbsp; $2904958 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $47,523)<br>| &nbsp;&nbsp; 255839 |
| Total investment income | &nbsp;&nbsp; 3160797 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5191564 |
| Administrative services fees | &nbsp;&nbsp; 1196032 |
| Custodian fees | &nbsp;&nbsp; 5478 |
| Distribution fees - Series II | &nbsp;&nbsp; 416280 |
| Transfer agent fees | &nbsp;&nbsp; 38669 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 27275 |
| Reports to shareholders | &nbsp;&nbsp; 11379 |
| Professional services fees | &nbsp;&nbsp; 57590 |
| Other | &nbsp;&nbsp; 8953 |
| Total expenses | &nbsp;&nbsp; 6953220 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (557763)<br>|
| Net expenses | &nbsp;&nbsp; 6395457 |
| Net investment income (loss) | &nbsp;&nbsp; (3234660)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 241585244 |
| Affiliated investment securities | &nbsp;&nbsp; (2023)<br>|
| Foreign currencies | &nbsp;&nbsp; (3979)<br>|
|  | &nbsp;&nbsp; 241579242 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (146532843)<br>|
| Foreign currencies | &nbsp;&nbsp; 4779 |
|  | &nbsp;&nbsp; (146528064)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 95051178 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $91816518 |

---

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

**4**

**Invesco V.I. Discovery Large Cap Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(3234660)<br>| &nbsp;&nbsp; $(2472383)<br>|
| Net realized gain | &nbsp;&nbsp; 241579242 | &nbsp;&nbsp; 107466748 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (146528064)<br>| &nbsp;&nbsp; 121362692 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 91816518 | &nbsp;&nbsp; 226357057 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (74037548)<br>| &nbsp;&nbsp; — |
| Series II | &nbsp;&nbsp; (21105460)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (95143008)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (330374714)<br>| &nbsp;&nbsp; (82467684)<br>|
| Series II | &nbsp;&nbsp; (15021862)<br>| &nbsp;&nbsp; (39512776)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (345396576)<br>| &nbsp;&nbsp; (121980460)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (348723066)<br>| &nbsp;&nbsp; 104376597 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 812676992 | &nbsp;&nbsp; 708300395 |
| End of year | &nbsp;&nbsp; $463953926 | &nbsp;&nbsp; $812676992 |

---

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

**5**

**Invesco V.I. Discovery Large Cap Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $63.15 | $(0.24)<br>| $8.45 | $8.21 | $(8.11)<br>| $63.25 | 12.79<br> %<br>| $301777 | 0.80<br> %<br>| 0.87<br> %<br>| (0.38)%<br>| 59<br> %<br>|
| Year ended 12/31/24 | 47.07 | (0.15)<br>| 16.23 | 16.08 |  | 63.15 | 34.16 | 633277 | 0.80 | 0.88 | (0.26)<br>| 58 |
| Year ended 12/31/23 | 34.77 | (0.05)<br>| 12.35 | 12.30 |  | 47.07 | 35.37 | 541047 | 0.80 | 0.88 | (0.11)<br>| 81 |
| Year ended 12/31/22 | 81.86 | 0.02 | (24.48)<br>| (24.46)<br>| (22.63)<br>| 34.77 | (30.78)<br>| 443996 | 0.80 | 0.88 | 0.03 | 73 |
| Year ended 12/31/21 | 70.34 | (0.26)<br>| 16.12 | 15.86 | (4.34)<br>| 81.86 | 22.57 | 686517 | 0.80 | 0.84 | (0.34)<br>| 91 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 59.74 | (0.38)<br>| 8.00 | 7.62 | (8.11)<br>| 59.25 | 12.53 | 162177 | 1.05 | 1.12 | (0.63)<br>| 59 |
| Year ended 12/31/24 | 44.64 | (0.27)<br>| 15.37 | 15.10 |  | 59.74 | 33.82 | 179400 | 1.05 | 1.13 | (0.51)<br>| 58 |
| Year ended 12/31/23 | 33.06 | (0.14)<br>| 11.72 | 11.58 |  | 44.64 | 35.03 | 167253 | 1.05 | 1.13 | (0.36)<br>| 81 |
| Year ended 12/31/22 | 79.58 | (0.12)<br>| (23.77)<br>| (23.89)<br>| (22.63)<br>| 33.06 | (30.96)<br>| 119613 | 1.05 | 1.13 | (0.22)<br>| 73 |
| Year ended 12/31/21 | 68.64 | (0.45)<br>| 15.73 | 15.28 | (4.34)<br>| 79.58 | 22.28 | 226282 | 1.05 | 1.09 | (0.59)<br>| 91 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. Discovery Large Cap Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. Discovery Large Cap Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Discovery Large Cap Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $4,499 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

\* 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, 2025, the effective advisory fee rate incurred by the Fund was 0.70%.

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

The Adviser has contractually agreed, through at least April 30, 2027, 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 and Series II shares to 0.80% and 1.05%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse

**9**

**Invesco V.I. Discovery Large Cap Fund**

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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, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $557,763.

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, 2025, Invesco was paid $105,915 for accounting and fund administrative services and was reimbursed $1,090,117 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $5,207 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $457590999 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $457590999 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4656967 | &nbsp;&nbsp;&nbsp;&nbsp; 12718815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17375782 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $462247966 | &nbsp;&nbsp;&nbsp;&nbsp; $12718815 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $474966781 |

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**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

**10**

**Invesco V.I. Discovery Large Cap Fund**

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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** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $95143008 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $239214582 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 273771601 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (82722)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; (48949535)<br>|
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $463953926 |

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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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $434,075,382 and $888,683,561, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $274069091 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (297490)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $273771601 |

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Cost of investments for tax purposes is $201,195,180.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $3,246,649, undistributed net realized gain was increased by $3,978 and shares of beneficial interest was decreased by $3,250,627. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 198785 | &nbsp;&nbsp;&nbsp; $11881677 | &nbsp;&nbsp;&nbsp; 124064 | &nbsp;&nbsp;&nbsp; $7048428 |
| Series II | &nbsp;&nbsp;&nbsp; 506539 | &nbsp;&nbsp;&nbsp; 29200369 | &nbsp;&nbsp;&nbsp; 103294 | &nbsp;&nbsp;&nbsp; 5480668 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1151618 | &nbsp;&nbsp;&nbsp; 74037548 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Series II | &nbsp;&nbsp;&nbsp; 350298 | &nbsp;&nbsp;&nbsp; 21105451 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |

---

**11**

**Invesco V.I. Discovery Large Cap Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (6607705)<br>| &nbsp;&nbsp;&nbsp; $(416293939)<br>| &nbsp;&nbsp;&nbsp; (1590331)<br>| &nbsp;&nbsp;&nbsp; $(89516112)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1122404)<br>| &nbsp;&nbsp;&nbsp; (65327682)<br>| &nbsp;&nbsp;&nbsp; (846903)<br>| &nbsp;&nbsp;&nbsp; (44993444)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5522869)<br>| &nbsp;&nbsp;&nbsp; $(345396576)<br>| &nbsp;&nbsp;&nbsp; (2209876)<br>| &nbsp;&nbsp;&nbsp; $(121980460)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% 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.

**12**

**Invesco V.I. Discovery Large 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 V.I. Discovery Large Cap 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. Discovery Large 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco V.I. Discovery Large 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $95143008 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. Discovery Large Cap Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. Discovery Large Cap Fund**

------

![](imgcc7c23601.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Discovery Mid Cap Growth Fund**

------

---

| | |
|:---|:---|
| [2](#xx_ea04f456-5356-4e73-907b-5728097440b7_SOI-Continued-716_1) | Schedule of Investments |
| [5](#xx_ea04f456-5356-4e73-907b-5728097440b7_FS-Continued-716_1) | Financial Statements |
| [7](#xx_ea04f456-5356-4e73-907b-5728097440b7_FS-Continued-716_3) | Financial Highlights |
| [8](#xx_ea04f456-5356-4e73-907b-5728097440b7_NTF-Continued-716_1) | Notes to Financial Statements |
| [13](#xx_ea04f456-5356-4e73-907b-5728097440b7_ARS-Continued-716_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_ea04f456-5356-4e73-907b-5728097440b7_TI-Continued-716_1) | Tax Information |
| [15](#xx_ea04f456-5356-4e73-907b-5728097440b7_OIRSR-Continued-716_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIDMCG-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.60%** | **Common Stocks & Other Equity Interests–98.60%** | **Common Stocks & Other Equity Interests–98.60%** |
| **Aerospace & Defense–11.29%** | **Aerospace & Defense–11.29%** | **Aerospace & Defense–11.29%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 6270 | &nbsp;&nbsp; $3560921 |
| BWX Technologies, Inc. | 50482 | &nbsp;&nbsp; 8725310 |
| Carpenter Technology Corp. | 29352 | &nbsp;&nbsp; 9241184 |
| Curtiss-Wright Corp.<sup>(c)</sup>  | 19859 | &nbsp;&nbsp; 10947671 |
| Embraer S.A., ADR (Brazil)<sup>(c)</sup>  | 94090 | &nbsp;&nbsp; 6056573 |
| HEICO Corp. | 27945 | &nbsp;&nbsp; 9042723 |
| Howmet Aerospace, Inc. | 107047 | &nbsp;&nbsp; 21946776 |
| Karman Holdings, Inc.<sup>(b)(c)</sup>  | 83497 | &nbsp;&nbsp; 6109475 |
|  |  | &nbsp;&nbsp; 75630633 |
| **Apparel Retail–1.34%** | **Apparel Retail–1.34%** | **Apparel Retail–1.34%** |
| Ross Stores, Inc. | 49850 | &nbsp;&nbsp; 8979979 |
| **Apparel, Accessories & Luxury Goods–1.59%** | **Apparel, Accessories & Luxury Goods–1.59%** | **Apparel, Accessories & Luxury Goods–1.59%** |
| Ralph Lauren Corp. | 30127 | &nbsp;&nbsp; 10653208 |
| **Application Software–1.48%** | **Application Software–1.48%** | **Application Software–1.48%** |
| Datadog, Inc., Class A<sup>(b)</sup>  | 35281 | &nbsp;&nbsp; 4797863 |
| Guidewire Software, Inc.<sup>(b)</sup>  | 25362 | &nbsp;&nbsp; 5098016 |
|  |  | &nbsp;&nbsp; 9895879 |
| **Asset Management & Custody Banks–0.67%** | **Asset Management & Custody Banks–0.67%** | **Asset Management & Custody Banks–0.67%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 27948 | &nbsp;&nbsp; 4517235 |
| **Automotive Retail–1.81%** | **Automotive Retail–1.81%** | **Automotive Retail–1.81%** |
| AutoZone, Inc.<sup>(b)</sup>  | 982 | &nbsp;&nbsp; 3330453 |
| Carvana Co.<sup>(b)</sup>  | 20782 | &nbsp;&nbsp; 8770420 |
|  |  | &nbsp;&nbsp; 12100873 |
| **Biotechnology–3.57%** | **Biotechnology–3.57%** | **Biotechnology–3.57%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 26439 | &nbsp;&nbsp; 10513468 |
| Insmed, Inc.<sup>(b)</sup>  | 9830 | &nbsp;&nbsp; 1710813 |
| Natera, Inc.<sup>(b)</sup>  | 50976 | &nbsp;&nbsp; 11678092 |
|  |  | &nbsp;&nbsp; 23902373 |
| **Broadline Retail–0.77%** | **Broadline Retail–0.77%** | **Broadline Retail–0.77%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 46868 | &nbsp;&nbsp; 5137201 |
| **Cargo Ground Transportation–0.96%** | **Cargo Ground Transportation–0.96%** | **Cargo Ground Transportation–0.96%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 47145 | &nbsp;&nbsp; 6407477 |
| **Communications Equipment–2.24%** | **Communications Equipment–2.24%** | **Communications Equipment–2.24%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 40731 | &nbsp;&nbsp; 15013039 |
| **Construction & Engineering–7.92%** | **Construction & Engineering–7.92%** | **Construction & Engineering–7.92%** |
| Comfort Systems USA, Inc. | 18325 | &nbsp;&nbsp; 17102539 |
| EMCOR Group, Inc. | 13840 | &nbsp;&nbsp; 8467174 |
| MasTec, Inc.<sup>(b)(c)</sup>  | 45822 | &nbsp;&nbsp; 9960328 |
| Quanta Services, Inc.<sup>(c)</sup>  | 41533 | &nbsp;&nbsp; 17529418 |
|  |  | &nbsp;&nbsp; 53059459 |
| **Construction Materials–0.72%** | **Construction Materials–0.72%** | **Construction Materials–0.72%** |
| Martin Marietta Materials, Inc. | 7730 | &nbsp;&nbsp; 4813162 |
| **Consumer Finance–0.83%** | **Consumer Finance–0.83%** | **Consumer Finance–0.83%** |
| Synchrony Financial<sup>(c)</sup>  | 66667 | &nbsp;&nbsp; 5562028 |
| **Electric Utilities–1.11%** | **Electric Utilities–1.11%** | **Electric Utilities–1.11%** |
| NRG Energy, Inc. | 46705 | &nbsp;&nbsp; 7437304 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electrical Components & Equipment–3.27%** | **Electrical Components & Equipment–3.27%** | **Electrical Components & Equipment–3.27%** |
| Rockwell Automation, Inc. | 22716 | &nbsp;&nbsp; $8838114 |
| Vertiv Holdings Co., Class A | 80714 | &nbsp;&nbsp; 13076475 |
|  |  | &nbsp;&nbsp; 21914589 |
| **Electronic Components–0.50%** | **Electronic Components–0.50%** | **Electronic Components–0.50%** |
| Coherent Corp.<sup>(b)</sup>  | 18184 | &nbsp;&nbsp; 3356221 |
| **Electronic Manufacturing Services–5.02%** | **Electronic Manufacturing Services–5.02%** | **Electronic Manufacturing Services–5.02%** |
| Celestica, Inc. (Canada)<sup>(b)</sup>  | 30872 | &nbsp;&nbsp; 9126072 |
| Flex Ltd.<sup>(b)</sup>  | 229574 | &nbsp;&nbsp; 13870861 |
| TE Connectivity PLC (Switzerland) | 46667 | &nbsp;&nbsp; 10617209 |
|  |  | &nbsp;&nbsp; 33614142 |
| **Environmental & Facilities Services–0.67%** | **Environmental & Facilities Services–0.67%** | **Environmental & Facilities Services–0.67%** |
| Rollins, Inc. | 75115 | &nbsp;&nbsp; 4508402 |
| **Financial Exchanges & Data–2.27%** | **Financial Exchanges & Data–2.27%** | **Financial Exchanges & Data–2.27%** |
| Cboe Global Markets, Inc. | 14142 | &nbsp;&nbsp; 3549642 |
| Nasdaq, Inc. | 119969 | &nbsp;&nbsp; 11652589 |
|  |  | &nbsp;&nbsp; 15202231 |
| **Food Retail–1.21%** | **Food Retail–1.21%** | **Food Retail–1.21%** |
| Casey's General Stores, Inc. | 14684 | &nbsp;&nbsp; 8115994 |
| **Health Care Distributors–2.41%** | **Health Care Distributors–2.41%** | **Health Care Distributors–2.41%** |
| Cencora, Inc. | 47850 | &nbsp;&nbsp; 16161337 |
| **Health Care Equipment–3.38%** | **Health Care Equipment–3.38%** | **Health Care Equipment–3.38%** |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 17791 | &nbsp;&nbsp; 12036145 |
| Insulet Corp.<sup>(b)</sup>  | 37276 | &nbsp;&nbsp; 10595330 |
|  |  | &nbsp;&nbsp; 22631475 |
| **Health Care Facilities–2.87%** | **Health Care Facilities–2.87%** | **Health Care Facilities–2.87%** |
| Encompass Health Corp. | 99841 | &nbsp;&nbsp; 10597124 |
| Tenet Healthcare Corp.<sup>(b)(c)</sup>  | 43475 | &nbsp;&nbsp; 8639352 |
|  |  | &nbsp;&nbsp; 19236476 |
| **Health Care Services–1.33%** | **Health Care Services–1.33%** | **Health Care Services–1.33%** |
| Guardant Health, Inc.<sup>(b)</sup>  | 51336 | &nbsp;&nbsp; 5243459 |
| Labcorp Holdings, Inc. | 14622 | &nbsp;&nbsp; 3668367 |
|  |  | &nbsp;&nbsp; 8911826 |
| **Homebuilding–0.68%** | **Homebuilding–0.68%** | **Homebuilding–0.68%** |
| D.R. Horton, Inc.<sup>(c)</sup>  | 31862 | &nbsp;&nbsp; 4589084 |
| **Hotels, Resorts & Cruise Lines–6.35%** | **Hotels, Resorts & Cruise Lines–6.35%** | **Hotels, Resorts & Cruise Lines–6.35%** |
| Hilton Worldwide Holdings, Inc. | 83585 | &nbsp;&nbsp; 24009791 |
| Marriott International, Inc., Class A | 24432 | &nbsp;&nbsp; 7579784 |
| Viking Holdings Ltd.<sup>(b)</sup>  | 153690 | &nbsp;&nbsp; 10975003 |
|  |  | &nbsp;&nbsp; 42564578 |
| **Independent Power Producers & Energy Traders–1.32%** | **Independent Power Producers & Energy Traders–1.32%** | **Independent Power Producers & Energy Traders–1.32%** |
| Vistra Corp. | 54708 | &nbsp;&nbsp; 8826042 |
| **Industrial Machinery & Supplies & Components–2.51%** | **Industrial Machinery & Supplies & Components–2.51%** | **Industrial Machinery & Supplies & Components–2.51%** |
| ITT, Inc. | 58650 | &nbsp;&nbsp; 10176361 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 33092 | &nbsp;&nbsp; 6620386 |
|  |  | &nbsp;&nbsp; 16796747 |

---

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

**2**

**Invesco V.I. Discovery Mid Cap Growth Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Home Entertainment–1.25%** | **Interactive Home Entertainment–1.25%** | **Interactive Home Entertainment–1.25%** |
| Roblox Corp., Class A<sup>(b)</sup>  | 55901 | &nbsp;&nbsp; $4529658 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 15116 | &nbsp;&nbsp; 3870150 |
|  |  | &nbsp;&nbsp; 8399808 |
| **Interactive Media & Services–0.78%** | **Interactive Media & Services–0.78%** | **Interactive Media & Services–0.78%** |
| Reddit, Inc., Class A<sup>(b)</sup>  | 22741 | &nbsp;&nbsp; 5227474 |
| **Internet Services & Infrastructure–3.90%** | **Internet Services & Infrastructure–3.90%** | **Internet Services & Infrastructure–3.90%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 73371 | &nbsp;&nbsp; 14465092 |
| MongoDB, Inc.<sup>(b)</sup>  | 27833 | &nbsp;&nbsp; 11681232 |
|  |  | &nbsp;&nbsp; 26146324 |
| **Investment Banking & Brokerage–4.35%** | **Investment Banking & Brokerage–4.35%** | **Investment Banking & Brokerage–4.35%** |
| Evercore, Inc., Class A | 35668 | &nbsp;&nbsp; 12136037 |
| LPL Financial Holdings, Inc. | 30689 | &nbsp;&nbsp; 10961190 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 53200 | &nbsp;&nbsp; 6016920 |
|  |  | &nbsp;&nbsp; 29114147 |
| **Life Sciences Tools & Services–1.81%** | **Life Sciences Tools & Services–1.81%** | **Life Sciences Tools & Services–1.81%** |
| Agilent Technologies, Inc. | 47957 | &nbsp;&nbsp; 6525509 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 3993 | &nbsp;&nbsp; 5567001 |
|  |  | &nbsp;&nbsp; 12092510 |
| **Movies & Entertainment–0.62%** | **Movies & Entertainment–0.62%** | **Movies & Entertainment–0.62%** |
| TKO Group Holdings, Inc.<sup>(c)</sup>  | 19794 | &nbsp;&nbsp; 4136946 |
| **Oil & Gas Equipment & Services–1.16%** | **Oil & Gas Equipment & Services–1.16%** | **Oil & Gas Equipment & Services–1.16%** |
| TechnipFMC PLC (United Kingdom) | 173987 | &nbsp;&nbsp; 7752861 |
| **Oil & Gas Storage & Transportation–0.48%** | **Oil & Gas Storage & Transportation–0.48%** | **Oil & Gas Storage & Transportation–0.48%** |
| Cheniere Energy, Inc. | 16477 | &nbsp;&nbsp; 3202964 |
| **Other Specialty Retail–1.68%** | **Other Specialty Retail–1.68%** | **Other Specialty Retail–1.68%** |
| Ulta Beauty, Inc.<sup>(b)</sup>  | 18602 | &nbsp;&nbsp; 11254396 |
| **Real Estate Services–1.95%** | **Real Estate Services–1.95%** | **Real Estate Services–1.95%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 81186 | &nbsp;&nbsp; 13053897 |
| **Semiconductor Materials & Equipment–1.31%** | **Semiconductor Materials & Equipment–1.31%** | **Semiconductor Materials & Equipment–1.31%** |
| Teradyne, Inc. | 45471 | &nbsp;&nbsp; 8801367 |
| **Semiconductors–5.90%** | **Semiconductors–5.90%** | **Semiconductors–5.90%** |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 157102 | &nbsp;&nbsp; 11559565 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 51983 | &nbsp;&nbsp; $8903648 |
| Monolithic Power Systems, Inc.<sup>(c)</sup>  | Monolithic Power Systems, Inc.<sup>(c)</sup>  | 21063 | &nbsp;&nbsp; 19090661 |
|  |  |  | &nbsp;&nbsp; 39553874 |
| **Systems Software–1.79%** | **Systems Software–1.79%** | **Systems Software–1.79%** | **Systems Software–1.79%** |
| Rubrik, Inc., Class A<sup>(b)(c)</sup>  | Rubrik, Inc., Class A<sup>(b)(c)</sup>  | 50778 | &nbsp;&nbsp; 3883501 |
| Zscaler, Inc.<sup>(b)</sup>  | Zscaler, Inc.<sup>(b)</sup>  | 35981 | &nbsp;&nbsp; 8092847 |
|  |  |  | &nbsp;&nbsp; 11976348 |
| **Trading Companies & Distributors–0.80%** | **Trading Companies & Distributors–0.80%** | **Trading Companies & Distributors–0.80%** | **Trading Companies & Distributors–0.80%** |
| Fastenal Co. | Fastenal Co. | 133282 | &nbsp;&nbsp; 5348607 |
| **Transaction & Payment Processing Services–0.73%** | **Transaction & Payment Processing Services–0.73%** | **Transaction & Payment Processing Services–0.73%** | **Transaction & Payment Processing Services–0.73%** |
| Affirm Holdings, Inc.<sup>(b)</sup>  | Affirm Holdings, Inc.<sup>(b)</sup>  | 65980 | &nbsp;&nbsp; 4910891 |
| Total Common Stocks & Other Equity Interests <br> (Cost $465,065,426) | Total Common Stocks & Other Equity Interests <br> (Cost $465,065,426) | Total Common Stocks & Other Equity Interests <br> (Cost $465,065,426) | &nbsp;&nbsp; 660511408 |
| **Money Market Funds–1.38%** | **Money Market Funds–1.38%** | **Money Market Funds–1.38%** | **Money Market Funds–1.38%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 3321272 | &nbsp;&nbsp; 3321272 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 5892012 | &nbsp;&nbsp; 5892012 |
| Total Money Market Funds (Cost $9,213,284) | Total Money Market Funds (Cost $9,213,284) | Total Money Market Funds (Cost $9,213,284) | &nbsp;&nbsp; 9213284 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.98% <br> (Cost $474,278,710)<br>|  |  | &nbsp;&nbsp; 669724692 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–11.25%** | **Money Market Funds–11.25%** | **Money Market Funds–11.25%** | **Money Market Funds–11.25%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 20930845 | &nbsp;&nbsp; 20930845 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 54438581 | &nbsp;&nbsp; 54454912 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $75,385,757) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $75,385,757) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $75,385,757) | &nbsp;&nbsp; 75385757 |
| TOTAL INVESTMENTS IN SECURITIES–111.23% <br> (Cost $549,664,467) | TOTAL INVESTMENTS IN SECURITIES–111.23% <br> (Cost $549,664,467) | TOTAL INVESTMENTS IN SECURITIES–111.23% <br> (Cost $549,664,467) | &nbsp;&nbsp; 745110449 |
| OTHER ASSETS LESS LIABILITIES—(11.23)% | OTHER ASSETS LESS LIABILITIES—(11.23)% | OTHER ASSETS LESS LIABILITIES—(11.23)% | &nbsp;&nbsp; (75210570)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $669899879 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $6213703 | &nbsp;&nbsp; $130378643 | &nbsp;&nbsp; $(133271074) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3321272 | &nbsp;&nbsp; $314187 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 11263669 | &nbsp;&nbsp; 242131765 | &nbsp;&nbsp; (247503422) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5892012 | &nbsp;&nbsp; 566604 |

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

**3**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **December 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $13942461 | &nbsp;&nbsp; $450519532 | &nbsp;&nbsp; $(443531148) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $20930845 | &nbsp;&nbsp; $775,861\* |
| Invesco Private Prime Fund | 36358462 | &nbsp;&nbsp; 908896960 | &nbsp;&nbsp; (890797429) | &nbsp;&nbsp; - | &nbsp;&nbsp; (3081) | &nbsp;&nbsp; 54454912 | &nbsp;&nbsp; 2,096,129\* |
| Total | $67778295 | &nbsp;&nbsp; $1731926900 | &nbsp;&nbsp; $(1715103073) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3081) | &nbsp;&nbsp; $84599041 | &nbsp;&nbsp; $3752781 |

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**Statement of Assets and Liabilities**

*December 31, 2025* 

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| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $465,065,426)\*<br>| &nbsp;&nbsp; $660511408 |
| Investments in affiliated money market funds, at value <br> (Cost $84,599,041)<br>| &nbsp;&nbsp; 84599041 |
| Cash | &nbsp;&nbsp; 428929 |
| Cash collateral from securities on loan | &nbsp;&nbsp; 7813473 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 187933 |
| Dividends | &nbsp;&nbsp; 180598 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 112269 |
| Total assets | &nbsp;&nbsp; 753833651 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 208647 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 83199230 |
| Accrued fees to affiliates | &nbsp;&nbsp; 365399 |
| Accrued other operating expenses | &nbsp;&nbsp; 43918 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 116578 |
| Total liabilities | &nbsp;&nbsp; 83933772 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $669899879 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $374957562 |
| Distributable earnings | &nbsp;&nbsp; 294942317 |
|  | &nbsp;&nbsp; $669899879 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $546346335 |
| Series II | &nbsp;&nbsp; $123553544 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 7263843 |
| Series II | &nbsp;&nbsp; 1948455 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $75.21 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $63.41 |

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\* At December 31, 2025, securities with an aggregate value of $80,278,325 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

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| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | &nbsp;&nbsp; $3381014 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $138,951)<br>| &nbsp;&nbsp; 1019742 |
| Total investment income | &nbsp;&nbsp; 4400756 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6071962 |
| Administrative services fees | &nbsp;&nbsp; 1452636 |
| Custodian fees | &nbsp;&nbsp; 8429 |
| Distribution fees - Series II | &nbsp;&nbsp; 373861 |
| Transfer agent fees | &nbsp;&nbsp; 47117 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 28541 |
| Reports to shareholders | &nbsp;&nbsp; 10245 |
| Professional services fees | &nbsp;&nbsp; 53334 |
| Other | &nbsp;&nbsp; 10289 |
| Total expenses | &nbsp;&nbsp; 8056414 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (24177)<br>|
| Net expenses | &nbsp;&nbsp; 8032237 |
| Net investment income (loss) | &nbsp;&nbsp; (3631481)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 104245770 |
| Affiliated investment securities | &nbsp;&nbsp; (3081)<br>|
|  | &nbsp;&nbsp; 104242689 |
| Change in net unrealized appreciation (depreciation) of <br> unaffiliated investment securities<br>| &nbsp;&nbsp; (59046740)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 45195949 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $41564468 |

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

**5**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(3631481)<br>| &nbsp;&nbsp; $(2140602)<br>|
| Net realized gain | &nbsp;&nbsp; 104242689 | &nbsp;&nbsp; 117724273 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (59046740)<br>| &nbsp;&nbsp; 81869545 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 41564468 | &nbsp;&nbsp; 197453216 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (64205134)<br>| &nbsp;&nbsp; — |
| Series II | &nbsp;&nbsp; (14917423)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (79122557)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (228778871)<br>| &nbsp;&nbsp; (57541895)<br>|
| Series II | &nbsp;&nbsp; (29433207)<br>| &nbsp;&nbsp; (17391584)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (258212078)<br>| &nbsp;&nbsp; (74933479)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (295770167)<br>| &nbsp;&nbsp; 122519737 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 965670046 | &nbsp;&nbsp; 843150309 |
| End of year | &nbsp;&nbsp; $669899879 | &nbsp;&nbsp; $965670046 |

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

**6**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**Financial Highlights**

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $78.03 | $(0.28)<br>| $4.22 | $3.94 | $(6.76)<br>| $75.21 | 4.79<br> %<br>| $546346 | 0.86<br> %<br>| 0.86<br> %<br>| (0.37)%<br>| 104<br> %<br>|
| Year ended 12/31/24 | 62.81 | (0.14)<br>| 15.36 | 15.22 |  | 78.03 | 24.23 | 804405 | 0.86 | 0.86 | (0.19)<br>| 97 |
| Year ended 12/31/23 | 55.51 | (0.07)<br>| 7.37 | 7.30 |  | 62.81 | 13.15 | 697742 | 0.87 | 0.87 | (0.12)<br>| 129 |
| Year ended 12/31/22 | 114.63 | (0.10)<br>| (35.03)<br>| (35.13)<br>| (23.99)<br>| 55.51 | (30.98)<br>| 673217 | 0.84 | 0.86 | (0.12)<br>| 97 |
| Year ended 12/31/21 | 106.94 | (0.62)<br>| 21.29 | 20.67 | (12.98)<br>| 114.63 | 19.09 | 1043224 | 0.80 | 0.83 | (0.54)<br>| 77 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 66.93 | (0.41)<br>| 3.65 | 3.24 | (6.76)<br>| 63.41 | 4.53 | 123554 | 1.11 | 1.11 | (0.62)<br>| 104 |
| Year ended 12/31/24 | 54.01 | (0.27)<br>| 13.19 | 12.92 |  | 66.93 | 23.92 | 161265 | 1.11 | 1.11 | (0.44)<br>| 97 |
| Year ended 12/31/23 | 47.85 | (0.19)<br>| 6.35 | 6.16 |  | 54.01 | 12.88 | 145409 | 1.12 | 1.12 | (0.37)<br>| 129 |
| Year ended 12/31/22 | 103.76 | (0.27)<br>| (31.65)<br>| (31.92)<br>| (23.99)<br>| 47.85 | (31.14)<br>| 131031 | 1.09 | 1.11 | (0.37)<br>| 97 |
| Year ended 12/31/21 | 98.05 | (0.83)<br>| 19.52 | 18.69 | (12.98)<br>| 103.76 | 18.79 | 208990 | 1.05 | 1.08 | (0.79)<br>| 77 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Discovery Mid Cap Growth Fund**

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $12,504 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $700 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

\* 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, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $24,177.

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

**10**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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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, 2025, Invesco was paid $126,515 for accounting and fund administrative services and was reimbursed $1,326,121 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $8,180 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $660511408 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $660511408 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9213284 | &nbsp;&nbsp;&nbsp;&nbsp; 75385757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84599041 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $669724692 | &nbsp;&nbsp;&nbsp;&nbsp; $75385757 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $745110449 |

---

**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $79122557 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**11**

**Invesco V.I. Discovery Mid Cap Growth Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $101526462 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 193486989 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (71134)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 374957562 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $669899879 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $899,829,766 and $1,235,092,238, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $202277198 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (8790209)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $193486989 |

---

Cost of investments for tax purposes is $551,623,460.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $4,781,233, undistributed net realized gain was decreased by $1,104,640 and shares of beneficial interest was decreased by $3,676,593. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 432398 | &nbsp;&nbsp;&nbsp; $32628632 | &nbsp;&nbsp;&nbsp; 920280 | &nbsp;&nbsp;&nbsp; $65922292 |
| Series II | &nbsp;&nbsp;&nbsp; 302935 | &nbsp;&nbsp;&nbsp; 19599987 | &nbsp;&nbsp;&nbsp; 247135 | &nbsp;&nbsp;&nbsp; 15428811 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 827814 | &nbsp;&nbsp;&nbsp; 64205134 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Series II | &nbsp;&nbsp;&nbsp; 228025 | &nbsp;&nbsp;&nbsp; 14917423 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (4305714)<br>| &nbsp;&nbsp;&nbsp; (325612637)<br>| &nbsp;&nbsp;&nbsp; (1720312)<br>| &nbsp;&nbsp;&nbsp; (123464187)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (992095)<br>| &nbsp;&nbsp;&nbsp; (63950617)<br>| &nbsp;&nbsp;&nbsp; (529989)<br>| &nbsp;&nbsp;&nbsp; (32820395)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3506637)<br>| &nbsp;&nbsp;&nbsp; $(258212078)<br>| &nbsp;&nbsp;&nbsp; (1082886)<br>| &nbsp;&nbsp;&nbsp; $(74933479)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate 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, 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.

**12**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**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. 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 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $79122557 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. Discovery Mid Cap Growth Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. Discovery Mid Cap Growth Fund**

------

![](img7f11d5b11.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Diversified Dividend Fund**

------

---

| | |
|:---|:---|
| [2](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_SOI-Continued-69_1) | Schedule of Investments |
| [5](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_FS-Continued-69_1) | Financial Statements |
| [7](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_FS-Continued-69_3) | Financial Highlights |
| [8](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_NTF-Continued-69_1) | Notes to Financial Statements |
| [14](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_ARS-Continued-69_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_TI-Continued-69_1) | Tax Information |
| [16](#xx_b7bb554a-20a9-4513-a348-91de36b29ae3_OIRSR-Continued-69_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIDDI-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.81%** | **Common Stocks & Other Equity Interests–97.81%** | **Common Stocks & Other Equity Interests–97.81%** |
| **Aerospace & Defense–1.58%** | **Aerospace & Defense–1.58%** | **Aerospace & Defense–1.58%** |
| Airbus SE (France)<sup>(b)</sup>  | 9644 | &nbsp;&nbsp; $2239566 |
| Northrop Grumman Corp. | 8405 | &nbsp;&nbsp; 4792615 |
|  |  | &nbsp;&nbsp; 7032181 |
| **Agricultural & Farm Machinery–0.95%** | **Agricultural & Farm Machinery–0.95%** | **Agricultural & Farm Machinery–0.95%** |
| Deere & Co. | 9129 | &nbsp;&nbsp; 4250189 |
| **Apparel Retail–1.74%** | **Apparel Retail–1.74%** | **Apparel Retail–1.74%** |
| Ross Stores, Inc. | 26255 | &nbsp;&nbsp; 4729576 |
| TJX Cos., Inc. (The) | 19677 | &nbsp;&nbsp; 3022584 |
|  |  | &nbsp;&nbsp; 7752160 |
| **Application Software–1.77%** | **Application Software–1.77%** | **Application Software–1.77%** |
| Salesforce, Inc. | 29843 | &nbsp;&nbsp; 7905709 |
| **Asset Management & Custody Banks–2.20%** | **Asset Management & Custody Banks–2.20%** | **Asset Management & Custody Banks–2.20%** |
| BlackRock, Inc. | 4102 | &nbsp;&nbsp; 4390535 |
| KKR & Co., Inc., Class A | 42436 | &nbsp;&nbsp; 5409741 |
|  |  | &nbsp;&nbsp; 9800276 |
| **Biotechnology–1.90%** | **Biotechnology–1.90%** | **Biotechnology–1.90%** |
| AbbVie, Inc. | 17860 | &nbsp;&nbsp; 4080831 |
| Regeneron Pharmaceuticals, Inc. | 5712 | &nbsp;&nbsp; 4408922 |
|  |  | &nbsp;&nbsp; 8489753 |
| **Building Products–2.24%** | **Building Products–2.24%** | **Building Products–2.24%** |
| Carlisle Cos., Inc.<sup>(b)</sup>  | 7868 | &nbsp;&nbsp; 2516658 |
| Johnson Controls International PLC | 41512 | &nbsp;&nbsp; 4971062 |
| Lennox International, Inc. | 5189 | &nbsp;&nbsp; 2519675 |
|  |  | &nbsp;&nbsp; 10007395 |
| **Communications Equipment–2.28%** | **Communications Equipment–2.28%** | **Communications Equipment–2.28%** |
| Cisco Systems, Inc.<sup>(b)</sup>  | 132208 | &nbsp;&nbsp; 10183982 |
| **Construction Materials–1.19%** | **Construction Materials–1.19%** | **Construction Materials–1.19%** |
| CRH PLC | 42616 | &nbsp;&nbsp; 5318477 |
| **Consumer Staples Merchandise Retail–1.98%** | **Consumer Staples Merchandise Retail–1.98%** | **Consumer Staples Merchandise Retail–1.98%** |
| Walmart, Inc. | 79265 | &nbsp;&nbsp; 8830914 |
| **Diversified Banks–12.27%** | **Diversified Banks–12.27%** | **Diversified Banks–12.27%** |
| Bank of America Corp. | 231690 | &nbsp;&nbsp; 12742950 |
| Citigroup, Inc. | 49946 | &nbsp;&nbsp; 5828199 |
| Fifth Third Bancorp | 81082 | &nbsp;&nbsp; 3795448 |
| JPMorgan Chase & Co. | 48462 | &nbsp;&nbsp; 15615426 |
| PNC Financial Services Group, Inc. <br> (The) | 28407 | &nbsp;&nbsp; 5929393 |
| Wells Fargo & Co. | 116062 | &nbsp;&nbsp; 10816978 |
|  |  | &nbsp;&nbsp; 54728394 |
| **Electric Utilities–2.60%** | **Electric Utilities–2.60%** | **Electric Utilities–2.60%** |
| Entergy Corp. | 60410 | &nbsp;&nbsp; 5583696 |
| PPL Corp.<sup>(b)</sup>  | 171409 | &nbsp;&nbsp; 6002743 |
|  |  | &nbsp;&nbsp; 11586439 |
| **Electrical Components & Equipment–3.28%** | **Electrical Components & Equipment–3.28%** | **Electrical Components & Equipment–3.28%** |
| Eaton Corp. PLC | 20638 | &nbsp;&nbsp; 6573409 |
| Emerson Electric Co. | 31476 | &nbsp;&nbsp; 4177495 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** |
| Hubbell, Inc. | 8726 | &nbsp;&nbsp; $3875304 |
|  |  | &nbsp;&nbsp; 14626208 |
| **Electronic Manufacturing Services–0.91%** | **Electronic Manufacturing Services–0.91%** | **Electronic Manufacturing Services–0.91%** |
| TE Connectivity PLC (Switzerland) | 17878 | &nbsp;&nbsp; 4067424 |
| **Food Distributors–1.39%** | **Food Distributors–1.39%** | **Food Distributors–1.39%** |
| Sysco Corp. | 84168 | &nbsp;&nbsp; 6202340 |
| **Health Care Distributors–0.48%** | **Health Care Distributors–0.48%** | **Health Care Distributors–0.48%** |
| Cencora, Inc. | 6390 | &nbsp;&nbsp; 2158222 |
| **Health Care Equipment–2.77%** | **Health Care Equipment–2.77%** | **Health Care Equipment–2.77%** |
| Abbott Laboratories | 49774 | &nbsp;&nbsp; 6236184 |
| Medtronic PLC | 63644 | &nbsp;&nbsp; 6113643 |
|  |  | &nbsp;&nbsp; 12349827 |
| **Health Care Services–1.81%** | **Health Care Services–1.81%** | **Health Care Services–1.81%** |
| CVS Health Corp. | 101613 | &nbsp;&nbsp; 8064008 |
| **Home Improvement Retail–2.40%** | **Home Improvement Retail–2.40%** | **Home Improvement Retail–2.40%** |
| Lowe's Cos., Inc. | 44372 | &nbsp;&nbsp; 10700752 |
| **Hotels, Resorts & Cruise Lines–1.32%** | **Hotels, Resorts & Cruise Lines–1.32%** | **Hotels, Resorts & Cruise Lines–1.32%** |
| Marriott International, Inc., Class A | 19040 | &nbsp;&nbsp; 5906970 |
| **Household Products–0.89%** | **Household Products–0.89%** | **Household Products–0.89%** |
| Colgate-Palmolive Co. | 50152 | &nbsp;&nbsp; 3963011 |
| **Industrial Gases–1.29%** | **Industrial Gases–1.29%** | **Industrial Gases–1.29%** |
| Linde PLC | 13488 | &nbsp;&nbsp; 5751148 |
| **Industrial Machinery & Supplies & Components–1.19%** | **Industrial Machinery & Supplies & Components–1.19%** | **Industrial Machinery & Supplies & Components–1.19%** |
| Parker-Hannifin Corp. | 6021 | &nbsp;&nbsp; 5292218 |
| **Industrial REITs–1.36%** | **Industrial REITs–1.36%** | **Industrial REITs–1.36%** |
| Prologis, Inc.<sup>(b)</sup>  | 47325 | &nbsp;&nbsp; 6041509 |
| **Insurance Brokers–1.17%** | **Insurance Brokers–1.17%** | **Insurance Brokers–1.17%** |
| Marsh & McLennan Cos., Inc. | 28019 | &nbsp;&nbsp; 5198085 |
| **Integrated Oil & Gas–2.28%** | **Integrated Oil & Gas–2.28%** | **Integrated Oil & Gas–2.28%** |
| Chevron Corp. | 66687 | &nbsp;&nbsp; 10163766 |
| **Integrated Telecommunication Services–1.58%** | **Integrated Telecommunication Services–1.58%** | **Integrated Telecommunication Services–1.58%** |
| AT&T, Inc. | 283171 | &nbsp;&nbsp; 7033968 |
| **Interactive Media & Services–4.21%** | **Interactive Media & Services–4.21%** | **Interactive Media & Services–4.21%** |
| Alphabet, Inc., Class A | 41678 | &nbsp;&nbsp; 13045214 |
| Meta Platforms, Inc., Class A | 8693 | &nbsp;&nbsp; 5738162 |
|  |  | &nbsp;&nbsp; 18783376 |
| **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** |
| Charles Schwab Corp. (The) | 74798 | &nbsp;&nbsp; 7473068 |
| **Life Sciences Tools & Services–2.18%** | **Life Sciences Tools & Services–2.18%** | **Life Sciences Tools & Services–2.18%** |
| Danaher Corp. | 33527 | &nbsp;&nbsp; 7675001 |
| Lonza Group AG (Switzerland) | 3051 | &nbsp;&nbsp; 2057044 |
|  |  | &nbsp;&nbsp; 9732045 |
| **Managed Health Care–1.16%** | **Managed Health Care–1.16%** | **Managed Health Care–1.16%** |
| UnitedHealth Group, Inc. | 15613 | &nbsp;&nbsp; 5154007 |

---

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

**2**

**Invesco V.I. Diversified Dividend Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–1.29%** | **Movies & Entertainment–1.29%** | **Movies & Entertainment–1.29%** |
| Walt Disney Co. (The) | 50693 | &nbsp;&nbsp; $5767343 |
| **Multi-Utilities–2.45%** | **Multi-Utilities–2.45%** | **Multi-Utilities–2.45%** |
| CMS Energy Corp. | 51518 | &nbsp;&nbsp; 3602654 |
| Public Service Enterprise Group, Inc. | 49119 | &nbsp;&nbsp; 3944256 |
| Sempra | 38195 | &nbsp;&nbsp; 3372236 |
|  |  | &nbsp;&nbsp; 10919146 |
| **Oil & Gas Exploration & Production–1.22%** | **Oil & Gas Exploration & Production–1.22%** | **Oil & Gas Exploration & Production–1.22%** |
| ConocoPhillips | 57893 | &nbsp;&nbsp; 5419364 |
| **Oil & Gas Storage & Transportation–1.65%** | **Oil & Gas Storage & Transportation–1.65%** | **Oil & Gas Storage & Transportation–1.65%** |
| Williams Cos., Inc. (The) | 122184 | &nbsp;&nbsp; 7344480 |
| **Packaged Foods & Meats–0.72%** | **Packaged Foods & Meats–0.72%** | **Packaged Foods & Meats–0.72%** |
| McCormick & Co., Inc. | 47001 | &nbsp;&nbsp; 3201238 |
| **Personal Care Products–1.15%** | **Personal Care Products–1.15%** | **Personal Care Products–1.15%** |
| Estee Lauder Cos., Inc. (The), Class A | 28043 | &nbsp;&nbsp; 2936663 |
| L'Oreal S.A. (France) | 5140 | &nbsp;&nbsp; 2206683 |
|  |  | &nbsp;&nbsp; 5143346 |
| **Pharmaceuticals–3.49%** | **Pharmaceuticals–3.49%** | **Pharmaceuticals–3.49%** |
| Johnson & Johnson | 55426 | &nbsp;&nbsp; 11470411 |
| Merck & Co., Inc. | 39000 | &nbsp;&nbsp; 4105140 |
|  |  | &nbsp;&nbsp; 15575551 |
| **Property & Casualty Insurance–1.98%** | **Property & Casualty Insurance–1.98%** | **Property & Casualty Insurance–1.98%** |
| American International Group, Inc. | 66026 | &nbsp;&nbsp; 5648524 |
| Hartford Insurance Group, Inc. (The) | 22996 | &nbsp;&nbsp; 3168849 |
|  |  | &nbsp;&nbsp; 8817373 |
| **Rail Transportation–1.54%** | **Rail Transportation–1.54%** | **Rail Transportation–1.54%** |
| Union Pacific Corp. | 29647 | &nbsp;&nbsp; 6857944 |
| **Restaurants–2.65%** | **Restaurants–2.65%** | **Restaurants–2.65%** |
| McDonald's Corp. | 28428 | &nbsp;&nbsp; 8688450 |
| Yum! Brands, Inc. | 20537 | &nbsp;&nbsp; 3106837 |
|  |  | &nbsp;&nbsp; 11795287 |
| **Semiconductor Materials & Equipment–2.36%** | **Semiconductor Materials & Equipment–2.36%** | **Semiconductor Materials & Equipment–2.36%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 5260 | &nbsp;&nbsp; 5627463 |
| Lam Research Corp. | 19576 | &nbsp;&nbsp; 3351020 |
| Qnity Electronics, Inc. | 18994 | &nbsp;&nbsp; 1550860 |
|  |  | &nbsp;&nbsp; 10529343 |
| **Semiconductors–2.80%** | **Semiconductors–2.80%** | **Semiconductors–2.80%** |
| Broadcom, Inc. | 13146 | &nbsp;&nbsp; 4549830 |
| NXP Semiconductors N.V. (Netherlands) | 19632 | &nbsp;&nbsp; 4261322 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 21161 | &nbsp;&nbsp; $3671222 |
|  |  |  | &nbsp;&nbsp; 12482374 |
| **Soft Drinks & Non-alcoholic Beverages–1.17%** | **Soft Drinks & Non-alcoholic Beverages–1.17%** | **Soft Drinks & Non-alcoholic Beverages–1.17%** | **Soft Drinks & Non-alcoholic Beverages–1.17%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 74799 | &nbsp;&nbsp; 5229198 |
| **Specialty Chemicals–0.60%** | **Specialty Chemicals–0.60%** | **Specialty Chemicals–0.60%** | **Specialty Chemicals–0.60%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | 66679 | &nbsp;&nbsp; 2680496 |
| **Systems Software–2.02%** | **Systems Software–2.02%** | **Systems Software–2.02%** | **Systems Software–2.02%** |
| Microsoft Corp. | Microsoft Corp. | 18615 | &nbsp;&nbsp; 9002586 |
| **Telecom Tower REITs–1.15%** | **Telecom Tower REITs–1.15%** | **Telecom Tower REITs–1.15%** | **Telecom Tower REITs–1.15%** |
| Crown Castle, Inc. | Crown Castle, Inc. | 57876 | &nbsp;&nbsp; 5143440 |
| **Tobacco–1.95%** | **Tobacco–1.95%** | **Tobacco–1.95%** | **Tobacco–1.95%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 54223 | &nbsp;&nbsp; 8697369 |
| **Trading Companies & Distributors–0.48%** | **Trading Companies & Distributors–0.48%** | **Trading Companies & Distributors–0.48%** | **Trading Companies & Distributors–0.48%** |
| Ashtead Group PLC (United Kingdom) | Ashtead Group PLC (United Kingdom) | 31192 | &nbsp;&nbsp; 2126646 |
| **Transaction & Payment Processing Services–1.09%** | **Transaction & Payment Processing Services–1.09%** | **Transaction & Payment Processing Services–1.09%** | **Transaction & Payment Processing Services–1.09%** |
| Visa, Inc., Class A | Visa, Inc., Class A | 13911 | &nbsp;&nbsp; 4878727 |
| Total Common Stocks & Other Equity Interests <br> (Cost $324,911,802) | Total Common Stocks & Other Equity Interests <br> (Cost $324,911,802) | Total Common Stocks & Other Equity Interests <br> (Cost $324,911,802) | &nbsp;&nbsp; 436159072 |
| **Money Market Funds–2.21%** | **Money Market Funds–2.21%** | **Money Market Funds–2.21%** | **Money Market Funds–2.21%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(c)(d)</sup>  | 3446889 | &nbsp;&nbsp; 3446889 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(c)(d)</sup>  | 6400693 | &nbsp;&nbsp; 6400693 |
| Total Money Market Funds (Cost $9,847,582) | Total Money Market Funds (Cost $9,847,582) | Total Money Market Funds (Cost $9,847,582) | &nbsp;&nbsp; 9847582 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.02% <br> (Cost $334,759,384)<br>|  |  | &nbsp;&nbsp; 446006654 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.53%** | **Money Market Funds–3.53%** | **Money Market Funds–3.53%** | **Money Market Funds–3.53%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(c)(d)(e)</sup>  | 4400349 | &nbsp;&nbsp; 4400349 |
| Invesco Private Prime Fund, 3.88%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(c)(d)(e)</sup>  | 11336161 | &nbsp;&nbsp; 11339562 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,739,911) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,739,911) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,739,911) | &nbsp;&nbsp; 15739911 |
| TOTAL INVESTMENTS IN SECURITIES–103.55% <br> (Cost $350,499,295) | TOTAL INVESTMENTS IN SECURITIES–103.55% <br> (Cost $350,499,295) | TOTAL INVESTMENTS IN SECURITIES–103.55% <br> (Cost $350,499,295) | &nbsp;&nbsp; 461746565 |
| OTHER ASSETS LESS LIABILITIES—(3.55)% | OTHER ASSETS LESS LIABILITIES—(3.55)% | OTHER ASSETS LESS LIABILITIES—(3.55)% | &nbsp;&nbsp; (15834226)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $445912339 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

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

**3**

**Invesco V.I. Diversified Dividend Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $4256524 | &nbsp;&nbsp; $51486369 | &nbsp;&nbsp; $(52296004) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3446889 | &nbsp;&nbsp; $134576 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 7904300 | &nbsp;&nbsp; 95617542 | &nbsp;&nbsp; (97121149) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6400693 | &nbsp;&nbsp; 247488 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9181026 | &nbsp;&nbsp; 355644741 | &nbsp;&nbsp; (360425418) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4400349 | &nbsp;&nbsp; 377,353\* |
| Invesco Private Prime Fund | 23868468 | &nbsp;&nbsp; 717371182 | &nbsp;&nbsp; (729894356) | &nbsp;&nbsp; - | &nbsp;&nbsp; (5732) | &nbsp;&nbsp; 11339562 | &nbsp;&nbsp; 993,394\* |
| Total | $45210318 | &nbsp;&nbsp; $1220119834 | &nbsp;&nbsp; $(1239736927) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(5732) | &nbsp;&nbsp; $25587493 | &nbsp;&nbsp; $1752811 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Diversified Dividend Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $324,911,802)\*<br>| &nbsp;&nbsp; $436159072 |
| Investments in affiliated money market funds, at value <br> (Cost $25,587,493)<br>| &nbsp;&nbsp; 25587493 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 13581 |
| Dividends | &nbsp;&nbsp; 672767 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 83448 |
| Total assets | &nbsp;&nbsp; 462516361 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 373143 |
| Amount due custodian | &nbsp;&nbsp; 119343 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15739911 |
| Accrued fees to affiliates | &nbsp;&nbsp; 236380 |
| Accrued other operating expenses | &nbsp;&nbsp; 29783 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 105462 |
| Total liabilities | &nbsp;&nbsp; 16604022 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $445912339 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $285621551 |
| Distributable earnings | &nbsp;&nbsp; 160290788 |
|  | &nbsp;&nbsp; $445912339 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $200932850 |
| Series II | &nbsp;&nbsp; $244979489 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 7382535 |
| Series II | &nbsp;&nbsp; 9111883 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $27.22 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $26.89 |

---

\* At December 31, 2025, securities with an aggregate value of $15,234,629 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $51,189) | &nbsp;&nbsp; $9159621 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $42,711)<br>| &nbsp;&nbsp; 424775 |
| Total investment income | &nbsp;&nbsp; 9584396 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2179819 |
| Administrative services fees | &nbsp;&nbsp; 729350 |
| Custodian fees | &nbsp;&nbsp; 6579 |
| Distribution fees - Series II | &nbsp;&nbsp; 588086 |
| Transfer agent fees | &nbsp;&nbsp; 22218 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25139 |
| Reports to shareholders | &nbsp;&nbsp; 10408 |
| Professional services fees | &nbsp;&nbsp; 51794 |
| Other | &nbsp;&nbsp; 4867 |
| Total expenses | &nbsp;&nbsp; 3618260 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (10293)<br>|
| Net expenses | &nbsp;&nbsp; 3607967 |
| Net investment income | &nbsp;&nbsp; 5976429 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 45191173 |
| Affiliated investment securities | &nbsp;&nbsp; (5732)<br>|
| Foreign currencies | &nbsp;&nbsp; (8424)<br>|
|  | &nbsp;&nbsp; 45177017 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 12642559 |
| Foreign currencies | &nbsp;&nbsp; 22964 |
|  | &nbsp;&nbsp; 12665523 |
| Net realized and unrealized gain | &nbsp;&nbsp; 57842540 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $63818969 |

---

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

**5**

**Invesco V.I. Diversified Dividend Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $5976429 | &nbsp;&nbsp; $6628091 |
| Net realized gain | &nbsp;&nbsp; 45177017 | &nbsp;&nbsp; 34100989 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 12665523 | &nbsp;&nbsp; 14112673 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 63818969 | &nbsp;&nbsp; 54841753 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (19457081)<br>| &nbsp;&nbsp; (12514661)<br>|
| Series II | &nbsp;&nbsp; (21682150)<br>| &nbsp;&nbsp; (13059334)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (41139231)<br>| &nbsp;&nbsp; (25573995)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (22882670)<br>| &nbsp;&nbsp; (16040435)<br>|
| Series II | &nbsp;&nbsp; 2242438 | &nbsp;&nbsp; (7566093)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (20640232)<br>| &nbsp;&nbsp; (23606528)<br>|
| Net increase in net assets | &nbsp;&nbsp; 2039506 | &nbsp;&nbsp; 5661230 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 443872833 | &nbsp;&nbsp; 438211603 |
| End of year | &nbsp;&nbsp; $445912339 | &nbsp;&nbsp; $443872833 |

---

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

**6**

**Invesco V.I. Diversified Dividend Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $25.88 | $0.40 | $3.59 | $3.99 | $(0.46)<br>| $(2.19)<br>| $(2.65)<br>| $27.22 | 15.74<br> %<br>| &nbsp;&nbsp; $200933 | 0.68<br> %<br>| 0.68<br> %<br>| 1.48<br> %<br>| 58<br> %<br>|
| Year ended 12/31/24 | 24.24 | 0.42 | 2.81 | 3.23 | (0.51)<br>| (1.08)<br>| (1.59)<br>| 25.88 | 13.22 | &nbsp;&nbsp; 212914 | 0.70 | 0.70 | 1.61 | 46 |
| Year ended 12/31/23 | 24.99 | 0.46 | 1.45 | 1.91 | (0.52)<br>| (2.14)<br>| (2.66)<br>| 24.24 | 9.05 | &nbsp;&nbsp; 214556 | 0.68 | 0.68 | 1.86 | 45 |
| Year ended 12/31/22 | 29.82 | 0.54 | (1.16)<br>| (0.62)<br>| (0.56)<br>| (3.65)<br>| (4.21)<br>| 24.99 | (1.68)<br>| &nbsp;&nbsp; 225216 | 0.67 | 0.67 | 1.91 | 40 |
| Year ended 12/31/21 | 25.72 | 0.52 | 4.32 | 4.84 | (0.63)<br>| (0.11)<br>| (0.74)<br>| 29.82 | 18.89 | &nbsp;&nbsp; 242810 | 0.68 | 0.68 | 1.81 | 45 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 25.60 | 0.33 | 3.54 | 3.87 | (0.39)<br>| (2.19)<br>| (2.58)<br>| 26.89 | 15.44 | &nbsp;&nbsp; 244979 | 0.93 | 0.93 | 1.23 | 58 |
| Year ended 12/31/24 | 23.99 | 0.35 | 2.78 | 3.13 | (0.44)<br>| (1.08)<br>| (1.52)<br>| 25.60 | 12.96 | &nbsp;&nbsp; 230958 | 0.95 | 0.95 | 1.36 | 46 |
| Year ended 12/31/23 | 24.75 | 0.40 | 1.43 | 1.83 | (0.45)<br>| (2.14)<br>| (2.59)<br>| 23.99 | 8.77 | &nbsp;&nbsp; 223655 | 0.93 | 0.93 | 1.61 | 45 |
| Year ended 12/31/22 | 29.57 | 0.46 | (1.15)<br>| (0.69)<br>| (0.48)<br>| (3.65)<br>| (4.13)<br>| 24.75 | (1.93)<br>| &nbsp;&nbsp; 229588 | 0.92 | 0.92 | 1.66 | 40 |
| Year ended 12/31/21 | 25.52 | 0.44 | 4.29 | 4.73 | (0.57)<br>| (0.11)<br>| (0.68)<br>| 29.57 | 18.59 | &nbsp;&nbsp; 245103 | 0.93 | 0.93 | 1.56 | 45 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Diversified Dividend Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Diversified Dividend Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Diversified Dividend Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $4,121 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **Other Risks** - As a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Companies that pay dividends are not required to continue paying them. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying that meet the Fund's investment criteria may not be widely available for purchase by the Fund, which may increase the volatility of the Fund's returns and limit its ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Next $750 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.395% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.370% |

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For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses,

**10**

**Invesco V.I. Diversified Dividend Fund**

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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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $10,293.

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, 2025, Invesco was paid $63,340 for accounting and fund administrative services and was reimbursed $666,010 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $3,898 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $427529133 | &nbsp;&nbsp;&nbsp;&nbsp; $8629939 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $436159072 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9847582 | &nbsp;&nbsp;&nbsp;&nbsp; 15739911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25587493 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $437376715 | &nbsp;&nbsp;&nbsp;&nbsp; $24369850 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $461746565 |

---

**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

**11**

**Invesco V.I. Diversified Dividend 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $8677598 | &nbsp;&nbsp;&nbsp;&nbsp; $9730957 |
| Long-term capital gain | &nbsp;&nbsp; 32461633 | &nbsp;&nbsp;&nbsp;&nbsp; 15843038 |
| Total distributions | &nbsp;&nbsp; $41139231 | &nbsp;&nbsp;&nbsp;&nbsp; $25573995 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $5869601 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 43830144 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 110647149 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 12428 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (68534)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 285621551 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $445912339 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $254,817,236 and $307,187,962, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $114593011 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3945862)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $110647149 |

---

Cost of investments for tax purposes is $351,099,416.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2025, undistributed net investment income was decreased by $101,650 and undistributed net realized gain was increased by $101,650. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 314143 | &nbsp;&nbsp;&nbsp; $8502711 | &nbsp;&nbsp;&nbsp; 388380 | &nbsp;&nbsp;&nbsp; $10068800 |
| Series II | &nbsp;&nbsp;&nbsp; 671450 | &nbsp;&nbsp;&nbsp; 17898636 | &nbsp;&nbsp;&nbsp; 491304 | &nbsp;&nbsp;&nbsp; 12624290 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 737569 | &nbsp;&nbsp;&nbsp; 19457081 | &nbsp;&nbsp;&nbsp; 478206 | &nbsp;&nbsp;&nbsp; 12514661 |
| Series II | &nbsp;&nbsp;&nbsp; 831690 | &nbsp;&nbsp;&nbsp; 21682150 | &nbsp;&nbsp;&nbsp; 504221 | &nbsp;&nbsp;&nbsp; 13059334 |

---

**12**

**Invesco V.I. Diversified Dividend Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1895231)<br>| &nbsp;&nbsp;&nbsp; $(50842462)<br>| &nbsp;&nbsp;&nbsp; (1492673)<br>| &nbsp;&nbsp;&nbsp; $(38623896)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1413661)<br>| &nbsp;&nbsp;&nbsp; (37338348)<br>| &nbsp;&nbsp;&nbsp; (1296164)<br>| &nbsp;&nbsp;&nbsp; (33249717)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (754040)<br>| &nbsp;&nbsp;&nbsp; $(20640232)<br>| &nbsp;&nbsp;&nbsp; (926726)<br>| &nbsp;&nbsp;&nbsp; $(23606528)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $32461633 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 77.09% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Diversified Dividend Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Diversified Dividend Fund**

------

![](imgfb8e42a91.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

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

------

---

| | |
|:---|:---|
| [2](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_SOI-Continued-70_1) | Schedule of Investments |
| [10](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_FS-Continued-70_1) | Financial Statements |
| [12](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_FS-Continued-70_3) | Financial Highlights |
| [13](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_NTF-Continued-70_1) | Notes to Financial Statements |
| [19](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_ARS-Continued-70_1) | Report of Independent Registered Public Accounting Firm |
| [20](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_TI-Continued-70_1) | Tax Information |
| [21](#xx_a09ae2a5-8578-4bbd-a8d2-9ddb161d2bcd_OIRSR-Continued-70_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

MS-VIEWSP-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.34%** | **Common Stocks & Other Equity Interests–99.34%** | **Common Stocks & Other Equity Interests–99.34%** |
| **Advertising–0.40%** | **Advertising–0.40%** | **Advertising–0.40%** |
| Omnicom Group, Inc.<sup>(b)</sup>  | 12418 | &nbsp;&nbsp; $1002753 |
| Trade Desk, Inc. (The), Class A<sup>(c)</sup>  | 24512 | &nbsp;&nbsp; 930476 |
|  |  | &nbsp;&nbsp; 1933229 |
| **Aerospace & Defense–2.49%** | **Aerospace & Defense–2.49%** | **Aerospace & Defense–2.49%** |
| Axon Enterprise, Inc.<sup>(c)</sup>  | 1691 | &nbsp;&nbsp; 960370 |
| Boeing Co. (The)<sup>(c)</sup>  | 4838 | &nbsp;&nbsp; 1050427 |
| General Dynamics Corp. | 2809 | &nbsp;&nbsp; 945680 |
| General Electric Co. | 3390 | &nbsp;&nbsp; 1044221 |
| Howmet Aerospace, Inc. | 4997 | &nbsp;&nbsp; 1024485 |
| Huntington Ingalls Industries, Inc. | 2975 | &nbsp;&nbsp; 1011708 |
| L3Harris Technologies, Inc. | 3362 | &nbsp;&nbsp; 986982 |
| Lockheed Martin Corp.<sup>(b)</sup>  | 2054 | &nbsp;&nbsp; 993458 |
| Northrop Grumman Corp. | 1731 | &nbsp;&nbsp; 987034 |
| RTX Corp. | 5502 | &nbsp;&nbsp; 1009067 |
| Textron, Inc. | 11297 | &nbsp;&nbsp; 984759 |
| TransDigm Group, Inc. | 738 | &nbsp;&nbsp; 981429 |
|  |  | &nbsp;&nbsp; 11979620 |
| **Agricultural & Farm Machinery–0.20%** | **Agricultural & Farm Machinery–0.20%** | **Agricultural & Farm Machinery–0.20%** |
| Deere & Co. | 2050 | &nbsp;&nbsp; 954418 |
| **Agricultural Products & Services–0.39%** | **Agricultural Products & Services–0.39%** | **Agricultural Products & Services–0.39%** |
| Archer-Daniels-Midland Co. | 16516 | &nbsp;&nbsp; 949505 |
| Bunge Global S.A. | 10507 | &nbsp;&nbsp; 935963 |
|  |  | &nbsp;&nbsp; 1885468 |
| **Air Freight & Logistics–0.80%** | **Air Freight & Logistics–0.80%** | **Air Freight & Logistics–0.80%** |
| C.H. Robinson Worldwide, Inc. | 6072 | &nbsp;&nbsp; 976135 |
| Expeditors International of <br> Washington, Inc. | 6352 | &nbsp;&nbsp; 946511 |
| FedEx Corp. | 3381 | &nbsp;&nbsp; 976636 |
| United Parcel Service, Inc., Class B | 9648 | &nbsp;&nbsp; 956985 |
|  |  | &nbsp;&nbsp; 3856267 |
| **Apparel Retail–0.39%** | **Apparel Retail–0.39%** | **Apparel Retail–0.39%** |
| Ross Stores, Inc. | 5287 | &nbsp;&nbsp; 952400 |
| TJX Cos., Inc. (The) | 6176 | &nbsp;&nbsp; 948695 |
|  |  | &nbsp;&nbsp; 1901095 |
| **Apparel, Accessories & Luxury Goods–0.64%** | **Apparel, Accessories & Luxury Goods–0.64%** | **Apparel, Accessories & Luxury Goods–0.64%** |
| lululemon athletica, Inc.<sup>(c)</sup>  | 5124 | &nbsp;&nbsp; 1064818 |
| Ralph Lauren Corp. | 2688 | &nbsp;&nbsp; 950504 |
| Tapestry, Inc. | 8166 | &nbsp;&nbsp; 1043370 |
|  |  | &nbsp;&nbsp; 3058692 |
| **Application Software–2.72%** | **Application Software–2.72%** | **Application Software–2.72%** |
| Adobe, Inc.<sup>(c)</sup>  | 2802 | &nbsp;&nbsp; 980672 |
| AppLovin Corp., Class A<sup>(c)</sup>  | 1367 | &nbsp;&nbsp; 921112 |
| Autodesk, Inc.<sup>(c)</sup>  | 3204 | &nbsp;&nbsp; 948416 |
| Cadence Design Systems, Inc.<sup>(c)</sup>  | 2844 | &nbsp;&nbsp; 888978 |
| Datadog, Inc., Class A<sup>(c)</sup>  | 6358 | &nbsp;&nbsp; 864624 |
| Fair Isaac Corp.<sup>(c)</sup>  | 549 | &nbsp;&nbsp; 928150 |
| Intuit, Inc. | 1451 | &nbsp;&nbsp; 961171 |
| Palantir Technologies, Inc., Class A<sup>(c)</sup>  | 5116 | &nbsp;&nbsp; 909369 |
| PTC, Inc.<sup>(c)</sup>  | 5473 | &nbsp;&nbsp; 953451 |
| Roper Technologies, Inc. | 2174 | &nbsp;&nbsp; 967713 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Salesforce, Inc. | 3639 | &nbsp;&nbsp; $964008 |
| Synopsys, Inc.<sup>(c)</sup>  | 2020 | &nbsp;&nbsp; 948834 |
| Tyler Technologies, Inc.<sup>(c)</sup>  | 2109 | &nbsp;&nbsp; 957381 |
| Workday, Inc., Class A<sup>(b)(c)</sup>  | 4316 | &nbsp;&nbsp; 926991 |
|  |  | &nbsp;&nbsp; 13120870 |
| **Asset Management & Custody Banks–2.14%** | **Asset Management & Custody Banks–2.14%** | **Asset Management & Custody Banks–2.14%** |
| Ameriprise Financial, Inc. | 1933 | &nbsp;&nbsp; 947827 |
| Ares Management Corp., Class A<sup>(b)</sup>  | 5392 | &nbsp;&nbsp; 871509 |
| Bank of New York Mellon Corp. (The) | 8121 | &nbsp;&nbsp; 942767 |
| BlackRock, Inc. | 887 | &nbsp;&nbsp; 949392 |
| Blackstone, Inc., Class A<sup>(b)</sup>  | 6139 | &nbsp;&nbsp; 946265 |
| Franklin Resources, Inc. | 41243 | &nbsp;&nbsp; 985295 |
| Invesco Ltd.<sup>(d)</sup>  | 35699 | &nbsp;&nbsp; 937813 |
| KKR & Co., Inc., Class A | 6792 | &nbsp;&nbsp; 865844 |
| Northern Trust Corp. | 6988 | &nbsp;&nbsp; 954491 |
| State Street Corp. | 7457 | &nbsp;&nbsp; 962028 |
| T. Rowe Price Group, Inc.<sup>(b)</sup>  | 9283 | &nbsp;&nbsp; 950393 |
|  |  | &nbsp;&nbsp; 10313624 |
| **Automobile Manufacturers–0.60%** | **Automobile Manufacturers–0.60%** | **Automobile Manufacturers–0.60%** |
| Ford Motor Co. | 71691 | &nbsp;&nbsp; 940586 |
| General Motors Co. | 11898 | &nbsp;&nbsp; 967545 |
| Tesla, Inc.<sup>(c)</sup>  | 2130 | &nbsp;&nbsp; 957904 |
|  |  | &nbsp;&nbsp; 2866035 |
| **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** |
| Aptiv PLC<sup>(b)(c)</sup>  | 12239 | &nbsp;&nbsp; 931265 |
| **Automotive Retail–0.57%** | **Automotive Retail–0.57%** | **Automotive Retail–0.57%** |
| AutoZone, Inc.<sup>(c)</sup>  | 281 | &nbsp;&nbsp; 953012 |
| Carvana Co.<sup>(c)</sup>  | 2056 | &nbsp;&nbsp; 867673 |
| O'Reilly Automotive, Inc.<sup>(c)</sup>  | 10268 | &nbsp;&nbsp; 936544 |
|  |  | &nbsp;&nbsp; 2757229 |
| **Biotechnology–1.64%** | **Biotechnology–1.64%** | **Biotechnology–1.64%** |
| AbbVie, Inc. | 4269 | &nbsp;&nbsp; 975424 |
| Amgen, Inc. | 3048 | &nbsp;&nbsp; 997641 |
| Biogen, Inc.<sup>(c)</sup>  | 5415 | &nbsp;&nbsp; 952986 |
| Gilead Sciences, Inc.<sup>(b)</sup>  | 7923 | &nbsp;&nbsp; 972469 |
| Incyte Corp.<sup>(c)</sup>  | 10102 | &nbsp;&nbsp; 997774 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 33116 | &nbsp;&nbsp; 976591 |
| Regeneron Pharmaceuticals, Inc. | 1324 | &nbsp;&nbsp; 1021956 |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup>  | 2162 | &nbsp;&nbsp; 980164 |
|  |  | &nbsp;&nbsp; 7875005 |
| **Brewers–0.20%** | **Brewers–0.20%** | **Brewers–0.20%** |
| Molson Coors Beverage Co., Class B | 20520 | &nbsp;&nbsp; 957874 |
| **Broadcasting–0.39%** | **Broadcasting–0.39%** | **Broadcasting–0.39%** |
| Fox Corp., Class A | 8222 | &nbsp;&nbsp; 600782 |
| Fox Corp., Class B | 5857 | &nbsp;&nbsp; 380295 |
| Paramount Skydance Corp. | 65311 | &nbsp;&nbsp; 875167 |
|  |  | &nbsp;&nbsp; 1856244 |
| **Broadline Retail–0.41%** | **Broadline Retail–0.41%** | **Broadline Retail–0.41%** |
| Amazon.com, Inc.<sup>(c)</sup>  | 4148 | &nbsp;&nbsp; 957441 |

---

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

**2**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Broadline Retail–(continued)** | **Broadline Retail–(continued)** | **Broadline Retail–(continued)** |
| eBay, Inc. | 11635 | &nbsp;&nbsp; $1013409 |
|  |  | &nbsp;&nbsp; 1970850 |
| **Building Products–1.57%** | **Building Products–1.57%** | **Building Products–1.57%** |
| A.O. Smith Corp.<sup>(b)</sup>  | 14154 | &nbsp;&nbsp; 946619 |
| Allegion PLC | 5997 | &nbsp;&nbsp; 954842 |
| Builders FirstSource, Inc.<sup>(c)</sup>  | 8773 | &nbsp;&nbsp; 902654 |
| Carrier Global Corp. | 18003 | &nbsp;&nbsp; 951278 |
| Johnson Controls International PLC | 8301 | &nbsp;&nbsp; 994045 |
| Lennox International, Inc. | 1901 | &nbsp;&nbsp; 923088 |
| Masco Corp.<sup>(b)</sup>  | 15154 | &nbsp;&nbsp; 961673 |
| Trane Technologies PLC | 2409 | &nbsp;&nbsp; 937583 |
|  |  | &nbsp;&nbsp; 7571782 |
| **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup>  | 4507 | &nbsp;&nbsp; 940836 |
| Comcast Corp., Class A | 34858 | &nbsp;&nbsp; 1041906 |
|  |  | &nbsp;&nbsp; 1982742 |
| **Cargo Ground Transportation–0.39%** | **Cargo Ground Transportation–0.39%** | **Cargo Ground Transportation–0.39%** |
| J.B. Hunt Transport Services, Inc. | 4852 | &nbsp;&nbsp; 942937 |
| Old Dominion Freight Line, Inc.<sup>(b)</sup>  | 6111 | &nbsp;&nbsp; 958205 |
|  |  | &nbsp;&nbsp; 1901142 |
| **Casinos & Gaming–0.59%** | **Casinos & Gaming–0.59%** | **Casinos & Gaming–0.59%** |
| Las Vegas Sands Corp. | 14463 | &nbsp;&nbsp; 941396 |
| MGM Resorts International<sup>(b)(c)</sup>  | 25843 | &nbsp;&nbsp; 943011 |
| Wynn Resorts Ltd. | 7778 | &nbsp;&nbsp; 935927 |
|  |  | &nbsp;&nbsp; 2820334 |
| **Commodity Chemicals–0.38%** | **Commodity Chemicals–0.38%** | **Commodity Chemicals–0.38%** |
| Dow, Inc.<sup>(b)</sup>  | 39096 | &nbsp;&nbsp; 914064 |
| LyondellBasell Industries N.V., Class A | 21255 | &nbsp;&nbsp; 920342 |
|  |  | &nbsp;&nbsp; 1834406 |
| **Communications Equipment–0.79%** | **Communications Equipment–0.79%** | **Communications Equipment–0.79%** |
| Arista Networks, Inc.<sup>(c)</sup>  | 7263 | &nbsp;&nbsp; 951671 |
| Cisco Systems, Inc.<sup>(b)</sup>  | 11980 | &nbsp;&nbsp; 922819 |
| F5, Inc.<sup>(c)</sup>  | 3725 | &nbsp;&nbsp; 950844 |
| Motorola Solutions, Inc. | 2593 | &nbsp;&nbsp; 993949 |
|  |  | &nbsp;&nbsp; 3819283 |
| **Computer & Electronics Retail–0.18%** | **Computer & Electronics Retail–0.18%** | **Computer & Electronics Retail–0.18%** |
| Best Buy Co., Inc. | 12970 | &nbsp;&nbsp; 868082 |
| **Construction & Engineering–0.56%** | **Construction & Engineering–0.56%** | **Construction & Engineering–0.56%** |
| Comfort Systems USA, Inc. | 941 | &nbsp;&nbsp; 878226 |
| EMCOR Group, Inc.<sup>(b)</sup>  | 1533 | &nbsp;&nbsp; 937874 |
| Quanta Services, Inc.<sup>(b)</sup>  | 2080 | &nbsp;&nbsp; 877885 |
|  |  | &nbsp;&nbsp; 2693985 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.77%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.77%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.77%** |
| Caterpillar, Inc. | 1562 | &nbsp;&nbsp; 894823 |
| Cummins, Inc. | 1833 | &nbsp;&nbsp; 935655 |
| PACCAR, Inc. | 8472 | &nbsp;&nbsp; 927769 |
| Wabtec Corp. | 4459 | &nbsp;&nbsp; 951773 |
|  |  | &nbsp;&nbsp; 3710020 |
| **Construction Materials–0.59%** | **Construction Materials–0.59%** | **Construction Materials–0.59%** |
| CRH PLC | 7682 | &nbsp;&nbsp; 958714 |
| Martin Marietta Materials, Inc. | 1542 | &nbsp;&nbsp; 960142 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Materials–(continued)** | **Construction Materials–(continued)** | **Construction Materials–(continued)** |
| Vulcan Materials Co. | 3239 | &nbsp;&nbsp; $923827 |
|  |  | &nbsp;&nbsp; 2842683 |
| **Consumer Electronics–0.19%** | **Consumer Electronics–0.19%** | **Consumer Electronics–0.19%** |
| Garmin Ltd. | 4572 | &nbsp;&nbsp; 927430 |
| **Consumer Finance–0.60%** | **Consumer Finance–0.60%** | **Consumer Finance–0.60%** |
| American Express Co. | 2560 | &nbsp;&nbsp; 947072 |
| Capital One Financial Corp. | 4043 | &nbsp;&nbsp; 979862 |
| Synchrony Financial<sup>(b)</sup>  | 11370 | &nbsp;&nbsp; 948599 |
|  |  | &nbsp;&nbsp; 2875533 |
| **Consumer Staples Merchandise Retail–1.01%** | **Consumer Staples Merchandise Retail–1.01%** | **Consumer Staples Merchandise Retail–1.01%** |
| Costco Wholesale Corp. | 1099 | &nbsp;&nbsp; 947712 |
| Dollar General Corp. | 7637 | &nbsp;&nbsp; 1013964 |
| Dollar Tree, Inc.<sup>(b)(c)</sup>  | 7738 | &nbsp;&nbsp; 951851 |
| Target Corp. | 10160 | &nbsp;&nbsp; 993140 |
| Walmart, Inc. | 8494 | &nbsp;&nbsp; 946317 |
|  |  | &nbsp;&nbsp; 4852984 |
| **Copper–0.22%** | **Copper–0.22%** | **Copper–0.22%** |
| Freeport-McMoRan, Inc. | 20697 | &nbsp;&nbsp; 1051201 |
| **Data Center REITs–0.40%** | **Data Center REITs–0.40%** | **Data Center REITs–0.40%** |
| Digital Realty Trust, Inc.<sup>(b)</sup>  | 6027 | &nbsp;&nbsp; 932437 |
| Equinix, Inc. | 1309 | &nbsp;&nbsp; 1002904 |
|  |  | &nbsp;&nbsp; 1935341 |
| **Data Processing & Outsourced Services–0.20%** | **Data Processing & Outsourced Services–0.20%** | **Data Processing & Outsourced Services–0.20%** |
| Broadridge Financial Solutions, Inc. | 4237 | &nbsp;&nbsp; 945571 |
| **Distillers & Vintners–0.36%** | **Distillers & Vintners–0.36%** | **Distillers & Vintners–0.36%** |
| Brown-Forman Corp., Class B<sup>(b)</sup>  | 31645 | &nbsp;&nbsp; 824669 |
| Constellation Brands, Inc., Class A<sup>(b)</sup>  | 6473 | &nbsp;&nbsp; 893015 |
|  |  | &nbsp;&nbsp; 1717684 |
| **Distributors–0.38%** | **Distributors–0.38%** | **Distributors–0.38%** |
| Genuine Parts Co. | 7325 | &nbsp;&nbsp; 900682 |
| Pool Corp. | 3996 | &nbsp;&nbsp; 914085 |
|  |  | &nbsp;&nbsp; 1814767 |
| **Diversified Banks–1.62%** | **Diversified Banks–1.62%** | **Diversified Banks–1.62%** |
| Bank of America Corp. | 17777 | &nbsp;&nbsp; 977735 |
| Citigroup, Inc.<sup>(b)</sup>  | 8654 | &nbsp;&nbsp; 1009835 |
| Fifth Third Bancorp<sup>(b)</sup>  | 20218 | &nbsp;&nbsp; 946404 |
| JPMorgan Chase & Co. | 3100 | &nbsp;&nbsp; 998882 |
| KeyCorp | 46850 | &nbsp;&nbsp; 966984 |
| PNC Financial Services Group, Inc. (The) | 4645 | &nbsp;&nbsp; 969551 |
| U.S. Bancorp | 17949 | &nbsp;&nbsp; 957759 |
| Wells Fargo & Co.<sup>(b)</sup>  | 10601 | &nbsp;&nbsp; 988013 |
|  |  | &nbsp;&nbsp; 7815163 |
| **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** |
| Apollo Global Management, Inc.<sup>(b)</sup>  | 6449 | &nbsp;&nbsp; 933557 |
| **Diversified Support Services–0.40%** | **Diversified Support Services–0.40%** | **Diversified Support Services–0.40%** |
| Cintas Corp. | 5181 | &nbsp;&nbsp; 974391 |
| Copart, Inc.<sup>(c)</sup>  | 24531 | &nbsp;&nbsp; 960388 |
|  |  | &nbsp;&nbsp; 1934779 |
| **Electric Utilities–3.42%** | **Electric Utilities–3.42%** | **Electric Utilities–3.42%** |
| Alliant Energy Corp.<sup>(b)</sup>  | 14834 | &nbsp;&nbsp; 964358 |
| American Electric Power Co., Inc. | 8421 | &nbsp;&nbsp; 971026 |

---

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

**3**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Constellation Energy Corp. | 2655 | &nbsp;&nbsp; $937932 |
| Duke Energy Corp. | 8433 | &nbsp;&nbsp; 988432 |
| Edison International | 16722 | &nbsp;&nbsp; 1003654 |
| Entergy Corp. | 10301 | &nbsp;&nbsp; 952121 |
| Evergy, Inc. | 13078 | &nbsp;&nbsp; 948024 |
| Eversource Energy | 14215 | &nbsp;&nbsp; 957096 |
| Exelon Corp.<sup>(b)</sup>  | 22213 | &nbsp;&nbsp; 968265 |
| FirstEnergy Corp. | 21653 | &nbsp;&nbsp; 969405 |
| NextEra Energy, Inc.<sup>(b)</sup>  | 11829 | &nbsp;&nbsp; 949632 |
| NRG Energy, Inc. | 5717 | &nbsp;&nbsp; 910375 |
| PG&E Corp. | 63751 | &nbsp;&nbsp; 1024479 |
| Pinnacle West Capital Corp.<sup>(b)</sup>  | 11108 | &nbsp;&nbsp; 985280 |
| PPL Corp.<sup>(b)</sup>  | 28905 | &nbsp;&nbsp; 1012253 |
| Southern Co. (The)<sup>(b)</sup>  | 11434 | &nbsp;&nbsp; 997045 |
| Xcel Energy, Inc.<sup>(b)</sup>  | 12884 | &nbsp;&nbsp; 951612 |
|  |  | &nbsp;&nbsp; 16490989 |
| **Electrical Components & Equipment–1.13%** | **Electrical Components & Equipment–1.13%** | **Electrical Components & Equipment–1.13%** |
| AMETEK, Inc. | 4791 | &nbsp;&nbsp; 983640 |
| Eaton Corp. PLC | 2720 | &nbsp;&nbsp; 866347 |
| Emerson Electric Co.<sup>(b)</sup>  | 7017 | &nbsp;&nbsp; 931296 |
| Generac Holdings, Inc.<sup>(c)</sup>  | 5772 | &nbsp;&nbsp; 787128 |
| Hubbell, Inc. | 2145 | &nbsp;&nbsp; 952616 |
| Rockwell Automation, Inc. | 2343 | &nbsp;&nbsp; 911591 |
|  |  | &nbsp;&nbsp; 5432618 |
| **Electronic Components–0.38%** | **Electronic Components–0.38%** | **Electronic Components–0.38%** |
| Amphenol Corp., Class A | 6932 | &nbsp;&nbsp; 936791 |
| Corning, Inc. | 10206 | &nbsp;&nbsp; 893637 |
|  |  | &nbsp;&nbsp; 1830428 |
| **Electronic Equipment & Instruments–0.76%** | **Electronic Equipment & Instruments–0.76%** | **Electronic Equipment & Instruments–0.76%** |
| Keysight Technologies, Inc.<sup>(c)</sup>  | 4518 | &nbsp;&nbsp; 918012 |
| Teledyne Technologies, Inc.<sup>(c)</sup>  | 1862 | &nbsp;&nbsp; 950979 |
| Trimble, Inc.<sup>(c)</sup>  | 11659 | &nbsp;&nbsp; 913483 |
| Zebra Technologies Corp., Class A<sup>(c)</sup>  | 3544 | &nbsp;&nbsp; 860554 |
|  |  | &nbsp;&nbsp; 3643028 |
| **Electronic Manufacturing Services–0.38%** | **Electronic Manufacturing Services–0.38%** | **Electronic Manufacturing Services–0.38%** |
| Jabil, Inc.<sup>(b)</sup>  | 4180 | &nbsp;&nbsp; 953124 |
| TE Connectivity PLC (Switzerland) | 3938 | &nbsp;&nbsp; 895934 |
|  |  | &nbsp;&nbsp; 1849058 |
| **Environmental & Facilities Services–0.82%** | **Environmental & Facilities Services–0.82%** | **Environmental & Facilities Services–0.82%** |
| Republic Services, Inc.<sup>(b)</sup>  | 4632 | &nbsp;&nbsp; 981660 |
| Rollins, Inc. | 16358 | &nbsp;&nbsp; 981807 |
| Veralto Corp. | 9835 | &nbsp;&nbsp; 981336 |
| Waste Management, Inc.<sup>(b)</sup>  | 4597 | &nbsp;&nbsp; 1010007 |
|  |  | &nbsp;&nbsp; 3954810 |
| **Fertilizers & Agricultural Chemicals–0.61%** | **Fertilizers & Agricultural Chemicals–0.61%** | **Fertilizers & Agricultural Chemicals–0.61%** |
| CF Industries Holdings, Inc. | 12635 | &nbsp;&nbsp; 977191 |
| Corteva, Inc. | 14768 | &nbsp;&nbsp; 989899 |
| Mosaic Co. (The)<sup>(b)</sup>  | 40479 | &nbsp;&nbsp; 975139 |
|  |  | &nbsp;&nbsp; 2942229 |
| **Financial Exchanges & Data–1.82%** | **Financial Exchanges & Data–1.82%** | **Financial Exchanges & Data–1.82%** |
| Cboe Global Markets, Inc. | 3860 | &nbsp;&nbsp; 968860 |
| CME Group, Inc., Class A | 3610 | &nbsp;&nbsp; 985819 |
| Coinbase Global, Inc., Class A<sup>(c)</sup>  | 3495 | &nbsp;&nbsp; 790359 |
| FactSet Research Systems, Inc. | 3336 | &nbsp;&nbsp; 968074 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| Intercontinental Exchange, Inc. | 5994 | &nbsp;&nbsp; $970788 |
| Moody's Corp. | 2003 | &nbsp;&nbsp; 1023232 |
| MSCI, Inc. | 1786 | &nbsp;&nbsp; 1024682 |
| Nasdaq, Inc. | 10459 | &nbsp;&nbsp; 1015883 |
| S&P Global, Inc. | 1957 | &nbsp;&nbsp; 1022709 |
|  |  | &nbsp;&nbsp; 8770406 |
| **Food Distributors–0.20%** | **Food Distributors–0.20%** | **Food Distributors–0.20%** |
| Sysco Corp. | 13067 | &nbsp;&nbsp; 962907 |
| **Food Retail–0.20%** | **Food Retail–0.20%** | **Food Retail–0.20%** |
| Kroger Co. (The)<sup>(b)</sup>  | 15698 | &nbsp;&nbsp; 980811 |
| **Footwear–0.40%** | **Footwear–0.40%** | **Footwear–0.40%** |
| Deckers Outdoor Corp.<sup>(c)</sup>  | 9546 | &nbsp;&nbsp; 989634 |
| NIKE, Inc., Class B | 14613 | &nbsp;&nbsp; 930994 |
|  |  | &nbsp;&nbsp; 1920628 |
| **Gas Utilities–0.20%** | **Gas Utilities–0.20%** | **Gas Utilities–0.20%** |
| Atmos Energy Corp. | 5764 | &nbsp;&nbsp; 966219 |
| **Gold–0.21%** | **Gold–0.21%** | **Gold–0.21%** |
| Newmont Corp.<sup>(b)</sup>  | 10184 | &nbsp;&nbsp; 1016872 |
| **Health Care Distributors–0.80%** | **Health Care Distributors–0.80%** | **Health Care Distributors–0.80%** |
| Cardinal Health, Inc. | 4850 | &nbsp;&nbsp; 996675 |
| Cencora, Inc. | 2821 | &nbsp;&nbsp; 952793 |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 12670 | &nbsp;&nbsp; 957598 |
| McKesson Corp. | 1182 | &nbsp;&nbsp; 969583 |
|  |  | &nbsp;&nbsp; 3876649 |
| **Health Care Equipment–3.16%** | **Health Care Equipment–3.16%** | **Health Care Equipment–3.16%** |
| Abbott Laboratories | 7845 | &nbsp;&nbsp; 982900 |
| Baxter International, Inc. | 52649 | &nbsp;&nbsp; 1006122 |
| Becton, Dickinson and Co. | 4846 | &nbsp;&nbsp; 940463 |
| Boston Scientific Corp.<sup>(c)</sup>  | 10371 | &nbsp;&nbsp; 988875 |
| Dexcom, Inc.<sup>(c)</sup>  | 14230 | &nbsp;&nbsp; 944445 |
| Edwards Lifesciences Corp.<sup>(c)</sup>  | 11456 | &nbsp;&nbsp; 976624 |
| GE HealthCare Technologies, Inc.<sup>(b)</sup>  | 11381 | &nbsp;&nbsp; 933470 |
| Hologic, Inc.<sup>(c)</sup>  | 12847 | &nbsp;&nbsp; 956973 |
| IDEXX Laboratories, Inc.<sup>(c)</sup>  | 1370 | &nbsp;&nbsp; 926846 |
| Insulet Corp.<sup>(c)</sup>  | 3257 | &nbsp;&nbsp; 925770 |
| Intuitive Surgical, Inc.<sup>(c)</sup>  | 1729 | &nbsp;&nbsp; 979237 |
| Medtronic PLC | 9540 | &nbsp;&nbsp; 916412 |
| ResMed, Inc.<sup>(b)</sup>  | 3823 | &nbsp;&nbsp; 920846 |
| STERIS PLC | 3714 | &nbsp;&nbsp; 941573 |
| Stryker Corp. | 2717 | &nbsp;&nbsp; 954944 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup>  | 10327 | &nbsp;&nbsp; 928604 |
|  |  | &nbsp;&nbsp; 15224104 |
| **Health Care Facilities–0.39%** | **Health Care Facilities–0.39%** | **Health Care Facilities–0.39%** |
| HCA Healthcare, Inc. | 2051 | &nbsp;&nbsp; 957530 |
| Universal Health Services, Inc., Class B<sup>(b)</sup>  | 4314 | &nbsp;&nbsp; 940538 |
|  |  | &nbsp;&nbsp; 1898068 |
| **Health Care REITs–0.80%** | **Health Care REITs–0.80%** | **Health Care REITs–0.80%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup>  | 20688 | &nbsp;&nbsp; 1012471 |
| Healthpeak Properties, Inc. | 57809 | &nbsp;&nbsp; 929569 |
| Ventas, Inc. | 12368 | &nbsp;&nbsp; 957036 |
| Welltower, Inc.<sup>(b)</sup>  | 5032 | &nbsp;&nbsp; 933989 |
|  |  | &nbsp;&nbsp; 3833065 |

---

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

**4**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Services–0.99%** | **Health Care Services–0.99%** | **Health Care Services–0.99%** |
| Cigna Group (The) | 3661 | &nbsp;&nbsp; $1007617 |
| CVS Health Corp. | 12174 | &nbsp;&nbsp; 966129 |
| DaVita, Inc.<sup>(b)(c)</sup>  | 8101 | &nbsp;&nbsp; 920354 |
| Labcorp Holdings, Inc. | 3669 | &nbsp;&nbsp; 920479 |
| Quest Diagnostics, Inc. | 5356 | &nbsp;&nbsp; 929427 |
|  |  | &nbsp;&nbsp; 4744006 |
| **Health Care Supplies–0.59%** | **Health Care Supplies–0.59%** | **Health Care Supplies–0.59%** |
| Align Technology, Inc.<sup>(c)</sup>  | 5841 | &nbsp;&nbsp; 912072 |
| Cooper Cos., Inc. (The)<sup>(c)</sup>  | 11907 | &nbsp;&nbsp; 975898 |
| Solventum Corp.<sup>(c)</sup>  | 11738 | &nbsp;&nbsp; 930119 |
|  |  | &nbsp;&nbsp; 2818089 |
| **Heavy Electrical Equipment–0.18%** | **Heavy Electrical Equipment–0.18%** | **Heavy Electrical Equipment–0.18%** |
| GE Vernova, Inc. | 1330 | &nbsp;&nbsp; 869248 |
| **Home Improvement Retail–0.39%** | **Home Improvement Retail–0.39%** | **Home Improvement Retail–0.39%** |
| Home Depot, Inc. (The) | 2738 | &nbsp;&nbsp; 942146 |
| Lowe's Cos., Inc. | 3905 | &nbsp;&nbsp; 941730 |
|  |  | &nbsp;&nbsp; 1883876 |
| **Homebuilding–0.73%** | **Homebuilding–0.73%** | **Homebuilding–0.73%** |
| D.R. Horton, Inc.<sup>(b)</sup>  | 6192 | &nbsp;&nbsp; 891834 |
| Lennar Corp., Class A | 8009 | &nbsp;&nbsp; 823325 |
| NVR, Inc.<sup>(b)(c)</sup>  | 128 | &nbsp;&nbsp; 933475 |
| PulteGroup, Inc. | 7517 | &nbsp;&nbsp; 881443 |
|  |  | &nbsp;&nbsp; 3530077 |
| **Homefurnishing Retail–0.19%** | **Homefurnishing Retail–0.19%** | **Homefurnishing Retail–0.19%** |
| Williams-Sonoma, Inc. | 5138 | &nbsp;&nbsp; 917595 |
| **Hotel & Resort REITs–0.20%** | **Hotel & Resort REITs–0.20%** | **Hotel & Resort REITs–0.20%** |
| Host Hotels & Resorts, Inc.<sup>(b)</sup>  | 53919 | &nbsp;&nbsp; 955984 |
| **Hotels, Resorts & Cruise Lines–1.73%** | **Hotels, Resorts & Cruise Lines–1.73%** | **Hotels, Resorts & Cruise Lines–1.73%** |
| Airbnb, Inc., Class A<sup>(c)</sup>  | 7536 | &nbsp;&nbsp; 1022786 |
| Booking Holdings, Inc. | 182 | &nbsp;&nbsp; 974670 |
| Carnival Corp.<sup>(c)</sup>  | 36582 | &nbsp;&nbsp; 1117214 |
| Expedia Group, Inc. | 3508 | &nbsp;&nbsp; 993852 |
| Hilton Worldwide Holdings, Inc. | 3544 | &nbsp;&nbsp; 1018014 |
| Marriott International, Inc., Class A | 3350 | &nbsp;&nbsp; 1039304 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup>  | 49967 | &nbsp;&nbsp; 1115263 |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | 3692 | &nbsp;&nbsp; 1029773 |
|  |  | &nbsp;&nbsp; 8310876 |
| **Household Products–1.00%** | **Household Products–1.00%** | **Household Products–1.00%** |
| Church & Dwight Co., Inc. | 11540 | &nbsp;&nbsp; 967629 |
| Clorox Co. (The)<sup>(b)</sup>  | 9377 | &nbsp;&nbsp; 945483 |
| Colgate-Palmolive Co. | 12363 | &nbsp;&nbsp; 976924 |
| Kimberly-Clark Corp. | 9321 | &nbsp;&nbsp; 940396 |
| Procter & Gamble Co. (The) | 6876 | &nbsp;&nbsp; 985399 |
|  |  | &nbsp;&nbsp; 4815831 |
| **Human Resource & Employment Services–0.79%** | **Human Resource & Employment Services–0.79%** | **Human Resource & Employment Services–0.79%** |
| Automatic Data Processing, Inc. | 3707 | &nbsp;&nbsp; 953552 |
| Dayforce, Inc.<sup>(c)</sup>  | 13903 | &nbsp;&nbsp; 961531 |
| Paychex, Inc. | 8517 | &nbsp;&nbsp; 955437 |
| Paycom Software, Inc. | 5869 | &nbsp;&nbsp; 935284 |
|  |  | &nbsp;&nbsp; 3805804 |
| **Independent Power Producers & Energy Traders–0.40%** | **Independent Power Producers & Energy Traders–0.40%** | **Independent Power Producers & Energy Traders–0.40%** |
| AES Corp. (The) | 69665 | &nbsp;&nbsp; 998996 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** |
| Vistra Corp. | 5820 | &nbsp;&nbsp; $938941 |
|  |  | &nbsp;&nbsp; 1937937 |
| **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** |
| 3M Co. | 5803 | &nbsp;&nbsp; 929060 |
| Honeywell International, Inc. | 5006 | &nbsp;&nbsp; 976621 |
|  |  | &nbsp;&nbsp; 1905681 |
| **Industrial Gases–0.43%** | **Industrial Gases–0.43%** | **Industrial Gases–0.43%** |
| Air Products and Chemicals, Inc.<sup>(b)</sup>  | 4061 | &nbsp;&nbsp; 1003148 |
| Linde PLC | 2448 | &nbsp;&nbsp; 1043803 |
|  |  | &nbsp;&nbsp; 2046951 |
| **Industrial Machinery & Supplies & Components–2.38%** | **Industrial Machinery & Supplies & Components–2.38%** | **Industrial Machinery & Supplies & Components–2.38%** |
| Dover Corp. | 4912 | &nbsp;&nbsp; 959019 |
| Fortive Corp. | 17543 | &nbsp;&nbsp; 968549 |
| IDEX Corp. | 5447 | &nbsp;&nbsp; 969239 |
| Illinois Tool Works, Inc.<sup>(b)</sup>  | 3792 | &nbsp;&nbsp; 933970 |
| Ingersoll Rand, Inc.<sup>(b)</sup>  | 11872 | &nbsp;&nbsp; 940500 |
| Nordson Corp. | 4068 | &nbsp;&nbsp; 978069 |
| Otis Worldwide Corp. | 10943 | &nbsp;&nbsp; 955871 |
| Parker-Hannifin Corp. | 1081 | &nbsp;&nbsp; 950156 |
| Pentair PLC | 9134 | &nbsp;&nbsp; 951215 |
| Snap-on, Inc. | 2759 | &nbsp;&nbsp; 950751 |
| Stanley Black & Decker, Inc.<sup>(b)</sup>  | 12673 | &nbsp;&nbsp; 941350 |
| Xylem, Inc. | 6943 | &nbsp;&nbsp; 945498 |
|  |  | &nbsp;&nbsp; 11444187 |
| **Industrial REITs–0.20%** | **Industrial REITs–0.20%** | **Industrial REITs–0.20%** |
| Prologis, Inc.<sup>(b)</sup>  | 7412 | &nbsp;&nbsp; 946216 |
| **Insurance Brokers–1.04%** | **Insurance Brokers–1.04%** | **Insurance Brokers–1.04%** |
| Aon PLC, Class A | 2827 | &nbsp;&nbsp; 997592 |
| Arthur J. Gallagher & Co.<sup>(b)</sup>  | 3998 | &nbsp;&nbsp; 1034642 |
| Brown & Brown, Inc. | 12403 | &nbsp;&nbsp; 988519 |
| Marsh & McLennan Cos., Inc. | 5313 | &nbsp;&nbsp; 985668 |
| Willis Towers Watson PLC | 3052 | &nbsp;&nbsp; 1002887 |
|  |  | &nbsp;&nbsp; 5009308 |
| **Integrated Oil & Gas–0.60%** | **Integrated Oil & Gas–0.60%** | **Integrated Oil & Gas–0.60%** |
| Chevron Corp. | 6349 | &nbsp;&nbsp; 967651 |
| Exxon Mobil Corp.<sup>(b)</sup>  | 8042 | &nbsp;&nbsp; 967775 |
| Occidental Petroleum Corp. | 23027 | &nbsp;&nbsp; 946870 |
|  |  | &nbsp;&nbsp; 2882296 |
| **Integrated Telecommunication Services–0.41%** | **Integrated Telecommunication Services–0.41%** | **Integrated Telecommunication Services–0.41%** |
| AT&T, Inc. | 39417 | &nbsp;&nbsp; 979118 |
| Verizon Communications, Inc. | 24082 | &nbsp;&nbsp; 980860 |
|  |  | &nbsp;&nbsp; 1959978 |
| **Interactive Home Entertainment–0.41%** | **Interactive Home Entertainment–0.41%** | **Interactive Home Entertainment–0.41%** |
| Electronic Arts, Inc. | 4724 | &nbsp;&nbsp; 965255 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup>  | 3908 | &nbsp;&nbsp; 1000565 |
|  |  | &nbsp;&nbsp; 1965820 |
| **Interactive Media & Services–0.59%** | **Interactive Media & Services–0.59%** | **Interactive Media & Services–0.59%** |
| Alphabet, Inc., Class A | 1667 | &nbsp;&nbsp; 521771 |
| Alphabet, Inc., Class C | 1332 | &nbsp;&nbsp; 417982 |
| Match Group, Inc. | 28435 | &nbsp;&nbsp; 918166 |
| Meta Platforms, Inc., Class A | 1479 | &nbsp;&nbsp; 976273 |
|  |  | &nbsp;&nbsp; 2834192 |

---

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

**5**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Internet Services & Infrastructure–0.59%** | **Internet Services & Infrastructure–0.59%** | **Internet Services & Infrastructure–0.59%** |
| Akamai Technologies, Inc.<sup>(c)</sup>  | 11121 | &nbsp;&nbsp; $970307 |
| GoDaddy, Inc., Class A<sup>(c)</sup>  | 7493 | &nbsp;&nbsp; 929731 |
| VeriSign, Inc. | 3967 | &nbsp;&nbsp; 963783 |
|  |  | &nbsp;&nbsp; 2863821 |
| **Investment Banking & Brokerage–1.15%** | **Investment Banking & Brokerage–1.15%** | **Investment Banking & Brokerage–1.15%** |
| Charles Schwab Corp. (The) | 10034 | &nbsp;&nbsp; 1002497 |
| Goldman Sachs Group, Inc. (The) | 1081 | &nbsp;&nbsp; 950199 |
| Interactive Brokers Group, Inc., Class A | 14420 | &nbsp;&nbsp; 927350 |
| Morgan Stanley | 5350 | &nbsp;&nbsp; 949785 |
| Raymond James Financial, Inc.<sup>(b)</sup>  | 5759 | &nbsp;&nbsp; 924838 |
| Robinhood Markets, Inc., Class A<sup>(c)</sup>  | 7087 | &nbsp;&nbsp; 801540 |
|  |  | &nbsp;&nbsp; 5556209 |
| **IT Consulting & Other Services–1.00%** | **IT Consulting & Other Services–1.00%** | **IT Consulting & Other Services–1.00%** |
| Accenture PLC, Class A | 3532 | &nbsp;&nbsp; 947635 |
| Cognizant Technology Solutions Corp., <br> Class A | 11552 | &nbsp;&nbsp; 958816 |
| EPAM Systems, Inc.<sup>(c)</sup>  | 4541 | &nbsp;&nbsp; 930360 |
| Gartner, Inc.<sup>(c)</sup>  | 4164 | &nbsp;&nbsp; 1050494 |
| International Business Machines Corp. | 3075 | &nbsp;&nbsp; 910846 |
|  |  | &nbsp;&nbsp; 4798151 |
| **Leisure Products–0.20%** | **Leisure Products–0.20%** | **Leisure Products–0.20%** |
| Hasbro, Inc. | 11701 | &nbsp;&nbsp; 959482 |
| **Life & Health Insurance–1.00%** | **Life & Health Insurance–1.00%** | **Life & Health Insurance–1.00%** |
| Aflac, Inc. | 8969 | &nbsp;&nbsp; 989012 |
| Globe Life, Inc. | 7126 | &nbsp;&nbsp; 996642 |
| MetLife, Inc.<sup>(b)</sup>  | 12044 | &nbsp;&nbsp; 950753 |
| Principal Financial Group, Inc. | 10655 | &nbsp;&nbsp; 939878 |
| Prudential Financial, Inc. | 8377 | &nbsp;&nbsp; 945596 |
|  |  | &nbsp;&nbsp; 4821881 |
| **Life Sciences Tools & Services–1.97%** | **Life Sciences Tools & Services–1.97%** | **Life Sciences Tools & Services–1.97%** |
| Agilent Technologies, Inc. | 6701 | &nbsp;&nbsp; 911805 |
| Bio-Techne Corp.<sup>(b)</sup>  | 15804 | &nbsp;&nbsp; 929433 |
| Charles River Laboratories International, <br> Inc.<sup>(c)</sup>  | 4934 | &nbsp;&nbsp; 984234 |
| Danaher Corp. | 4172 | &nbsp;&nbsp; 955054 |
| IQVIA Holdings, Inc.<sup>(c)</sup>  | 4313 | &nbsp;&nbsp; 972194 |
| Mettler-Toledo International, Inc.<sup>(c)</sup>  | 684 | &nbsp;&nbsp; 953626 |
| Revvity, Inc.<sup>(b)</sup>  | 9288 | &nbsp;&nbsp; 898614 |
| Thermo Fisher Scientific, Inc. | 1675 | &nbsp;&nbsp; 970579 |
| Waters Corp.<sup>(c)</sup>  | 2429 | &nbsp;&nbsp; 922607 |
| West Pharmaceutical Services, Inc. | 3601 | &nbsp;&nbsp; 990779 |
|  |  | &nbsp;&nbsp; 9488925 |
| **Managed Health Care–1.03%** | **Managed Health Care–1.03%** | **Managed Health Care–1.03%** |
| Centene Corp.<sup>(c)</sup>  | 24861 | &nbsp;&nbsp; 1023030 |
| Elevance Health, Inc. | 2819 | &nbsp;&nbsp; 988201 |
| Humana, Inc. | 3746 | &nbsp;&nbsp; 959463 |
| Molina Healthcare, Inc.<sup>(c)</sup>  | 5989 | &nbsp;&nbsp; 1039331 |
| UnitedHealth Group, Inc. | 2928 | &nbsp;&nbsp; 966562 |
|  |  | &nbsp;&nbsp; 4976587 |
| **Metal, Glass & Plastic Containers–0.22%** | **Metal, Glass & Plastic Containers–0.22%** | **Metal, Glass & Plastic Containers–0.22%** |
| Ball Corp.<sup>(b)</sup>  | 20125 | &nbsp;&nbsp; 1066021 |
| **Movies & Entertainment–1.02%** | **Movies & Entertainment–1.02%** | **Movies & Entertainment–1.02%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 6925 | &nbsp;&nbsp; 986813 |
| Netflix, Inc.<sup>(c)</sup>  | 10370 | &nbsp;&nbsp; 972291 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| TKO Group Holdings, Inc. | 4882 | &nbsp;&nbsp; $1020338 |
| Walt Disney Co. (The) | 8834 | &nbsp;&nbsp; 1005044 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup>  | 32556 | &nbsp;&nbsp; 938264 |
|  |  | &nbsp;&nbsp; 4922750 |
| **Multi-Family Residential REITs–1.25%** | **Multi-Family Residential REITs–1.25%** | **Multi-Family Residential REITs–1.25%** |
| AvalonBay Communities, Inc.<sup>(b)</sup>  | 5452 | &nbsp;&nbsp; 988502 |
| Camden Property Trust | 9322 | &nbsp;&nbsp; 1026166 |
| Equity Residential | 15846 | &nbsp;&nbsp; 998932 |
| Essex Property Trust, Inc. | 3767 | &nbsp;&nbsp; 985749 |
| Mid-America Apartment Communities, Inc. | 7289 | &nbsp;&nbsp; 1012515 |
| UDR, Inc. | 27296 | &nbsp;&nbsp; 1001217 |
|  |  | &nbsp;&nbsp; 6013081 |
| **Multi-Sector Holdings–0.20%** | **Multi-Sector Holdings–0.20%** | **Multi-Sector Holdings–0.20%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup>  | 1960 | &nbsp;&nbsp; 985194 |
| **Multi-Utilities–2.02%** | **Multi-Utilities–2.02%** | **Multi-Utilities–2.02%** |
| Ameren Corp.<sup>(b)</sup>  | 9833 | &nbsp;&nbsp; 981924 |
| CenterPoint Energy, Inc.<sup>(b)</sup>  | 25650 | &nbsp;&nbsp; 983421 |
| CMS Energy Corp. | 13732 | &nbsp;&nbsp; 960279 |
| Consolidated Edison, Inc. | 10076 | &nbsp;&nbsp; 1000748 |
| Dominion Energy, Inc. | 16558 | &nbsp;&nbsp; 970133 |
| DTE Energy Co. | 7396 | &nbsp;&nbsp; 953936 |
| NiSource, Inc.<sup>(b)</sup>  | 23261 | &nbsp;&nbsp; 971379 |
| Public Service Enterprise Group, Inc. | 12217 | &nbsp;&nbsp; 981025 |
| Sempra | 10793 | &nbsp;&nbsp; 952914 |
| WEC Energy Group, Inc. | 9274 | &nbsp;&nbsp; 978036 |
|  |  | &nbsp;&nbsp; 9733795 |
| **Office REITs–0.19%** | **Office REITs–0.19%** | **Office REITs–0.19%** |
| BXP, Inc.<sup>(b)</sup>  | 13667 | &nbsp;&nbsp; 922249 |
| **Oil & Gas Equipment & Services–0.58%** | **Oil & Gas Equipment & Services–0.58%** | **Oil & Gas Equipment & Services–0.58%** |
| Baker Hughes Co., Class A | 20012 | &nbsp;&nbsp; 911347 |
| Halliburton Co. | 33105 | &nbsp;&nbsp; 935547 |
| SLB Ltd. | 24076 | &nbsp;&nbsp; 924037 |
|  |  | &nbsp;&nbsp; 2770931 |
| **Oil & Gas Exploration & Production–1.71%** | **Oil & Gas Exploration & Production–1.71%** | **Oil & Gas Exploration & Production–1.71%** |
| APA Corp.<sup>(b)</sup>  | 36526 | &nbsp;&nbsp; 893426 |
| ConocoPhillips | 9932 | &nbsp;&nbsp; 929735 |
| Coterra Energy, Inc.<sup>(b)</sup>  | 35580 | &nbsp;&nbsp; 936466 |
| Devon Energy Corp. | 25029 | &nbsp;&nbsp; 916812 |
| Diamondback Energy, Inc. | 5998 | &nbsp;&nbsp; 901679 |
| EOG Resources, Inc. | 8628 | &nbsp;&nbsp; 906026 |
| EQT Corp. | 16793 | &nbsp;&nbsp; 900105 |
| Expand Energy Corp. | 8239 | &nbsp;&nbsp; 909256 |
| Texas Pacific Land Corp. | 3231 | &nbsp;&nbsp; 928008 |
|  |  | &nbsp;&nbsp; 8221513 |
| **Oil & Gas Refining & Marketing–0.53%** | **Oil & Gas Refining & Marketing–0.53%** | **Oil & Gas Refining & Marketing–0.53%** |
| Marathon Petroleum Corp. | 5025 | &nbsp;&nbsp; 817216 |
| Phillips 66<sup>(b)</sup>  | 6685 | &nbsp;&nbsp; 862632 |
| Valero Energy Corp. | 5462 | &nbsp;&nbsp; 889159 |
|  |  | &nbsp;&nbsp; 2569007 |
| **Oil & Gas Storage & Transportation–0.80%** | **Oil & Gas Storage & Transportation–0.80%** | **Oil & Gas Storage & Transportation–0.80%** |
| Kinder Morgan, Inc. | 36155 | &nbsp;&nbsp; 993901 |
| ONEOK, Inc.<sup>(b)</sup>  | 13030 | &nbsp;&nbsp; 957705 |
| Targa Resources Corp. | 5240 | &nbsp;&nbsp; 966780 |

---

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

**6**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Williams Cos., Inc. (The) | 15890 | &nbsp;&nbsp; $955148 |
|  |  | &nbsp;&nbsp; 3873534 |
| **Other Specialized REITs–0.40%** | **Other Specialized REITs–0.40%** | **Other Specialized REITs–0.40%** |
| Iron Mountain, Inc. | 11244 | &nbsp;&nbsp; 932690 |
| VICI Properties, Inc. | 34632 | &nbsp;&nbsp; 973852 |
|  |  | &nbsp;&nbsp; 1906542 |
| **Other Specialty Retail–0.39%** | **Other Specialty Retail–0.39%** | **Other Specialty Retail–0.39%** |
| Tractor Supply Co. | 18187 | &nbsp;&nbsp; 909532 |
| Ulta Beauty, Inc.<sup>(c)</sup>  | 1601 | &nbsp;&nbsp; 968621 |
|  |  | &nbsp;&nbsp; 1878153 |
| **Packaged Foods & Meats–2.15%** | **Packaged Foods & Meats–2.15%** | **Packaged Foods & Meats–2.15%** |
| Campbell's Co. (The)<sup>(b)</sup>  | 34115 | &nbsp;&nbsp; 950785 |
| Conagra Brands, Inc. | 55125 | &nbsp;&nbsp; 954214 |
| General Mills, Inc.<sup>(b)</sup>  | 21032 | &nbsp;&nbsp; 977988 |
| Hershey Co. (The) | 5339 | &nbsp;&nbsp; 971591 |
| Hormel Foods Corp. | 40496 | &nbsp;&nbsp; 959755 |
| J.M. Smucker Co. (The)<sup>(b)</sup>  | 9645 | &nbsp;&nbsp; 943378 |
| Kraft Heinz Co. (The) | 39481 | &nbsp;&nbsp; 957414 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup>  | 16300 | &nbsp;&nbsp; 682807 |
| McCormick & Co., Inc. | 14949 | &nbsp;&nbsp; 1018176 |
| Mondelez International, Inc., Class A<sup>(b)</sup>  | 17840 | &nbsp;&nbsp; 960327 |
| Tyson Foods, Inc., Class A | 16670 | &nbsp;&nbsp; 977196 |
|  |  | &nbsp;&nbsp; 10353631 |
| **Paper & Plastic Packaging Products & Materials–1.02%** | **Paper & Plastic Packaging Products & Materials–1.02%** | **Paper & Plastic Packaging Products & Materials–1.02%** |
| Amcor PLC<sup>(b)</sup>  | 117240 | &nbsp;&nbsp; 977782 |
| Avery Dennison Corp. | 5428 | &nbsp;&nbsp; 987245 |
| International Paper Co.<sup>(b)</sup>  | 24575 | &nbsp;&nbsp; 968009 |
| Packaging Corp. of America<sup>(b)</sup>  | 4745 | &nbsp;&nbsp; 978561 |
| Smurfit WestRock PLC | 25864 | &nbsp;&nbsp; 1000161 |
|  |  | &nbsp;&nbsp; 4911758 |
| **Passenger Airlines–0.61%** | **Passenger Airlines–0.61%** | **Passenger Airlines–0.61%** |
| Delta Air Lines, Inc. | 13748 | &nbsp;&nbsp; 954111 |
| Southwest Airlines Co. | 24137 | &nbsp;&nbsp; 997582 |
| United Airlines Holdings, Inc.<sup>(c)</sup>  | 8923 | &nbsp;&nbsp; 997770 |
|  |  | &nbsp;&nbsp; 2949463 |
| **Passenger Ground Transportation–0.19%** | **Passenger Ground Transportation–0.19%** | **Passenger Ground Transportation–0.19%** |
| Uber Technologies, Inc.<sup>(c)</sup>  | 11423 | &nbsp;&nbsp; 933373 |
| **Personal Care Products–0.39%** | **Personal Care Products–0.39%** | **Personal Care Products–0.39%** |
| Estee Lauder Cos., Inc. (The), Class A | 8961 | &nbsp;&nbsp; 938396 |
| Kenvue, Inc. | 55506 | &nbsp;&nbsp; 957478 |
|  |  | &nbsp;&nbsp; 1895874 |
| **Pharmaceuticals–1.46%** | **Pharmaceuticals–1.46%** | **Pharmaceuticals–1.46%** |
| Bristol-Myers Squibb Co. | 18773 | &nbsp;&nbsp; 1012616 |
| Eli Lilly and Co. | 968 | &nbsp;&nbsp; 1040290 |
| Johnson & Johnson | 4655 | &nbsp;&nbsp; 963352 |
| Merck & Co., Inc. | 9848 | &nbsp;&nbsp; 1036601 |
| Pfizer, Inc. | 37291 | &nbsp;&nbsp; 928546 |
| Viatris, Inc. | 82877 | &nbsp;&nbsp; 1031819 |
| Zoetis, Inc.<sup>(b)</sup>  | 8142 | &nbsp;&nbsp; 1024426 |
|  |  | &nbsp;&nbsp; 7037650 |
| **Property & Casualty Insurance–2.50%** | **Property & Casualty Insurance–2.50%** | **Property & Casualty Insurance–2.50%** |
| Allstate Corp. (The) | 4778 | &nbsp;&nbsp; 994541 |
| American International Group, Inc. | 11857 | &nbsp;&nbsp; 1014366 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** |
| Arch Capital Group Ltd.<sup>(c)</sup>  | 10476 | &nbsp;&nbsp; $1004858 |
| Assurant, Inc. | 4312 | &nbsp;&nbsp; 1038545 |
| Chubb Ltd. | 3242 | &nbsp;&nbsp; 1011893 |
| Cincinnati Financial Corp. | 5912 | &nbsp;&nbsp; 965548 |
| Erie Indemnity Co., Class A<sup>(b)</sup>  | 3496 | &nbsp;&nbsp; 1002128 |
| Hartford Insurance Group, Inc. (The) | 7382 | &nbsp;&nbsp; 1017240 |
| Loews Corp. | 9369 | &nbsp;&nbsp; 986649 |
| Progressive Corp. (The) | 4315 | &nbsp;&nbsp; 982612 |
| Travelers Cos., Inc. (The) | 3454 | &nbsp;&nbsp; 1001867 |
| W.R. Berkley Corp.<sup>(b)</sup>  | 14224 | &nbsp;&nbsp; 997387 |
|  |  | &nbsp;&nbsp; 12017634 |
| **Publishing–0.20%** | **Publishing–0.20%** | **Publishing–0.20%** |
| News Corp., Class A | 26816 | &nbsp;&nbsp; 700434 |
| News Corp., Class B | 8839 | &nbsp;&nbsp; 261899 |
|  |  | &nbsp;&nbsp; 962333 |
| **Rail Transportation–0.59%** | **Rail Transportation–0.59%** | **Rail Transportation–0.59%** |
| CSX Corp. | 25920 | &nbsp;&nbsp; 939600 |
| Norfolk Southern Corp. | 3267 | &nbsp;&nbsp; 943248 |
| Union Pacific Corp. | 4083 | &nbsp;&nbsp; 944480 |
|  |  | &nbsp;&nbsp; 2827328 |
| **Real Estate Services–0.40%** | **Real Estate Services–0.40%** | **Real Estate Services–0.40%** |
| CBRE Group, Inc., Class A<sup>(c)</sup>  | 6137 | &nbsp;&nbsp; 986768 |
| CoStar Group, Inc.<sup>(c)</sup>  | 14165 | &nbsp;&nbsp; 952455 |
|  |  | &nbsp;&nbsp; 1939223 |
| **Regional Banks–0.99%** | **Regional Banks–0.99%** | **Regional Banks–0.99%** |
| Citizens Financial Group, Inc. | 16445 | &nbsp;&nbsp; 960552 |
| Huntington Bancshares, Inc. | 54748 | &nbsp;&nbsp; 949878 |
| M&T Bank Corp. | 4699 | &nbsp;&nbsp; 946755 |
| Regions Financial Corp. | 35112 | &nbsp;&nbsp; 951535 |
| Truist Financial Corp.<sup>(b)</sup>  | 19398 | &nbsp;&nbsp; 954576 |
|  |  | &nbsp;&nbsp; 4763296 |
| **Reinsurance–0.21%** | **Reinsurance–0.21%** | **Reinsurance–0.21%** |
| Everest Group Ltd. | 3047 | &nbsp;&nbsp; 1033999 |
| **Research & Consulting Services–0.80%** | **Research & Consulting Services–0.80%** | **Research & Consulting Services–0.80%** |
| Equifax, Inc. | 4468 | &nbsp;&nbsp; 969467 |
| Jacobs Solutions, Inc. | 7108 | &nbsp;&nbsp; 941526 |
| Leidos Holdings, Inc. | 5105 | &nbsp;&nbsp; 920942 |
| Verisk Analytics, Inc. | 4482 | &nbsp;&nbsp; 1002578 |
|  |  | &nbsp;&nbsp; 3834513 |
| **Restaurants–1.43%** | **Restaurants–1.43%** | **Restaurants–1.43%** |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup>  | 28326 | &nbsp;&nbsp; 1048062 |
| Darden Restaurants, Inc.<sup>(b)</sup>  | 5367 | &nbsp;&nbsp; 987635 |
| Domino's Pizza, Inc.<sup>(b)</sup>  | 2295 | &nbsp;&nbsp; 956602 |
| DoorDash, Inc., Class A<sup>(c)</sup>  | 4364 | &nbsp;&nbsp; 988359 |
| McDonald's Corp. | 3096 | &nbsp;&nbsp; 946230 |
| Starbucks Corp. | 11465 | &nbsp;&nbsp; 965468 |
| Yum! Brands, Inc. | 6681 | &nbsp;&nbsp; 1010702 |
|  |  | &nbsp;&nbsp; 6903058 |
| **Retail REITs–1.02%** | **Retail REITs–1.02%** | **Retail REITs–1.02%** |
| Federal Realty Investment Trust | 9860 | &nbsp;&nbsp; 993888 |
| Kimco Realty Corp. | 47925 | &nbsp;&nbsp; 971440 |
| Realty Income Corp.<sup>(b)</sup>  | 16964 | &nbsp;&nbsp; 956261 |
| Regency Centers Corp.<sup>(b)</sup>  | 14306 | &nbsp;&nbsp; 987543 |

---

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

**7**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Simon Property Group, Inc. | 5292 | &nbsp;&nbsp; $979602 |
|  |  | &nbsp;&nbsp; 4888734 |
| **Self-Storage REITs–0.39%** | **Self-Storage REITs–0.39%** | **Self-Storage REITs–0.39%** |
| Extra Space Storage, Inc. | 7408 | &nbsp;&nbsp; 964670 |
| Public Storage | 3592 | &nbsp;&nbsp; 932124 |
|  |  | &nbsp;&nbsp; 1896794 |
| **Semiconductor Materials & Equipment–0.96%** | **Semiconductor Materials & Equipment–0.96%** | **Semiconductor Materials & Equipment–0.96%** |
| Applied Materials, Inc. | 3494 | &nbsp;&nbsp; 897923 |
| KLA Corp. | 776 | &nbsp;&nbsp; 942902 |
| Lam Research Corp. | 5714 | &nbsp;&nbsp; 978123 |
| Qnity Electronics, Inc. | 11153 | &nbsp;&nbsp; 910642 |
| Teradyne, Inc. | 4712 | &nbsp;&nbsp; 912055 |
|  |  | &nbsp;&nbsp; 4641645 |
| **Semiconductors–2.67%** | **Semiconductors–2.67%** | **Semiconductors–2.67%** |
| Advanced Micro Devices, Inc.<sup>(c)</sup>  | 4342 | &nbsp;&nbsp; 929883 |
| Analog Devices, Inc. | 3414 | &nbsp;&nbsp; 925877 |
| Broadcom, Inc. | 2328 | &nbsp;&nbsp; 805721 |
| First Solar, Inc.<sup>(c)</sup>  | 3666 | &nbsp;&nbsp; 957669 |
| Intel Corp.<sup>(c)</sup>  | 23575 | &nbsp;&nbsp; 869917 |
| Microchip Technology, Inc. | 14159 | &nbsp;&nbsp; 902211 |
| Micron Technology, Inc. | 3646 | &nbsp;&nbsp; 1040605 |
| Monolithic Power Systems, Inc.<sup>(b)</sup>  | 982 | &nbsp;&nbsp; 890046 |
| NVIDIA Corp. | 5231 | &nbsp;&nbsp; 975581 |
| NXP Semiconductors N.V. (Netherlands) | 4166 | &nbsp;&nbsp; 904272 |
| ON Semiconductor Corp.<sup>(c)</sup>  | 17448 | &nbsp;&nbsp; 944809 |
| QUALCOMM, Inc.<sup>(b)</sup>  | 5276 | &nbsp;&nbsp; 902460 |
| Skyworks Solutions, Inc. | 13971 | &nbsp;&nbsp; 885901 |
| Texas Instruments, Inc. | 5292 | &nbsp;&nbsp; 918109 |
|  |  | &nbsp;&nbsp; 12853061 |
| **Single-Family Residential REITs–0.21%** | **Single-Family Residential REITs–0.21%** | **Single-Family Residential REITs–0.21%** |
| Invitation Homes, Inc.<sup>(b)</sup>  | 36306 | &nbsp;&nbsp; 1008944 |
| **Soft Drinks & Non-alcoholic Beverages–0.79%** | **Soft Drinks & Non-alcoholic Beverages–0.79%** | **Soft Drinks & Non-alcoholic Beverages–0.79%** |
| Coca-Cola Co. (The) | 13693 | &nbsp;&nbsp; 957278 |
| Keurig Dr Pepper, Inc.<sup>(b)</sup>  | 32556 | &nbsp;&nbsp; 911893 |
| Monster Beverage Corp.<sup>(c)</sup>  | 13016 | &nbsp;&nbsp; 997937 |
| PepsiCo, Inc. | 6422 | &nbsp;&nbsp; 921685 |
|  |  | &nbsp;&nbsp; 3788793 |
| **Specialty Chemicals–1.22%** | **Specialty Chemicals–1.22%** | **Specialty Chemicals–1.22%** |
| Albemarle Corp. | 7217 | &nbsp;&nbsp; 1020773 |
| DuPont de Nemours, Inc. | 23471 | &nbsp;&nbsp; 943534 |
| Ecolab, Inc. | 3734 | &nbsp;&nbsp; 980250 |
| International Flavors & Fragrances, Inc. | 14702 | &nbsp;&nbsp; 990768 |
| PPG Industries, Inc. | 9572 | &nbsp;&nbsp; 980747 |
| Sherwin-Williams Co. (The)<sup>(b)</sup>  | 2947 | &nbsp;&nbsp; 954916 |
|  |  | &nbsp;&nbsp; 5870988 |
| **Steel–0.40%** | **Steel–0.40%** | **Steel–0.40%** |
| Nucor Corp.<sup>(b)</sup>  | 5850 | &nbsp;&nbsp; 954193 |
| Steel Dynamics, Inc.<sup>(b)</sup>  | 5615 | &nbsp;&nbsp; 951462 |
|  |  | &nbsp;&nbsp; 1905655 |
| **Systems Software–1.32%** | **Systems Software–1.32%** | **Systems Software–1.32%** |
| CrowdStrike Holdings, Inc., Class A<sup>(c)</sup>  | 1850 | &nbsp;&nbsp; 867206 |
| Fortinet, Inc.<sup>(c)</sup>  | 11782 | &nbsp;&nbsp; 935609 |
| Gen Digital, Inc.<sup>(b)</sup>  | 34921 | &nbsp;&nbsp; 949502 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Microsoft Corp. | 2009 | &nbsp;&nbsp; $971593 |
| Oracle Corp. | 4311 | &nbsp;&nbsp; 840257 |
| Palo Alto Networks, Inc.<sup>(c)</sup>  | 4982 | &nbsp;&nbsp; 917684 |
| ServiceNow, Inc.<sup>(c)</sup>  | 5632 | &nbsp;&nbsp; 862766 |
|  |  | &nbsp;&nbsp; 6344617 |
| **Technology Distributors–0.18%** | **Technology Distributors–0.18%** | **Technology Distributors–0.18%** |
| CDW Corp. | 6429 | &nbsp;&nbsp; 875630 |
| **Technology Hardware, Storage & Peripherals–1.66%** | **Technology Hardware, Storage & Peripherals–1.66%** | **Technology Hardware, Storage & Peripherals–1.66%** |
| Apple, Inc.<sup>(e)</sup>  | 3448 | &nbsp;&nbsp; 937373 |
| Dell Technologies, Inc., Class C | 6836 | &nbsp;&nbsp; 860516 |
| Hewlett Packard Enterprise Co. | 38059 | &nbsp;&nbsp; 914177 |
| HP, Inc. | 37716 | &nbsp;&nbsp; 840313 |
| NetApp, Inc. | 8052 | &nbsp;&nbsp; 862289 |
| Sandisk Corp.<sup>(c)</sup>  | 4129 | &nbsp;&nbsp; 980142 |
| Seagate Technology Holdings PLC | 3216 | &nbsp;&nbsp; 885654 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup>  | 27546 | &nbsp;&nbsp; 806271 |
| Western Digital Corp. | 5284 | &nbsp;&nbsp; 910275 |
|  |  | &nbsp;&nbsp; 7997010 |
| **Telecom Tower REITs–0.59%** | **Telecom Tower REITs–0.59%** | **Telecom Tower REITs–0.59%** |
| American Tower Corp. | 5333 | &nbsp;&nbsp; 936315 |
| Crown Castle, Inc. | 10606 | &nbsp;&nbsp; 942555 |
| SBA Communications Corp., Class A | 5081 | &nbsp;&nbsp; 982818 |
|  |  | &nbsp;&nbsp; 2861688 |
| **Timber REITs–0.21%** | **Timber REITs–0.21%** | **Timber REITs–0.21%** |
| Weyerhaeuser Co.<sup>(b)</sup>  | 41744 | &nbsp;&nbsp; 988915 |
| **Tobacco–0.41%** | **Tobacco–0.41%** | **Tobacco–0.41%** |
| Altria Group, Inc. | 16381 | &nbsp;&nbsp; 944528 |
| Philip Morris International, Inc. | 6419 | &nbsp;&nbsp; 1029608 |
|  |  | &nbsp;&nbsp; 1974136 |
| **Trading Companies & Distributors–0.60%** | **Trading Companies & Distributors–0.60%** | **Trading Companies & Distributors–0.60%** |
| Fastenal Co. | 23488 | &nbsp;&nbsp; 942574 |
| United Rentals, Inc. | 1182 | &nbsp;&nbsp; 956616 |
| W.W. Grainger, Inc. | 966 | &nbsp;&nbsp; 974742 |
|  |  | &nbsp;&nbsp; 2873932 |
| **Transaction & Payment Processing Services–1.81%** | **Transaction & Payment Processing Services–1.81%** | **Transaction & Payment Processing Services–1.81%** |
| Block, Inc., Class A<sup>(c)</sup>  | 15190 | &nbsp;&nbsp; 988717 |
| Corpay, Inc.<sup>(c)</sup>  | 3086 | &nbsp;&nbsp; 928670 |
| Fidelity National Information Services, Inc. | 14435 | &nbsp;&nbsp; 959350 |
| Fiserv, Inc.<sup>(c)</sup>  | 14442 | &nbsp;&nbsp; 970069 |
| Global Payments, Inc. | 11966 | &nbsp;&nbsp; 926169 |
| Jack Henry & Associates, Inc. | 5199 | &nbsp;&nbsp; 948714 |
| Mastercard, Inc., Class A | 1784 | &nbsp;&nbsp; 1018450 |
| PayPal Holdings, Inc. | 15719 | &nbsp;&nbsp; 917675 |
| Visa, Inc., Class A | 2951 | &nbsp;&nbsp; 1034945 |
|  |  | &nbsp;&nbsp; 8692759 |
| **Water Utilities–0.20%** | **Water Utilities–0.20%** | **Water Utilities–0.20%** |
| American Water Works Co., Inc. | 7469 | &nbsp;&nbsp; 974704 |
| **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** |
| T-Mobile US, Inc. | 4922 | &nbsp;&nbsp; 999363 |
| Total Common Stocks & Other Equity Interests <br> (Cost $252,350,327) | Total Common Stocks & Other Equity Interests <br> (Cost $252,350,327) | &nbsp;&nbsp; 478371422 |

---

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

**8**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(f)</sup>  | 992834 | &nbsp;&nbsp; $992834 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(f)</sup>  | 1843827 | &nbsp;&nbsp; 1843827 |
| Total Money Market Funds (Cost $2,836,661) | Total Money Market Funds (Cost $2,836,661) | Total Money Market Funds (Cost $2,836,661) | &nbsp;&nbsp; 2836661 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.93% <br> (Cost $255,186,988)<br>|  |  | &nbsp;&nbsp; 481208083 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–16.19%** | **Money Market Funds–16.19%** | **Money Market Funds–16.19%** | **Money Market Funds–16.19%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(f)(g)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(f)(g)</sup>  | 18889969 | &nbsp;&nbsp; 18889969 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.88%<sup>(d)(f)(g)</sup>  | 59084001 | &nbsp;&nbsp; $59101726 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $77,991,695) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $77,991,695) | &nbsp;&nbsp; 77991695 |
| TOTAL INVESTMENTS IN SECURITIES–116.12% <br> (Cost $333,178,683) | TOTAL INVESTMENTS IN SECURITIES–116.12% <br> (Cost $333,178,683) | &nbsp;&nbsp; 559199778 |
| OTHER ASSETS LESS LIABILITIES—(16.12)% | OTHER ASSETS LESS LIABILITIES—(16.12)% | &nbsp;&nbsp; (77638361)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $481561417 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | $948377 | &nbsp;&nbsp; $159140 | &nbsp;&nbsp; $(663604) | &nbsp;&nbsp; $295237 | &nbsp;&nbsp; $198663 | &nbsp;&nbsp; $937813 | &nbsp;&nbsp; $45496 |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 1109483 | &nbsp;&nbsp; 19830275 | &nbsp;&nbsp; (19946924) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 992834 | &nbsp;&nbsp; 40851 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 2060428 | &nbsp;&nbsp; 36827653 | &nbsp;&nbsp; (37044254) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1843827 | &nbsp;&nbsp; 75143 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 37318246 | &nbsp;&nbsp; 406135047 | &nbsp;&nbsp; (424563324) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 18889969 | &nbsp;&nbsp; 1,409,057\* |
| Invesco Private Prime Fund | 97157933 | &nbsp;&nbsp; 847421198 | &nbsp;&nbsp; (885472087) | &nbsp;&nbsp; - | &nbsp;&nbsp; (5318) | &nbsp;&nbsp; 59101726 | &nbsp;&nbsp; 3,725,970\* |
| Total | $138594467 | &nbsp;&nbsp; $1310373313 | &nbsp;&nbsp; $(1367690193) | &nbsp;&nbsp; $295237 | &nbsp;&nbsp; $193345 | &nbsp;&nbsp; $81766169 | &nbsp;&nbsp; $5296517 |

---

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

<sup>(e)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-mini S&P 500 Equal Weight | &nbsp;&nbsp;&nbsp; 20 | March-2026 | &nbsp;&nbsp;&nbsp; $3121600 | &nbsp;&nbsp;&nbsp; $(59065)<br>| &nbsp;&nbsp;&nbsp; $(59065)<br>|

---

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

**9**

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

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $251,974,845)\*<br>| &nbsp;&nbsp; $477433609 |
| Investments in affiliates, at value <br>(Cost $81,203,838)<br>| &nbsp;&nbsp; 81766169 |
| Cash | &nbsp;&nbsp; 2450 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 335373 |
| Dividends | &nbsp;&nbsp; 538473 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 68754 |
| Other assets | &nbsp;&nbsp; 112 |
| Total assets | &nbsp;&nbsp; 560144940 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 27189 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 105801 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 77991695 |
| Accrued fees to affiliates | &nbsp;&nbsp; 282315 |
| Accrued other operating expenses | &nbsp;&nbsp; 103469 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 73054 |
| Total liabilities | &nbsp;&nbsp; 78583523 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $481561417 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $215892944 |
| Distributable earnings | &nbsp;&nbsp; 265668473 |
|  | &nbsp;&nbsp; $481561417 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $56370153 |
| Series II | &nbsp;&nbsp; $425191264 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 1963152 |
| Series II | &nbsp;&nbsp; 15517937 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $28.71 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $27.40 |

---

\* At December 31, 2025, securities with an aggregate value of $73,373,110 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $2,631) | &nbsp;&nbsp; $8761972 |
| Dividends from affiliates (includes net securities lending <br> income of $291,125)<br>| &nbsp;&nbsp; 452615 |
| Total investment income | &nbsp;&nbsp; 9214587 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 573757 |
| Administrative services fees | &nbsp;&nbsp; 784964 |
| Custodian fees | &nbsp;&nbsp; 11587 |
| Distribution fees - Series II | &nbsp;&nbsp; 1052646 |
| Transfer agent fees | &nbsp;&nbsp; 24084 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 26724 |
| Licensing fees | &nbsp;&nbsp; 122692 |
| Reports to shareholders | &nbsp;&nbsp; 10424 |
| Professional services fees | &nbsp;&nbsp; 51632 |
| Other | &nbsp;&nbsp; 5416 |
| Total expenses | &nbsp;&nbsp; 2663926 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (3200)<br>|
| Net expenses | &nbsp;&nbsp; 2660726 |
| Net investment income | &nbsp;&nbsp; 6553861 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 39762992 |
| Affiliated investment securities | &nbsp;&nbsp; 193345 |
| Futures contracts | &nbsp;&nbsp; 166062 |
|  | &nbsp;&nbsp; 40122399 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2939727 |
| Affiliated investment securities | &nbsp;&nbsp; 295237 |
| Futures contracts | &nbsp;&nbsp; 35971 |
|  | &nbsp;&nbsp; 3270935 |
| Net realized and unrealized gain | &nbsp;&nbsp; 43393334 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $49947195 |

---

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

**10**

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

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6553861 | &nbsp;&nbsp; $6706257 |
| Net realized gain | &nbsp;&nbsp; 40122399 | &nbsp;&nbsp; 37633488 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 3270935 | &nbsp;&nbsp; 13523328 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 49947195 | &nbsp;&nbsp; 57863073 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (5198322)<br>| &nbsp;&nbsp; (2372585)<br>|
| Series II | &nbsp;&nbsp; (39597569)<br>| &nbsp;&nbsp; (16822803)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (44795891)<br>| &nbsp;&nbsp; (19195388)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (3401774)<br>| &nbsp;&nbsp; (5984100)<br>|
| Series II | &nbsp;&nbsp; (1114132)<br>| &nbsp;&nbsp; (23878464)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (4515906)<br>| &nbsp;&nbsp; (29862564)<br>|
| Net increase in net assets | &nbsp;&nbsp; 635398 | &nbsp;&nbsp; 8805121 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 480926019 | &nbsp;&nbsp; 472120898 |
| End of year | &nbsp;&nbsp; $481561417 | &nbsp;&nbsp; $480926019 |

---

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

**11**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $28.41 | $0.46 | $2.67 | $3.13 | $(0.48)<br>| $(2.35)<br>| $(2.83)<br>| $28.71 | 11.10<br> %<br>| &nbsp;&nbsp; $56370 | 0.34<br> %<br>| 0.34<br> %<br>| 1.59<br> %<br>| 24<br> %<br>|
| Year ended 12/31/24 | 26.22 | 0.44 | 2.91 | 3.35 | (0.46)<br>| (0.70)<br>| (1.16)<br>| 28.41 | 12.71 | &nbsp;&nbsp; 58996 | 0.34 | 0.34 | 1.58 | 26 |
| Year ended 12/31/23 | 25.47 | 0.46 | 2.63 | 3.09 | (0.37)<br>| (1.97)<br>| (2.34)<br>| 26.22 | 13.71 | &nbsp;&nbsp; 59792 | 0.34 | 0.34 | 1.76 | 20 |
| Year ended 12/31/22 | 30.96 | 0.42 | (4.13)<br>| (3.71)<br>| (0.28)<br>| (1.50)<br>| (1.78)<br>| 25.47 | (11.81)<br>| &nbsp;&nbsp; 59253 | 0.32 | 0.32 | 1.56 | 32 |
| Year ended 12/31/21 | 24.24 | 0.31 | 6.75 | 7.06 | (0.34)<br>|  | (0.34)<br>| 30.96 | 29.17 | &nbsp;&nbsp; 36788 | 0.35 | 0.35 | 1.10 | 23 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 27.23 | 0.37 | 2.56 | 2.93 | (0.41)<br>| (2.35)<br>| (2.76)<br>| 27.40 | 10.82 | &nbsp;&nbsp; 425191 | 0.59 | 0.59 | 1.34 | 24 |
| Year ended 12/31/24 | 25.18 | 0.36 | 2.79 | 3.15 | (0.40)<br>| (0.70)<br>| (1.10)<br>| 27.23 | 12.42 | &nbsp;&nbsp; 421930 | 0.59 | 0.59 | 1.33 | 26 |
| Year ended 12/31/23 | 24.54 | 0.38 | 2.54 | 2.92 | (0.31)<br>| (1.97)<br>| (2.28)<br>| 25.18 | 13.48 | &nbsp;&nbsp; 412329 | 0.59 | 0.59 | 1.51 | 20 |
| Year ended 12/31/22 | 29.92 | 0.35 | (4.01)<br>| (3.66)<br>| (0.22)<br>| (1.50)<br>| (1.72)<br>| 24.54 | (12.06)<br>| &nbsp;&nbsp; 387689 | 0.57 | 0.57 | 1.31 | 32 |
| Year ended 12/31/21 | 23.45 | 0.24 | 6.52 | 6.76 | (0.29)<br>|  | (0.29)<br>| 29.92 | 28.88 | &nbsp;&nbsp; 394782 | 0.60 | 0.60 | 0.85 | 23 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2022, the portfolio turnover calculation excludes the value of securities purchased of $20,974,156 and sold of $41,844,757 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco V.I. S&P 500 Index Fund into the Fund. 

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

**12**

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

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**13**

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

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "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

**14**

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

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $29,753 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Statement of Operations.

**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 instrument or asset. 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.** **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.

**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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.120% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% |

---

For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $3,200.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2025, Invesco was paid $68,124 for accounting and fund administrative services and was reimbursed $716,840 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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

**15**

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

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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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $8,552 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $478371422 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $478371422 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2836661 | &nbsp;&nbsp;&nbsp;&nbsp; 77991695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80828356 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 481208083 | &nbsp;&nbsp;&nbsp;&nbsp; 77991695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 559199778 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (59065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59065)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $481149018 | &nbsp;&nbsp;&nbsp;&nbsp; $77991695 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $559140713 |

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\* Unrealized (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, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(59065)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 59065 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**16**

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

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**Effect of Derivative Investments for the year ended December 31, 2025**

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

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| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $166062 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 35971 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $202033 |

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $3642600 |

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**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** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $12608991 | &nbsp;&nbsp;&nbsp;&nbsp; $9035731 |
| Long-term capital gain | &nbsp;&nbsp; 32186900 | &nbsp;&nbsp;&nbsp;&nbsp; 10159657 |
| Total distributions | &nbsp;&nbsp; $44795891 | &nbsp;&nbsp;&nbsp;&nbsp; $19195388 |

---

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

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $12524333 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 32834645 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 220355202 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (45707)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 215892944 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $481561417 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**17**

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

------

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $116,124,043 and $157,874,519, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $230576452 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (10221250)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $220355202 |

---

Cost of investments for tax purposes is $338,785,511.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of REITs and federal taxes, on December 31, 2025, undistributed net realized gain was decreased by $1,318 and shares of beneficial interest was increased by $1,318. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 101731 | &nbsp;&nbsp;&nbsp; $2991799 | &nbsp;&nbsp;&nbsp; 325349 | &nbsp;&nbsp;&nbsp; $8764176 |
| Series II | &nbsp;&nbsp;&nbsp; 663540 | &nbsp;&nbsp;&nbsp; 17910483 | &nbsp;&nbsp;&nbsp; 804046 | &nbsp;&nbsp;&nbsp; 21487172 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 182432 | &nbsp;&nbsp;&nbsp; 5197331 | &nbsp;&nbsp;&nbsp; 82003 | &nbsp;&nbsp;&nbsp; 2372178 |
| Series II | &nbsp;&nbsp;&nbsp; 1455776 | &nbsp;&nbsp;&nbsp; 39597018 | &nbsp;&nbsp;&nbsp; 606441 | &nbsp;&nbsp;&nbsp; 16822583 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (397591)<br>| &nbsp;&nbsp;&nbsp; (11590904)<br>| &nbsp;&nbsp;&nbsp; (611355)<br>| &nbsp;&nbsp;&nbsp; (17120454)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (2098303)<br>| &nbsp;&nbsp;&nbsp; (58621633)<br>| &nbsp;&nbsp;&nbsp; (2292019)<br>| &nbsp;&nbsp;&nbsp; (62188219)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (92415)<br>| &nbsp;&nbsp;&nbsp; $(4515906)<br>| &nbsp;&nbsp;&nbsp; (1085535)<br>| &nbsp;&nbsp;&nbsp; $(29862564)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**18**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**19**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $32186900 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 38.50% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**20**

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

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**21**

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

------

![](img7ae788321.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Equity and Income Fund**

------

---

| | |
|:---|:---|
| [2](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_SOI-Continued-71_1) | Schedule of Investments |
| [23](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_FS-Continued-71_1) | Financial Statements |
| [25](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_FS-Continued-71_3) | Financial Highlights |
| [26](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_NTF-Continued-71_1) | Notes to Financial Statements |
| [34](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_ARS-Continued-71_1) | Report of Independent Registered Public Accounting Firm |
| [35](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_TI-Continued-71_1) | Tax Information |
| [36](#xx_03d80ae7-76f5-4144-8caa-ccba16b1cc31_OIRSR-Continued-71_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIEQI-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–63.34%** | **Common Stocks & Other Equity Interests–63.34%** | **Common Stocks & Other Equity Interests–63.34%** |
| **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** |
| RTX Corp. | 57003 | &nbsp;&nbsp; $10454350 |
| Textron, Inc. | 77386 | &nbsp;&nbsp; 6745738 |
|  |  | &nbsp;&nbsp; 17200088 |
| **Air Freight & Logistics–0.96%** | **Air Freight & Logistics–0.96%** | **Air Freight & Logistics–0.96%** |
| FedEx Corp. | 46690 | &nbsp;&nbsp; 13486873 |
| **Application Software–0.68%** | **Application Software–0.68%** | **Application Software–0.68%** |
| Salesforce, Inc. | 36353 | &nbsp;&nbsp; 9630273 |
| **Asset Management & Custody Banks–0.68%** | **Asset Management & Custody Banks–0.68%** | **Asset Management & Custody Banks–0.68%** |
| KKR & Co., Inc., Class A | 75271 | &nbsp;&nbsp; 9595547 |
| **Automobile Manufacturers–0.84%** | **Automobile Manufacturers–0.84%** | **Automobile Manufacturers–0.84%** |
| General Motors Co. | 145424 | &nbsp;&nbsp; 11825880 |
| **Biotechnology–0.79%** | **Biotechnology–0.79%** | **Biotechnology–0.79%** |
| Regeneron Pharmaceuticals, Inc. | 14452 | &nbsp;&nbsp; 11155065 |
| **Broadline Retail–1.66%** | **Broadline Retail–1.66%** | **Broadline Retail–1.66%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 101787 | &nbsp;&nbsp; 23494475 |
| **Building Products–1.26%** | **Building Products–1.26%** | **Building Products–1.26%** |
| Johnson Controls International PLC | 148203 | &nbsp;&nbsp; 17747309 |
| **Communications Equipment–0.67%** | **Communications Equipment–0.67%** | **Communications Equipment–0.67%** |
| Cisco Systems, Inc.<sup>(c)</sup>  | 123342 | &nbsp;&nbsp; 9501034 |
| **Consumer Finance–0.55%** | **Consumer Finance–0.55%** | **Consumer Finance–0.55%** |
| Capital One Financial Corp. | 32209 | &nbsp;&nbsp; 7806173 |
| **Diversified Banks–5.10%** | **Diversified Banks–5.10%** | **Diversified Banks–5.10%** |
| Bank of America Corp. | 521277 | &nbsp;&nbsp; 28670235 |
| PNC Financial Services Group, Inc. <br> (The) | 57147 | &nbsp;&nbsp; 11928293 |
| Wells Fargo & Co. | 335817 | &nbsp;&nbsp; 31298145 |
|  |  | &nbsp;&nbsp; 71896673 |
| **Electric Utilities–2.05%** | **Electric Utilities–2.05%** | **Electric Utilities–2.05%** |
| American Electric Power Co., Inc. | 70231 | &nbsp;&nbsp; 8098336 |
| FirstEnergy Corp. | 155362 | &nbsp;&nbsp; 6955557 |
| PPL Corp. | 397909 | &nbsp;&nbsp; 13934773 |
|  |  | &nbsp;&nbsp; 28988666 |
| **Electrical Components & Equipment–1.28%** | **Electrical Components & Equipment–1.28%** | **Electrical Components & Equipment–1.28%** |
| Emerson Electric Co. | 84326 | &nbsp;&nbsp; 11191747 |
| Vertiv Holdings Co., Class A | 42159 | &nbsp;&nbsp; 6830179 |
|  |  | &nbsp;&nbsp; 18021926 |
| **Electronic Components–1.09%** | **Electronic Components–1.09%** | **Electronic Components–1.09%** |
| Coherent Corp.<sup>(b)</sup>  | 83191 | &nbsp;&nbsp; 15354563 |
| **Electronic Equipment & Instruments–1.02%** | **Electronic Equipment & Instruments–1.02%** | **Electronic Equipment & Instruments–1.02%** |
| Ralliant Corp. | 151198 | &nbsp;&nbsp; 7697490 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 27724 | &nbsp;&nbsp; 6731942 |
|  |  | &nbsp;&nbsp; 14429432 |
| **Fertilizers & Agricultural Chemicals–0.50%** | **Fertilizers & Agricultural Chemicals–0.50%** | **Fertilizers & Agricultural Chemicals–0.50%** |
| Corteva, Inc. | 105625 | &nbsp;&nbsp; 7080044 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Food Distributors–2.17%** | **Food Distributors–2.17%** | **Food Distributors–2.17%** |
| Sysco Corp. | 205316 | &nbsp;&nbsp; $15129736 |
| US Foods Holding Corp.<sup>(b)</sup>  | 205275 | &nbsp;&nbsp; 15461313 |
|  |  | &nbsp;&nbsp; 30591049 |
| **Footwear–0.98%** | **Footwear–0.98%** | **Footwear–0.98%** |
| NIKE, Inc., Class B | 217536 | &nbsp;&nbsp; 13859219 |
| **Health Care Equipment–1.61%** | **Health Care Equipment–1.61%** | **Health Care Equipment–1.61%** |
| Becton, Dickinson and Co. | 44495 | &nbsp;&nbsp; 8635145 |
| Medtronic PLC | 145943 | &nbsp;&nbsp; 14019284 |
|  |  | &nbsp;&nbsp; 22654429 |
| **Health Care Services–0.89%** | **Health Care Services–0.89%** | **Health Care Services–0.89%** |
| CVS Health Corp. | 158985 | &nbsp;&nbsp; 12617050 |
| **Household Products–0.94%** | **Household Products–0.94%** | **Household Products–0.94%** |
| Procter & Gamble Co. (The) | 92295 | &nbsp;&nbsp; 13226796 |
| **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** |
| Air Products and Chemicals, Inc.<sup>(c)</sup>  | 6102 | &nbsp;&nbsp; 1507316 |
| **Industrial Machinery & Supplies & Components–2.07%** | **Industrial Machinery & Supplies & Components–2.07%** | **Industrial Machinery & Supplies & Components–2.07%** |
| Fortive Corp. | 187611 | &nbsp;&nbsp; 10358003 |
| Parker-Hannifin Corp. | 21463 | &nbsp;&nbsp; 18865119 |
|  |  | &nbsp;&nbsp; 29223122 |
| **Insurance Brokers–1.14%** | **Insurance Brokers–1.14%** | **Insurance Brokers–1.14%** |
| Willis Towers Watson PLC | 48876 | &nbsp;&nbsp; 16060654 |
| **Integrated Oil & Gas–2.85%** | **Integrated Oil & Gas–2.85%** | **Integrated Oil & Gas–2.85%** |
| Chevron Corp. | 81533 | &nbsp;&nbsp; 12426444 |
| Exxon Mobil Corp. | 95551 | &nbsp;&nbsp; 11498607 |
| Shell PLC (United Kingdom) | 259534 | &nbsp;&nbsp; 9564414 |
| Suncor Energy, Inc. (Canada) | 151479 | &nbsp;&nbsp; 6723326 |
|  |  | &nbsp;&nbsp; 40212791 |
| **Interactive Media & Services–2.38%** | **Interactive Media & Services–2.38%** | **Interactive Media & Services–2.38%** |
| Alphabet, Inc., Class A | 76482 | &nbsp;&nbsp; 23938866 |
| Meta Platforms, Inc., Class A | 14630 | &nbsp;&nbsp; 9657117 |
|  |  | &nbsp;&nbsp; 33595983 |
| **Investment Banking & Brokerage–2.26%** | **Investment Banking & Brokerage–2.26%** | **Investment Banking & Brokerage–2.26%** |
| Charles Schwab Corp. (The) | 190600 | &nbsp;&nbsp; 19042846 |
| Goldman Sachs Group, Inc. (The) | 14629 | &nbsp;&nbsp; 12858891 |
|  |  | &nbsp;&nbsp; 31901737 |
| **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** |
| Cognizant Technology Solutions Corp., <br> Class A | 99384 | &nbsp;&nbsp; 8248872 |
| **Life Sciences Tools & Services–1.19%** | **Life Sciences Tools & Services–1.19%** | **Life Sciences Tools & Services–1.19%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 32781 | &nbsp;&nbsp; 7389165 |
| Thermo Fisher Scientific, Inc. | 16191 | &nbsp;&nbsp; 9381875 |
|  |  | &nbsp;&nbsp; 16771040 |
| **Managed Health Care–1.81%** | **Managed Health Care–1.81%** | **Managed Health Care–1.81%** |
| Elevance Health, Inc. | 22069 | &nbsp;&nbsp; 7736288 |
| Humana, Inc. | 26286 | &nbsp;&nbsp; 6732633 |

---

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

**2**

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** |
| UnitedHealth Group, Inc. | 33501 | &nbsp;&nbsp; $11059015 |
|  |  | &nbsp;&nbsp; 25527936 |
| **Movies & Entertainment–1.32%** | **Movies & Entertainment–1.32%** | **Movies & Entertainment–1.32%** |
| Walt Disney Co. (The) | 163957 | &nbsp;&nbsp; 18653388 |
| **Multi-Utilities–0.68%** | **Multi-Utilities–0.68%** | **Multi-Utilities–0.68%** |
| Sempra | 109225 | &nbsp;&nbsp; 9643475 |
| **Oil & Gas Equipment & Services–0.50%** | **Oil & Gas Equipment & Services–0.50%** | **Oil & Gas Equipment & Services–0.50%** |
| SLB Ltd. | 183612 | &nbsp;&nbsp; 7047029 |
| **Oil & Gas Exploration & Production–1.05%** | **Oil & Gas Exploration & Production–1.05%** | **Oil & Gas Exploration & Production–1.05%** |
| ConocoPhillips | 140839 | &nbsp;&nbsp; 13183939 |
| EQT Corp. | 31792 | &nbsp;&nbsp; 1704051 |
|  |  | &nbsp;&nbsp; 14887990 |
| **Pharmaceuticals–3.61%** | **Pharmaceuticals–3.61%** | **Pharmaceuticals–3.61%** |
| Bristol-Myers Squibb Co. | 154972 | &nbsp;&nbsp; 8359190 |
| Johnson & Johnson | 77507 | &nbsp;&nbsp; 16040073 |
| Merck & Co., Inc. | 141946 | &nbsp;&nbsp; 14941236 |
| Sanofi S.A. | 119407 | &nbsp;&nbsp; 11553243 |
|  |  | &nbsp;&nbsp; 50893742 |
| **Property & Casualty Insurance–0.82%** | **Property & Casualty Insurance–0.82%** | **Property & Casualty Insurance–0.82%** |
| American International Group, Inc. | 134707 | &nbsp;&nbsp; 11524184 |
| **Rail Transportation–0.61%** | **Rail Transportation–0.61%** | **Rail Transportation–0.61%** |
| Norfolk Southern Corp. | 29637 | &nbsp;&nbsp; 8556795 |
| **Real Estate Services–1.05%** | **Real Estate Services–1.05%** | **Real Estate Services–1.05%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 92419 | &nbsp;&nbsp; 14860051 |
| **Regional Banks–1.36%** | **Regional Banks–1.36%** | **Regional Banks–1.36%** |
| Citizens Financial Group, Inc. | 328303 | &nbsp;&nbsp; 19176178 |
| **Restaurants–0.84%** | **Restaurants–0.84%** | **Restaurants–0.84%** |
| Starbucks Corp. | 140261 | &nbsp;&nbsp; 11811379 |
| **Semiconductor Materials & Equipment–0.79%** | **Semiconductor Materials & Equipment–0.79%** | **Semiconductor Materials & Equipment–0.79%** |
| Lam Research Corp. | 40294 | &nbsp;&nbsp; 6897527 |
| Qnity Electronics, Inc. | 51834 | &nbsp;&nbsp; 4232246 |
|  |  | &nbsp;&nbsp; 11129773 |
| **Semiconductors–2.56%** | **Semiconductors–2.56%** | **Semiconductors–2.56%** |
| Microchip Technology, Inc. | 275542 | &nbsp;&nbsp; 17557536 |
| NVIDIA Corp. | 52079 | &nbsp;&nbsp; 9712734 |
| NXP Semiconductors N.V. (Netherlands) | 40569 | &nbsp;&nbsp; 8805907 |
|  |  | &nbsp;&nbsp; 36076177 |
| **Specialty Chemicals–0.86%** | **Specialty Chemicals–0.86%** | **Specialty Chemicals–0.86%** |
| DuPont de Nemours, Inc. | 146138 | &nbsp;&nbsp; 5874748 |
| PPG Industries, Inc. | 60707 | &nbsp;&nbsp; 6220039 |
|  |  | &nbsp;&nbsp; 12094787 |
| **Systems Software–1.84%** | **Systems Software–1.84%** | **Systems Software–1.84%** |
| Microsoft Corp. | 42142 | &nbsp;&nbsp; 20380714 |
| Oracle Corp. | 28540 | &nbsp;&nbsp; 5562731 |
|  |  | &nbsp;&nbsp; 25943445 |
| **Tobacco–1.58%** | **Tobacco–1.58%** | **Tobacco–1.58%** |
| Philip Morris International, Inc. | 139437 | &nbsp;&nbsp; 22365695 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Trading Companies & Distributors–1.29%** | **Trading Companies & Distributors–1.29%** | **Trading Companies & Distributors–1.29%** | **Trading Companies & Distributors–1.29%** |
| Ashtead Group PLC (United Kingdom) | Ashtead Group PLC (United Kingdom) | 115936 | &nbsp;&nbsp; $7904426 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 46157 | &nbsp;&nbsp; 10275933 |
|  |  |  | &nbsp;&nbsp; 18180359 |
| **Transaction & Payment Processing Services–0.70%** | **Transaction & Payment Processing Services–0.70%** | **Transaction & Payment Processing Services–0.70%** | **Transaction & Payment Processing Services–0.70%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 148806 | &nbsp;&nbsp; 9889647 |
| **Wireless Telecommunication Services–0.55%** | **Wireless Telecommunication Services–0.55%** | **Wireless Telecommunication Services–0.55%** | **Wireless Telecommunication Services–0.55%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 37941 | &nbsp;&nbsp; 7703541 |
| Total Common Stocks & Other Equity Interests <br> (Cost $579,913,298) | Total Common Stocks & Other Equity Interests <br> (Cost $579,913,298) | Total Common Stocks & Other Equity Interests <br> (Cost $579,913,298) | &nbsp;&nbsp; 893649650 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Dollar Denominated Bonds & Notes–23.86%** | **U.S. Dollar Denominated Bonds & Notes–23.86%** | **U.S. Dollar Denominated Bonds & Notes–23.86%** | **U.S. Dollar Denominated Bonds & Notes–23.86%** |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| Omnicom Group, Inc./Omnicom <br> Capital, Inc., 3.60%, <br> 04/15/2026<br>|  | $550000 | &nbsp;&nbsp; 549244 |
| **Aerospace & Defense–0.28%** | **Aerospace & Defense–0.28%** | **Aerospace & Defense–0.28%** | **Aerospace & Defense–0.28%** |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| 5.00%, 03/26/2027<sup>(d)</sup> <br>|  | 311000 | &nbsp;&nbsp; 314857 |
| 5.13%, 03/26/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205849 |
| 5.30%, 03/26/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207183 |
| 5.50%, 03/26/2054<sup>(c)(d)</sup> <br>|  | 298000 | &nbsp;&nbsp; 300123 |
| L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |  |  |
| 5.40%, 07/31/2033 |  | 3000 | &nbsp;&nbsp; 3126 |
| 5.60%, 07/31/2053 |  | 3000 | &nbsp;&nbsp; 2979 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 3.55%, 01/15/2026 |  | 1355000 | &nbsp;&nbsp; 1354870 |
| 4.50%, 02/15/2029 |  | 64000 | &nbsp;&nbsp; 65030 |
| 4.75%, 02/15/2034 |  | 11000 | &nbsp;&nbsp; 11158 |
| 4.80%, 08/15/2034 |  | 97000 | &nbsp;&nbsp; 98053 |
| 4.15%, 06/15/2053 |  | 643000 | &nbsp;&nbsp; 514266 |
| 5.90%, 11/15/2063 |  | 3000 | &nbsp;&nbsp; 3103 |
| 5.20%, 02/15/2064 |  | 525000 | &nbsp;&nbsp; 488317 |
| Northrop Grumman Corp., 4.95%, <br> 03/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2706 |
| RTX Corp., | RTX Corp., |  |  |
| 5.00%, 02/27/2026 |  | 3000 | &nbsp;&nbsp; 3002 |
| 5.75%, 01/15/2029 |  | 28000 | &nbsp;&nbsp; 29326 |
| 6.00%, 03/15/2031 |  | 15000 | &nbsp;&nbsp; 16163 |
| 5.15%, 02/27/2033 |  | 18000 | &nbsp;&nbsp; 18598 |
| 6.10%, 03/15/2034 |  | 37000 | &nbsp;&nbsp; 40501 |
| 4.45%, 11/16/2038 |  | 308000 | &nbsp;&nbsp; 289922 |
|  |  |  | &nbsp;&nbsp; 3969132 |
| **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 26000 | &nbsp;&nbsp; 26366 |
| 5.80%, 03/21/2034 |  | 66000 | &nbsp;&nbsp; 69114 |
| Imperial Brands Finance PLC (United <br> Kingdom), 6.38%, <br> 07/01/2055<sup>(d)</sup> <br>|  | 340000 | &nbsp;&nbsp; 347550 |
| John Deere Capital Corp., 4.70%, <br> 06/10/2030<br>|  | 25000 | &nbsp;&nbsp; 25635 |
|  |  |  | &nbsp;&nbsp; 468665 |
| **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** |
| Cargill, Inc., 4.75%, <br> 04/24/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3028 |

---

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

**3**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural Products & Services–(continued)** | **Agricultural Products & Services–(continued)** | **Agricultural Products & Services–(continued)** | **Agricultural Products & Services–(continued)** |
| Ingredion, Inc., 6.63%, <br> 04/15/2037<br>|  | $232000 | &nbsp;&nbsp; $257091 |
|  |  |  | &nbsp;&nbsp; 260119 |
| **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** |
| United Parcel Service, Inc., 3.40%, <br> 11/15/2046<br>|  | 240000 | &nbsp;&nbsp; 178544 |
| **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** |
| Match Group Financeco 2, Inc., <br> Conv., 0.88%, 06/15/2026<sup>(d)</sup> <br>|  | 1583000 | &nbsp;&nbsp; 1559334 |
| Match Group Financeco 3, Inc., <br> Conv., 2.00%, 01/15/2030<sup>(d)</sup> <br>|  | 1560000 | &nbsp;&nbsp; 1402440 |
|  |  |  | &nbsp;&nbsp; 2961774 |
| **Apparel Retail–0.20%** | **Apparel Retail–0.20%** | **Apparel Retail–0.20%** | **Apparel Retail–0.20%** |
| Ross Stores, Inc., 0.88%, <br> 04/15/2026<br>|  | 2890000 | &nbsp;&nbsp; 2864882 |
| **Application Software–0.98%** | **Application Software–0.98%** | **Application Software–0.98%** | **Application Software–0.98%** |
| Box, Inc., Conv., 1.50%, <br> 09/15/2029<br>|  | 2734000 | &nbsp;&nbsp; 2665650 |
| Dropbox, Inc., Conv., 0.00%, <br> 03/01/2026<sup>(e)</sup> <br>|  | 5636000 | &nbsp;&nbsp; 5596548 |
| Envestnet, Inc., Conv., 2.63%, <br> 12/01/2027<br>|  | 2597000 | &nbsp;&nbsp; 2769701 |
| Intuit, Inc., | Intuit, Inc., |  |  |
| 5.20%, 09/15/2033 |  | 31000 | &nbsp;&nbsp; 32419 |
| 5.50%, 09/15/2053 |  | 21000 | &nbsp;&nbsp; 20765 |
| Salesforce, Inc., 2.70%, <br> 07/15/2041<br>|  | 1413000 | &nbsp;&nbsp; 1025552 |
| Synopsys, Inc., | Synopsys, Inc., |  |  |
| 4.55%, 04/01/2027<sup>(c)</sup> <br>|  | 619000 | &nbsp;&nbsp; 623681 |
| 5.70%, 04/01/2055<sup>(c)</sup> <br>|  | 497000 | &nbsp;&nbsp; 493547 |
| Workday, Inc., | Workday, Inc., |  |  |
| 3.50%, 04/01/2027 |  | 528000 | &nbsp;&nbsp; 525123 |
| 3.70%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 2958 |
|  |  |  | &nbsp;&nbsp; 13755944 |
| **Asset Management & Custody Banks–0.33%** | **Asset Management & Custody Banks–0.33%** | **Asset Management & Custody Banks–0.33%** | **Asset Management & Custody Banks–0.33%** |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | 52000 | &nbsp;&nbsp; 54523 |
| 4.50%, 05/13/2032 |  | 3000 | &nbsp;&nbsp; 3028 |
| 5.15%, 05/15/2033 |  | 20000 | &nbsp;&nbsp; 20781 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.54%, 02/01/2029<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9117 |
| 4.98%, 03/14/2030<sup>(f)</sup> <br>|  | 35000 | &nbsp;&nbsp; 36039 |
| 5.83%, 10/25/2033<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5400 |
| 4.71%, 02/01/2034<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5020 |
| 5.19%, 03/14/2035<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26877 |
| 5.32%, 06/06/2036<sup>(f)</sup> <br>|  | 498000 | &nbsp;&nbsp; 516171 |
| Series J, 4.97%, 04/26/2034<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12238 |
| Series I, 3.75%<sup>(f)(g)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4930 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | 1362000 | &nbsp;&nbsp; 1395616 |
| Blackstone Secured Lending Fund, <br> 2.13%, 02/15/2027<br>|  | 89000 | &nbsp;&nbsp; 86631 |
| Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>|  | 448000 | &nbsp;&nbsp; 441892 |
| KKR Group Finance Co. III LLC, <br> 5.13%, 06/01/2044<sup>(d)</sup> <br>|  | 372000 | &nbsp;&nbsp; 348589 |
| KKR Group Finance Co. XII LLC, <br> 4.85%, 05/17/2032<sup>(d)</sup> <br>|  | 1364000 | &nbsp;&nbsp; 1372837 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | $3000 | &nbsp;&nbsp; $3277 |
| State Street Corp., | State Street Corp., |  |  |
| 4.99%, 03/18/2027 |  | 200000 | &nbsp;&nbsp; 202741 |
| 5.68%, 11/21/2029<sup>(f)</sup> <br>|  | 86000 | &nbsp;&nbsp; 90084 |
| 4.82%, 01/26/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3043 |
| 6.12%, 11/21/2034<sup>(f)</sup> <br>|  | 47000 | &nbsp;&nbsp; 50893 |
|  |  |  | &nbsp;&nbsp; 4689727 |
| **Automobile Manufacturers–0.57%** | **Automobile Manufacturers–0.57%** | **Automobile Manufacturers–0.57%** | **Automobile Manufacturers–0.57%** |
| American Honda Finance Corp., | American Honda Finance Corp., |  |  |
| 4.95%, 01/09/2026 |  | 207000 | &nbsp;&nbsp; 207038 |
| 4.70%, 01/12/2028 |  | 7000 | &nbsp;&nbsp; 7102 |
| 4.60%, 04/17/2030 |  | 3000 | &nbsp;&nbsp; 3037 |
| 4.90%, 01/10/2034 |  | 43000 | &nbsp;&nbsp; 43215 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 5.15%, 01/16/2026<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150052 |
| 4.65%, 10/12/2030<sup>(d)</sup> <br>|  | 919000 | &nbsp;&nbsp; 925969 |
| Ford Motor Credit Co. LLC, 6.80%, <br> 11/07/2028<br>|  | 200000 | &nbsp;&nbsp; 209889 |
| General Motors Co., 6.60%, <br> 04/01/2036<br>|  | 377000 | &nbsp;&nbsp; 410704 |
| Honda Motor Co. Ltd. (Japan), <br> 2.97%, 03/10/2032<sup>(c)</sup> <br>|  | 1138000 | &nbsp;&nbsp; 1040531 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 5.50%, 03/30/2026<sup>(d)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11037 |
| 5.65%, 06/26/2026<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19141 |
| 5.25%, 01/08/2027<sup>(d)</sup> <br>|  | 116000 | &nbsp;&nbsp; 117363 |
| 5.30%, 03/19/2027<sup>(d)</sup> <br>|  | 182000 | &nbsp;&nbsp; 184666 |
| 5.60%, 03/30/2028<sup>(d)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16471 |
| 5.35%, 03/19/2029<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38116 |
| 5.80%, 04/01/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3148 |
| Mercedes-Benz Finance North <br> America LLC (Germany), | Mercedes-Benz Finance North <br> America LLC (Germany), |  |  |
| 4.90%, 01/09/2026<sup>(d)</sup> <br>|  | 523000 | &nbsp;&nbsp; 523088 |
| 4.80%, 01/11/2027<sup>(c)(d)</sup> <br>|  | 493000 | &nbsp;&nbsp; 497130 |
| 5.10%, 08/03/2028<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 222939 |
| 4.85%, 01/11/2029<sup>(d)</sup> <br>|  | 119000 | &nbsp;&nbsp; 121391 |
| PACCAR Financial Corp., 4.60%, <br> 01/10/2028<br>|  | 7000 | &nbsp;&nbsp; 7132 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/07/2026<sup>(c)</sup> <br>|  | 2020000 | &nbsp;&nbsp; 2028735 |
| 4.63%, 01/12/2028 |  | 3000 | &nbsp;&nbsp; 3049 |
| Volkswagen Group of America <br> Finance LLC (Germany), | Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| 5.40%, 03/20/2026<sup>(d)</sup> <br>|  | 549000 | &nbsp;&nbsp; 550480 |
| 5.30%, 03/22/2027<sup>(d)</sup> <br>|  | 354000 | &nbsp;&nbsp; 358478 |
| 5.25%, 03/22/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204543 |
| 5.60%, 03/22/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206148 |
|  |  |  | &nbsp;&nbsp; 8110592 |
| **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 4.60%, 05/01/2028<sup>(d)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14197 |
| 5.00%, 02/15/2029<sup>(d)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54359 |
| 4.90%, 05/01/2033<sup>(d)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18294 |
|  |  |  | &nbsp;&nbsp; 86850 |

---

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

**4**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** |
| AutoZone, Inc., | AutoZone, Inc., |  |  |
| 5.05%, 07/15/2026 |  | $17000 | &nbsp;&nbsp; $17100 |
| 5.20%, 08/01/2033 |  | 15000 | &nbsp;&nbsp; 15423 |
|  |  |  | &nbsp;&nbsp; 32523 |
| **Biotechnology–1.13%** | **Biotechnology–1.13%** | **Biotechnology–1.13%** | **Biotechnology–1.13%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2027 |  | 338000 | &nbsp;&nbsp; 341655 |
| 4.80%, 03/15/2029 |  | 101000 | &nbsp;&nbsp; 103501 |
| 5.05%, 03/15/2034 |  | 123000 | &nbsp;&nbsp; 126447 |
| 4.50%, 05/14/2035 |  | 694000 | &nbsp;&nbsp; 681508 |
| 4.05%, 11/21/2039 |  | 300000 | &nbsp;&nbsp; 268079 |
| 5.35%, 03/15/2044 |  | 48000 | &nbsp;&nbsp; 47462 |
| 4.85%, 06/15/2044 |  | 264000 | &nbsp;&nbsp; 244676 |
| 5.40%, 03/15/2054 |  | 124000 | &nbsp;&nbsp; 120657 |
| 5.50%, 03/15/2064 |  | 97000 | &nbsp;&nbsp; 94294 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.15%, 03/02/2028 |  | 15000 | &nbsp;&nbsp; 15354 |
| 5.25%, 03/02/2030 |  | 3000 | &nbsp;&nbsp; 3115 |
| BridgeBio Pharma, Inc., Conv., <br> 1.75%, 03/01/2031<sup>(d)</sup> <br>|  | 2369252 | &nbsp;&nbsp; 4125460 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 3.65%, 03/01/2026 |  | 2615000 | &nbsp;&nbsp; 2614006 |
| 5.25%, 10/15/2033 |  | 30000 | &nbsp;&nbsp; 31535 |
| 5.55%, 10/15/2053 |  | 11000 | &nbsp;&nbsp; 10958 |
| Jazz Investments I Ltd., | Jazz Investments I Ltd., |  |  |
| Conv., <br>2.00%, 06/15/2026<br>|  | 3385000 | &nbsp;&nbsp; 3925754 |
| 3.13%, 09/15/2030 |  | 2370000 | &nbsp;&nbsp; 3160395 |
|  |  |  | &nbsp;&nbsp; 15914856 |
| **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. (Belgium), <br> 4.70%, 02/01/2036<br>|  | 959000 | &nbsp;&nbsp; 949639 |
| Anheuser-Busch InBev Worldwide, <br> Inc. (Belgium), 8.20%, <br> 01/15/2039<br>|  | 3000 | &nbsp;&nbsp; 3872 |
| Heineken N.V. (Netherlands), <br> 3.50%, 01/29/2028<sup>(d)</sup> <br>|  | 945000 | &nbsp;&nbsp; 937660 |
| Molson Coors Beverage Co., 4.20%, <br> 07/15/2046<br>|  | 377000 | &nbsp;&nbsp; 303213 |
|  |  |  | &nbsp;&nbsp; 2194384 |
| **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** |
| Amazon.com, Inc., | Amazon.com, Inc., |  |  |
| 4.80%, 12/05/2034 |  | 9000 | &nbsp;&nbsp; 9249 |
| 2.88%, 05/12/2041 |  | 406000 | &nbsp;&nbsp; 308244 |
|  |  |  | &nbsp;&nbsp; 317493 |
| **Building Products–0.00%** | **Building Products–0.00%** | **Building Products–0.00%** | **Building Products–0.00%** |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 10000 | &nbsp;&nbsp; 10732 |
| Johnson Controls International <br> PLC/Tyco Fire & Security Finance <br> S.C.A., 2.00%, 09/16/2031<br>|  | 3000 | &nbsp;&nbsp; 2643 |
|  |  |  | &nbsp;&nbsp; 13375 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–1.00%** | **Cable & Satellite–1.00%** | **Cable & Satellite–1.00%** | **Cable & Satellite–1.00%** |
| Cable One, Inc., | Cable One, Inc., |  |  |
| Conv., <br>0.00%, 03/15/2026<sup>(e)</sup> <br>|  | $5466000 | &nbsp;&nbsp; $5397675 |
| 1.13%, 03/15/2028 |  | 2850000 | &nbsp;&nbsp; 2326455 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital Corp., 6.65%, <br> 02/01/2034<br>|  | 53000 | &nbsp;&nbsp; 55861 |
| Comcast Corp., | Comcast Corp., |  |  |
| 3.15%, 03/01/2026 |  | 1101000 | &nbsp;&nbsp; 1100644 |
| 5.50%, 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3171 |
| 5.17%, 01/15/2037<sup>(d)</sup> <br>|  | 942000 | &nbsp;&nbsp; 929319 |
| 3.90%, 03/01/2038 |  | 756000 | &nbsp;&nbsp; 659415 |
| 2.89%, 11/01/2051 |  | 352000 | &nbsp;&nbsp; 206004 |
| 2.65%, 08/15/2062 |  | 3000 | &nbsp;&nbsp; 1513 |
| Cox Communications, Inc., | Cox Communications, Inc., |  |  |
| 5.70%, 06/15/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3027 |
| 2.95%, 10/01/2050<sup>(d)</sup> <br>|  | 202000 | &nbsp;&nbsp; 112608 |
| 5.80%, 12/15/2053<sup>(d)</sup> <br>|  | 58000 | &nbsp;&nbsp; 49673 |
| Liberty Broadband Corp., Conv., <br> 3.13%, 04/06/2026<sup>(d)(h)</sup> <br>|  | 3270000 | &nbsp;&nbsp; 3242205 |
|  |  |  | &nbsp;&nbsp; 14087570 |
| **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., | Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., |  |  |
| 5.75%, 05/24/2026<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3015 |
| 5.35%, 01/12/2027<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9105 |
| 5.70%, 02/01/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3088 |
| 5.55%, 05/01/2028<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12347 |
| 6.05%, 08/01/2028<sup>(d)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20861 |
| Ryder System, Inc., 6.60%, <br> 12/01/2033<br>|  | 26000 | &nbsp;&nbsp; 28998 |
|  |  |  | &nbsp;&nbsp; 77414 |
| **Commercial & Residential Mortgage Finance–0.06%** | **Commercial & Residential Mortgage Finance–0.06%** | **Commercial & Residential Mortgage Finance–0.06%** | **Commercial & Residential Mortgage Finance–0.06%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 4.75%, 04/14/2027<sup>(d)</sup> <br>|  | 383000 | &nbsp;&nbsp; 385207 |
| 6.25%, 04/15/2028<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10395 |
| 6.75%, 10/25/2028<sup>(d)</sup> <br>|  | 43000 | &nbsp;&nbsp; 45662 |
| Nationwide Building Society (United <br> Kingdom), | Nationwide Building Society (United <br> Kingdom), |  |  |
| 6.56%, 10/18/2027<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203812 |
| 3.96%, 07/18/2030<sup>(d)(f)</sup> <br>|  | 150000 | &nbsp;&nbsp; 147966 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 91000 | &nbsp;&nbsp; 95464 |
|  |  |  | &nbsp;&nbsp; 888506 |
| **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** |
| LYB Finance Co. B.V. (Netherlands), <br> 8.10%, 03/15/2027<sup>(d)</sup> <br>|  | 339000 | &nbsp;&nbsp; 353749 |
| **Communications Equipment–0.08%** | **Communications Equipment–0.08%** | **Communications Equipment–0.08%** | **Communications Equipment–0.08%** |
| Cisco Systems, Inc., | Cisco Systems, Inc., |  |  |
| 4.55%, 02/24/2028<sup>(c)</sup> <br>|  | 757000 | &nbsp;&nbsp; 769553 |
| 5.30%, 02/26/2054 |  | 353000 | &nbsp;&nbsp; 338629 |
| Motorola Solutions, Inc., 4.60%, <br> 02/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3033 |
|  |  |  | &nbsp;&nbsp; 1111215 |

---

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

**5**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Computer & Electronics Retail–0.08%** | **Computer & Electronics Retail–0.08%** | **Computer & Electronics Retail–0.08%** | **Computer & Electronics Retail–0.08%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| 6.02%, 06/15/2026 |  | $158000 | &nbsp;&nbsp; $158704 |
| 5.30%, 04/01/2032 |  | 990000 | &nbsp;&nbsp; 1018542 |
| 8.35%, 07/15/2046 |  | 2000 | &nbsp;&nbsp; 2540 |
| Leidos, Inc., | Leidos, Inc., |  |  |
| 2.30%, 02/15/2031 |  | 3000 | &nbsp;&nbsp; 2703 |
| 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3180 |
|  |  |  | &nbsp;&nbsp; 1185669 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** |
| Cummins, Inc., 5.15%, <br> 02/20/2034<br>|  | 43000 | &nbsp;&nbsp; 44598 |
| Komatsu Finance America, Inc., <br> 5.50%, 10/06/2027<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205078 |
| Westinghouse Air Brake Technologies <br> Corp., 5.50%, 05/29/2035<sup>(c)</sup> <br>|  | 1061000 | &nbsp;&nbsp; 1109426 |
|  |  |  | &nbsp;&nbsp; 1359102 |
| **Consumer Finance–0.24%** | **Consumer Finance–0.24%** | **Consumer Finance–0.24%** | **Consumer Finance–0.24%** |
| American Express Co., | American Express Co., |  |  |
| 4.73%, 04/25/2029<sup>(f)</sup> <br>|  | 593000 | &nbsp;&nbsp; 602242 |
| 4.80%, 10/24/2036<sup>(f)</sup> <br>|  | 1013000 | &nbsp;&nbsp; 1000662 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| 7.15%, 10/29/2027<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31746 |
| 6.31%, 06/08/2029<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16795 |
| 7.62%, 10/30/2031<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 29392 |
| 6.38%, 06/08/2034<sup>(f)</sup> <br>|  | 13000 | &nbsp;&nbsp; 14058 |
| 6.18%, 01/30/2036<sup>(c)(f)</sup> <br>|  | 424000 | &nbsp;&nbsp; 442761 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| 5.25%, 03/01/2026 |  | 480000 | &nbsp;&nbsp; 480387 |
| 5.40%, 04/06/2026 |  | 4000 | &nbsp;&nbsp; 4014 |
| 4.20%, 10/27/2028 |  | 245000 | &nbsp;&nbsp; 245404 |
| Synchrony Financial, 3.95%, <br> 12/01/2027<br>|  | 556000 | &nbsp;&nbsp; 553844 |
|  |  |  | &nbsp;&nbsp; 3421305 |
| **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 3000 | &nbsp;&nbsp; 2876 |
| Target Corp., | Target Corp., |  |  |
| 4.50%, 09/15/2032 |  | 3000 | &nbsp;&nbsp; 3031 |
| 4.80%, 01/15/2053 |  | 3000 | &nbsp;&nbsp; 2674 |
| Walmart, Inc., 4.50%, 04/15/2053 |  | 21000 | &nbsp;&nbsp; 18585 |
|  |  |  | &nbsp;&nbsp; 27166 |
| **Data Processing & Outsourced Services–0.32%** | **Data Processing & Outsourced Services–0.32%** | **Data Processing & Outsourced Services–0.32%** | **Data Processing & Outsourced Services–0.32%** |
| CSG Systems International, Inc., <br> Conv., 3.88%, 09/15/2028<br>|  | 3780000 | &nbsp;&nbsp; 4482135 |
| **Distillers & Vintners–0.00%** | **Distillers & Vintners–0.00%** | **Distillers & Vintners–0.00%** | **Distillers & Vintners–0.00%** |
| Brown-Forman Corp., 4.75%, <br> 04/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4056 |
| Constellation Brands, Inc., 4.90%, <br> 05/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3016 |
|  |  |  | &nbsp;&nbsp; 7072 |
| **Distributors–0.00%** | **Distributors–0.00%** | **Distributors–0.00%** | **Distributors–0.00%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | 23000 | &nbsp;&nbsp; 24277 |
| 6.88%, 11/01/2033 |  | 37000 | &nbsp;&nbsp; 41132 |
|  |  |  | &nbsp;&nbsp; 65409 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–1.67%** | **Diversified Banks–1.67%** | **Diversified Banks–1.67%** | **Diversified Banks–1.67%** |
| Australia and New Zealand Banking <br> Group Ltd. (Australia), | Australia and New Zealand Banking <br> Group Ltd. (Australia), |  |  |
| 5.00%, 03/18/2026<sup>(c)</sup> <br>|  | $551000 | &nbsp;&nbsp; $552522 |
| 6.75%<sup>(d)(f)(g)</sup> <br>|  | 425000 | &nbsp;&nbsp; 431932 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 6.53%, 11/07/2027<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204205 |
| 5.55%, 03/14/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203453 |
| 5.54%, 03/14/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207040 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 3.25%, 10/21/2027 |  | 525000 | &nbsp;&nbsp; 520348 |
| 4.95%, 07/22/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3044 |
| 5.20%, 04/25/2029<sup>(f)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24619 |
| 4.27%, 07/23/2029<sup>(f)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2010 |
| 5.82%, 09/15/2029<sup>(f)</sup> <br>|  | 44000 | &nbsp;&nbsp; 45933 |
| 2.57%, 10/20/2032<sup>(f)</sup> <br>|  | 874000 | &nbsp;&nbsp; 788486 |
| 4.57%, 04/27/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2994 |
| 5.02%, 07/22/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3060 |
| 5.29%, 04/25/2034<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23687 |
| 5.47%, 01/23/2035<sup>(f)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38556 |
| 2.48%, 09/21/2036<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2634 |
| 7.75%, 05/14/2038 |  | 115000 | &nbsp;&nbsp; 139720 |
| Bank of America N.A., 5.53%, <br> 08/18/2026<br>|  | 458000 | &nbsp;&nbsp; 462227 |
| Bank of Montreal (Canada), 5.30%, <br> 06/05/2026<br>|  | 10000 | &nbsp;&nbsp; 10060 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(f)</sup> <br>|  | 246000 | &nbsp;&nbsp; 261433 |
| 8.00%, 01/27/2084<sup>(f)</sup> <br>|  | 286000 | &nbsp;&nbsp; 307447 |
| Barclays PLC (United Kingdom), <br> 6.69%, 09/13/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221511 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| 5.20%, 01/18/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253069 |
| 5.72%, 01/18/2030<sup>(d)(f)</sup> <br>|  | 253000 | &nbsp;&nbsp; 262001 |
| 6.51%, 01/18/2035<sup>(d)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 265460 |
| Capital One N.A., 4.65%, <br> 09/13/2028<br>|  | 122000 | &nbsp;&nbsp; 123822 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 3.67%, 07/24/2028<sup>(f)</sup> <br>|  | 511000 | &nbsp;&nbsp; 507897 |
| 4.08%, 04/23/2029<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3998 |
| 5.17%, 02/13/2030<sup>(f)</sup> <br>|  | 61000 | &nbsp;&nbsp; 62610 |
| 4.95%, 05/07/2031<sup>(f)</sup> <br>|  | 969000 | &nbsp;&nbsp; 990092 |
| 6.17%, 05/25/2034<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28692 |
| 5.83%, 02/13/2035<sup>(f)</sup> <br>|  | 170000 | &nbsp;&nbsp; 176731 |
| 6.68%, 09/13/2043<sup>(c)</sup> <br>|  | 741000 | &nbsp;&nbsp; 824809 |
| 5.30%, 05/06/2044 |  | 228000 | &nbsp;&nbsp; 221505 |
| Series BB, 7.20%<sup>(f)(g)</sup> <br>|  | 215000 | &nbsp;&nbsp; 223347 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 32345 |
| Commonwealth Bank of Australia <br> (Australia), 3.31%, <br> 03/11/2041<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 154128 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| 5.34%, 01/10/2030<sup>(d)(f)</sup> <br>|  | 267000 | &nbsp;&nbsp; 275179 |
| 6.25%, 01/10/2035<sup>(d)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 265512 |
| Danske Bank A/S (Denmark), 1.55%, <br> 09/10/2027<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196648 |
| Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(d)</sup> <br>|  | 280000 | &nbsp;&nbsp; 283161 |

---

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

**6**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(f)</sup> <br>|  | $3000 | &nbsp;&nbsp; $2943 |
| 6.34%, 07/27/2029<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3160 |
| 4.77%, 07/28/2030<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4049 |
| 5.63%, 01/29/2032<sup>(f)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11549 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 4.04%, 03/13/2028<sup>(f)</sup> <br>|  | 135000 | &nbsp;&nbsp; 134855 |
| 5.21%, 08/11/2028<sup>(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 208516 |
| 4.58%, 06/19/2029<sup>(f)</sup> <br>|  | 183000 | &nbsp;&nbsp; 184748 |
| 6.33%, 03/09/2044<sup>(f)</sup> <br>|  | 256000 | &nbsp;&nbsp; 280552 |
| 4.60%<sup>(f)(g)</sup> <br>|  | 225000 | &nbsp;&nbsp; 214669 |
| ING Groep N.V. (Netherlands), | ING Groep N.V. (Netherlands), |  |  |
| 5.34%, 03/19/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206360 |
| 5.55%, 03/19/2035<sup>(f)</sup> <br>|  | 234000 | &nbsp;&nbsp; 243481 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 3.20%, 06/15/2026 |  | 394000 | &nbsp;&nbsp; 392882 |
| 5.04%, 01/23/2028<sup>(f)</sup> <br>|  | 59000 | &nbsp;&nbsp; 59627 |
| 3.78%, 02/01/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2994 |
| 3.54%, 05/01/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2984 |
| 4.85%, 07/25/2028<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4052 |
| 3.51%, 01/23/2029<sup>(f)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 1048584 |
| 5.30%, 07/24/2029<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25772 |
| 6.09%, 10/23/2029<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 40036 |
| 5.01%, 01/23/2030<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21534 |
| 4.59%, 04/26/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3017 |
| 5.72%, 09/14/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3173 |
| 6.25%, 10/23/2034<sup>(f)</sup> <br>|  | 57000 | &nbsp;&nbsp; 62682 |
| 5.34%, 01/23/2035<sup>(f)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18662 |
| 4.26%, 02/22/2048<sup>(f)</sup> <br>|  | 489000 | &nbsp;&nbsp; 415344 |
| 3.90%, 01/23/2049<sup>(f)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 844716 |
| Series NN, 6.88%<sup>(f)(g)</sup> <br>|  | 122000 | &nbsp;&nbsp; 129474 |
| JPMorgan Chase Bank N.A., 5.11%, <br> 12/08/2026<br>|  | 345000 | &nbsp;&nbsp; 348783 |
| Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>|  | 189000 | &nbsp;&nbsp; 191567 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.02%, 07/20/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203079 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 5.88%, 10/30/2026 |  | 250000 | &nbsp;&nbsp; 253813 |
| 4.95%, 01/14/2028<sup>(f)</sup> <br>|  | 399000 | &nbsp;&nbsp; 402809 |
| National Securities Clearing Corp., <br> 5.10%, 11/21/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256081 |
| Pinnacle Bank, 5.63%, <br> 02/15/2028<br>|  | 250000 | &nbsp;&nbsp; 255458 |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| 6.62%, 10/20/2027<sup>(f)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53051 |
| 3.45%, 04/23/2029 |  | 689000 | &nbsp;&nbsp; 678488 |
| 5.58%, 06/12/2029<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26972 |
| 4.63%, 06/06/2033<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3970 |
| 6.04%, 10/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3244 |
| 5.07%, 01/24/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3071 |
| 6.88%, 10/20/2034<sup>(f)</sup> <br>|  | 447000 | &nbsp;&nbsp; 506106 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 4.88%, 01/19/2027 |  | 40000 | &nbsp;&nbsp; 40429 |
| 4.95%, 02/01/2029 |  | 14000 | &nbsp;&nbsp; 14376 |
| 5.00%, 02/01/2033 |  | 3000 | &nbsp;&nbsp; 3090 |
| Societe Generale S.A. (France), | Societe Generale S.A. (France), |  |  |
| 6.07%, 01/19/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 211477 |
| 7.13%, 01/19/2055<sup>(d)(f)</sup> <br>|  | 212000 | &nbsp;&nbsp; 221830 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 2.68%, 06/29/2032<sup>(d)(f)</sup> <br>|  | $200000 | &nbsp;&nbsp; $181455 |
| 6.30%, 07/06/2034<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 216284 |
| Sumitomo Mitsui Financial Group, <br> Inc. (Japan), 6.60%<sup>(f)(g)</sup> <br>|  | 234000 | &nbsp;&nbsp; 242197 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| 5.65%, 09/14/2026<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202352 |
| 5.20%, 03/07/2027<sup>(d)</sup> <br>|  | 226000 | &nbsp;&nbsp; 229282 |
| 5.55%, 09/14/2028<sup>(d)</sup> <br>|  | 203000 | &nbsp;&nbsp; 211532 |
| 5.20%, 03/07/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206325 |
| 5.35%, 03/07/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208300 |
| Toronto-Dominion Bank (The) <br> (Canada), 8.13%, 10/31/2082<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 211066 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| Series W, 3.10%, 04/27/2026 |  | 2101000 | &nbsp;&nbsp; 2095862 |
| 4.55%, 07/22/2028<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5043 |
| 5.78%, 06/12/2029<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21836 |
| 5.38%, 01/23/2030<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46615 |
| 4.97%, 07/22/2033<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4031 |
| 5.84%, 06/12/2034<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22416 |
| 5.68%, 01/23/2035<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30638 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 200000 | &nbsp;&nbsp; 208819 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 4.10%, 06/03/2026 |  | 505000 | &nbsp;&nbsp; 505108 |
| 3.58%, 05/22/2028<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3975 |
| 5.57%, 07/25/2029<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19690 |
| 6.30%, 10/23/2029<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28535 |
| 5.20%, 01/23/2030<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25751 |
| 5.39%, 04/24/2034<sup>(f)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8326 |
| 5.56%, 07/25/2034<sup>(f)</sup> <br>|  | 46000 | &nbsp;&nbsp; 48253 |
| 6.49%, 10/23/2034<sup>(f)</sup> <br>|  | 69000 | &nbsp;&nbsp; 76420 |
| 5.50%, 01/23/2035<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39670 |
| 4.65%, 11/04/2044 |  | 540000 | &nbsp;&nbsp; 474159 |
| 4.61%, 04/25/2053<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3444 |
| 7.63%<sup>(f)(g)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22415 |
| Westpac Banking Corp. (Australia), <br> 6.82%, 11/17/2033<br>|  | 88000 | &nbsp;&nbsp; 98641 |
|  |  |  | &nbsp;&nbsp; 23554476 |
| **Diversified Capital Markets–0.14%** | **Diversified Capital Markets–0.14%** | **Diversified Capital Markets–0.14%** | **Diversified Capital Markets–0.14%** |
| Apollo Debt Solutions BDC, 6.90%, <br> 04/13/2029<br>|  | 20000 | &nbsp;&nbsp; 20996 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 4.55%, 04/17/2026 |  | 154000 | &nbsp;&nbsp; 154268 |
| 4.75%, 05/12/2028<sup>(d)(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 206709 |
| 5.43%, 02/08/2030<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206911 |
| 6.30%, 09/22/2034<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218439 |
| 5.70%, 02/08/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210401 |
| 4.38%<sup>(d)(f)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 184195 |
| 7.75%<sup>(d)(f)(g)</sup> <br>|  | 229000 | &nbsp;&nbsp; 247835 |
| Series 28, 9.25%<sup>(d)(f)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 220040 |
| Series 33, 9.25%<sup>(d)(f)(g)</sup> <br>|  | 201000 | &nbsp;&nbsp; 235839 |
|  |  |  | &nbsp;&nbsp; 1905633 |
| **Diversified Financial Services–0.06%** | **Diversified Financial Services–0.06%** | **Diversified Financial Services–0.06%** | **Diversified Financial Services–0.06%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 3.85%, 10/29/2041<br>|  | 410000 | &nbsp;&nbsp; 335233 |

---

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

**7**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Apollo Global Management, Inc., <br> 6.38%, 11/15/2033<br>|  | $43000 | &nbsp;&nbsp; $47260 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 6.38%, 05/04/2028<sup>(d)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22931 |
| 5.75%, 03/01/2029<sup>(d)</sup> <br>|  | 114000 | &nbsp;&nbsp; 118013 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 26000 | &nbsp;&nbsp; 27604 |
| 5.75%, 01/15/2034 |  | 55000 | &nbsp;&nbsp; 57619 |
| Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), | Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), |  |  |
| 6.40%, 03/26/2029<sup>(d)</sup> <br>|  | 47000 | &nbsp;&nbsp; 49322 |
| 6.50%, 03/26/2031<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 60008 |
| Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<br>|  | 153000 | &nbsp;&nbsp; 157103 |
|  |  |  | &nbsp;&nbsp; 875093 |
| **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 39000 | &nbsp;&nbsp; 40232 |
| 5.25%, 09/08/2030 |  | 26000 | &nbsp;&nbsp; 27097 |
| 5.25%, 09/08/2033 |  | 45000 | &nbsp;&nbsp; 46808 |
| 5.50%, 09/08/2053 |  | 15000 | &nbsp;&nbsp; 14957 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 5.37%, 04/04/2029<sup>(d)</sup> <br>|  | 84000 | &nbsp;&nbsp; 86737 |
| 5.63%, 04/04/2034<sup>(d)</sup> <br>|  | 153000 | &nbsp;&nbsp; 160169 |
| 5.89%, 04/04/2054<sup>(d)</sup> <br>|  | 61000 | &nbsp;&nbsp; 60734 |
| Rio Tinto Finance (USA) Ltd. <br> (Australia), 7.13%, 07/15/2028<br>|  | 182000 | &nbsp;&nbsp; 196040 |
| Rio Tinto Finance (USA) PLC <br> (Australia), 5.75%, 03/14/2055<br>|  | 377000 | &nbsp;&nbsp; 384890 |
|  |  |  | &nbsp;&nbsp; 1017664 |
| **Diversified REITs–0.07%** | **Diversified REITs–0.07%** | **Diversified REITs–0.07%** | **Diversified REITs–0.07%** |
| CubeSmart L.P., | CubeSmart L.P., |  |  |
| 2.25%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 2847 |
| 2.50%, 02/15/2032 |  | 1066000 | &nbsp;&nbsp; 943429 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 30000 | &nbsp;&nbsp; 30976 |
| 6.13%, 04/01/2054 |  | 32000 | &nbsp;&nbsp; 31919 |
|  |  |  | &nbsp;&nbsp; 1009171 |
| **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** |
| Element Fleet Management Corp. <br> (Canada), 6.32%, <br> 12/04/2028<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 39039 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| CVS Pass-Through Trust, 6.04%, <br> 12/10/2028<br>|  | 241434 | &nbsp;&nbsp; 243908 |
| **Electric Utilities–1.58%** | **Electric Utilities–1.58%** | **Electric Utilities–1.58%** | **Electric Utilities–1.58%** |
| AEP Texas, Inc., 3.95%, <br> 06/01/2028<sup>(d)</sup> <br>|  | 172000 | &nbsp;&nbsp; 171424 |
| Alabama Power Co., 5.85%, <br> 11/15/2033<br>|  | 9000 | &nbsp;&nbsp; 9676 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 4000 | &nbsp;&nbsp; 4126 |
| 5.20%, 01/15/2029 |  | 37000 | &nbsp;&nbsp; 38148 |
| Connecticut Light and Power Co. <br> (The), 5.25%, 01/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2848 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | $21000 | &nbsp;&nbsp; $22084 |
| 5.90%, 11/15/2053 |  | 26000 | &nbsp;&nbsp; 26531 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 9000 | &nbsp;&nbsp; 9762 |
| 6.50%, 10/01/2053 |  | 279000 | &nbsp;&nbsp; 304403 |
| 5.75%, 03/15/2054 |  | 88000 | &nbsp;&nbsp; 87397 |
| Dominion Energy South Carolina, <br> Inc., 6.25%, 10/15/2053<br>|  | 11000 | &nbsp;&nbsp; 11893 |
| Duke Energy Carolinas LLC, 5.35%, <br> 01/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2890 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | 39000 | &nbsp;&nbsp; 39814 |
| 5.00%, 08/15/2052 |  | 3000 | &nbsp;&nbsp; 2651 |
| 3.25%, 01/15/2082<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2926 |
| Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>|  | 5000 | &nbsp;&nbsp; 4754 |
| Electricite de France S.A. (France), <br> 4.88%, 01/22/2044<sup>(d)</sup> <br>|  | 846000 | &nbsp;&nbsp; 755224 |
| Enel Finance America LLC (Italy), <br> 2.88%, 07/12/2041<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 144641 |
| Evergy Metro, Inc., 4.95%, <br> 04/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3051 |
| Eversource Energy, | Eversource Energy, |  |  |
| 5.00%, 01/01/2027 |  | 76000 | &nbsp;&nbsp; 76685 |
| 5.50%, 01/01/2034 |  | 37000 | &nbsp;&nbsp; 38052 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 48000 | &nbsp;&nbsp; 49370 |
| 5.45%, 03/15/2034 |  | 46000 | &nbsp;&nbsp; 47864 |
| 5.60%, 03/15/2053 |  | 47000 | &nbsp;&nbsp; 45591 |
| FirstEnergy Corp., Conv., 3.88%, <br> 01/15/2031<sup>(d)</sup> <br>|  | 5666000 | &nbsp;&nbsp; 6110781 |
| FirstEnergy Pennsylvania Electric <br> Co., 5.20%, 04/01/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3065 |
| Florida Power & Light Co., 4.80%, <br> 05/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3060 |
| Georgia Power Co., | Georgia Power Co., |  |  |
| 4.65%, 05/16/2028 |  | 3000 | &nbsp;&nbsp; 3049 |
| 4.95%, 05/17/2033 |  | 3000 | &nbsp;&nbsp; 3060 |
| Series B, 3.70%, 01/30/2050 |  | 350000 | &nbsp;&nbsp; 262689 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3139 |
| 5.85%, 09/15/2054 |  | 12000 | &nbsp;&nbsp; 12399 |
| 5.30%, 02/01/2055 |  | 43000 | &nbsp;&nbsp; 40908 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 4.80%, 02/05/2027 |  | 274000 | &nbsp;&nbsp; 276742 |
| 4.85%, 02/07/2029 |  | 74000 | &nbsp;&nbsp; 75736 |
| 4.30%, 12/10/2030 |  | 1248000 | &nbsp;&nbsp; 1251205 |
| 5.00%, 02/07/2031 |  | 69000 | &nbsp;&nbsp; 71366 |
| 2.75%, 04/15/2032 |  | 1227000 | &nbsp;&nbsp; 1109494 |
| 5.80%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 3219 |
| 7.13%, 09/15/2053<sup>(f)</sup> <br>|  | 235000 | &nbsp;&nbsp; 246642 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.95%, 01/29/2026 |  | 265000 | &nbsp;&nbsp; 265167 |
| 3.55%, 05/01/2027 |  | 530000 | &nbsp;&nbsp; 527122 |
| 4.63%, 07/15/2027 |  | 3000 | &nbsp;&nbsp; 3034 |
| 4.90%, 03/15/2029 |  | 119000 | &nbsp;&nbsp; 121984 |
| 5.25%, 03/15/2034 |  | 128000 | &nbsp;&nbsp; 131496 |
| 5.55%, 03/15/2054 |  | 119000 | &nbsp;&nbsp; 115578 |

---

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

**8**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 5.29%, 01/17/2034<sup>(d)</sup> <br>|  | $37000 | &nbsp;&nbsp; $37640 |
| 5.66%, 01/17/2054<sup>(d)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16532 |
| Oglethorpe Power Corp., 4.55%, <br> 06/01/2044<br>|  | 679000 | &nbsp;&nbsp; 571658 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 2953 |
| Oncor Electric Delivery Co. LLC, <br> 5.65%, 11/15/2033<br>|  | 37000 | &nbsp;&nbsp; 39376 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 39000 | &nbsp;&nbsp; 39813 |
| 5.30%, 02/15/2031 |  | 35000 | &nbsp;&nbsp; 36053 |
| 5.45%, 02/15/2034 |  | 49000 | &nbsp;&nbsp; 49728 |
| 5.80%, 01/15/2055 |  | 36000 | &nbsp;&nbsp; 33622 |
| PECO Energy Co., 4.90%, <br> 06/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11244 |
| PPL Capital Funding, Inc., | PPL Capital Funding, Inc., |  |  |
| Conv., <br>2.88%, 03/15/2028<br>|  | 3812000 | &nbsp;&nbsp; 4188435 |
| 3.00%, 12/01/2030<sup>(d)</sup> <br>|  | 3597000 | &nbsp;&nbsp; 3606493 |
| PPL Electric Utilities Corp., 6.25%, <br> 05/15/2039<br>|  | 46000 | &nbsp;&nbsp; 50504 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 2800 |
| Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 9000 | &nbsp;&nbsp; 9397 |
| Public Service Electric and Gas Co., <br> 5.13%, 03/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2817 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 21000 | &nbsp;&nbsp; 19930 |
| 5.55%, 04/15/2054 |  | 104000 | &nbsp;&nbsp; 101220 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 5000 | &nbsp;&nbsp; 5008 |
| Southern Co. (The), 5.70%, <br> 10/15/2032<br>|  | 3000 | &nbsp;&nbsp; 3183 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3084 |
| Union Electric Co., 5.20%, <br> 04/01/2034<br>|  | 168000 | &nbsp;&nbsp; 173073 |
| Virginia Electric and Power Co., | Virginia Electric and Power Co., |  |  |
| 5.00%, 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3074 |
| 5.35%, 01/15/2054 |  | 28000 | &nbsp;&nbsp; 26388 |
| Vistra Operations Co. LLC, 6.95%, <br> 10/15/2033<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 25700 |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| 4.60%, 06/01/2032 |  | 3000 | &nbsp;&nbsp; 2985 |
| 3.50%, 12/01/2049 |  | 964000 | &nbsp;&nbsp; 694010 |
|  |  |  | &nbsp;&nbsp; 22299460 |
| **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** |
| Molex Electronic Technologies LLC, <br> 4.75%, 04/30/2028<sup>(d)</sup> <br>|  | 465000 | &nbsp;&nbsp; 470553 |
| Regal Rexnord Corp., 6.30%, <br> 02/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3181 |
| Rockwell Automation, Inc., 1.75%, <br> 08/15/2031<br>|  | 307000 | &nbsp;&nbsp; 269329 |
|  |  |  | &nbsp;&nbsp; 743063 |
| **Electronic Components–0.12%** | **Electronic Components–0.12%** | **Electronic Components–0.12%** | **Electronic Components–0.12%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 3.90%, 11/15/2028 |  | 1264000 | &nbsp;&nbsp; 1262952 |
| 5.30%, 11/15/2055<sup>(c)</sup> <br>|  | 406000 | &nbsp;&nbsp; 388141 |
|  |  |  | &nbsp;&nbsp; 1651093 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | $40000 | &nbsp;&nbsp; $41049 |
| 5.00%, 12/15/2033 |  | 36000 | &nbsp;&nbsp; 37235 |
| 5.00%, 04/01/2034 |  | 3000 | &nbsp;&nbsp; 3082 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 48000 | &nbsp;&nbsp; 48422 |
| 5.35%, 09/18/2028 |  | 37000 | &nbsp;&nbsp; 38161 |
|  |  |  | &nbsp;&nbsp; 167949 |
| **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 4.60%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3032 |
| 4.95%, 06/15/2052 |  | 3000 | &nbsp;&nbsp; 2749 |
| 5.20%, 06/15/2062 |  | 3000 | &nbsp;&nbsp; 2756 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 3000 | &nbsp;&nbsp; 3097 |
| 5.55%, 02/15/2034 |  | 4000 | &nbsp;&nbsp; 4202 |
| 5.95%, 08/15/2053 |  | 169000 | &nbsp;&nbsp; 175746 |
| 6.10%, 06/28/2063 |  | 3000 | &nbsp;&nbsp; 3150 |
| S&P Global, Inc., | S&P Global, Inc., |  |  |
| 2.90%, 03/01/2032 |  | 3000 | &nbsp;&nbsp; 2766 |
| 3.90%, 03/01/2062 |  | 3000 | &nbsp;&nbsp; 2238 |
|  |  |  | &nbsp;&nbsp; 199736 |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Alimentation Couche-Tard, Inc. <br> (Canada), 5.27%, <br> 02/12/2034<sup>(d)</sup> <br>|  | 64000 | &nbsp;&nbsp; 65612 |
| **Gas Utilities–0.00%** | **Gas Utilities–0.00%** | **Gas Utilities–0.00%** | **Gas Utilities–0.00%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 12000 | &nbsp;&nbsp; 12982 |
| 6.20%, 11/15/2053 |  | 7000 | &nbsp;&nbsp; 7591 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11456 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3079 |
|  |  |  | &nbsp;&nbsp; 35108 |
| **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** |
| Cardinal Health, Inc., 5.45%, <br> 02/15/2034<br>|  | 37000 | &nbsp;&nbsp; 38531 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 39000 | &nbsp;&nbsp; 40018 |
| McKesson Corp., 5.10%, <br> 07/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3107 |
|  |  |  | &nbsp;&nbsp; 81656 |
| **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** |
| Alcon Finance Corp., 5.38%, <br> 12/06/2032<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209378 |
| Becton, Dickinson and Co., 4.88%, <br> 05/15/2044<br>|  | 428000 | &nbsp;&nbsp; 380566 |
| Medtronic, Inc., 4.38%, <br> 03/15/2035<br>|  | 249000 | &nbsp;&nbsp; 244399 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| 5.15%, 03/20/2027 |  | 52000 | &nbsp;&nbsp; 52621 |
| 5.40%, 03/20/2034 |  | 133000 | &nbsp;&nbsp; 137655 |
|  |  |  | &nbsp;&nbsp; 1024619 |

---

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

**9**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | $17000 | &nbsp;&nbsp; $17372 |
| 5.38%, 05/15/2043 |  | 8000 | &nbsp;&nbsp; 7820 |
|  |  |  | &nbsp;&nbsp; 25192 |
| **Health Care REITs–0.01%** | **Health Care REITs–0.01%** | **Health Care REITs–0.01%** | **Health Care REITs–0.01%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 5.25%, 05/15/2036 |  | 25000 | &nbsp;&nbsp; 24787 |
| 5.63%, 05/15/2054 |  | 118000 | &nbsp;&nbsp; 110843 |
| Healthcare Realty Holdings L.P., | Healthcare Realty Holdings L.P., |  |  |
| 3.50%, 08/01/2026 |  | 3000 | &nbsp;&nbsp; 2985 |
| 2.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 2635 |
|  |  |  | &nbsp;&nbsp; 141250 |
| **Health Care Services–0.13%** | **Health Care Services–0.13%** | **Health Care Services–0.13%** | **Health Care Services–0.13%** |
| Cigna Group (The), 4.80%, <br> 08/15/2038<br>|  | 307000 | &nbsp;&nbsp; 294169 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 5.32%, 12/01/2034 |  | 129000 | &nbsp;&nbsp; 131463 |
| 5.55%, 12/01/2054 |  | 41000 | &nbsp;&nbsp; 39294 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 10000 | &nbsp;&nbsp; 10215 |
| 5.25%, 01/30/2031 |  | 3000 | &nbsp;&nbsp; 3101 |
| 5.30%, 06/01/2033 |  | 12000 | &nbsp;&nbsp; 12378 |
| 6.00%, 06/01/2063 |  | 3000 | &nbsp;&nbsp; 2910 |
| Fresenius Medical Care US Finance <br> III, Inc. (Germany), 1.88%, <br> 12/01/2026<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146659 |
| HCA, Inc., 5.90%, 06/01/2053 |  | 16000 | &nbsp;&nbsp; 15682 |
| Laboratory Corp. of America <br> Holdings, 1.55%, 06/01/2026<br>|  | 1145000 | &nbsp;&nbsp; 1133377 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 18000 | &nbsp;&nbsp; 11440 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 21000 | &nbsp;&nbsp; 12476 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 21000 | &nbsp;&nbsp; 23262 |
|  |  |  | &nbsp;&nbsp; 1836426 |
| **Health Care Supplies–0.57%** | **Health Care Supplies–0.57%** | **Health Care Supplies–0.57%** | **Health Care Supplies–0.57%** |
| Haemonetics Corp., Conv., 2.50%, <br> 06/01/2029<br>|  | 5621000 | &nbsp;&nbsp; 5849775 |
| Medtronic Global Holdings S.C.A., <br> 4.50%, 03/30/2033<br>|  | 6000 | &nbsp;&nbsp; 6016 |
| Merit Medical Systems, Inc., Conv., <br> 3.00%, 02/01/2029<sup>(d)</sup> <br>|  | 1444000 | &nbsp;&nbsp; 1746518 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | 31000 | &nbsp;&nbsp; 31458 |
| 5.40%, 03/01/2029 |  | 75000 | &nbsp;&nbsp; 77693 |
| 5.60%, 03/23/2034 |  | 265000 | &nbsp;&nbsp; 275833 |
|  |  |  | &nbsp;&nbsp; 7987293 |
| **Highways & Railtracks–0.03%** | **Highways & Railtracks–0.03%** | **Highways & Railtracks–0.03%** | **Highways & Railtracks–0.03%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | 474000 | &nbsp;&nbsp; 484347 |
| **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** |
| Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 41000 | &nbsp;&nbsp; 42199 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Home Improvement Retail–(continued)** | **Home Improvement Retail–(continued)** | **Home Improvement Retail–(continued)** | **Home Improvement Retail–(continued)** |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 3.35%, 04/01/2027 |  | $3000 | &nbsp;&nbsp; $2980 |
| 5.00%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 3073 |
| 4.25%, 04/01/2052<sup>(c)</sup> <br>|  | 497000 | &nbsp;&nbsp; 391848 |
| 5.85%, 04/01/2063 |  | 21000 | &nbsp;&nbsp; 20600 |
|  |  |  | &nbsp;&nbsp; 460700 |
| **Hotels, Resorts & Cruise Lines–0.54%** | **Hotels, Resorts & Cruise Lines–0.54%** | **Hotels, Resorts & Cruise Lines–0.54%** | **Hotels, Resorts & Cruise Lines–0.54%** |
| Airbnb, Inc., Conv., 0.00%, <br> 03/15/2026<sup>(e)</sup> <br>|  | 7552000 | &nbsp;&nbsp; 7491584 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.88%, 05/15/2029 |  | 25000 | &nbsp;&nbsp; 25582 |
| 5.30%, 05/15/2034 |  | 41000 | &nbsp;&nbsp; 42300 |
|  |  |  | &nbsp;&nbsp; 7559466 |
| **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** |
| Paychex, Inc., 5.35%, 04/15/2032 |  | 639000 | &nbsp;&nbsp; 662196 |
| **Industrial Conglomerates–0.22%** | **Industrial Conglomerates–0.22%** | **Industrial Conglomerates–0.22%** | **Industrial Conglomerates–0.22%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 2.50%, 11/01/2026<sup>(c)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1236893 |
| 4.88%, 09/01/2029 |  | 116000 | &nbsp;&nbsp; 119339 |
| 4.95%, 09/01/2031 |  | 131000 | &nbsp;&nbsp; 135451 |
| 4.50%, 01/15/2034 |  | 1463000 | &nbsp;&nbsp; 1450498 |
| 5.00%, 03/01/2035 |  | 89000 | &nbsp;&nbsp; 90690 |
|  |  |  | &nbsp;&nbsp; 3032871 |
| **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** |
| Air Products and Chemicals, Inc., <br> 4.30%, 06/11/2028<br>|  | 1531000 | &nbsp;&nbsp; 1547123 |
| **Industrial Machinery & Supplies & Components–0.21%** | **Industrial Machinery & Supplies & Components–0.21%** | **Industrial Machinery & Supplies & Components–0.21%** | **Industrial Machinery & Supplies & Components–0.21%** |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.40%, 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3102 |
| 5.70%, 08/14/2033 |  | 19000 | &nbsp;&nbsp; 20139 |
| JBT Marel Corp., Conv., 0.38%, <br> 09/15/2030<sup>(d)</sup> <br>|  | 2818000 | &nbsp;&nbsp; 2925084 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 3000 | &nbsp;&nbsp; 3110 |
| 5.80%, 09/15/2033 |  | 12000 | &nbsp;&nbsp; 12718 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 12000 | &nbsp;&nbsp; 12520 |
|  |  |  | &nbsp;&nbsp; 2976673 |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| LXP Industrial Trust, | LXP Industrial Trust, |  |  |
| 6.75%, 11/15/2028 |  | 5000 | &nbsp;&nbsp; 5313 |
| 2.38%, 10/01/2031 |  | 3000 | &nbsp;&nbsp; 2628 |
|  |  |  | &nbsp;&nbsp; 7941 |
| **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** |
| Arthur J. Gallagher & Co., 6.75%, <br> 02/15/2054<br>|  | 21000 | &nbsp;&nbsp; 23237 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 24000 | &nbsp;&nbsp; 25221 |
| 5.45%, 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2918 |
| 5.70%, 09/15/2053 |  | 22000 | &nbsp;&nbsp; 22207 |
|  |  |  | &nbsp;&nbsp; 73583 |
| **Integrated Oil & Gas–0.19%** | **Integrated Oil & Gas–0.19%** | **Integrated Oil & Gas–0.19%** | **Integrated Oil & Gas–0.19%** |
| BP Capital Markets America, Inc., <br> 2.94%, 06/04/2051<br>|  | 991000 | &nbsp;&nbsp; 631291 |

---

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

**10**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Oil & Gas–(continued)** | **Integrated Oil & Gas–(continued)** | **Integrated Oil & Gas–(continued)** | **Integrated Oil & Gas–(continued)** |
| Chevron Corp., 2.95%, <br> 05/16/2026<sup>(c)</sup> <br>|  | $952000 | &nbsp;&nbsp; $949328 |
| Exxon Mobil Corp., 3.04%, <br> 03/01/2026<br>|  | 1098000 | &nbsp;&nbsp; 1096651 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 6.45%, 09/15/2036 |  | 51000 | &nbsp;&nbsp; 54384 |
| 4.63%, 06/15/2045 |  | 11000 | &nbsp;&nbsp; 8884 |
|  |  |  | &nbsp;&nbsp; 2740538 |
| **Integrated Telecommunication Services–0.38%** | **Integrated Telecommunication Services–0.38%** | **Integrated Telecommunication Services–0.38%** | **Integrated Telecommunication Services–0.38%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.30%, 02/15/2030 |  | 318000 | &nbsp;&nbsp; 318526 |
| 2.55%, 12/01/2033 |  | 3000 | &nbsp;&nbsp; 2561 |
| 5.40%, 02/15/2034 |  | 15000 | &nbsp;&nbsp; 15558 |
| 3.55%, 09/15/2055 |  | 157000 | &nbsp;&nbsp; 104620 |
| 6.05%, 08/15/2056 |  | 643000 | &nbsp;&nbsp; 649192 |
| 3.80%, 12/01/2057 |  | 255000 | &nbsp;&nbsp; 175536 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.57%, 07/16/2027<sup>(d)</sup> <br>|  | 281000 | &nbsp;&nbsp; 283555 |
| 5.17%, 07/16/2032<sup>(d)</sup> <br>|  | 764000 | &nbsp;&nbsp; 784264 |
| Telefonica Emisiones S.A. (Spain), <br> 5.21%, 03/08/2047<br>|  | 700000 | &nbsp;&nbsp; 618469 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 2.36%, 03/15/2032 |  | 3000 | &nbsp;&nbsp; 2645 |
| 4.75%, 01/15/2033 |  | 510000 | &nbsp;&nbsp; 509752 |
| 4.78%, 02/15/2035 |  | 1274000 | &nbsp;&nbsp; 1254803 |
| 3.40%, 03/22/2041 |  | 561000 | &nbsp;&nbsp; 439816 |
| 5.88%, 11/30/2055 |  | 262651 | &nbsp;&nbsp; 259680 |
|  |  |  | &nbsp;&nbsp; 5418977 |
| **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** |
| Electronic Arts, Inc., | Electronic Arts, Inc., |  |  |
| 4.80%, 03/01/2026 |  | 1290000 | &nbsp;&nbsp; 1290068 |
| 1.85%, 02/15/2031 |  | 3000 | &nbsp;&nbsp; 2886 |
| Take-Two Interactive Software, Inc., <br> 3.70%, 04/14/2027<br>|  | 357000 | &nbsp;&nbsp; 355723 |
|  |  |  | &nbsp;&nbsp; 1648677 |
| **Interactive Media & Services–0.65%** | **Interactive Media & Services–0.65%** | **Interactive Media & Services–0.65%** | **Interactive Media & Services–0.65%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| 3.88%, 11/15/2028 |  | 804000 | &nbsp;&nbsp; 808028 |
| 4.10%, 11/15/2030<sup>(c)</sup> <br>|  | 2005000 | &nbsp;&nbsp; 2011587 |
| 4.70%, 11/15/2035 |  | 672000 | &nbsp;&nbsp; 672428 |
| 5.25%, 05/15/2055 |  | 213000 | &nbsp;&nbsp; 204157 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 5.50%, 11/15/2045 |  | 2005000 | &nbsp;&nbsp; 1948107 |
| 4.65%, 08/15/2062 |  | 3000 | &nbsp;&nbsp; 2425 |
| 5.75%, 05/15/2063 |  | 16000 | &nbsp;&nbsp; 15386 |
| Snap, Inc., Conv., 0.50%, <br> 05/01/2030<br>|  | 3966000 | &nbsp;&nbsp; 3473224 |
|  |  |  | &nbsp;&nbsp; 9135342 |
| **Investment Banking & Brokerage–2.04%** | **Investment Banking & Brokerage–2.04%** | **Investment Banking & Brokerage–2.04%** | **Investment Banking & Brokerage–2.04%** |
| Blue Owl Technology Finance Corp., <br> 6.75%, 04/04/2029<br>|  | 327000 | &nbsp;&nbsp; 334585 |
| Brookfield Finance, Inc. (Canada), <br> 5.97%, 03/04/2054<br>|  | 47000 | &nbsp;&nbsp; 47555 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| 5.64%, 05/19/2029<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16616 |
| 5.85%, 05/19/2034<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 17147 |
| 6.14%, 08/24/2034<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 49072 |
| Series K, 5.00%<sup>(f)(g)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7050 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 4.55% (SOFR + 0.81%), <br> 03/09/2027<sup>(i)</sup> <br>|  | $12000 | &nbsp;&nbsp; $12015 |
| 4.85% (SOFR + 0.92%), <br> 10/21/2027<sup>(i)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15053 |
| 5.02%, 10/23/2035<sup>(f)</sup> <br>|  | 624000 | &nbsp;&nbsp; 627562 |
| 2.91%, 07/21/2042<sup>(f)</sup> <br>|  | 323000 | &nbsp;&nbsp; 237074 |
| Series W, 7.50%<sup>(c)(f)(g)</sup> <br>|  | 437000 | &nbsp;&nbsp; 465601 |
| GS Finance Corp., | GS Finance Corp., |  |  |
| Series 0003, Conv., <br>0.50%, 04/11/2028<sup>(d)</sup> <br>|  | 5859000 | &nbsp;&nbsp; 9397703 |
| 1.00%, 07/30/2029<sup>(d)</sup> <br>|  | 5873000 | &nbsp;&nbsp; 7071713 |
| 0.00%, 03/03/2032<sup>(e)</sup> <br>|  | 7584000 | &nbsp;&nbsp; 8041952 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5105 |
| 4.99%, 04/12/2029<sup>(f)</sup> <br>|  | 590000 | &nbsp;&nbsp; 601753 |
| 5.16%, 04/20/2029<sup>(f)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28640 |
| 5.45%, 07/20/2029<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12386 |
| 6.41%, 11/01/2029<sup>(f)</sup> <br>|  | 34000 | &nbsp;&nbsp; 36044 |
| 5.17%, 01/16/2030<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25679 |
| 5.25%, 04/21/2034<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29866 |
| 5.42%, 07/21/2034<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21854 |
| 5.47%, 01/18/2035<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25996 |
| 5.95%, 01/19/2038<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5263 |
| 5.94%, 02/07/2039<sup>(f)</sup> <br>|  | 105000 | &nbsp;&nbsp; 110406 |
| Series I, 4.36%, 10/22/2031<sup>(f)</sup> <br>|  | 1596000 | &nbsp;&nbsp; 1591102 |
|  |  |  | &nbsp;&nbsp; 28834792 |
| **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** |
| International Business Machines <br> Corp., 3.30%, 05/15/2026<br>|  | 1970000 | &nbsp;&nbsp; 1966807 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 58000 | &nbsp;&nbsp; 60072 |
| **Life & Health Insurance–0.72%** | **Life & Health Insurance–0.72%** | **Life & Health Insurance–0.72%** | **Life & Health Insurance–0.72%** |
| American National Group, Inc., <br> 5.00%, 06/15/2027<br>|  | 857000 | &nbsp;&nbsp; 863853 |
| Athene Global Funding, | Athene Global Funding, |  |  |
| 5.52%, 03/25/2027<sup>(d)</sup> <br>|  | 175000 | &nbsp;&nbsp; 177806 |
| 5.58%, 01/09/2029<sup>(d)</sup> <br>|  | 82000 | &nbsp;&nbsp; 84270 |
| Athene Holding Ltd., 6.25%, <br> 04/01/2054<br>|  | 79000 | &nbsp;&nbsp; 76920 |
| Brighthouse Financial, Inc., 3.85%, <br> 12/22/2051<br>|  | 1296000 | &nbsp;&nbsp; 780952 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.02% (SOFR + 1.30%), <br> 09/25/2026<sup>(d)(i)</sup> <br>|  | 223000 | &nbsp;&nbsp; 224504 |
| 5.90%, 09/19/2028<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24049 |
| 5.20%, 01/12/2029<sup>(d)</sup> <br>|  | 64000 | &nbsp;&nbsp; 65720 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(d)</sup> <br>|  | 2184000 | &nbsp;&nbsp; 2161985 |
| F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 10000 | &nbsp;&nbsp; 10475 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(d)</sup> <br>|  | 1378000 | &nbsp;&nbsp; 1417217 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(d)(j)</sup> <br>|  | 509000 | &nbsp;&nbsp; 472352 |
| Manulife Financial Corp. (Canada), <br> 4.06%, 02/24/2032<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2991 |

---

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

**11**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.00%, 07/15/2052 |  | $3000 | &nbsp;&nbsp; $2745 |
| 5.25%, 01/15/2054 |  | 11000 | &nbsp;&nbsp; 10480 |
| Nationwide Financial Services, Inc., <br> 5.30%, 11/18/2044<sup>(d)</sup> <br>|  | 440000 | &nbsp;&nbsp; 412527 |
| New York Life Global Funding, <br> 4.55%, 01/28/2033<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9972 |
| Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, |  |  |
| 5.07%, 03/25/2027<sup>(d)</sup> <br>|  | 164000 | &nbsp;&nbsp; 166414 |
| 4.35%, 09/15/2027<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3025 |
| 4.71%, 01/10/2029<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 172219 |
| Pacific Life Global Funding II, | Pacific Life Global Funding II, |  |  |
| 4.36% (SOFR + 0.62%), <br> 06/04/2026<sup>(d)(i)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9015 |
| 4.94% (SOFR + 1.05%), <br> 07/28/2026<sup>(d)(i)</sup> <br>|  | 138000 | &nbsp;&nbsp; 138641 |
| 5.50%, 08/28/2026<sup>(d)</sup> <br>|  | 1219000 | &nbsp;&nbsp; 1231791 |
| 4.90%, 01/11/2029<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 172827 |
| Principal Life Global Funding II, | Principal Life Global Funding II, |  |  |
| 5.00%, 01/16/2027<sup>(d)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46459 |
| 5.10%, 01/25/2029<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 216164 |
| Protective Life Global Funding, <br> 4.16%, 01/15/2029<sup>(c)(d)</sup> <br>|  | 1022000 | &nbsp;&nbsp; 1023838 |
| Prudential Financial, Inc., 3.91%, <br> 12/07/2047<br>|  | 141000 | &nbsp;&nbsp; 111176 |
| Reliance Standard Life Global <br> Funding II, 2.75%, <br> 01/21/2027<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3942 |
|  |  |  | &nbsp;&nbsp; 10094329 |
| **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** |
| Humana, Inc., 5.75%, 12/01/2028 |  | 20000 | &nbsp;&nbsp; 20803 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.25%, 02/15/2028 |  | 3000 | &nbsp;&nbsp; 3084 |
| 5.30%, 02/15/2030 |  | 3000 | &nbsp;&nbsp; 3129 |
| 5.35%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3127 |
| 4.50%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 2984 |
| 3.50%, 08/15/2039 |  | 559000 | &nbsp;&nbsp; 466725 |
| 5.05%, 04/15/2053 |  | 3000 | &nbsp;&nbsp; 2708 |
| 5.20%, 04/15/2063 |  | 3000 | &nbsp;&nbsp; 2688 |
|  |  |  | &nbsp;&nbsp; 505248 |
| **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** |
| A.P. Moller - Maersk A/S, 5.88%, <br> 09/14/2033<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 20229 |
| **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | 100000 | &nbsp;&nbsp; 103265 |
| 5.44%, 04/03/2034 |  | 102000 | &nbsp;&nbsp; 105646 |
| 5.78%, 04/03/2054 |  | 100000 | &nbsp;&nbsp; 100734 |
|  |  |  | &nbsp;&nbsp; 309645 |
| **Movies & Entertainment–0.20%** | **Movies & Entertainment–0.20%** | **Movies & Entertainment–0.20%** | **Movies & Entertainment–0.20%** |
| Liberty Media Corp.-Liberty Formula <br> One, Conv., 2.25%, <br> 08/15/2027<br>|  | 1938000 | &nbsp;&nbsp; 2456415 |
| TWDC Enterprises 18 Corp., 3.00%, <br> 02/13/2026<br>|  | 367000 | &nbsp;&nbsp; 366560 |
|  |  |  | &nbsp;&nbsp; 2822975 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | $38000 | &nbsp;&nbsp; $39667 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 58000 | &nbsp;&nbsp; 60235 |
|  |  |  | &nbsp;&nbsp; 99902 |
| **Multi-line Insurance–0.06%** | **Multi-line Insurance–0.06%** | **Multi-line Insurance–0.06%** | **Multi-line Insurance–0.06%** |
| Aon Corp./Aon Global Holdings PLC, <br> 5.35%, 02/28/2033<br>|  | 3000 | &nbsp;&nbsp; 3125 |
| Liberty Mutual Group, Inc., 3.95%, <br> 05/15/2060<sup>(d)</sup> <br>|  | 887000 | &nbsp;&nbsp; 617912 |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(d)</sup> <br>|  | 196000 | &nbsp;&nbsp; 201768 |
|  |  |  | &nbsp;&nbsp; 822805 |
| **Multi-Utilities–0.98%** | **Multi-Utilities–0.98%** | **Multi-Utilities–0.98%** | **Multi-Utilities–0.98%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 74000 | &nbsp;&nbsp; 74365 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 4000 | &nbsp;&nbsp; 4096 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 31000 | &nbsp;&nbsp; 33268 |
| CenterPoint Energy, Inc., Conv., <br> 3.00%, 08/01/2028<sup>(d)</sup> <br>|  | 7004000 | &nbsp;&nbsp; 7098204 |
| CMS Energy Corp., Conv., 3.13%, <br> 05/01/2031<sup>(d)</sup> <br>|  | 5011000 | &nbsp;&nbsp; 4958635 |
| Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>|  | 5000 | &nbsp;&nbsp; 5201 |
| DTE Electric Co., 5.20%, <br> 03/01/2034<br>|  | 39000 | &nbsp;&nbsp; 40322 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 4000 | &nbsp;&nbsp; 4104 |
| 5.40%, 06/30/2033 |  | 3000 | &nbsp;&nbsp; 3114 |
| 5.35%, 04/01/2034 |  | 89000 | &nbsp;&nbsp; 91967 |
| 4.38%, 05/15/2047 |  | 571000 | &nbsp;&nbsp; 475209 |
| 5.85%, 04/01/2055 |  | 290000 | &nbsp;&nbsp; 289315 |
| Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |  |  |
| 5.88%, 10/15/2028 |  | 44000 | &nbsp;&nbsp; 45974 |
| 6.13%, 10/15/2033 |  | 25000 | &nbsp;&nbsp; 26967 |
| Sempra, | Sempra, |  |  |
| 3.80%, 02/01/2038 |  | 559000 | &nbsp;&nbsp; 480870 |
| 6.88%, 10/01/2054<sup>(f)</sup> <br>|  | 131000 | &nbsp;&nbsp; 135140 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.15%, 10/01/2027 |  | 6000 | &nbsp;&nbsp; 6122 |
| 4.75%, 01/15/2028 |  | 5000 | &nbsp;&nbsp; 5079 |
| 1.80%, 10/15/2030 |  | 2000 | &nbsp;&nbsp; 1782 |
|  |  |  | &nbsp;&nbsp; 13779734 |
| **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** |
| Patterson-UTI Energy, Inc., 7.15%, <br> 10/01/2033<br>|  | 13000 | &nbsp;&nbsp; 13921 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22209 |
| **Oil & Gas Exploration & Production–0.24%** | **Oil & Gas Exploration & Production–0.24%** | **Oil & Gas Exploration & Production–0.24%** | **Oil & Gas Exploration & Production–0.24%** |
| Cameron LNG LLC, 3.70%, <br> 01/15/2039<sup>(d)</sup> <br>|  | 622000 | &nbsp;&nbsp; 531684 |
| ConocoPhillips Co., | ConocoPhillips Co., |  |  |
| 4.15%, 11/15/2034 |  | 230000 | &nbsp;&nbsp; 218941 |
| 5.70%, 09/15/2063 |  | 9000 | &nbsp;&nbsp; 8678 |

---

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

**12**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
| Diamondback Energy, Inc., 5.75%, <br> 04/18/2054<br>|  | $488000 | &nbsp;&nbsp; $461661 |
| EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 250000 | &nbsp;&nbsp; 252861 |
| Northern Oil and Gas, Inc., Conv., <br> 3.63%, 04/15/2029<br>|  | 2005000 | &nbsp;&nbsp; 1939336 |
|  |  |  | &nbsp;&nbsp; 3413161 |
| **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** |
| Phillips 66 Co., 5.30%, <br> 06/30/2033<br>|  | 11000 | &nbsp;&nbsp; 11349 |
| Valero Energy Corp., 4.00%, <br> 06/01/2052<sup>(c)</sup> <br>|  | 531000 | &nbsp;&nbsp; 393392 |
|  |  |  | &nbsp;&nbsp; 404741 |
| **Oil & Gas Storage & Transportation–0.55%** | **Oil & Gas Storage & Transportation–0.55%** | **Oil & Gas Storage & Transportation–0.55%** | **Oil & Gas Storage & Transportation–0.55%** |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 12000 | &nbsp;&nbsp; 12730 |
| Columbia Pipelines Holding Co. LLC, <br> 6.06%, 08/15/2026<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8076 |
| Enbridge, Inc. (Canada), 5.70%, <br> 03/08/2033<br>|  | 11000 | &nbsp;&nbsp; 11592 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.05%, 12/01/2026 |  | 44000 | &nbsp;&nbsp; 44720 |
| 5.20%, 04/01/2030 |  | 209000 | &nbsp;&nbsp; 215425 |
| 6.40%, 12/01/2030 |  | 448000 | &nbsp;&nbsp; 484117 |
| 5.75%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3154 |
| 6.55%, 12/01/2033 |  | 7000 | &nbsp;&nbsp; 7675 |
| 5.55%, 05/15/2034 |  | 36000 | &nbsp;&nbsp; 37049 |
| 4.90%, 03/15/2035 |  | 344000 | &nbsp;&nbsp; 335928 |
| 5.30%, 04/01/2044 |  | 587000 | &nbsp;&nbsp; 534381 |
| 5.00%, 05/15/2050 |  | 724000 | &nbsp;&nbsp; 606389 |
| 5.95%, 05/15/2054 |  | 28000 | &nbsp;&nbsp; 26590 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.60%, 01/15/2031 |  | 496000 | &nbsp;&nbsp; 502243 |
| 6.45%, 09/01/2040 |  | 23000 | &nbsp;&nbsp; 25672 |
| 4.25%, 02/15/2048 |  | 696000 | &nbsp;&nbsp; 572804 |
| GreenSaif Pipelines Bidco S.a.r.l. <br> (Saudi Arabia), 6.51%, <br> 02/23/2042<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218677 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, 07/23/2035<sup>(d)</sup> <br>|  | 336000 | &nbsp;&nbsp; 345207 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 172000 | &nbsp;&nbsp; 177913 |
| 4.80%, 02/01/2033 |  | 3000 | &nbsp;&nbsp; 3008 |
| 5.20%, 06/01/2033 |  | 9000 | &nbsp;&nbsp; 9264 |
| 5.30%, 12/01/2034 |  | 407000 | &nbsp;&nbsp; 415108 |
| MPLX L.P., | MPLX L.P., |  |  |
| 1.75%, 03/01/2026 |  | 990000 | &nbsp;&nbsp; 986164 |
| 5.00%, 03/01/2033 |  | 3000 | &nbsp;&nbsp; 3020 |
| 4.50%, 04/15/2038 |  | 810000 | &nbsp;&nbsp; 739053 |
| 4.95%, 03/14/2052 |  | 3000 | &nbsp;&nbsp; 2524 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.65%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3117 |
| 5.80%, 11/01/2030 |  | 23000 | &nbsp;&nbsp; 24256 |
| 6.10%, 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3218 |
| 6.05%, 09/01/2033 |  | 23000 | &nbsp;&nbsp; 24517 |
| 6.63%, 09/01/2053 |  | 34000 | &nbsp;&nbsp; 35644 |
| Southern Co. Gas Capital Corp., <br> 5.75%, 09/15/2033<br>|  | 9000 | &nbsp;&nbsp; 9545 |
| Spectra Energy Partners L.P., <br> 4.50%, 03/15/2045<br>|  | 488000 | &nbsp;&nbsp; 412737 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Targa Resources Corp., 5.20%, <br> 07/01/2027<br>|  | $3000 | &nbsp;&nbsp; $3051 |
| Texas Eastern Transmission L.P., <br> 7.00%, 07/15/2032<br>|  | 169000 | &nbsp;&nbsp; 190033 |
| Western Midstream Operating L.P., <br> 6.15%, 04/01/2033<br>|  | 8000 | &nbsp;&nbsp; 8489 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.40%, 03/02/2026 |  | 658000 | &nbsp;&nbsp; 659473 |
| 5.30%, 08/15/2028 |  | 40000 | &nbsp;&nbsp; 41190 |
| 5.65%, 03/15/2033 |  | 11000 | &nbsp;&nbsp; 11592 |
|  |  |  | &nbsp;&nbsp; 7755345 |
| **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** |
| EPR Properties, 4.75%, <br> 12/15/2026<br>|  | 1556000 | &nbsp;&nbsp; 1560869 |
| **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4138 |
| **Packaged Foods & Meats–0.14%** | **Packaged Foods & Meats–0.14%** | **Packaged Foods & Meats–0.14%** | **Packaged Foods & Meats–0.14%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| 5.30%, 03/20/2026 |  | 35000 | &nbsp;&nbsp; 35084 |
| 5.20%, 03/19/2027 |  | 48000 | &nbsp;&nbsp; 48643 |
| 5.20%, 03/21/2029 |  | 54000 | &nbsp;&nbsp; 55335 |
| 5.40%, 03/21/2034 |  | 72000 | &nbsp;&nbsp; 73357 |
| General Mills, Inc., 2.25%, <br> 10/14/2031<br>|  | 3000 | &nbsp;&nbsp; 2664 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 15000 | &nbsp;&nbsp; 16267 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.45%, 03/01/2027<sup>(c)(d)</sup> <br>|  | 596000 | &nbsp;&nbsp; 600449 |
| 4.55%, 04/20/2028<sup>(d)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21282 |
| 5.20%, 03/01/2035<sup>(d)</sup> <br>|  | 593000 | &nbsp;&nbsp; 609720 |
| 5.65%, 05/01/2045<sup>(d)</sup> <br>|  | 325000 | &nbsp;&nbsp; 327794 |
| 5.70%, 05/01/2055<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 216314 |
| McCormick & Co., Inc., 4.95%, <br> 04/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3047 |
|  |  |  | &nbsp;&nbsp; 2009956 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| International Paper Co., 6.00%, <br> 11/15/2041<br>|  | 223000 | &nbsp;&nbsp; 231889 |
| **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2014-1, Class A, 3.70%, <br> 04/01/2028<br>|  | 191022 | &nbsp;&nbsp; 190337 |
| Series 2021-1, Class B, 3.95%, <br> 07/11/2030<br>|  | 29200 | &nbsp;&nbsp; 28209 |
| Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 2518 | &nbsp;&nbsp; 2306 |
| 4.90%, 05/11/2038 |  | 222000 | &nbsp;&nbsp; 221041 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(d)</sup> <br>|  | 247000 | &nbsp;&nbsp; 249138 |
| 5.31%, 10/20/2031<sup>(d)</sup> <br>|  | 283000 | &nbsp;&nbsp; 285652 |
| British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(d)</sup> <br>|  | 9584 | &nbsp;&nbsp; 8782 |
| Delta Air Lines, Inc., 4.95%, <br> 07/10/2028<sup>(c)</sup> <br>|  | 649000 | &nbsp;&nbsp; 660841 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., <br> 4.75%, 10/20/2028<sup>(d)</sup> <br>|  | 10309 | &nbsp;&nbsp; 10373 |

---

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

**13**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2014-2, Class A, 3.75%, <br> 09/03/2026<br>|  | $234681 | &nbsp;&nbsp; $234479 |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 1700 | &nbsp;&nbsp; 1745 |
| Series 2018-1, Class AA, 3.50%, <br> 03/01/2030<br>|  | 333105 | &nbsp;&nbsp; 322331 |
|  |  |  | &nbsp;&nbsp; 2215234 |
| **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** |
| Uber Technologies, Inc., 4.80%, <br> 09/15/2035<br>|  | 267000 | &nbsp;&nbsp; 265758 |
| **Personal Care Products–0.00%** | **Personal Care Products–0.00%** | **Personal Care Products–0.00%** | **Personal Care Products–0.00%** |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| 5.05%, 03/22/2028 |  | 3000 | &nbsp;&nbsp; 3066 |
| 5.00%, 03/22/2030 |  | 11000 | &nbsp;&nbsp; 11348 |
| 4.90%, 03/22/2033 |  | 15000 | &nbsp;&nbsp; 15312 |
| 5.10%, 03/22/2043 |  | 3000 | &nbsp;&nbsp; 2890 |
| 5.20%, 03/22/2063 |  | 3000 | &nbsp;&nbsp; 2732 |
|  |  |  | &nbsp;&nbsp; 35348 |
| **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.80%, 02/26/2027 |  | 207000 | &nbsp;&nbsp; 209358 |
| 4.85%, 02/26/2029 |  | 53000 | &nbsp;&nbsp; 54424 |
| 4.90%, 02/26/2031 |  | 96000 | &nbsp;&nbsp; 99392 |
| Bayer US Finance II LLC (Germany), <br> 4.38%, 12/15/2028<sup>(d)</sup> <br>|  | 985000 | &nbsp;&nbsp; 986261 |
| Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), |  |  |
| 6.25%, 01/21/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210476 |
| 6.38%, 11/21/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 213907 |
| 6.50%, 11/21/2033<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 216590 |
| 6.88%, 11/21/2053<sup>(d)</sup> <br>|  | 274000 | &nbsp;&nbsp; 296918 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 5.75%, 02/01/2031 |  | 37000 | &nbsp;&nbsp; 39588 |
| 5.90%, 11/15/2033 |  | 11000 | &nbsp;&nbsp; 12026 |
| 4.13%, 06/15/2039<sup>(c)</sup> <br>|  | 621000 | &nbsp;&nbsp; 564294 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.50%, 02/09/2027 |  | 236000 | &nbsp;&nbsp; 238040 |
| 4.70%, 02/27/2033 |  | 6000 | &nbsp;&nbsp; 6127 |
| 4.70%, 02/09/2034 |  | 170000 | &nbsp;&nbsp; 172411 |
| 4.88%, 02/27/2053 |  | 6000 | &nbsp;&nbsp; 5486 |
| 5.00%, 02/09/2054 |  | 53000 | &nbsp;&nbsp; 49563 |
| 4.95%, 02/27/2063 |  | 3000 | &nbsp;&nbsp; 2708 |
| 5.10%, 02/09/2064 |  | 63000 | &nbsp;&nbsp; 58066 |
| GlaxoSmithKline Capital, Inc. (United <br> Kingdom), 6.38%, 05/15/2038<br>|  | 64000 | &nbsp;&nbsp; 71914 |
| Haleon US Capital LLC, 4.00%, <br> 03/24/2052<br>|  | 315000 | &nbsp;&nbsp; 248491 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.90%, 05/17/2044 |  | 24000 | &nbsp;&nbsp; 22599 |
| 5.00%, 05/17/2053 |  | 3000 | &nbsp;&nbsp; 2758 |
| 5.15%, 05/17/2063 |  | 3000 | &nbsp;&nbsp; 2759 |
| Pfizer Investment Enterprises Pte. <br> Ltd., 4.75%, 05/19/2033<br>|  | 17000 | &nbsp;&nbsp; 17185 |
| Takeda Pharmaceutical Co. Ltd. <br> (Japan), 5.00%, 11/26/2028<br>|  | 160000 | &nbsp;&nbsp; 163774 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Zoetis, Inc., | Zoetis, Inc., |  |  |
| Conv., 0.25%, 06/15/2029<sup>(d)</sup> <br>|  | $2730000 | &nbsp;&nbsp; $2818725 |
| 4.70%, 02/01/2043 |  | 333000 | &nbsp;&nbsp; 305825 |
|  |  |  | &nbsp;&nbsp; 7089665 |
| **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** |
| Allstate Corp. (The), 3.28%, <br> 12/15/2026<br>|  | 302000 | &nbsp;&nbsp; 300490 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.35%, 03/22/2054<br>|  | 86000 | &nbsp;&nbsp; 89399 |
| Markel Group, Inc., | Markel Group, Inc., |  |  |
| 5.00%, 03/30/2043 |  | 351000 | &nbsp;&nbsp; 320211 |
| 5.00%, 05/20/2049 |  | 497000 | &nbsp;&nbsp; 441191 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 4.60%, 08/01/2043 |  | 605000 | &nbsp;&nbsp; 545159 |
| 5.45%, 05/25/2053 |  | 3000 | &nbsp;&nbsp; 2958 |
|  |  |  | &nbsp;&nbsp; 1699408 |
| **Rail Transportation–0.19%** | **Rail Transportation–0.19%** | **Rail Transportation–0.19%** | **Rail Transportation–0.19%** |
| Canadian Pacific Railway Co. <br> (Canada), 3.00%, 12/02/2041<br>|  | 399000 | &nbsp;&nbsp; 299299 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | 11000 | &nbsp;&nbsp; 11408 |
| 5.55%, 03/15/2034 |  | 22000 | &nbsp;&nbsp; 23222 |
| 3.40%, 11/01/2049 |  | 461000 | &nbsp;&nbsp; 327640 |
| 5.35%, 08/01/2054<sup>(c)</sup> <br>|  | 485000 | &nbsp;&nbsp; 463634 |
| 5.95%, 03/15/2064 |  | 26000 | &nbsp;&nbsp; 26780 |
| Union Pacific Corp., | Union Pacific Corp., |  |  |
| 2.15%, 02/05/2027 |  | 4000 | &nbsp;&nbsp; 3930 |
| 4.50%, 01/20/2033 |  | 5000 | &nbsp;&nbsp; 5052 |
| 3.20%, 05/20/2041 |  | 1018000 | &nbsp;&nbsp; 800840 |
| 4.15%, 01/15/2045 |  | 426000 | &nbsp;&nbsp; 341711 |
| 3.84%, 03/20/2060 |  | 519000 | &nbsp;&nbsp; 375741 |
| 5.15%, 01/20/2063 |  | 7000 | &nbsp;&nbsp; 6437 |
|  |  |  | &nbsp;&nbsp; 2685694 |
| **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** |
| Essential Properties L.P., 2.95%, <br> 07/15/2031<br>|  | 3000 | &nbsp;&nbsp; 2744 |
| **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** |
| Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |  |  |
| 3.25%, 04/30/2030 |  | 3000 | &nbsp;&nbsp; 2867 |
| 2.64%, 09/30/2032 |  | 3000 | &nbsp;&nbsp; 2592 |
| 6.65%, 04/25/2035<sup>(f)</sup> <br>|  | 295000 | &nbsp;&nbsp; 324491 |
| 5.64%, 05/21/2037<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3053 |
| M&T Bank Corp., 5.05%, <br> 01/27/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3020 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| 6.05%, 06/08/2027<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19156 |
| 4.87%, 01/26/2029<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3049 |
| 7.16%, 10/30/2029<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24816 |
| 5.44%, 01/24/2030<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26922 |
| 4.92%, 07/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3018 |
| 6.12%, 10/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3249 |
| 5.87%, 06/08/2034<sup>(f)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15966 |
|  |  |  | &nbsp;&nbsp; 432199 |
| **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** |
| Berkshire Hathaway Finance Corp., <br> 2.85%, 10/15/2050<br>|  | 3000 | &nbsp;&nbsp; 1936 |

---

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

**14**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Reinsurance–(continued)** | **Reinsurance–(continued)** | **Reinsurance–(continued)** | **Reinsurance–(continued)** |
| Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(d)</sup> <br>|  | $398000 | &nbsp;&nbsp; $406954 |
| PartnerRe Finance B LLC, 3.70%, <br> 07/02/2029<br>|  | 500000 | &nbsp;&nbsp; 488503 |
| Swiss Re Subordinated Finance PLC <br> (United Kingdom), 5.70%, <br> 04/05/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208201 |
|  |  |  | &nbsp;&nbsp; 1105594 |
| **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** |
| NSTAR Electric Co., 4.55%, <br> 06/01/2052<br>|  | 3000 | &nbsp;&nbsp; 2557 |
| **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** |
| Verisk Analytics, Inc., 4.50%, <br> 08/15/2030<br>|  | 112000 | &nbsp;&nbsp; 112898 |
| **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 59000 | &nbsp;&nbsp; 60260 |
| 4.95%, 08/14/2033 |  | 43000 | &nbsp;&nbsp; 44394 |
| 5.15%, 09/09/2052 |  | 5000 | &nbsp;&nbsp; 4644 |
| 5.45%, 08/14/2053 |  | 14000 | &nbsp;&nbsp; 13604 |
| Starbucks Corp., 3.55%, <br> 08/15/2029<sup>(c)</sup> <br>|  | 705000 | &nbsp;&nbsp; 692685 |
|  |  |  | &nbsp;&nbsp; 815587 |
| **Retail REITs–0.54%** | **Retail REITs–0.54%** | **Retail REITs–0.54%** | **Retail REITs–0.54%** |
| Agree L.P., 2.00%, 06/15/2028 |  | 3000 | &nbsp;&nbsp; 2861 |
| Brixmor Operating Partnership L.P., <br> 5.50%, 02/15/2034<sup>(c)</sup> <br>|  | 948000 | &nbsp;&nbsp; 979541 |
| Federal Realty OP L.P., Conv., <br> 3.25%, 01/15/2029<sup>(d)</sup> <br>|  | 4235000 | &nbsp;&nbsp; 4285820 |
| Kimco Realty OP LLC, 3.20%, <br> 04/01/2032<br>|  | 1500000 | &nbsp;&nbsp; 1393210 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 6000 | &nbsp;&nbsp; 6285 |
| 3.50%, 04/15/2051 |  | 3000 | &nbsp;&nbsp; 2125 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 3.20%, 01/15/2027 |  | 3000 | &nbsp;&nbsp; 2977 |
| 5.63%, 10/13/2032 |  | 3000 | &nbsp;&nbsp; 3182 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 2.95%, 09/15/2029 |  | 753000 | &nbsp;&nbsp; 723376 |
| 5.25%, 01/15/2034 |  | 26000 | &nbsp;&nbsp; 26743 |
| 4.65%, 03/15/2049 |  | 256000 | &nbsp;&nbsp; 223550 |
|  |  |  | &nbsp;&nbsp; 7649670 |
| **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 3.50%, 07/01/2026 |  | 404000 | &nbsp;&nbsp; 402868 |
| 5.70%, 04/01/2028 |  | 371000 | &nbsp;&nbsp; 383420 |
| 5.40%, 02/01/2034 |  | 55000 | &nbsp;&nbsp; 56578 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | 13000 | &nbsp;&nbsp; 13321 |
| 4.63%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 3029 |
| 4.75%, 06/15/2033 |  | 21000 | &nbsp;&nbsp; 21210 |
| 5.13%, 01/15/2034 |  | 11000 | &nbsp;&nbsp; 11313 |
| 5.00%, 03/15/2034 |  | 129000 | &nbsp;&nbsp; 131600 |
| 5.25%, 06/15/2053 |  | 25000 | &nbsp;&nbsp; 23856 |
| 5.25%, 03/15/2054 |  | 36000 | &nbsp;&nbsp; 34231 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** |
| Public Storage Operating Co., | Public Storage Operating Co., |  |  |
| 5.13%, 01/15/2029 |  | $4000 | &nbsp;&nbsp; $4136 |
| 5.10%, 08/01/2033 |  | 23000 | &nbsp;&nbsp; 23815 |
| 5.35%, 08/01/2053 |  | 13000 | &nbsp;&nbsp; 12628 |
|  |  |  | &nbsp;&nbsp; 1122005 |
| **Semiconductor Materials & Equipment–0.68%** | **Semiconductor Materials & Equipment–0.68%** | **Semiconductor Materials & Equipment–0.68%** | **Semiconductor Materials & Equipment–0.68%** |
| MKS, Inc., Conv., 1.25%, <br> 06/01/2030<br>|  | 7515000 | &nbsp;&nbsp; 9604170 |
| **Semiconductors–1.19%** | **Semiconductors–1.19%** | **Semiconductors–1.19%** | **Semiconductors–1.19%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 3.47%, 04/15/2034 |  | 640000 | &nbsp;&nbsp; 583785 |
| 5.20%, 07/15/2035 |  | 1083000 | &nbsp;&nbsp; 1110012 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.88%, 01/25/2034<sup>(d)</sup> <br>|  | 272000 | &nbsp;&nbsp; 279590 |
| 6.20%, 01/25/2037<sup>(d)</sup> <br>|  | 918000 | &nbsp;&nbsp; 965779 |
| Marvell Technology, Inc., 2.45%, <br> 04/15/2028<br>|  | 1210000 | &nbsp;&nbsp; 1166174 |
| Microchip Technology, Inc., Conv., <br> 0.75%, 06/01/2027<sup>(h)</sup> <br>|  | 10998000 | &nbsp;&nbsp; 10806635 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 4.66%, 02/15/2030<sup>(c)</sup> <br>|  | 680000 | &nbsp;&nbsp; 688091 |
| 5.30%, 01/15/2031 |  | 34000 | &nbsp;&nbsp; 35256 |
| 5.65%, 11/01/2032 |  | 269000 | &nbsp;&nbsp; 282950 |
| 3.37%, 11/01/2041 |  | 179000 | &nbsp;&nbsp; 137310 |
| NXP B.V./NXP Funding LLC <br> (Netherlands), 5.35%, <br> 03/01/2026<br>|  | 676000 | &nbsp;&nbsp; 676051 |
| Skyworks Solutions, Inc., | Skyworks Solutions, Inc., |  |  |
| 1.80%, 06/01/2026 |  | 2000 | &nbsp;&nbsp; 1978 |
| 3.00%, 06/01/2031 |  | 3000 | &nbsp;&nbsp; 2723 |
|  |  |  | &nbsp;&nbsp; 16736334 |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| Sun Communities Operating L.P., <br> 2.70%, 07/15/2031<br>|  | 3000 | &nbsp;&nbsp; 2728 |
| **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** |
| Blackstone Holdings Finance Co. LLC, <br> 1.60%, 03/30/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2617 |
| State Street Bank and Trust Co., <br> 4.59%, 11/25/2026<sup>(c)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1128629 |
|  |  |  | &nbsp;&nbsp; 1131246 |
| **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** |
| Sherwin-Williams Co. (The), 4.50%, <br> 06/01/2047<br>|  | 159000 | &nbsp;&nbsp; 136030 |
| **Systems Software–0.35%** | **Systems Software–0.35%** | **Systems Software–0.35%** | **Systems Software–0.35%** |
| Microsoft Corp., 3.50%, <br> 02/12/2035<sup>(c)</sup> <br>|  | 404000 | &nbsp;&nbsp; 380987 |
| Nebius Group N.V. (Netherlands), <br> Conv., 2.75%, 09/15/2032<sup>(d)</sup> <br>|  | 2109000 | &nbsp;&nbsp; 2023585 |
| Oracle Corp., | Oracle Corp., |  |  |
| 4.80%, 09/26/2032 |  | 773000 | &nbsp;&nbsp; 746483 |
| 6.25%, 11/09/2032 |  | 9000 | &nbsp;&nbsp; 9387 |
| 4.90%, 02/06/2033 |  | 11000 | &nbsp;&nbsp; 10589 |
| 3.60%, 04/01/2040 |  | 965000 | &nbsp;&nbsp; 716289 |
| 6.90%, 11/09/2052 |  | 4000 | &nbsp;&nbsp; 3955 |

---

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

**15**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| VMware LLC, | VMware LLC, |  |  |
| 1.40%, 08/15/2026 |  | $995000 | &nbsp;&nbsp; $980555 |
| 3.90%, 08/21/2027 |  | 2000 | &nbsp;&nbsp; 2002 |
|  |  |  | &nbsp;&nbsp; 4873832 |
| **Technology Distributors–0.05%** | **Technology Distributors–0.05%** | **Technology Distributors–0.05%** | **Technology Distributors–0.05%** |
| Avnet, Inc., 4.63%, 04/15/2026 |  | 671000 | &nbsp;&nbsp; 670777 |
| **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** |
| Apple, Inc., | Apple, Inc., |  |  |
| 3.35%, 02/09/2027 |  | 315000 | &nbsp;&nbsp; 314115 |
| 4.20%, 05/12/2030 |  | 1510000 | &nbsp;&nbsp; 1529308 |
|  |  |  | &nbsp;&nbsp; 1843423 |
| **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** |
| American Tower Corp., 1.60%, <br> 04/15/2026<br>|  | 852000 | &nbsp;&nbsp; 846326 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| 2.50%, 07/15/2031 |  | 1413000 | &nbsp;&nbsp; 1264180 |
| 4.75%, 05/15/2047 |  | 46000 | &nbsp;&nbsp; 39988 |
|  |  |  | &nbsp;&nbsp; 2150494 |
| **Tobacco–0.23%** | **Tobacco–0.23%** | **Tobacco–0.23%** | **Tobacco–0.23%** |
| Altria Group, Inc., 5.80%, <br> 02/14/2039<br>|  | 1124000 | &nbsp;&nbsp; 1159742 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 69000 | &nbsp;&nbsp; 73276 |
| 6.00%, 02/20/2034 |  | 18000 | &nbsp;&nbsp; 19280 |
| 7.08%, 08/02/2043 |  | 3000 | &nbsp;&nbsp; 3383 |
| 7.08%, 08/02/2053 |  | 3000 | &nbsp;&nbsp; 3405 |
| B.A.T. International Finance PLC <br> (United Kingdom), 1.67%, <br> 03/25/2026<br>|  | 1235000 | &nbsp;&nbsp; 1228288 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.75%, 02/12/2027 |  | 172000 | &nbsp;&nbsp; 173742 |
| 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3067 |
| 4.88%, 02/15/2028 |  | 32000 | &nbsp;&nbsp; 32643 |
| 5.25%, 09/07/2028 |  | 35000 | &nbsp;&nbsp; 36173 |
| 4.88%, 02/13/2029 |  | 144000 | &nbsp;&nbsp; 147440 |
| 5.13%, 02/13/2031 |  | 35000 | &nbsp;&nbsp; 36287 |
| 5.63%, 09/07/2033 |  | 26000 | &nbsp;&nbsp; 27623 |
| 5.25%, 02/13/2034 |  | 69000 | &nbsp;&nbsp; 71344 |
| 4.88%, 11/15/2043 |  | 300000 | &nbsp;&nbsp; 276959 |
|  |  |  | &nbsp;&nbsp; 3292652 |
| **Transaction & Payment Processing Services–0.66%** | **Transaction & Payment Processing Services–0.66%** | **Transaction & Payment Processing Services–0.66%** | **Transaction & Payment Processing Services–0.66%** |
| Fidelity National Information <br> Services, Inc., 1.15%, <br> 03/01/2026<br>|  | 1450000 | &nbsp;&nbsp; 1443066 |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | 48000 | &nbsp;&nbsp; 49259 |
| 4.55%, 02/15/2031 |  | 371000 | &nbsp;&nbsp; 367413 |
| 5.63%, 08/21/2033 |  | 25000 | &nbsp;&nbsp; 25788 |
| Global Payments, Inc., Conv., <br> 1.50%, 03/01/2031<br>|  | 8191000 | &nbsp;&nbsp; 7367805 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 20000 | &nbsp;&nbsp; 20573 |
|  |  |  | &nbsp;&nbsp; 9273904 |
| **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** |
| America Movil S.A.B. de C.V. <br> (Mexico), 4.38%, 07/16/2042<br>|  | 600000 | &nbsp;&nbsp; 523089 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 2.70%, 03/15/2032 |  | $1074000 | &nbsp;&nbsp; $965924 |
| 3.40%, 10/15/2052 |  | 750000 | &nbsp;&nbsp; 504681 |
| 5.65%, 01/15/2053 |  | 9000 | &nbsp;&nbsp; 8713 |
| 6.00%, 06/15/2054 |  | 301000 | &nbsp;&nbsp; 307566 |
| 5.88%, 11/15/2055<sup>(c)</sup> <br>|  | 496000 | &nbsp;&nbsp; 497604 |
|  |  |  | &nbsp;&nbsp; 2807577 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $330,991,675) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $330,991,675) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $330,991,675) | &nbsp;&nbsp; 336576586 |
| **U.S. Treasury Securities–7.44%** | **U.S. Treasury Securities–7.44%** | **U.S. Treasury Securities–7.44%** | **U.S. Treasury Securities–7.44%** |
| **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** |
| 4.10% - 4.11%, <br> 05/14/2026<sup>(k)(l)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34555 |
| **U.S. Treasury Bonds–1.45%** | **U.S. Treasury Bonds–1.45%** | **U.S. Treasury Bonds–1.45%** | **U.S. Treasury Bonds–1.45%** |
| 4.50%, 02/15/2036 |  | 2636800 | &nbsp;&nbsp; 2722805 |
| 4.50%, 08/15/2039 |  | 36400 | &nbsp;&nbsp; 36480 |
| 4.38%, 05/15/2040 |  | 72800 | &nbsp;&nbsp; 71594 |
| 4.63%, 11/15/2045 |  | 11826500 | &nbsp;&nbsp; 11558556 |
| 4.75%, 08/15/2055 |  | 6171300 | &nbsp;&nbsp; 6069088 |
|  |  |  | &nbsp;&nbsp; 20458523 |
| **U.S. Treasury Notes–5.99%** | **U.S. Treasury Notes–5.99%** | **U.S. Treasury Notes–5.99%** | **U.S. Treasury Notes–5.99%** |
| 4.63%, 02/28/2026 |  | 55000 | &nbsp;&nbsp; 55074 |
| 3.38%, 12/31/2027 |  | 28457600 | &nbsp;&nbsp; 28402575 |
| 3.50%, 12/15/2028 |  | 20142300 | &nbsp;&nbsp; 20119482 |
| 3.63%, 12/31/2030 |  | 8587000 | &nbsp;&nbsp; 8546413 |
| 4.25%, 02/28/2031 |  | 28000 | &nbsp;&nbsp; 28648 |
| 3.88%, 12/31/2032 |  | 18248100 | &nbsp;&nbsp; 18169690 |
| 4.00%, 11/15/2035 |  | 9249900 | &nbsp;&nbsp; 9117655 |
|  |  |  | &nbsp;&nbsp; 84439537 |
| Total U.S. Treasury Securities <br> (Cost $106,041,919) | Total U.S. Treasury Securities <br> (Cost $106,041,919) | Total U.S. Treasury Securities <br> (Cost $106,041,919) | &nbsp;&nbsp; 104932615 |
| **Asset-Backed Securities–0.82%** | **Asset-Backed Securities–0.82%** | **Asset-Backed Securities–0.82%** | **Asset-Backed Securities–0.82%** |
| AGL CLO 29 Ltd., Series 2024-29A, <br> Class A1, 5.44% (3 mo. Term <br> SOFR + 1.57%), <br> 04/21/2037<sup>(d)(i)</sup> <br>|  | 533000 | &nbsp;&nbsp; 534004 |
| Alternative Loan Trust, <br> Series 2005-29CB, Class A4, <br> 5.00%, 07/25/2035<br>|  | 61695 | &nbsp;&nbsp; 32844 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(d)</sup> <br>|  | 235000 | &nbsp;&nbsp; 229424 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(d)(m)</sup> <br>|  | 11105 | &nbsp;&nbsp; 10881 |
| Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(d)(m)</sup> <br>|  | 50287 | &nbsp;&nbsp; 48150 |
| Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(d)(m)</sup> <br>|  | 36386 | &nbsp;&nbsp; 31692 |
| Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(d)(m)</sup> <br>|  | 95565 | &nbsp;&nbsp; 83728 |
| Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(d)</sup> <br>|  | 173941 | &nbsp;&nbsp; 165229 |
| Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(d)(m)</sup> <br>|  | 61697 | &nbsp;&nbsp; 62219 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(d)(m)</sup> <br>|  | 235473 | &nbsp;&nbsp; 237652 |

---

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

**16**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Avis Budget Rental Car Funding (AESOP) <br> LLC, | Avis Budget Rental Car Funding (AESOP) <br> LLC, |  |  |
| Series 2022-1A, Class A, 3.83%, <br> 08/21/2028<sup>(d)</sup> <br>|  | $415000 | &nbsp;&nbsp; $413615 |
| Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102245 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 298677 |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | 14757 | &nbsp;&nbsp; 12901 |
| Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(m)</sup> <br>|  | 3542 | &nbsp;&nbsp; 3095 |
| Banc of America Mortgage Trust, <br> Series 2004-E, Class 2A6, <br> 5.64%, 06/25/2034<sup>(m)</sup> <br>|  | 9124 | &nbsp;&nbsp; 8750 |
| Bank, Series 2019-BNK16, Class XA, <br> IO, 0.93%, 02/15/2052<sup>(n)</sup> <br>|  | 1359391 | &nbsp;&nbsp; 30010 |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 159582 | &nbsp;&nbsp; 139554 |
| Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 159582 | &nbsp;&nbsp; 133474 |
| Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 138110 | &nbsp;&nbsp; 124615 |
| Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(d)(m)</sup> <br>|  | 164094 | &nbsp;&nbsp; 143602 |
| Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(d)(m)</sup> <br>|  | 200228 | &nbsp;&nbsp; 167720 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, | Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| Series 2005-9, Class A1, 0.76% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.30%), 10/25/2035<sup>(i)</sup> <br>|  | 61045 | &nbsp;&nbsp; 59170 |
| Series 2006-1, Class A1, 0.65% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.25%), 02/25/2036<sup>(i)</sup> <br>|  | 21453 | &nbsp;&nbsp; 20816 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.52%, 01/15/2051<sup>(n)</sup> <br>|  | 1368897 | &nbsp;&nbsp; 13522 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(d)(m)</sup> <br>|  | 12278 | &nbsp;&nbsp; 12030 |
| BX Commercial Mortgage Trust, <br> Series 2021-ACNT, Class A, <br> 4.71% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(d)(i)</sup> <br>|  | 85818 | &nbsp;&nbsp; 85785 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 4.75% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 185000 | &nbsp;&nbsp; 184978 |
| Series 2022-LBA6, Class B, <br> 5.05% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110003 |
| Series 2022-LBA6, Class C, <br> 5.35% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100017 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 0.89%, <br> 11/13/2050<sup>(n)</sup> <br>|  | 614376 | &nbsp;&nbsp; 7086 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(d)(m)</sup> <br>|  | 2926 | &nbsp;&nbsp; 2794 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.76%, 01/25/2036<sup>(m)</sup> <br>|  | 26221 | &nbsp;&nbsp; 24320 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, Class XA, <br> IO, 0.98%, 10/12/2050<sup>(n)</sup> <br>|  | $1749316 | &nbsp;&nbsp; $24035 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(i)</sup> <br>|  | 49059 | &nbsp;&nbsp; 47676 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(d)(m)</sup> <br>|  | 159850 | &nbsp;&nbsp; 133897 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(d)(m)</sup> <br>|  | 95279 | &nbsp;&nbsp; 86426 |
| Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(d)</sup> <br>|  | 104123 | &nbsp;&nbsp; 100192 |
| Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(d)(m)</sup> <br>|  | 170224 | &nbsp;&nbsp; 167687 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 20370 | &nbsp;&nbsp; 11861 |
| Series 2006-6, Class A3, 6.00%, <br> 04/25/2036<br>|  | 16138 | &nbsp;&nbsp; 7851 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(d)(m)</sup> <br>|  | 21334 | &nbsp;&nbsp; 19503 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(d)(m)</sup> <br>|  | 32879 | &nbsp;&nbsp; 29610 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(d)(m)</sup> <br>|  | 104811 | &nbsp;&nbsp; 102516 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(d)(m)</sup> <br>|  | 100000 | &nbsp;&nbsp; 93518 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(d)(m)</sup> <br>|  | 170716 | &nbsp;&nbsp; 170278 |
| Cross Mortgage Trust, <br> Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(d)(m)</sup> <br>|  | 102112 | &nbsp;&nbsp; 103156 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 571000 | &nbsp;&nbsp; 522283 |
| CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | 77868 | &nbsp;&nbsp; 33963 |
| DLLST LLC, Series 2024-1A, <br> Class A3, 5.05%, <br> 08/20/2027<sup>(d)</sup> <br>|  | 125677 | &nbsp;&nbsp; 126249 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(d)(m)</sup> <br>|  | 23208 | &nbsp;&nbsp; 20392 |
| Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(d)(m)</sup> <br>|  | 94774 | &nbsp;&nbsp; 83470 |
| Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(d)</sup> <br>|  | 173556 | &nbsp;&nbsp; 173129 |
| Empower CLO Ltd., Series 2024-1A, <br> Class A1, 5.46% (3 mo. Term <br> SOFR + 1.60%), <br> 04/25/2037<sup>(d)(i)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250685 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-<br> FA8, Class 1A6, 4.50% (1 mo. <br> Term SOFR + 0.76%), <br> 11/25/2035<sup>(i)</sup> <br>|  | 32712 | &nbsp;&nbsp; 12245 |

---

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

**17**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(d)(m)</sup> <br>|  | $230408 | &nbsp;&nbsp; $207621 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(d)(m)</sup> <br>|  | 59963 | &nbsp;&nbsp; 54385 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, <br> 08/20/2053<sup>(d)</sup> <br>|  | 266934 | &nbsp;&nbsp; 269462 |
| GS Mortgage Securities Trust, <br> Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 225000 | &nbsp;&nbsp; 207192 |
| GS Mortgage-Backed Securities <br> Trust, Series 2021-INV1, <br> Class A6, 2.50%, <br> 12/25/2051<sup>(d)(m)</sup> <br>|  | 126733 | &nbsp;&nbsp; 114233 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.00%, 07/25/2035<sup>(m)</sup> <br>|  | 1404 | &nbsp;&nbsp; 1352 |
| Hertz Vehicle Financing III L.P., <br> Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(d)</sup> <br>|  | 113000 | &nbsp;&nbsp; 110900 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(m)</sup> <br>|  | 9874 | &nbsp;&nbsp; 9835 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(d)(m)</sup> <br>|  | 174642 | &nbsp;&nbsp; 149779 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(d)(m)</sup> <br>|  | 159480 | &nbsp;&nbsp; 161043 |
| JPMBB Commercial Mortgage Securities <br> Trust, | JPMBB Commercial Mortgage Securities <br> Trust, |  |  |
| Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(m)</sup> <br>|  | 270000 | &nbsp;&nbsp; 257840 |
| Series 2014-C25, Class AS, <br> 4.07%, 11/15/2047<br>|  | 105000 | &nbsp;&nbsp; 102198 |
| Series 2015-C27, Class XA, IO, <br> 0.70%, 02/15/2048<sup>(n)</sup> <br>|  | 256193 | &nbsp;&nbsp; 3 |
| Life Mortgage Trust, Series 2021-<br> BMR, Class C, 4.96% (1 mo. Term <br> SOFR + 1.21%), <br> 03/15/2038<sup>(d)(i)</sup> <br>|  | 11214 | &nbsp;&nbsp; 11168 |
| Madison Park Funding XXXIII Ltd., <br> Series 2019-33A, Class AR, <br> 5.19% (3 mo. Term SOFR + <br> 1.29%), 10/15/2032<sup>(d)(i)</sup> <br>|  | 245662 | &nbsp;&nbsp; 245883 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, <br> Class 2A2, 6.29%, <br> 04/21/2034<sup>(m)</sup> <br>|  | 5269 | &nbsp;&nbsp; 5242 |
| Mello Mortgage Capital Acceptance <br> Trust, | Mello Mortgage Capital Acceptance <br> Trust, |  |  |
| Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(d)(m)</sup> <br>|  | 97228 | &nbsp;&nbsp; 87572 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(d)(m)</sup> <br>|  | 97826 | &nbsp;&nbsp; 87932 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(d)(m)</sup> <br>|  | 105493 | &nbsp;&nbsp; 97216 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 4.57% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(d)(i)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104907 |
| Series 2021-STOR, Class B, <br> 4.77% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(d)(i)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104882 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(n)</sup> <br>|  | 601300 | &nbsp;&nbsp; 7978 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Morgan Stanley Re-REMIC Trust, <br> Series 2012-R3, Class 1B, <br> 6.00%, 11/26/2036<sup>(d)(m)</sup> <br>|  | $92614 | &nbsp;&nbsp; $82630 |
| New Residential Mortgage Loan <br> Trust, Series 2022-NQM2, <br> Class A1, 3.08%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 116366 | &nbsp;&nbsp; 110796 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(d)(m)</sup> <br>|  | 149719 | &nbsp;&nbsp; 129488 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(d)(m)</sup> <br>|  | 121818 | &nbsp;&nbsp; 110512 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(d)</sup> <br>|  | 110000 | &nbsp;&nbsp; 101304 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(d)(m)</sup> <br>|  | 111396 | &nbsp;&nbsp; 100618 |
| PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, <br> 11/25/2058<sup>(d)(m)</sup> <br>|  | 181032 | &nbsp;&nbsp; 183306 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(d)</sup> <br>|  | 94767 | &nbsp;&nbsp; 90185 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(d)</sup> <br>|  | 196642 | &nbsp;&nbsp; 196605 |
| Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, 09/25/2036<br>|  | 2578 | &nbsp;&nbsp; 2079 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(d)(m)</sup> <br>|  | 1886 | &nbsp;&nbsp; 1878 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(d)</sup> <br>|  | 105643 | &nbsp;&nbsp; 104923 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 219304 | &nbsp;&nbsp; 206602 |
| Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 96651 | &nbsp;&nbsp; 89029 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(d)</sup> <br>|  | 95750 | &nbsp;&nbsp; 89278 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(d)</sup> <br>|  | 95750 | &nbsp;&nbsp; 83245 |
| STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(d)(m)</sup> <br>|  | 52008 | &nbsp;&nbsp; 49164 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(d)(m)</sup> <br>|  | 4406 | &nbsp;&nbsp; 4255 |
| Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(d)(m)</sup> <br>|  | 168447 | &nbsp;&nbsp; 149905 |
| Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(d)(m)</sup> <br>|  | 123484 | &nbsp;&nbsp; 112090 |
| Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(d)</sup> <br>|  | 119067 | &nbsp;&nbsp; 112922 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(d)</sup> <br>|  | 218738 | &nbsp;&nbsp; 208707 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(n)</sup> <br>|  | 836570 | &nbsp;&nbsp; 11304 |

---

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

**18**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(d)(m)</sup> <br>|  | $27315 | &nbsp;&nbsp; $24764 |
| Series 2021-7, Class A1, 2.83%, <br> 10/25/2066<sup>(d)</sup> <br>|  | 140610 | &nbsp;&nbsp; 129420 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(d)(m)</sup> <br>|  | 20167 | &nbsp;&nbsp; 19577 |
| Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(d)</sup> <br>|  | 97567 | &nbsp;&nbsp; 91894 |
| Series 2022-3, Class A1, 4.13%, <br> 02/25/2067<sup>(d)</sup> <br>|  | 132781 | &nbsp;&nbsp; 128024 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, 11/25/2055<sup>(d)</sup> <br>|  | 15900 | &nbsp;&nbsp; 15443 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 5.69%, 10/25/2033<sup>(m)</sup> <br>|  | 14475 | &nbsp;&nbsp; 13984 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(m)</sup> <br>|  | 19763 | &nbsp;&nbsp; 18666 |
| Series 2005-AR16, Class 1A1, <br> 4.37%, 12/25/2035<sup>(m)</sup> <br>|  | 18179 | &nbsp;&nbsp; 16665 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.82%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 859953 | &nbsp;&nbsp; 11694 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 421000 | &nbsp;&nbsp; 426714 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 16154 | &nbsp;&nbsp; 15881 |
| Total Asset-Backed Securities <br> (Cost $12,440,831) | Total Asset-Backed Securities <br> (Cost $12,440,831) | Total Asset-Backed Securities <br> (Cost $12,440,831) | &nbsp;&nbsp; 11597398 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.35%** | **Preferred Stocks–0.35%** | **Preferred Stocks–0.35%** | **Preferred Stocks–0.35%** |
| **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** |
| Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(f)</sup>  | Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(f)</sup>  | 11550 | &nbsp;&nbsp; 304227 |
| **Oil & Gas Storage & Transportation–0.33%** | **Oil & Gas Storage & Transportation–0.33%** | **Oil & Gas Storage & Transportation–0.33%** | **Oil & Gas Storage & Transportation–0.33%** |
| El Paso Energy Capital Trust I, 4.75%, <br> Conv. Pfd. | El Paso Energy Capital Trust I, 4.75%, <br> Conv. Pfd. | 95499 | &nbsp;&nbsp; 4693776 |
| Total Preferred Stocks (Cost $3,179,070) | Total Preferred Stocks (Cost $3,179,070) | Total Preferred Stocks (Cost $3,179,070) | &nbsp;&nbsp; 4998003 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** |
| **Collateralized Mortgage Obligations–0.02%** | **Collateralized Mortgage Obligations–0.02%** | **Collateralized Mortgage Obligations–0.02%** | **Collateralized Mortgage Obligations–0.02%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 02/25/2032 to <br> 02/25/2033<sup>(n)(o)</sup> <br>|  | $47686 | &nbsp;&nbsp; 5421 |
| 7.00%, 04/25/2032<sup>(o)</sup> <br>|  | 1671 | &nbsp;&nbsp; 224 |
| 6.00%, 06/25/2033 to <br> 09/25/2035<sup>(n)(o)</sup> <br>|  | 42409 | &nbsp;&nbsp; 5872 |
| 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(o)</sup> <br>|  | 86139 | &nbsp;&nbsp; 10970 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.00%, 11/25/2027<sup>(o)</sup> <br>|  | $9097 | &nbsp;&nbsp; $125 |
| 3.11% (7.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2030<sup>(i)(o)</sup> <br>|  | 8695 | &nbsp;&nbsp; 467 |
| 3.91% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(i)(o)</sup> <br>|  | 17015 | &nbsp;&nbsp; 1458 |
| 3.96% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(i)(o)</sup> <br>|  | 3958 | &nbsp;&nbsp; 355 |
| 4.11% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(i)(o)</sup> <br>|  | 4822 | &nbsp;&nbsp; 475 |
| 4.01% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 12/25/2032<sup>(i)(o)</sup> <br>|  | 55310 | &nbsp;&nbsp; 5881 |
| 4.05% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(i)(o)</sup> <br>|  | 3419 | &nbsp;&nbsp; 192 |
| 4.26% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 to <br> 05/25/2033<sup>(i)(o)</sup> <br>|  | 26275 | &nbsp;&nbsp; 3829 |
| 3.56% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(i)(o)</sup> <br>|  | 3591 | &nbsp;&nbsp; 420 |
| 2.06% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 to <br> 07/25/2038<sup>(i)(o)</sup> <br>|  | 14791 | &nbsp;&nbsp; 1020 |
| 2.76% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035<sup>(i)(o)</sup> <br>|  | 1477 | &nbsp;&nbsp; 76 |
| 2.61% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(i)(o)</sup> <br>|  | 86115 | &nbsp;&nbsp; 4132 |
| 2.71% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(i)(o)</sup> <br>|  | 33868 | &nbsp;&nbsp; 3014 |
| 3.50%, 08/25/2035<sup>(o)</sup> <br>|  | 122634 | &nbsp;&nbsp; 12156 |
| 2.11% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2035<sup>(i)(o)</sup> <br>|  | 11829 | &nbsp;&nbsp; 1163 |
| 2.55% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(i)(o)</sup> <br>|  | 21847 | &nbsp;&nbsp; 1760 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(o)</sup> <br>|  | 53053 | &nbsp;&nbsp; 6888 |
| 2.56% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(i)(o)</sup> <br>|  | 21814 | &nbsp;&nbsp; 1923 |
| 2.16% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(i)(o)</sup> <br>|  | 94131 | &nbsp;&nbsp; 10219 |
| 5.50%, 07/25/2046<sup>(o)</sup> <br>|  | 34112 | &nbsp;&nbsp; 4374 |
| 1.91% (5.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2047<sup>(i)(o)</sup> <br>|  | 253753 | &nbsp;&nbsp; 25531 |
| 6.00%, 11/25/2028 |  | 4014 | &nbsp;&nbsp; 4089 |
| 5.50%, 04/25/2035 |  | 49241 | &nbsp;&nbsp; 50998 |
| 4.24% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(i)</sup> <br>|  | 4380 | &nbsp;&nbsp; 4344 |

---

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

**19**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 9.94% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(i)</sup> <br>|  | $14474 | &nbsp;&nbsp; $17235 |
| 9.57% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(i)</sup> <br>|  | 1332 | &nbsp;&nbsp; 1601 |
| 9.57% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(i)</sup> <br>|  | 6935 | &nbsp;&nbsp; 7796 |
| 4.93% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(i)</sup> <br>|  | 7550 | &nbsp;&nbsp; 7635 |
| 4.00%, 03/25/2041 |  | 4935 | &nbsp;&nbsp; 4753 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.76%, 02/25/2026<sup>(n)</sup> <br>|  | 306054 | &nbsp;&nbsp; 54 |
| Series K735, Class X1, IO, <br>0.96%, 05/25/2026<sup>(n)</sup> <br>|  | 1542515 | &nbsp;&nbsp; 3329 |
| Series K093, Class X1, IO, <br>0.94%, 05/25/2029<sup>(n)</sup> <br>|  | 1509235 | &nbsp;&nbsp; 40021 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.55% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2026 to <br> 03/15/2029<sup>(i)(o)</sup> <br>|  | 4077 | &nbsp;&nbsp; 146 |
| 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(o)</sup> <br>|  | 30763 | &nbsp;&nbsp; 447 |
| 2.50%, 05/15/2028<sup>(o)</sup> <br>|  | 9747 | &nbsp;&nbsp; 197 |
| 2.60% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(i)(o)</sup> <br>|  | 72204 | &nbsp;&nbsp; 4702 |
| 2.65% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(i)(o)</sup> <br>|  | 3770 | &nbsp;&nbsp; 239 |
| 2.62% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(i)(o)</sup> <br>|  | 18407 | &nbsp;&nbsp; 1164 |
| 2.90% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(i)(o)</sup> <br>|  | 4370 | &nbsp;&nbsp; 465 |
| 1.90% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(i)(o)</sup> <br>|  | 3031 | &nbsp;&nbsp; 272 |
| 1.97% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(i)(o)</sup> <br>|  | 16056 | &nbsp;&nbsp; 1276 |
| 2.15% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(i)(o)</sup> <br>|  | 7036 | &nbsp;&nbsp; 656 |
| 2.00% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2044<sup>(i)(o)</sup> <br>|  | 35554 | &nbsp;&nbsp; 3670 |
| 6.50%, 03/15/2032 to <br> 06/15/2032<br>|  | 22275 | &nbsp;&nbsp; 23335 |
| 3.50%, 05/15/2032 |  | 4567 | &nbsp;&nbsp; 4511 |
| 9.72% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(i)</sup> <br>|  | 2727 | &nbsp;&nbsp; 3237 |
| 4.50% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(i)</sup> <br>|  | 13767 | &nbsp;&nbsp; 13671 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>7.00%, 04/01/2027<sup>(o)</sup> <br>|  | $2172 | &nbsp;&nbsp; $59 |
| 3.00%, 12/15/2027<sup>(o)</sup> <br>|  | 10651 | &nbsp;&nbsp; 183 |
| 3.15%, 12/15/2027<sup>(n)</sup> <br>|  | 3221 | &nbsp;&nbsp; 64 |
| 6.50%, 02/01/2028<sup>(o)</sup> <br>|  | 895 | &nbsp;&nbsp; 40 |
| 6.00%, 12/15/2032<sup>(o)</sup> <br>|  | 6418 | &nbsp;&nbsp; 715 |
| PO, <br>0.00%, 06/01/2026<sup>(e)</sup> <br>|  | 102 | &nbsp;&nbsp; 102 |
|  |  |  | &nbsp;&nbsp; 308951 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.08%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.08%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.08%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.08%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 3242 | &nbsp;&nbsp; 3370 |
| 6.75%, 03/15/2031 |  | 682000 | &nbsp;&nbsp; 777548 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 11996 | &nbsp;&nbsp; 12617 |
| 5.00%, 12/01/2034 |  | 254 | &nbsp;&nbsp; 255 |
| 5.50%, 02/01/2037 to <br> 06/01/2053<br>|  | 366929 | &nbsp;&nbsp; 376597 |
|  |  |  | &nbsp;&nbsp; 1170387 |
| **Federal National Mortgage Association (FNMA)–0.04%** | **Federal National Mortgage Association (FNMA)–0.04%** | **Federal National Mortgage Association (FNMA)–0.04%** | **Federal National Mortgage Association (FNMA)–0.04%** |
| 7.50%, 01/01/2033 |  | 6813 | &nbsp;&nbsp; 7010 |
| 6.00%, 03/01/2037 |  | 23440 | &nbsp;&nbsp; 24803 |
| 4.00%, 05/01/2052 |  | 459705 | &nbsp;&nbsp; 440803 |
|  |  |  | &nbsp;&nbsp; 472616 |
| **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** |
| IO, <br>2.70% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(i)(o)</sup> <br>|  | 60952 | &nbsp;&nbsp; 3336 |
| 2.80% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(i)(o)</sup> <br>|  | 24216 | &nbsp;&nbsp; 1640 |
| 4.50%, 09/16/2047<sup>(o)</sup> <br>|  | 99248 | &nbsp;&nbsp; 17976 |
| 2.35% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(i)(o)</sup> <br>|  | 92273 | &nbsp;&nbsp; 11178 |
|  |  |  | &nbsp;&nbsp; 34130 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,572,016) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,572,016) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,572,016) | &nbsp;&nbsp; 1986084 |
| **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2023-R02, <br> Class 1M1, STACR<sup>®</sup>, 6.17% <br> (30 Day Average SOFR + 2.30%), <br> 01/25/2043<sup>(d)(i)</sup> <br>|  | 49167 | &nbsp;&nbsp; 50152 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.02% (30 Day Average <br> SOFR + 2.15%), <br> 09/25/2042<sup>(d)(i)</sup> <br>|  | 18808 | &nbsp;&nbsp; 18908 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 5.97% (30 Day Average <br> SOFR + 2.10%), <br> 03/25/2043<sup>(d)(i)</sup> <br>|  | 35234 | &nbsp;&nbsp; 35683 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $103,209) | Total Agency Credit Risk Transfer Notes <br> (Cost $103,209) | Total Agency Credit Risk Transfer Notes <br> (Cost $103,209) | &nbsp;&nbsp; 104743 |

---

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

**20**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Money Market Funds–3.87%** | **Money Market Funds–3.87%** | **Money Market Funds–3.87%** | **Money Market Funds–3.87%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(p)(q)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(p)(q)</sup>  | 19104851 | &nbsp;&nbsp; $19104851 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(p)(q)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(p)(q)</sup>  | 35481024 | &nbsp;&nbsp; 35481024 |
| Total Money Market Funds (Cost $54,585,875) | Total Money Market Funds (Cost $54,585,875) | Total Money Market Funds (Cost $54,585,875) | &nbsp;&nbsp; 54585875 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.83% <br> (Cost $1,089,827,893)<br>|  |  | &nbsp;&nbsp; 1408430954 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.92%** | **Money Market Funds–1.92%** | **Money Market Funds–1.92%** | **Money Market Funds–1.92%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(p)(q)(r)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(p)(q)(r)</sup>  | 7564157 | &nbsp;&nbsp; 7564157 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 3.88%<sup>(p)(q)(r)</sup>  | 19531642 | &nbsp;&nbsp; $19537501 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,101,658) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,101,658) | &nbsp;&nbsp; 27101658 |
| TOTAL INVESTMENTS IN SECURITIES–101.75% <br> (Cost $1,116,929,551) | TOTAL INVESTMENTS IN SECURITIES–101.75% <br> (Cost $1,116,929,551) | &nbsp;&nbsp; 1435532612 |
| OTHER ASSETS LESS LIABILITIES—(1.75)% | OTHER ASSETS LESS LIABILITIES—(1.75)% | &nbsp;&nbsp; (24752439)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1410780173 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> 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, 2025 was $109,154,257, which represented 7.74% of the Fund's Net Assets. 

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(g)</sup> Perpetual bond with no specified maturity date.

<sup>(h)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(i)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(j)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(k)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

<sup>(l)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(m)</sup> 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, 2025. 

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2025. 

<sup>(o)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(p)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $22398474 | &nbsp;&nbsp; $126365600 | &nbsp;&nbsp; $(129659223) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $19104851 | &nbsp;&nbsp; $848419 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 41597754 | &nbsp;&nbsp; 234678969 | &nbsp;&nbsp; (240795699) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35481024 | &nbsp;&nbsp; 1561433 |

---

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

**21**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **December 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $4850356 | &nbsp;&nbsp; $286075489 | &nbsp;&nbsp; $(283361688) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7564157 | &nbsp;&nbsp; $411,805\* |
| Invesco Private Prime Fund | 20683684 | &nbsp;&nbsp; 595416960 | &nbsp;&nbsp; (596560102) | &nbsp;&nbsp; - | &nbsp;&nbsp; (3041) | &nbsp;&nbsp; 19537501 | &nbsp;&nbsp; 1,125,031\* |
| Total | $89530268 | &nbsp;&nbsp; $1242537018 | &nbsp;&nbsp; $(1250376712) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3041) | &nbsp;&nbsp; $81687533 | &nbsp;&nbsp; $3946688 |

---

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

<sup>(q)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(r)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 7 | March-2026 | &nbsp;&nbsp;&nbsp; $(765133)<br>| &nbsp;&nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp;&nbsp; $(11)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 4 | March-2026 | &nbsp;&nbsp;&nbsp; (472000)<br>| &nbsp;&nbsp;&nbsp; 5868 | &nbsp;&nbsp;&nbsp; 5868 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $5857 | &nbsp;&nbsp;&nbsp; $5857 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | State Street Bank & Trust Co. | CAD | 226082 | USD | 165055 | &nbsp;&nbsp;&nbsp; $196 |
| 01/21/2026 | State Street Bank & Trust Co. | USD | 1202822 | CAD | 1665705 | &nbsp;&nbsp;&nbsp; 11813 |
| 01/21/2026 | State Street Bank & Trust Co. | USD | 406952 | EUR | 348271 | &nbsp;&nbsp;&nbsp; 2646 |
| 01/21/2026 | State Street Bank & Trust Co. | USD | 596958 | GBP | 447561 | &nbsp;&nbsp;&nbsp; 6320 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 20975 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Bank of New York Mellon (The) | CAD | 8148273 | USD | 5834598 | &nbsp;&nbsp;&nbsp; (107133)<br>|
| 01/21/2026 | Bank of New York Mellon (The) | EUR | 7801955 | USD | 9082349 | &nbsp;&nbsp;&nbsp; (93460)<br>|
| 01/21/2026 | Bank of New York Mellon (The) | GBP | 9756881 | USD | 12891250 | &nbsp;&nbsp;&nbsp; (260296)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | CAD | 218107 | USD | 157580 | &nbsp;&nbsp;&nbsp; (1464)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | EUR | 136124 | USD | 159875 | &nbsp;&nbsp;&nbsp; (219)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | GBP | 471784 | USD | 628653 | &nbsp;&nbsp;&nbsp; (7276)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | USD | 277435 | EUR | 235531 | &nbsp;&nbsp;&nbsp; (429)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (470277)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(449302)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**22**

**Invesco V.I. Equity and Income Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,035,242,018)\*<br>| &nbsp;&nbsp; $1353845079 |
| Investments in affiliated money market funds, at value <br> (Cost $81,687,533)<br>| &nbsp;&nbsp; 81687533 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 2321 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 20975 |
| Foreign currencies, at value (Cost $182,153) | &nbsp;&nbsp; 183058 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 133939 |
| Dividends | &nbsp;&nbsp; 1332450 |
| Interest | &nbsp;&nbsp; 3181039 |
| Principal paydowns | &nbsp;&nbsp; 42 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 224189 |
| Total assets | &nbsp;&nbsp; 1440610625 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 470277 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1036262 |
| Amount due custodian | &nbsp;&nbsp; 159590 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 27101658 |
| Accrued fees to affiliates | &nbsp;&nbsp; 773410 |
| Accrued other operating expenses | &nbsp;&nbsp; 57871 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 231384 |
| Total liabilities | &nbsp;&nbsp; 29830452 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1410780173 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1010588656 |
| Distributable earnings | &nbsp;&nbsp; 400191517 |
|  | &nbsp;&nbsp; $1410780173 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $172063365 |
| Series II | &nbsp;&nbsp; $1238716808 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 9415564 |
| Series II | &nbsp;&nbsp; 68367789 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $18.27 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $18.12 |

---

\* At December 31, 2025, securities with an aggregate value of $25,649,794 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $16270501 |
| Dividends (net of foreign withholding taxes of $69,932) | &nbsp;&nbsp; 17145787 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $49,851)<br>| &nbsp;&nbsp; 2459703 |
| Total investment income | &nbsp;&nbsp; 35875991 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5169268 |
| Administrative services fees | &nbsp;&nbsp; 2248134 |
| Custodian fees | &nbsp;&nbsp; 21766 |
| Distribution fees - Series II | &nbsp;&nbsp; 2997995 |
| Transfer agent fees | &nbsp;&nbsp; 68062 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 32132 |
| Reports to shareholders | &nbsp;&nbsp; 10530 |
| Professional services fees | &nbsp;&nbsp; 81356 |
| Other | &nbsp;&nbsp; (8414)<br>|
| Total expenses | &nbsp;&nbsp; 10620829 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (65607)<br>|
| Net expenses | &nbsp;&nbsp; 10555222 |
| Net investment income | &nbsp;&nbsp; 25320769 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 73557866 |
| Affiliated investment securities | &nbsp;&nbsp; (3041)<br>|
| Foreign currencies | &nbsp;&nbsp; 24038 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1012140)<br>|
| Futures contracts | &nbsp;&nbsp; (39707)<br>|
|  | &nbsp;&nbsp; 72527016 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 62804289 |
| Foreign currencies | &nbsp;&nbsp; 1430 |
| Forward foreign currency contracts | &nbsp;&nbsp; (876623)<br>|
| Futures contracts | &nbsp;&nbsp; 1686 |
|  | &nbsp;&nbsp; 61930782 |
| Net realized and unrealized gain | &nbsp;&nbsp; 134457798 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $159778567 |

---

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

**23**

**Invesco V.I. Equity and Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $25320769 | &nbsp;&nbsp; $25359006 |
| Net realized gain | &nbsp;&nbsp; 72527016 | &nbsp;&nbsp; 80585895 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 61930782 | &nbsp;&nbsp; 40113370 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 159778567 | &nbsp;&nbsp; 146058271 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (12518526)<br>| &nbsp;&nbsp; (9726966)<br>|
| Series II | &nbsp;&nbsp; (87474124)<br>| &nbsp;&nbsp; (65305957)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (99992650)<br>| &nbsp;&nbsp; (75032923)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (8380830)<br>| &nbsp;&nbsp; 97561376 |
| Series II | &nbsp;&nbsp; (7584948)<br>| &nbsp;&nbsp; 39373206 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (15965778)<br>| &nbsp;&nbsp; 136934582 |
| Net increase in net assets | &nbsp;&nbsp; 43820139 | &nbsp;&nbsp; 207959930 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1366960034 | &nbsp;&nbsp; 1159000104 |
| End of year | &nbsp;&nbsp; $1410780173 | &nbsp;&nbsp; $1366960034 |

---

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

**24**

**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.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $17.46 | $0.37 | $1.83 | $2.20 | $(0.39)<br>| $(1.00)<br>| $(1.39)<br>| $18.27 | 12.81<br> %<br>| &nbsp;&nbsp; $172063 | 0.56<br> %<br>| 0.56<br> %<br>| 2.06<br> %<br>| 112<br> %<br>|
| Year ended 12/31/24 | 16.48 | 0.38 | 1.62 | 2.00 | (0.32)<br>| (0.70)<br>| (1.02)<br>| 17.46 | 12.12 | &nbsp;&nbsp; 172407 | 0.57 | 0.57 | 2.15 | 131 |
| Year ended 12/31/23 | 16.14 | 0.35 | 1.22 | 1.57 | (0.34)<br>| (0.89)<br>| (1.23)<br>| 16.48 | 10.56 | &nbsp;&nbsp; 69223 | 0.56 | 0.56 | 2.16 | 148 |
| Year ended 12/31/22 | 20.69 | 0.33 | (1.94)<br>| (1.61)<br>| (0.34)<br>| (2.60)<br>| (2.94)<br>| 16.14 | (7.51)<br>| &nbsp;&nbsp; 71423 | 0.56 | 0.56 | 1.77 | 146 |
| Year ended 12/31/21 | 17.93 | 0.25 | 3.09 | 3.34 | (0.38)<br>| (0.20)<br>| (0.58)<br>| 20.69 | 18.65 | &nbsp;&nbsp; 79349 | 0.55 | 0.55 | 1.24 | 144 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 17.33 | 0.32 | 1.82 | 2.14 | (0.35)<br>| (1.00)<br>| (1.35)<br>| 18.12 | 12.52 | &nbsp;&nbsp; 1238717 | 0.81 | 0.81 | 1.81 | 112 |
| Year ended 12/31/24 | 16.36 | 0.33 | 1.63 | 1.96 | (0.29)<br>| (0.70)<br>| (0.99)<br>| 17.33 | 11.91 | &nbsp;&nbsp; 1194554 | 0.82 | 0.82 | 1.90 | 131 |
| Year ended 12/31/23 | 16.03 | 0.31 | 1.20 | 1.51 | (0.29)<br>| (0.89)<br>| (1.18)<br>| 16.36 | 10.24 | &nbsp;&nbsp; 1089778 | 0.81 | 0.81 | 1.91 | 148 |
| Year ended 12/31/22 | 20.55 | 0.28 | (1.92)<br>| (1.64)<br>| (0.28)<br>| (2.60)<br>| (2.88)<br>| 16.03 | (7.71)<br>| &nbsp;&nbsp; 1026339 | 0.81 | 0.81 | 1.52 | 146 |
| Year ended 12/31/21 | 17.82 | 0.20 | 3.07 | 3.27 | (0.34)<br>| (0.20)<br>| (0.54)<br>| 20.55 | 18.35 | &nbsp;&nbsp; 1283805 | 0.80 | 0.80 | 0.99 | 144 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2024, the portfolio turnover calculation excludes the value of securities purchased of $162,992,332 and sold of $58,503,043 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco V.I. Conservative Balanced Fund into the Fund. 

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

**25**

**Invesco V.I. Equity and Income Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**26**

**Invesco V.I. Equity and Income Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**27**

**Invesco V.I. Equity and Income Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $2,201 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

**N.** **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.

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**28**

**Invesco V.I. Equity and Income Fund**

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Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 1.50% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $65,607.

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, 2025, Invesco was paid $194,305 for accounting and fund administrative services and was reimbursed $2,053,829 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $39,848 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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.

**29**

**Invesco V.I. Equity and Income Fund**

------

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $864627567 | &nbsp;&nbsp;&nbsp;&nbsp; $29022083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $893649650 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336104234 | &nbsp;&nbsp;&nbsp;&nbsp; 472352 | &nbsp;&nbsp;&nbsp;&nbsp; 336576586 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104932615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104932615 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11597398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11597398 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 4998003 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4998003 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1986084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1986084 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104743 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 54585875 | &nbsp;&nbsp;&nbsp;&nbsp; 27101658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81687533 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 924211445 | &nbsp;&nbsp;&nbsp;&nbsp; 510848815 | &nbsp;&nbsp;&nbsp;&nbsp; 472352 | &nbsp;&nbsp;&nbsp;&nbsp; 1435532612 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5868 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 5868 | &nbsp;&nbsp;&nbsp;&nbsp; 20975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26843 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (470277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (470277)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (470277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (470288)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 5857 | &nbsp;&nbsp;&nbsp;&nbsp; (449302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (443445)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $924217302 | &nbsp;&nbsp;&nbsp;&nbsp; $510399513 | &nbsp;&nbsp;&nbsp;&nbsp; $472352 | &nbsp;&nbsp;&nbsp;&nbsp; $1435089167 |

---

\* 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, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5868 | &nbsp;&nbsp;&nbsp;&nbsp; $5868 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 20975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20975 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 20975 | &nbsp;&nbsp;&nbsp;&nbsp; 5868 | &nbsp;&nbsp;&nbsp;&nbsp; 26843 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5868)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $20975 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $20975 |
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(11)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (470277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (470277)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (470277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (470288)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(470277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(470277)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**30**

**Invesco V.I. Equity and Income Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(460889)<br>| &nbsp;&nbsp;&nbsp; $(460889)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(460889)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 20975 | &nbsp;&nbsp;&nbsp; (9388)<br>| &nbsp;&nbsp;&nbsp; 11587 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11587 |
| Total | &nbsp;&nbsp;&nbsp; $20975 | &nbsp;&nbsp;&nbsp; $(470277)<br>| &nbsp;&nbsp;&nbsp; $(449302)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(449302)<br>|

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1012140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1012140)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (39707)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39707)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (876623)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (876623)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1686 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1888763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(38021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1926784)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $46834670 | &nbsp;&nbsp;&nbsp;&nbsp; $1085971 |

---

**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $29720964 | &nbsp;&nbsp;&nbsp;&nbsp; $22061449 |
| Long-term capital gain | &nbsp;&nbsp; 70271686 | &nbsp;&nbsp;&nbsp;&nbsp; 52971474 |
| Total distributions | &nbsp;&nbsp; $99992650 | &nbsp;&nbsp;&nbsp;&nbsp; $75032923 |

---

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

**31**

**Invesco V.I. Equity and Income Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $28178713 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 65954233 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 306201846 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (144397)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1010588656 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1410780173 |

---

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 equity securities 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $369,797,607 and $440,953,592, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $332752266 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (26550420)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $306201846 |

---

Cost of investments for tax purposes is $1,128,887,321.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of contingent payment debt instruments and amortization and accretion on debt securities, on December 31, 2025, undistributed net investment income was increased by $644,007 and undistributed net realized gain was decreased by $644,007. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 551441 | &nbsp;&nbsp;&nbsp; $9894346 | &nbsp;&nbsp;&nbsp; 347231 | &nbsp;&nbsp;&nbsp; $6119880 |
| Series II | &nbsp;&nbsp;&nbsp; 6977111 | &nbsp;&nbsp;&nbsp; 123642879 | &nbsp;&nbsp;&nbsp; 4338454 | &nbsp;&nbsp;&nbsp; 75427297 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 702893 | &nbsp;&nbsp;&nbsp; 12518526 | &nbsp;&nbsp;&nbsp; 555192 | &nbsp;&nbsp;&nbsp; 9726966 |
| Series II | &nbsp;&nbsp;&nbsp; 4950432 | &nbsp;&nbsp;&nbsp; 87474124 | &nbsp;&nbsp;&nbsp; 3755374 | &nbsp;&nbsp;&nbsp; 65305957 |
| **Issued in connection with acquisitions:**<sup>(b)</sup> <br>|  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6222261 | &nbsp;&nbsp;&nbsp; 107096401 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5012878 | &nbsp;&nbsp;&nbsp; 85597463 |

---

**32**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1711665)<br>| &nbsp;&nbsp;&nbsp; $(30793702)<br>| &nbsp;&nbsp;&nbsp; (1452950)<br>| &nbsp;&nbsp;&nbsp; $(25381871)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (12505624)<br>| &nbsp;&nbsp;&nbsp; (218701951)<br>| &nbsp;&nbsp;&nbsp; (10774230)<br>| &nbsp;&nbsp;&nbsp; (186957511)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1035412)<br>| &nbsp;&nbsp;&nbsp; $(15965778)<br>| &nbsp;&nbsp;&nbsp; 8004210 | &nbsp;&nbsp;&nbsp; $136934582 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | 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 <br> 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 <br> 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 <br> 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 <br> 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 <br>portion of the shares owned of record by these entities are also owned beneficially. |
| <sup>(b)</sup> | After the close of business on April 26, 2024, the Fund acquired all the net assets of Invesco V.I. Conservative Balanced Fund (the "Target Fund") pursuant to a <br> plan of reorganization approved by the Board of Trustees of the Fund on September 20, 2023 and by the shareholders of the Target Fund on January 18, <br> 2024.The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser's product line. The acquisition was accomplished by a <br> tax-free exchange of 11,235,138 shares of the Fund for 12,654,705 shares outstanding of the Target Fund as of the close of business on April 26, 2024. <br> Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of <br> the Fund on the close of business, April 26, 2024. The Target Fund's net assets as of the close of business on April 26, 2024 of $192,693,864, including <br> $24,397,837 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition <br> were $1,162,768,272 and $1,355,462,136 immediately after the acquisition.<br>|
|  | The pro forma results of operations for the year ended December 31, 2024 assuming the reorganization had been completed on January 1, 2024, the <br> beginning of the annual reporting period are as follows:<br>|

---

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $26819083 |
| Net realized/unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp; 123920038 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; $150739121 |

---

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund's Statement of Operations since April 27, 2024.

**33**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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 V.I. Equity and Income Fund**

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $70271686 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 44.03% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 14.61% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 37.44% |

---

\*

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

**35**

**Invesco V.I. Equity and Income Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**36**

**Invesco V.I. Equity and Income Fund**

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![](img357b11171.jpg)

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**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. EQV International Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_SOI-Continued-78_1) | Schedule of Investments |
| [4](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_FS-Continued-78_1) | Financial Statements |
| [6](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_FS-Continued-78_3) | Financial Highlights |
| [7](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_NTF-Continued-78_1) | Notes to Financial Statements |
| [13](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_ARS-Continued-78_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_TI-Continued-78_1) | Tax Information |
| [15](#xx_d59a69b2-23e6-44ae-9556-0e0fc0270c87_OIRSR-Continued-78_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIIGR-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.10%** | **Common Stocks & Other Equity Interests–98.10%** | **Common Stocks & Other Equity Interests–98.10%** |
| **Australia–2.07%** | **Australia–2.07%** | **Australia–2.07%** |
| Aristocrat Leisure Ltd. | 200318 | &nbsp;&nbsp; $7755185 |
| Brambles Ltd. | 500284 | &nbsp;&nbsp; 7639490 |
| Glencore PLC | 1654245 | &nbsp;&nbsp; 9043196 |
|  |  | &nbsp;&nbsp; 24437871 |
| **Belgium–1.04%** | **Belgium–1.04%** | **Belgium–1.04%** |
| Anheuser-Busch InBev S.A./N.V. | 191379 | &nbsp;&nbsp; 12282892 |
| **Brazil–1.29%** | **Brazil–1.29%** | **Brazil–1.29%** |
| MercadoLibre, Inc.<sup>(a)</sup>  | 3515 | &nbsp;&nbsp; 7080124 |
| TOTVS S.A. | 1063596 | &nbsp;&nbsp; 8128335 |
|  |  | &nbsp;&nbsp; 15208459 |
| **Canada–5.24%** | **Canada–5.24%** | **Canada–5.24%** |
| Bank of Montreal | 69163 | &nbsp;&nbsp; 8982044 |
| Bombardier, Inc., Class B<sup>(a)</sup>  | 81350 | &nbsp;&nbsp; 13839368 |
| RB Global, Inc. | 231513 | &nbsp;&nbsp; 23835272 |
| Royal Bank of Canada | 89458 | &nbsp;&nbsp; 15250648 |
|  |  | &nbsp;&nbsp; 61907332 |
| **China–8.39%** | **China–8.39%** | **China–8.39%** |
| Airtac International Group | 351000 | &nbsp;&nbsp; 10344716 |
| Alibaba Group Holding Ltd. | 494300 | &nbsp;&nbsp; 9075821 |
| Full Truck Alliance Co. Ltd., ADR | 1322936 | &nbsp;&nbsp; 14195103 |
| Kanzhun Ltd., ADR | 646073 | &nbsp;&nbsp; 13166968 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares | 1149900 | &nbsp;&nbsp; 12392873 |
| Tencent Holdings Ltd. | 199100 | &nbsp;&nbsp; 15279637 |
| Trip.com Group Ltd. | 342450 | &nbsp;&nbsp; 24554138 |
|  |  | &nbsp;&nbsp; 99009256 |
| **Denmark–0.75%** | **Denmark–0.75%** | **Denmark–0.75%** |
| Novo Nordisk A/S, Class B | 175414 | &nbsp;&nbsp; 8896728 |
| **France–10.65%** | **France–10.65%** | **France–10.65%** |
| Air Liquide S.A. | 70995 | &nbsp;&nbsp; 13343787 |
| Airbus SE | 87500 | &nbsp;&nbsp; 20319580 |
| BNP Paribas S.A. | 109972 | &nbsp;&nbsp; 10404118 |
| Cie de Saint-Gobain S.A. | 121985 | &nbsp;&nbsp; 12404883 |
| Danone S.A. | 87722 | &nbsp;&nbsp; 7912438 |
| Legrand S.A. | 157542 | &nbsp;&nbsp; 23420609 |
| LVMH Moet Hennessy Louis Vuitton SE | 21522 | &nbsp;&nbsp; 16221899 |
| Schneider Electric SE | 45463 | &nbsp;&nbsp; 12437551 |
| TotalEnergies SE | 142511 | &nbsp;&nbsp; 9291431 |
|  |  | &nbsp;&nbsp; 125756296 |
| **Germany–4.68%** | **Germany–4.68%** | **Germany–4.68%** |
| Allianz SE | 33729 | &nbsp;&nbsp; 15595520 |
| Deutsche Boerse AG | 32690 | &nbsp;&nbsp; 8591627 |
| Deutsche Telekom AG | 231511 | &nbsp;&nbsp; 7535927 |
| Fresenius SE & Co. KGaA | 213428 | &nbsp;&nbsp; 12227673 |
| Heidelberg Materials AG | 43335 | &nbsp;&nbsp; 11234893 |
|  |  | &nbsp;&nbsp; 55185640 |
| **Hong Kong–3.83%** | **Hong Kong–3.83%** | **Hong Kong–3.83%** |
| AIA Group Ltd. | 2628600 | &nbsp;&nbsp; 27056426 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Hong Kong–(continued)** | **Hong Kong–(continued)** | **Hong Kong–(continued)** |
| Techtronic Industries Co. Ltd. | 1575500 | &nbsp;&nbsp; $18123176 |
|  |  | &nbsp;&nbsp; 45179602 |
| **India–4.41%** | **India–4.41%** | **India–4.41%** |
| HDFC Bank Ltd., ADR<sup>(b)</sup>  | 651016 | &nbsp;&nbsp; 23788125 |
| Reliance Industries Ltd. | 1229356 | &nbsp;&nbsp; 21512027 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup>  | 300446 | &nbsp;&nbsp; 6810219 |
|  |  | &nbsp;&nbsp; 52110371 |
| **Indonesia–2.02%** | **Indonesia–2.02%** | **Indonesia–2.02%** |
| PT Bank Central Asia Tbk, ADR<sup>(b)</sup>  | 1994874 | &nbsp;&nbsp; 23878642 |
| **Israel–1.19%** | **Israel–1.19%** | **Israel–1.19%** |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(a)</sup>  | 449219 | &nbsp;&nbsp; 14020125 |
| **Italy–2.61%** | **Italy–2.61%** | **Italy–2.61%** |
| FinecoBank Banca Fineco S.p.A. | 1187431 | &nbsp;&nbsp; 30765807 |
| **Japan–10.89%** | **Japan–10.89%** | **Japan–10.89%** |
| Hoya Corp. | 103600 | &nbsp;&nbsp; 15712969 |
| Keyence Corp. | 58700 | &nbsp;&nbsp; 21233241 |
| Kobe Bussan Co. Ltd. | 468000 | &nbsp;&nbsp; 11265081 |
| M3, Inc. | 954900 | &nbsp;&nbsp; 12846099 |
| Panasonic Holdings Corp. | 690500 | &nbsp;&nbsp; 8951662 |
| Recruit Holdings Co. Ltd. | 310900 | &nbsp;&nbsp; 17469954 |
| SMC Corp. | 37200 | &nbsp;&nbsp; 12871228 |
| Sony Group Corp. | 708300 | &nbsp;&nbsp; 18168582 |
| Tokyo Electron Ltd. | 45100 | &nbsp;&nbsp; 10044999 |
|  |  | &nbsp;&nbsp; 128563815 |
| **Mexico–0.70%** | **Mexico–0.70%** | **Mexico–0.70%** |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V | 2634719 | &nbsp;&nbsp; 8212510 |
| **Netherlands–2.23%** | **Netherlands–2.23%** | **Netherlands–2.23%** |
| ASM International N.V. | 27107 | &nbsp;&nbsp; 16410436 |
| ASML Holding N.V. | 9179 | &nbsp;&nbsp; 9890558 |
|  |  | &nbsp;&nbsp; 26300994 |
| **Singapore–0.86%** | **Singapore–0.86%** | **Singapore–0.86%** |
| United Overseas Bank Ltd. | 373866 | &nbsp;&nbsp; 10182433 |
| **South Korea–3.83%** | **South Korea–3.83%** | **South Korea–3.83%** |
| KB Financial Group, Inc. | 247049 | &nbsp;&nbsp; 21267134 |
| KT&G Corp. | 91521 | &nbsp;&nbsp; 9018605 |
| Samsung Electronics Co. Ltd. | 177941 | &nbsp;&nbsp; 14914106 |
|  |  | &nbsp;&nbsp; 45199845 |
| **Spain–0.92%** | **Spain–0.92%** | **Spain–0.92%** |
| Bankinter S.A. | 657543 | &nbsp;&nbsp; 10898898 |
| **Sweden–3.36%** | **Sweden–3.36%** | **Sweden–3.36%** |
| Investor AB, Class B | 1113002 | &nbsp;&nbsp; 39662469 |
| **Switzerland–2.53%** | **Switzerland–2.53%** | **Switzerland–2.53%** |
| Cie Financiere Richemont S.A. | 105050 | &nbsp;&nbsp; 22654129 |
| Nestle S.A. | 72512 | &nbsp;&nbsp; 7197477 |
|  |  | &nbsp;&nbsp; 29851606 |

---

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

**2**

**Invesco V.I. EQV International Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Taiwan–6.62%** | **Taiwan–6.62%** | **Taiwan–6.62%** |
| E Ink Holdings, Inc. | 3386000 | &nbsp;&nbsp; $21274015 |
| MediaTek, Inc. | 181000 | &nbsp;&nbsp; 8218339 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR | 160147 | &nbsp;&nbsp; 48667072 |
|  |  | &nbsp;&nbsp; 78159426 |
| **Thailand–0.68%** | **Thailand–0.68%** | **Thailand–0.68%** |
| Bangkok Dusit Medical Services PCL, <br> Foreign Shares | 13048700 | &nbsp;&nbsp; 7991730 |
| **United Kingdom–11.62%** | **United Kingdom–11.62%** | **United Kingdom–11.62%** |
| AstraZeneca PLC | 120580 | &nbsp;&nbsp; 22314449 |
| BAE Systems PLC | 1043350 | &nbsp;&nbsp; 24012762 |
| Barclays PLC | 4397881 | &nbsp;&nbsp; 28151401 |
| National Grid PLC | 875679 | &nbsp;&nbsp; 13431584 |
| RELX PLC | 557154 | &nbsp;&nbsp; 22445961 |
| Shell PLC | 358316 | &nbsp;&nbsp; 13204753 |
| Weir Group PLC (The) | 356748 | &nbsp;&nbsp; 13635976 |
|  |  | &nbsp;&nbsp; 137196886 |
| **United States–5.69%** | **United States–5.69%** | **United States–5.69%** |
| Broadcom, Inc. | 36257 | &nbsp;&nbsp; 12548548 |
| CRH PLC | 95186 | &nbsp;&nbsp; 11879213 |
| ICON PLC<sup>(a)</sup>  | 102288 | &nbsp;&nbsp; 18638919 |
| Oracle Corp. | 45857 | &nbsp;&nbsp; 8937988 |
| Philip Morris International, Inc. | 94425 | &nbsp;&nbsp; 15145770 |
|  |  | &nbsp;&nbsp; 67150438 |
| Total Common Stocks & Other Equity Interests <br> (Cost $836,764,836) | Total Common Stocks & Other Equity Interests <br> (Cost $836,764,836) | &nbsp;&nbsp; 1158010071 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–2.19%** | **Money Market Funds–2.19%** | **Money Market Funds–2.19%** | **Money Market Funds–2.19%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 9208813 | &nbsp;&nbsp; $9208813 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 16598248 | &nbsp;&nbsp; 16598248 |
| Total Money Market Funds (Cost $25,807,061) | Total Money Market Funds (Cost $25,807,061) | Total Money Market Funds (Cost $25,807,061) | &nbsp;&nbsp; 25807061 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.29% <br> (Cost $862,571,897)<br>|  |  | &nbsp;&nbsp; 1183817132 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 1749399 | &nbsp;&nbsp; 1749399 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 4531488 | &nbsp;&nbsp; 4532848 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,282,247) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,282,247) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,282,247) | &nbsp;&nbsp; 6282247 |
| TOTAL INVESTMENTS IN SECURITIES—100.82% <br> (Cost $868,854,144) | TOTAL INVESTMENTS IN SECURITIES—100.82% <br> (Cost $868,854,144) | TOTAL INVESTMENTS IN SECURITIES—100.82% <br> (Cost $868,854,144) | &nbsp;&nbsp; 1190099379 |
| OTHER ASSETS LESS LIABILITIES–(0.82)% | OTHER ASSETS LESS LIABILITIES–(0.82)% | OTHER ASSETS LESS LIABILITIES–(0.82)% | &nbsp;&nbsp; (9660562)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1180438817 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> 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, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $5191752 | &nbsp;&nbsp; $152791954 | &nbsp;&nbsp; $(148774893) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9208813 | &nbsp;&nbsp; $419611 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 9137992 | &nbsp;&nbsp; 283756487 | &nbsp;&nbsp; (276296231) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16598248 | &nbsp;&nbsp; 751559 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 205801613 | &nbsp;&nbsp; (204052214) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1749399 | &nbsp;&nbsp; 218,366\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 410935201 | &nbsp;&nbsp; (406407419) | &nbsp;&nbsp; - | &nbsp;&nbsp; 5066 | &nbsp;&nbsp; 4532848 | &nbsp;&nbsp; 605,206\* |
| Total | $14329744 | &nbsp;&nbsp; $1053285255 | &nbsp;&nbsp; $(1035530757) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5066 | &nbsp;&nbsp; $32089308 | &nbsp;&nbsp; $1994742 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. EQV International Equity Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $836,764,836)\*<br>| &nbsp;&nbsp; $1158010071 |
| Investments in affiliated money market funds, at value <br> (Cost $32,089,308)<br>| &nbsp;&nbsp; 32089308 |
| Foreign currencies, at value (Cost $34,422) | &nbsp;&nbsp; 34321 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1380196 |
| Fund shares sold | &nbsp;&nbsp; 300195 |
| Dividends | &nbsp;&nbsp; 2650835 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 228123 |
| Total assets | &nbsp;&nbsp; 1194693049 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5435917 |
| Fund shares reacquired | &nbsp;&nbsp; 492067 |
| Amount due custodian | &nbsp;&nbsp; 278743 |
| Accrued foreign taxes | &nbsp;&nbsp; 812301 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6282247 |
| Accrued fees to affiliates | &nbsp;&nbsp; 649619 |
| Accrued other operating expenses | &nbsp;&nbsp; 67029 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 236309 |
| Total liabilities | &nbsp;&nbsp; 14254232 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1180438817 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $735768741 |
| Distributable earnings | &nbsp;&nbsp; 444670076 |
|  | &nbsp;&nbsp; $1180438817 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $498973946 |
| Series II | &nbsp;&nbsp; $681464871 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 13817583 |
| Series II | &nbsp;&nbsp; 19255405 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $36.11 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $35.39 |

---

\* At December 31, 2025, securities with an aggregate value of $6,123,348 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of <br> $2,406,211)<br>| &nbsp;&nbsp; $22014164 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $128,727)<br>| &nbsp;&nbsp; 1299897 |
| Total investment income | &nbsp;&nbsp; 23314061 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8293227 |
| Administrative services fees | &nbsp;&nbsp; 1912599 |
| Custodian fees | &nbsp;&nbsp; 75386 |
| Distribution fees - Series II | &nbsp;&nbsp; 1713914 |
| Transfer agent fees | &nbsp;&nbsp; 57636 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30305 |
| Reports to shareholders | &nbsp;&nbsp; 10055 |
| Professional services fees | &nbsp;&nbsp; 91347 |
| Other | &nbsp;&nbsp; 13461 |
| Total expenses | &nbsp;&nbsp; 12197930 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (31334)<br>|
| Net expenses | &nbsp;&nbsp; 12166596 |
| Net investment income | &nbsp;&nbsp; 11147465 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $429,653)<br>| &nbsp;&nbsp; 155491726 |
| Affiliated investment securities | &nbsp;&nbsp; 5066 |
| Foreign currencies | &nbsp;&nbsp; (221612)<br>|
|  | &nbsp;&nbsp; 155275180 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $673,707)<br>| &nbsp;&nbsp; 8124776 |
| Foreign currencies | &nbsp;&nbsp; 267301 |
|  | &nbsp;&nbsp; 8392077 |
| Net realized and unrealized gain | &nbsp;&nbsp; 163667257 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $174814722 |

---

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

**4**

**Invesco V.I. EQV International Equity Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $11147465 | &nbsp;&nbsp; $9319704 |
| Net realized gain | &nbsp;&nbsp; 155275180 | &nbsp;&nbsp; 76436723 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 8392077 | &nbsp;&nbsp; (75411342)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 174814722 | &nbsp;&nbsp; 10345085 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (37522156)<br>| &nbsp;&nbsp; (10853697)<br>|
| Series II | &nbsp;&nbsp; (51451894)<br>| &nbsp;&nbsp; (14913687)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (88974050)<br>| &nbsp;&nbsp; (25767384)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (1074455)<br>| &nbsp;&nbsp; (62907729)<br>|
| Series II | &nbsp;&nbsp; (40513716)<br>| &nbsp;&nbsp; (68946579)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (41588171)<br>| &nbsp;&nbsp; (131854308)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 44252501 | &nbsp;&nbsp; (147276607)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1136186316 | &nbsp;&nbsp; 1283462923 |
| End of year | &nbsp;&nbsp; $1180438817 | &nbsp;&nbsp; $1136186316 |

---

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

**5**

**Invesco V.I. EQV International Equity Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $33.52 | $0.40 | $5.08 | $5.48 | $(0.53)<br>| $(2.36)<br>| $(2.89)<br>| $36.11 | 16.50<br> %<br>| &nbsp;&nbsp; $498974 | 0.90<br> %<br>| 0.90<br> %<br>| 1.10<br> %<br>| 63<br> %<br>|
| Year ended 12/31/24 | 34.09 | 0.32 | (0.07 )<sup>(d)</sup><br>| 0.25 | (0.63)<br>| (0.19)<br>| (0.82)<br>| 33.52 | 0.62 | &nbsp;&nbsp; 464052 | 0.92 | 0.92 | 0.90 | 31 |
| Year ended 12/31/23 | 28.94 | 0.36 | 4.87 | 5.23 | (0.06)<br>| (0.02)<br>| (0.08)<br>| 34.09 | 18.15 | &nbsp;&nbsp; 532382 | 0.90 | 0.90 | 1.13 | 34 |
| Year ended 12/31/22 | 41.41 | 0.36 | (8.39)<br>| (8.03)<br>| (0.60)<br>| (3.84)<br>| (4.44)<br>| 28.94 | (18.31)<br>| &nbsp;&nbsp; 370151 | 0.91 | 0.91 | 1.06 | 45 |
| Year ended 12/31/21 | 42.52 | 0.27 | 2.22 | 2.49 | (0.57)<br>| (3.03)<br>| (3.60)<br>| 41.41 | 5.89 | &nbsp;&nbsp; 475732 | 0.89 | 0.89 | 0.60 | 34 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 32.89 | 0.30 | 4.99 | 5.29 | (0.43)<br>| (2.36)<br>| (2.79)<br>| 35.39 | 16.23 | &nbsp;&nbsp; 681465 | 1.15 | 1.15 | 0.85 | 63 |
| Year ended 12/31/24 | 33.47 | 0.23 | (0.08 )<sup>(d)</sup><br>| 0.15 | (0.54)<br>| (0.19)<br>| (0.73)<br>| 32.89 | 0.34 | &nbsp;&nbsp; 672134 | 1.17 | 1.17 | 0.65 | 31 |
| Year ended 12/31/23 | 28.42 | 0.27 | 4.80 | 5.07 |  | (0.02)<br>| (0.02)<br>| 33.47 | 17.86 | &nbsp;&nbsp; 751081 | 1.15 | 1.15 | 0.88 | 34 |
| Year ended 12/31/22 | 40.72 | 0.27 | (8.24)<br>| (7.97)<br>| (0.49)<br>| (3.84)<br>| (4.33)<br>| 28.42 | (18.50)<br>| &nbsp;&nbsp; 703011 | 1.16 | 1.16 | 0.81 | 45 |
| Year ended 12/31/21 | 41.88 | 0.15 | 2.19 | 2.34 | (0.47)<br>| (3.03)<br>| (3.50)<br>| 40.72 | 5.61 | &nbsp;&nbsp; 929768 | 1.14 | 1.14 | 0.35 | 34 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

**6**

**Invesco V.I. EQV International Equity Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. EQV International 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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. EQV International Equity Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. EQV International Equity Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $3,372 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **Other Risks** - Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

**9**

**Invesco V.I. EQV International Equity Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Over $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.25% and 2.50%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $31,334.

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, 2025, Invesco was paid $162,864 for accounting and fund administrative services and was reimbursed $1,749,735 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $999 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

**10**

**Invesco V.I. EQV International Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24437871 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24437871 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12282892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12282892 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 7080124 | &nbsp;&nbsp;&nbsp;&nbsp; 8128335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15208459 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 61907332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61907332 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 27362071 | &nbsp;&nbsp;&nbsp;&nbsp; 71647185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99009256 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8896728 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8896728 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125756296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125756296 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55185640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55185640 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45179602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45179602 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 23788125 | &nbsp;&nbsp;&nbsp;&nbsp; 28322246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52110371 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 23878642 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23878642 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 14020125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14020125 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30765807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30765807 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128563815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128563815 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 8212510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8212510 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26300994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26300994 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10182433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10182433 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45199845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45199845 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10898898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10898898 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39662469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39662469 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29851606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29851606 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 48667072 | &nbsp;&nbsp;&nbsp;&nbsp; 29492354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78159426 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7991730 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7991730 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137196886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137196886 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 67150438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67150438 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 25807061 | &nbsp;&nbsp;&nbsp;&nbsp; 6282247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32089308 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $307873500 | &nbsp;&nbsp;&nbsp;&nbsp; $882225879 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1190099379 |

---

**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $16977851 | &nbsp;&nbsp;&nbsp;&nbsp; $19444036 |
| Long-term capital gain | &nbsp;&nbsp; 71996199 | &nbsp;&nbsp;&nbsp;&nbsp; 6323348 |
| Total distributions | &nbsp;&nbsp; $88974050 | &nbsp;&nbsp;&nbsp;&nbsp; $25767384 |

---

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

**11**

**Invesco V.I. EQV International Equity Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $28789918 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 135258541 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 280545648 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 200351 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (124382)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 735768741 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1180438817 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $713,782,133 and $839,266,117, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $297189181 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (16643533)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $280545648 |

---

Cost of investments for tax purposes is $909,553,731.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2025, undistributed net investment income was increased by $5,902,958 and undistributed net realized gain was decreased by $5,902,958. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1385972 | &nbsp;&nbsp;&nbsp; $49403896 | &nbsp;&nbsp;&nbsp; 1522236 | &nbsp;&nbsp;&nbsp; $53242413 |
| Series II | &nbsp;&nbsp;&nbsp; 1822556 | &nbsp;&nbsp;&nbsp; 63840095 | &nbsp;&nbsp;&nbsp; 1405435 | &nbsp;&nbsp;&nbsp; 48224302 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1054882 | &nbsp;&nbsp;&nbsp; 37522156 | &nbsp;&nbsp;&nbsp; 311351 | &nbsp;&nbsp;&nbsp; 10853697 |
| Series II | &nbsp;&nbsp;&nbsp; 1475112 | &nbsp;&nbsp;&nbsp; 51451894 | &nbsp;&nbsp;&nbsp; 435818 | &nbsp;&nbsp;&nbsp; 14913687 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (2468667)<br>| &nbsp;&nbsp;&nbsp; (88000507)<br>| &nbsp;&nbsp;&nbsp; (3605418)<br>| &nbsp;&nbsp;&nbsp; (127003839)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (4476690)<br>| &nbsp;&nbsp;&nbsp; (155805705)<br>| &nbsp;&nbsp;&nbsp; (3848642)<br>| &nbsp;&nbsp;&nbsp; (132084568)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1206835)<br>| &nbsp;&nbsp;&nbsp; $(41588171)<br>| &nbsp;&nbsp;&nbsp; (3779220)<br>| &nbsp;&nbsp;&nbsp; $(131854308)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% 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.

**12**

**Invesco V.I. EQV International 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. EQV International 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. EQV International 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco V.I. EQV International 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, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $71996199 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 1.94% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.0731 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $0.7294 | &nbsp;&nbsp; per share |

---

\*

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

**14**

**Invesco V.I. EQV International Equity Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. EQV International Equity Fund**

------

![](imga71ff8ac1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Global Core Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_SOI-Continued-72_1) | Schedule of Investments |
| [4](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_FS-Continued-72_1) | Financial Statements |
| [6](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_FS-Continued-72_3) | Financial Highlights |
| [7](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_NTF-Continued-72_1) | Notes to Financial Statements |
| [13](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_ARS-Continued-72_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_TI-Continued-72_1) | Tax Information |
| [15](#xx_3161af73-6ac2-47eb-be56-9a0ef6c4331d_OIRSR-Continued-72_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGCE-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.71%** | **Common Stocks & Other Equity Interests–95.71%** | **Common Stocks & Other Equity Interests–95.71%** |
| **Canada–3.83%** | **Canada–3.83%** | **Canada–3.83%** |
| Canadian Pacific Kansas City Ltd. | 28662 | &nbsp;&nbsp; $2110156 |
| Constellation Software, Inc. | 150 | &nbsp;&nbsp; 360796 |
| Dollarama, Inc. | 3216 | &nbsp;&nbsp; 480660 |
|  |  | &nbsp;&nbsp; 2951612 |
| **China–3.64%** | **China–3.64%** | **China–3.64%** |
| Contemporary Amperex Technology <br> Co. Ltd., A Shares | 23800 | &nbsp;&nbsp; 1251464 |
| Tencent Holdings Ltd. | 20300 | &nbsp;&nbsp; 1557894 |
|  |  | &nbsp;&nbsp; 2809358 |
| **Denmark–0.22%** | **Denmark–0.22%** | **Denmark–0.22%** |
| Novo Nordisk A/S, Class B | 3359 | &nbsp;&nbsp; 170363 |
| **France–4.36%** | **France–4.36%** | **France–4.36%** |
| L'Oreal S.A. | 2281 | &nbsp;&nbsp; 979269 |
| LVMH Moet Hennessy Louis Vuitton SE | 783 | &nbsp;&nbsp; 590175 |
| Safran S.A. | 4071 | &nbsp;&nbsp; 1417998 |
| TotalEnergies SE | 5812 | &nbsp;&nbsp; 378931 |
|  |  | &nbsp;&nbsp; 3366373 |
| **Germany–1.00%** | **Germany–1.00%** | **Germany–1.00%** |
| SAP SE | 3181 | &nbsp;&nbsp; 772883 |
| **India–0.81%** | **India–0.81%** | **India–0.81%** |
| HDFC Bank Ltd., ADR | 17161 | &nbsp;&nbsp; 627063 |
| **Italy–0.86%** | **Italy–0.86%** | **Italy–0.86%** |
| Recordati Industria Chimica e <br> Farmaceutica S.p.A. | 11668 | &nbsp;&nbsp; 662378 |
| **Japan–2.57%** | **Japan–2.57%** | **Japan–2.57%** |
| Hoya Corp. | 4900 | &nbsp;&nbsp; 743181 |
| ITOCHU Corp. | 98000 | &nbsp;&nbsp; 1238407 |
|  |  | &nbsp;&nbsp; 1981588 |
| **Netherlands–1.72%** | **Netherlands–1.72%** | **Netherlands–1.72%** |
| ASML Holding N.V. | 1235 | &nbsp;&nbsp; 1330738 |
| **Spain–1.00%** | **Spain–1.00%** | **Spain–1.00%** |
| Industria de Diseno Textil S.A. | 11646 | &nbsp;&nbsp; 768225 |
| **Sweden–1.21%** | **Sweden–1.21%** | **Sweden–1.21%** |
| Atlas Copco AB, Class A | 52330 | &nbsp;&nbsp; 931608 |
| **Taiwan–2.49%** | **Taiwan–2.49%** | **Taiwan–2.49%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 39000 | &nbsp;&nbsp; 1917133 |
| **United Kingdom–4.05%** | **United Kingdom–4.05%** | **United Kingdom–4.05%** |
| 3i Group PLC | 32392 | &nbsp;&nbsp; 1420351 |
| Coca-Cola Europacific Partners PLC | 6824 | &nbsp;&nbsp; 618937 |
| RELX PLC | 26707 | &nbsp;&nbsp; 1087790 |
|  |  | &nbsp;&nbsp; 3127078 |
| **United States–67.95%** | **United States–67.95%** | **United States–67.95%** |
| Abbott Laboratories | 7595 | &nbsp;&nbsp; 951578 |
| Alphabet, Inc., Class A | 9133 | &nbsp;&nbsp; 2858629 |
| Amazon.com, Inc.<sup>(a)</sup>  | 11008 | &nbsp;&nbsp; 2540867 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| American Express Co. | 2746 | &nbsp;&nbsp; $1015883 |
| AMETEK, Inc. | 6672 | &nbsp;&nbsp; 1369828 |
| Amphenol Corp., Class A | 8032 | &nbsp;&nbsp; 1085444 |
| Analog Devices, Inc. | 4317 | &nbsp;&nbsp; 1170770 |
| Apple, Inc. | 11540 | &nbsp;&nbsp; 3137264 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 2085 | &nbsp;&nbsp; 1048025 |
| Broadcom, Inc. | 4217 | &nbsp;&nbsp; 1459504 |
| Cigna Group (The) | 2414 | &nbsp;&nbsp; 664405 |
| CME Group, Inc., Class A | 4998 | &nbsp;&nbsp; 1364854 |
| Coca-Cola Co. (The) | 10255 | &nbsp;&nbsp; 716927 |
| Construction Partners, Inc., Class A<sup>(a)</sup>  | 3798 | &nbsp;&nbsp; 412273 |
| Copart, Inc.<sup>(a)</sup>  | 7617 | &nbsp;&nbsp; 298206 |
| Costco Wholesale Corp. | 331 | &nbsp;&nbsp; 285435 |
| Danaher Corp. | 1104 | &nbsp;&nbsp; 252728 |
| East West Bancorp, Inc. | 5767 | &nbsp;&nbsp; 648153 |
| Elevance Health, Inc. | 1406 | &nbsp;&nbsp; 492873 |
| EOG Resources, Inc. | 11361 | &nbsp;&nbsp; 1193019 |
| Experian PLC | 13822 | &nbsp;&nbsp; 623186 |
| Ferguson Enterprises, Inc. | 1920 | &nbsp;&nbsp; 427450 |
| Home Depot, Inc. (The) | 1908 | &nbsp;&nbsp; 656543 |
| Interactive Brokers Group, Inc., Class A | 14937 | &nbsp;&nbsp; 960598 |
| JPMorgan Chase & Co. | 4354 | &nbsp;&nbsp; 1402946 |
| Linde PLC | 2637 | &nbsp;&nbsp; 1124390 |
| Martin Marietta Materials, Inc. | 2300 | &nbsp;&nbsp; 1432118 |
| Mastercard, Inc., Class A | 3856 | &nbsp;&nbsp; 2201313 |
| Meta Platforms, Inc., Class A | 2596 | &nbsp;&nbsp; 1713594 |
| Microsoft Corp. | 9715 | &nbsp;&nbsp; 4698368 |
| Moody's Corp. | 895 | &nbsp;&nbsp; 457211 |
| MSCI, Inc. | 810 | &nbsp;&nbsp; 464721 |
| NIKE, Inc., Class B | 3634 | &nbsp;&nbsp; 231522 |
| NVIDIA Corp. | 19889 | &nbsp;&nbsp; 3709298 |
| Old Dominion Freight Line, Inc. | 5582 | &nbsp;&nbsp; 875258 |
| O'Reilly Automotive, Inc.<sup>(a)</sup>  | 6277 | &nbsp;&nbsp; 572525 |
| QXO, Inc.<sup>(a)(b)</sup>  | 44619 | &nbsp;&nbsp; 860701 |
| Steel Dynamics, Inc.<sup>(b)</sup>  | 4332 | &nbsp;&nbsp; 734057 |
| Texas Instruments, Inc. | 7389 | &nbsp;&nbsp; 1281918 |
| Thermo Fisher Scientific, Inc. | 2119 | &nbsp;&nbsp; 1227855 |
| Union Pacific Corp. | 4885 | &nbsp;&nbsp; 1129998 |
| Viking Holdings Ltd.<sup>(a)</sup>  | 18220 | &nbsp;&nbsp; 1301090 |
| WEC Energy Group, Inc. | 12870 | &nbsp;&nbsp; 1357270 |
|  |  | &nbsp;&nbsp; 52410595 |
| Total Common Stocks & Other Equity Interests <br> (Cost $55,143,626) | Total Common Stocks & Other Equity Interests <br> (Cost $55,143,626) | &nbsp;&nbsp; 73826995 |
| **Exchange-Traded Funds–1.72%** | **Exchange-Traded Funds–1.72%** | **Exchange-Traded Funds–1.72%** |
| **Japan–1.72%** | **Japan–1.72%** | **Japan–1.72%** |
| iShares MSCI Japan ETF<sup>(b)</sup> (Cost $1,138,598) | 16406 | &nbsp;&nbsp; 1324621 |
| **Money Market Funds–2.57%** | **Money Market Funds–2.57%** | **Money Market Funds–2.57%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(c)(d)</sup>  | 694399 | &nbsp;&nbsp; 694399 |

---

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

**2**

**Invesco V.I. Global Core Equity Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(c)(d)</sup>  | 1288204 | &nbsp;&nbsp; $1288204 |
| Total Money Market Funds (Cost $1,982,603) | Total Money Market Funds (Cost $1,982,603) | Total Money Market Funds (Cost $1,982,603) | &nbsp;&nbsp; 1982603 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased with <br> cash collateral from securities on <br> loan)-100.00% (Cost $58,264,827)<br>|  |  | &nbsp;&nbsp; 77134219 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.63%** | **Money Market Funds–3.63%** | **Money Market Funds–3.63%** | **Money Market Funds–3.63%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(c)(d)(e)</sup>  | 778570 | &nbsp;&nbsp; 778570 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.88%<sup>(c)(d)(e)</sup>  | 2020102 | &nbsp;&nbsp; $2020708 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $2,799,278) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $2,799,278) | &nbsp;&nbsp; 2799278 |
| TOTAL INVESTMENTS IN SECURITIES—103.63% <br> (Cost $61,064,105) | TOTAL INVESTMENTS IN SECURITIES—103.63% <br> (Cost $61,064,105) | &nbsp;&nbsp; 79933497 |
| OTHER ASSETS LESS LIABILITIES–(3.63)% | OTHER ASSETS LESS LIABILITIES–(3.63)% | &nbsp;&nbsp; (2797631)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $77135866 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> ETF – Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $887016 | &nbsp;&nbsp; $8701519 | &nbsp;&nbsp; $(8894136) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $694399 | &nbsp;&nbsp; $40113 |
| Invesco Treasury Portfolio, Institutional Class | 1645922 | &nbsp;&nbsp; 16159963 | &nbsp;&nbsp; (16517681) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1288204 | &nbsp;&nbsp; 73774 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 714826 | &nbsp;&nbsp; 48404303 | &nbsp;&nbsp; (48340559) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 778570 | &nbsp;&nbsp; 46,078\* |
| Invesco Private Prime Fund | 1865324 | &nbsp;&nbsp; 107412483 | &nbsp;&nbsp; (107256827) | &nbsp;&nbsp; - | (272) | &nbsp;&nbsp; 2020708 | &nbsp;&nbsp; 125,554\* |
| Total | $5113088 | &nbsp;&nbsp; $180678268 | &nbsp;&nbsp; $(181009203) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(272) | &nbsp;&nbsp; $4781881 | &nbsp;&nbsp; $285519 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. Global Core Equity Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $56,282,224)\*<br>| &nbsp;&nbsp; $75151616 |
| Investments in affiliated money market funds, at value <br> (Cost $4,781,881)<br>| &nbsp;&nbsp; 4781881 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 119 |
| Dividends | &nbsp;&nbsp; 84318 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 31145 |
| Total assets | &nbsp;&nbsp; 80049079 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 3240 |
| Amount due custodian | &nbsp;&nbsp; 371 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 2799278 |
| Accrued fees to affiliates | &nbsp;&nbsp; 36262 |
| Accrued other operating expenses | &nbsp;&nbsp; 40162 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 33900 |
| Total liabilities | &nbsp;&nbsp; 2913213 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $77135866 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $54617201 |
| Distributable earnings | &nbsp;&nbsp; 22518665 |
|  | &nbsp;&nbsp; $77135866 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $69538545 |
| Series II | &nbsp;&nbsp; $7597321 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 5898616 |
| Series II | &nbsp;&nbsp; 642173 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $11.79 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $11.83 |

---

\* At December 31, 2025, securities with an aggregate value of $2,658,916 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $35,546) | &nbsp;&nbsp; $892884 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $10,186)<br>| &nbsp;&nbsp; 124073 |
| Total investment income | &nbsp;&nbsp; 1016957 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 502771 |
| Administrative services fees | &nbsp;&nbsp; 123166 |
| Custodian fees | &nbsp;&nbsp; 14347 |
| Distribution fees - Series II | &nbsp;&nbsp; 18823 |
| Transfer agent fees | &nbsp;&nbsp; 3752 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22260 |
| Reports to shareholders | &nbsp;&nbsp; 11701 |
| Professional services fees | &nbsp;&nbsp; 59426 |
| Other | &nbsp;&nbsp; 1878 |
| Total expenses | &nbsp;&nbsp; 758124 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (3088)<br>|
| Net expenses | &nbsp;&nbsp; 755036 |
| Net investment income | &nbsp;&nbsp; 261921 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4590823 |
| Affiliated investment securities | &nbsp;&nbsp; (272)<br>|
| Foreign currencies | &nbsp;&nbsp; (4387)<br>|
|  | &nbsp;&nbsp; 4586164 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5968464 |
| Foreign currencies | &nbsp;&nbsp; 7471 |
|  | &nbsp;&nbsp; 5975935 |
| Net realized and unrealized gain | &nbsp;&nbsp; 10562099 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $10824020 |

---

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

**4**

**Invesco V.I. Global Core Equity Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $261921 | &nbsp;&nbsp; $255529 |
| Net realized gain | &nbsp;&nbsp; 4586164 | &nbsp;&nbsp; 5047289 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 5975935 | &nbsp;&nbsp; 4855206 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 10824020 | &nbsp;&nbsp; 10158024 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (5501702)<br>| &nbsp;&nbsp; (1237903)<br>|
| Series II | &nbsp;&nbsp; (593303)<br>| &nbsp;&nbsp; (134734)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (6095005)<br>| &nbsp;&nbsp; (1372637)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (383459)<br>| &nbsp;&nbsp; 3631148 |
| Series II | &nbsp;&nbsp; (334289)<br>| &nbsp;&nbsp; (1620819)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (717748)<br>| &nbsp;&nbsp; 2010329 |
| Net increase in net assets | &nbsp;&nbsp; 4011267 | &nbsp;&nbsp; 10795716 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 73124599 | &nbsp;&nbsp; 62328883 |
| End of year | &nbsp;&nbsp; $77135866 | &nbsp;&nbsp; $73124599 |

---

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

**5**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $11.07 | $0.04 | $1.68 | $1.72 | $(0.17)<br>| $(0.83)<br>| $(1.00)<br>| $11.79 | 15.56<br> %<br>| &nbsp;&nbsp; $69539 | 0.99<br> %<br>| 0.99<br> %<br>| 0.37<br> %<br>| 82<br> %<br>|
| Year ended 12/31/24 | 9.67 | 0.04 | 1.59 | 1.63 | (0.12)<br>| (0.11)<br>| (0.23)<br>| 11.07 | 16.85 | &nbsp;&nbsp; 65670 | 0.99 | 0.99 | 0.40 | 56 |
| Year ended 12/31/23 | 8.00 | 0.07 | 1.66 | 1.73 | (0.05)<br>| (0.01)<br>| (0.06)<br>| 9.67 | 21.73 | &nbsp;&nbsp; 54320 | 0.97 | 0.98 | 0.83 | 110 |
| Year ended 12/31/22 | 11.13 | 0.05 | (2.52)<br>| (2.47)<br>| (0.04)<br>| (0.62)<br>| (0.66)<br>| 8.00 | (21.88)<br>| &nbsp;&nbsp; 48080 | 0.97 | 0.97 | 0.55 | 13 |
| Year ended 12/31/21 | 11.49 | 0.04 | 1.81 | 1.85 | (0.12)<br>| (2.09)<br>| (2.21)<br>| 11.13 | 15.97 | &nbsp;&nbsp; 65044 | 0.96 | 0.96 | 0.31 | 27 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 11.11 | 0.01 | 1.68 | 1.69 | (0.14)<br>| (0.83)<br>| (0.97)<br>| 11.83 | 15.21 | &nbsp;&nbsp; 7597 | 1.24 | 1.24 | 0.12 | 82 |
| Year ended 12/31/24 | 9.69 | 0.02 | 1.60 | 1.62 | (0.09)<br>| (0.11)<br>| (0.20)<br>| 11.11 | 16.72 | &nbsp;&nbsp; 7454 | 1.24 | 1.24 | 0.15 | 56 |
| Year ended 12/31/23 | 8.01 | 0.05 | 1.67 | 1.72 | (0.03)<br>| (0.01)<br>| (0.04)<br>| 9.69 | 21.46 | &nbsp;&nbsp; 8009 | 1.22 | 1.23 | 0.58 | 110 |
| Year ended 12/31/22 | 11.14 | 0.03 | (2.53)<br>| (2.50)<br>| (0.01)<br>| (0.62)<br>| (0.63)<br>| 8.01 | (22.16)<br>| &nbsp;&nbsp; 7626 | 1.22 | 1.22 | 0.30 | 13 |
| Year ended 12/31/21 | 11.50 | 0.01 | 1.82 | 1.83 | (0.10)<br>| (2.09)<br>| (2.19)<br>| 11.14 | 15.71 | &nbsp;&nbsp; 10725 | 1.21 | 1.21 | 0.06 | 27 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Core Equity Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. Global Core Equity Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Global Core Equity Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $518 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **Other Risks** - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

**9**

**Invesco V.I. Global Core Equity Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.595% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Over $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.25% and 2.50%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $3,088.

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, 2025, Invesco was paid $10,664 for accounting and fund administrative services and was reimbursed $112,502 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

**10**

**Invesco V.I. Global Core Equity Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; $2951612 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2951612 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2809358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2809358 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170363 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3366373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3366373 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 772883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 772883 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 627063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 627063 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 662378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 662378 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 1324621 | &nbsp;&nbsp;&nbsp;&nbsp; 1981588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3306209 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1330738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1330738 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 768225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 768225 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 931608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 931608 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1917133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1917133 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 618937 | &nbsp;&nbsp;&nbsp;&nbsp; 2508141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3127078 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 51787409 | &nbsp;&nbsp;&nbsp;&nbsp; 623186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52410595 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1982603 | &nbsp;&nbsp;&nbsp;&nbsp; 2799278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4781881 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $59292245 | &nbsp;&nbsp;&nbsp;&nbsp; $20641252 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $79933497 |

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**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $4476405 | &nbsp;&nbsp;&nbsp;&nbsp; $1372637 |
| Long-term capital gain | &nbsp;&nbsp; 1618600 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; $6095005 | &nbsp;&nbsp;&nbsp;&nbsp; $1372637 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $1248145 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 3552704 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 17735880 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 3207 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (21271)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 54617201 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $77135866 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**11**

**Invesco V.I. Global Core Equity Fund**

------

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $59,041,471 and $64,930,061, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $18564387 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (828507)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $17735880 |

---

Cost of investments for tax purposes is $62,197,617.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2025, undistributed net investment income was increased by $441,066 and undistributed net realized gain was decreased by $441,066. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 216717 | &nbsp;&nbsp;&nbsp; $2508455 | &nbsp;&nbsp;&nbsp; 899731 | &nbsp;&nbsp;&nbsp; $9872485 |
| Series II | &nbsp;&nbsp;&nbsp; 14804 | &nbsp;&nbsp;&nbsp; 175900 | &nbsp;&nbsp;&nbsp; 6095 | &nbsp;&nbsp;&nbsp; 64487 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 468230 | &nbsp;&nbsp;&nbsp; 5501702 | &nbsp;&nbsp;&nbsp; 110725 | &nbsp;&nbsp;&nbsp; 1237902 |
| Series II | &nbsp;&nbsp;&nbsp; 50183 | &nbsp;&nbsp;&nbsp; 591975 | &nbsp;&nbsp;&nbsp; 12006 | &nbsp;&nbsp;&nbsp; 134457 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (717232)<br>| &nbsp;&nbsp;&nbsp; (8393616)<br>| &nbsp;&nbsp;&nbsp; (697552)<br>| &nbsp;&nbsp;&nbsp; (7479239)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (93860)<br>| &nbsp;&nbsp;&nbsp; (1102164)<br>| &nbsp;&nbsp;&nbsp; (173238)<br>| &nbsp;&nbsp;&nbsp; (1819763)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (61158)<br>| &nbsp;&nbsp;&nbsp; $(717748)<br>| &nbsp;&nbsp;&nbsp; 157767 | &nbsp;&nbsp;&nbsp; $2010329 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**NOTE 10—Subsequent Event**

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund (the "Target Fund") will transfer all of its assets and liabilities to Invesco V.I. Global 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 on or about April 13, 2026. If the Agreement is approved by shareholders of the Target Fund and certain conditions required by the Agreement are satisfied or waived, the reorganization is expected to be consummated on or about April 24, 2026. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Acquiring Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.

Based on information currently available, the total cost of the Reorganization is estimated to be approximately $155,000, to be shared equally between Invesco and the Target Fund. The estimated cost of the Reorganization includes legal counsel fees, independent accountant fees, expenses related to the printing and mailing of any Proxy Statement/Prospectus and fees associated with the proxy solicitation but do not include any transaction costs arising from the repositioning of portfolio securities which are not estimated to have a material impact.

**12**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $1618600 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 9.86% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. Global Core Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. Global Core Equity Fund**

------

![](imgb26f25e21.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Global Fund**

------

---

| | |
|:---|:---|
| [2](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_SOI-Continued-717_1) | Schedule of Investments |
| [4](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_FS-Continued-717_1) | Financial Statements |
| [6](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_FS-Continued-717_3) | Financial Highlights |
| [7](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_NTF-Continued-717_1) | Notes to Financial Statements |
| [13](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_ARS-Continued-717_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_TI-Continued-717_1) | Tax Information |
| [15](#xx_8761c30f-94a1-4ac4-a135-3c50985867b3_OIRSR-Continued-717_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIGLBL-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.41%** | **Common Stocks & Other Equity Interests–99.41%** | **Common Stocks & Other Equity Interests–99.41%** |
| **Brazil–0.53%** | **Brazil–0.53%** | **Brazil–0.53%** |
| MercadoLibre, Inc.<sup>(a)</sup>  | 3734 | &nbsp;&nbsp; $7521247 |
| **Canada–2.41%** | **Canada–2.41%** | **Canada–2.41%** |
| Shopify, Inc., Class A<sup>(a)</sup>  | 213358 | &nbsp;&nbsp; 34344237 |
| **China–2.26%** | **China–2.26%** | **China–2.26%** |
| JD.com, Inc., ADR<sup>(b)</sup>  | 639921 | &nbsp;&nbsp; 18365732 |
| Tencent Holdings Ltd. | 181700 | &nbsp;&nbsp; 13944300 |
|  |  | &nbsp;&nbsp; 32310032 |
| **France–5.86%** | **France–5.86%** | **France–5.86%** |
| Airbus SE | 183261 | &nbsp;&nbsp; 42557561 |
| EssilorLuxottica S.A. | 39696 | &nbsp;&nbsp; 12551788 |
| LVMH Moet Hennessy Louis Vuitton SE | 37846 | &nbsp;&nbsp; 28525881 |
|  |  | &nbsp;&nbsp; 83635230 |
| **Germany–2.36%** | **Germany–2.36%** | **Germany–2.36%** |
| Allianz SE | 27507 | &nbsp;&nbsp; 12718609 |
| SAP SE | 86409 | &nbsp;&nbsp; 20994668 |
|  |  | &nbsp;&nbsp; 33713277 |
| **India–4.50%** | **India–4.50%** | **India–4.50%** |
| DLF Ltd. | 5365322 | &nbsp;&nbsp; 41050331 |
| HDFC Bank Ltd. | 793508 | &nbsp;&nbsp; 8765797 |
| ICICI Bank Ltd., ADR | 480297 | &nbsp;&nbsp; 14312851 |
|  |  | &nbsp;&nbsp; 64128979 |
| **Italy–1.16%** | **Italy–1.16%** | **Italy–1.16%** |
| Brunello Cucinelli S.p.A.<sup>(b)</sup>  | 118134 | &nbsp;&nbsp; 13549689 |
| Moncler S.p.A. | 47856 | &nbsp;&nbsp; 3058965 |
|  |  | &nbsp;&nbsp; 16608654 |
| **Japan–1.91%** | **Japan–1.91%** | **Japan–1.91%** |
| Capcom Co. Ltd. | 401500 | &nbsp;&nbsp; 9326452 |
| Hoya Corp. | 52800 | &nbsp;&nbsp; 8008154 |
| Keyence Corp. | 17644 | &nbsp;&nbsp; 6382271 |
| Nintendo Co. Ltd. | 51200 | &nbsp;&nbsp; 3456743 |
|  |  | &nbsp;&nbsp; 27173620 |
| **Netherlands–2.35%** | **Netherlands–2.35%** | **Netherlands–2.35%** |
| Adyen N.V.<sup>(a)(c)</sup>  | 11509 | &nbsp;&nbsp; 18559119 |
| ASML Holding N.V. | 4485 | &nbsp;&nbsp; 4832678 |
| BE Semiconductor Industries N.V. | 43776 | &nbsp;&nbsp; 6843762 |
| Universal Music Group N.V. | 128616 | &nbsp;&nbsp; 3352998 |
|  |  | &nbsp;&nbsp; 33588557 |
| **Spain–0.72%** | **Spain–0.72%** | **Spain–0.72%** |
| Amadeus IT Group S.A. | 138723 | &nbsp;&nbsp; 10267028 |
| **Sweden–1.95%** | **Sweden–1.95%** | **Sweden–1.95%** |
| Assa Abloy AB, Class B | 228543 | &nbsp;&nbsp; 8828808 |
| Atlas Copco AB, Class A | 425781 | &nbsp;&nbsp; 7579994 |
| Spotify Technology S.A.<sup>(a)</sup>  | 19535 | &nbsp;&nbsp; 11344170 |
|  |  | &nbsp;&nbsp; 27752972 |
| **Switzerland–2.02%** | **Switzerland–2.02%** | **Switzerland–2.02%** |
| Galderma Group AG, Class A | 53189 | &nbsp;&nbsp; 10831018 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Switzerland–(continued)** | **Switzerland–(continued)** | **Switzerland–(continued)** | **Switzerland–(continued)** |
| Lonza Group AG | Lonza Group AG | 26736 | &nbsp;&nbsp; $18025937 |
|  |  |  | &nbsp;&nbsp; 28856955 |
| **Taiwan–4.89%** | **Taiwan–4.89%** | **Taiwan–4.89%** | **Taiwan–4.89%** |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 1420000 | &nbsp;&nbsp; 69803303 |
| **United States–66.49%** | **United States–66.49%** | **United States–66.49%** | **United States–66.49%** |
| Alphabet, Inc., Class A | Alphabet, Inc., Class A | 539362 | &nbsp;&nbsp; 168820306 |
| Amazon.com, Inc.<sup>(a)</sup>  | Amazon.com, Inc.<sup>(a)</sup>  | 167934 | &nbsp;&nbsp; 38762526 |
| Analog Devices, Inc. | Analog Devices, Inc. | 138888 | &nbsp;&nbsp; 37666426 |
| ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | 78472 | &nbsp;&nbsp; 8577774 |
| Berkshire Hathaway, Inc., Class A<sup>(a)</sup>  | Berkshire Hathaway, Inc., Class A<sup>(a)</sup>  | 4 | &nbsp;&nbsp; 3019200 |
| Boston Scientific Corp.<sup>(a)</sup>  | Boston Scientific Corp.<sup>(a)</sup>  | 207480 | &nbsp;&nbsp; 19783218 |
| Broadcom, Inc. | Broadcom, Inc. | 129975 | &nbsp;&nbsp; 44984348 |
| Cadence Design Systems, Inc.<sup>(a)</sup>  | Cadence Design Systems, Inc.<sup>(a)</sup>  | 23021 | &nbsp;&nbsp; 7195904 |
| Ecolab, Inc. | Ecolab, Inc. | 31312 | &nbsp;&nbsp; 8220026 |
| Eli Lilly and Co. | Eli Lilly and Co. | 42843 | &nbsp;&nbsp; 46042515 |
| Equifax, Inc. | Equifax, Inc. | 54604 | &nbsp;&nbsp; 11847976 |
| IDEXX Laboratories, Inc.<sup>(a)</sup>  | IDEXX Laboratories, Inc.<sup>(a)</sup>  | 11008 | &nbsp;&nbsp; 7447242 |
| Intuit, Inc. | Intuit, Inc. | 60247 | &nbsp;&nbsp; 39908818 |
| Intuitive Surgical, Inc.<sup>(a)</sup>  | Intuitive Surgical, Inc.<sup>(a)</sup>  | 40170 | &nbsp;&nbsp; 22750681 |
| IQVIA Holdings, Inc.<sup>(a)</sup>  | IQVIA Holdings, Inc.<sup>(a)</sup>  | 34039 | &nbsp;&nbsp; 7672731 |
| Lam Research Corp. | Lam Research Corp. | 292221 | &nbsp;&nbsp; 50022391 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | 43629 | &nbsp;&nbsp; 2839812 |
| Linde PLC | Linde PLC | 9797 | &nbsp;&nbsp; 4177343 |
| Marriott International, Inc., Class A | Marriott International, Inc., Class A | 52031 | &nbsp;&nbsp; 16142097 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 217895 | &nbsp;&nbsp; 18516717 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 23886 | &nbsp;&nbsp; 13636040 |
| Meta Platforms, Inc., Class A | Meta Platforms, Inc., Class A | 131101 | &nbsp;&nbsp; 86538459 |
| Microsoft Corp. | Microsoft Corp. | 87206 | &nbsp;&nbsp; 42174566 |
| Netflix, Inc.<sup>(a)</sup>  | Netflix, Inc.<sup>(a)</sup>  | 155874 | &nbsp;&nbsp; 14614746 |
| NVIDIA Corp. | NVIDIA Corp. | 407539 | &nbsp;&nbsp; 76006024 |
| Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 303670 | &nbsp;&nbsp; 5037885 |
| S&P Global, Inc. | S&P Global, Inc. | 108136 | &nbsp;&nbsp; 56510792 |
| ServiceNow, Inc.<sup>(a)</sup>  | ServiceNow, Inc.<sup>(a)</sup>  | 44270 | &nbsp;&nbsp; 6781721 |
| Stryker Corp.<sup>(b)</sup>  | Stryker Corp.<sup>(b)</sup>  | 16703 | &nbsp;&nbsp; 5870603 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 35556 | &nbsp;&nbsp; 20602924 |
| TJX Cos., Inc. (The) | TJX Cos., Inc. (The) | 73282 | &nbsp;&nbsp; 11256848 |
| Visa, Inc., Class A | Visa, Inc., Class A | 129132 | &nbsp;&nbsp; 45287884 |
|  |  |  | &nbsp;&nbsp; 948716543 |
| Total Common Stocks & Other Equity Interests <br> (Cost $553,613,551) | Total Common Stocks & Other Equity Interests <br> (Cost $553,613,551) | Total Common Stocks & Other Equity Interests <br> (Cost $553,613,551) | &nbsp;&nbsp; 1418420634 |
| **Money Market Funds–0.76%** | **Money Market Funds–0.76%** | **Money Market Funds–0.76%** | **Money Market Funds–0.76%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 3797452 | &nbsp;&nbsp; 3797452 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 7052411 | &nbsp;&nbsp; 7052411 |
| Total Money Market Funds (Cost $10,849,863) | Total Money Market Funds (Cost $10,849,863) | Total Money Market Funds (Cost $10,849,863) | &nbsp;&nbsp; 10849863 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.17% <br> (Cost $564,463,414)<br>|  |  | &nbsp;&nbsp; 1429270497 |

---

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

**2**

**Invesco V.I. Global Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.25%** | **Money Market Funds–2.25%** | **Money Market Funds–2.25%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 8934086 | &nbsp;&nbsp; $8934086 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 23176894 | &nbsp;&nbsp; 23183847 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $32,117,933) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $32,117,933) | &nbsp;&nbsp; 32117933 |
| TOTAL INVESTMENTS IN SECURITIES—102.42% <br> (Cost $596,581,347) | TOTAL INVESTMENTS IN SECURITIES—102.42% <br> (Cost $596,581,347) | &nbsp;&nbsp; 1461388430 |
| OTHER ASSETS LESS LIABILITIES–(2.42)% | OTHER ASSETS LESS LIABILITIES–(2.42)% | &nbsp;&nbsp; (34539099)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1426849331 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> 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, 2025 represented 1.30% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $148021 | &nbsp;&nbsp; $69745430 | &nbsp;&nbsp; $(66095999) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3797452 | &nbsp;&nbsp; $55882 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 274895 | &nbsp;&nbsp; 129527226 | &nbsp;&nbsp; (122749710) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7052411 | &nbsp;&nbsp; 103081 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 444192 | &nbsp;&nbsp; 455652310 | &nbsp;&nbsp; (447162416) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8934086 | &nbsp;&nbsp; 295,377\* |
| Invesco Private Prime Fund | 1157778 | &nbsp;&nbsp; 1014868081 | &nbsp;&nbsp; (992844329) | &nbsp;&nbsp; - | &nbsp;&nbsp; 2317 | &nbsp;&nbsp; 23183847 | &nbsp;&nbsp; 771,169\* |
| Total | $2024886 | &nbsp;&nbsp; $1669793047 | &nbsp;&nbsp; $(1628852454) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2317 | &nbsp;&nbsp; $42967796 | &nbsp;&nbsp; $1225509 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. Global Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $553,613,551)\*<br>| &nbsp;&nbsp; $1418420634 |
| Investments in affiliated money market funds, at value <br> (Cost $42,967,796)<br>| &nbsp;&nbsp; 42967796 |
| Cash | &nbsp;&nbsp; 1973457 |
| Foreign currencies, at value (Cost $137,400) | &nbsp;&nbsp; 137279 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 111100 |
| Dividends | &nbsp;&nbsp; 2106340 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 142901 |
| Total assets | &nbsp;&nbsp; 1465859507 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1125649 |
| Accrued foreign taxes | &nbsp;&nbsp; 4729252 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 32117933 |
| Accrued fees to affiliates | &nbsp;&nbsp; 819301 |
| Accrued other operating expenses | &nbsp;&nbsp; 75140 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 142901 |
| Total liabilities | &nbsp;&nbsp; 39010176 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1426849331 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $(70166976)<br>|
| Distributable earnings | &nbsp;&nbsp; 1497016307 |
|  | &nbsp;&nbsp; $1426849331 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $700609556 |
| Series II | &nbsp;&nbsp; $726239775 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 18460212 |
| Series II | &nbsp;&nbsp; 20003848 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $37.95 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $36.31 |

---

\* At December 31, 2025, securities with an aggregate value of $25,378,965 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of <br> $1,272,691)<br>| &nbsp;&nbsp; $14053913 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $135,302)<br>| &nbsp;&nbsp; 294265 |
| Total investment income | &nbsp;&nbsp; 14348178 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 11427517 |
| Administrative services fees | &nbsp;&nbsp; 2962023 |
| Custodian fees | &nbsp;&nbsp; 58997 |
| Distribution fees - Series II | &nbsp;&nbsp; 2103726 |
| Transfer agent fees | &nbsp;&nbsp; 90226 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 35372 |
| Reports to shareholders | &nbsp;&nbsp; 9845 |
| Professional services fees | &nbsp;&nbsp; 94517 |
| Other | &nbsp;&nbsp; 23804 |
| Total expenses | &nbsp;&nbsp; 16806027 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (4183)<br>|
| Net expenses | &nbsp;&nbsp; 16801844 |
| Net investment income (loss) | &nbsp;&nbsp; (2453666)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $4,001,671)<br>| &nbsp;&nbsp; 658612683 |
| Affiliated investment securities | &nbsp;&nbsp; 2317 |
| Foreign currencies | &nbsp;&nbsp; 274660 |
|  | &nbsp;&nbsp; 658889660 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $5,805,911)<br>| &nbsp;&nbsp; (430082568)<br>|
| Foreign currencies | &nbsp;&nbsp; 210194 |
|  | &nbsp;&nbsp; (429872374)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 229017286 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $226563620 |

---

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

**4**

**Invesco V.I. Global Fund**

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(2453666)<br>| &nbsp;&nbsp; $(1522320)<br>|
| Net realized gain | &nbsp;&nbsp; 658889660 | &nbsp;&nbsp; 323145591 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (429872374)<br>| &nbsp;&nbsp; (7125328)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 226563620 | &nbsp;&nbsp; 314497943 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (173262649)<br>| &nbsp;&nbsp; (66442083)<br>|
| Series II | &nbsp;&nbsp; (160658727)<br>| &nbsp;&nbsp; (55595637)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (333921376)<br>| &nbsp;&nbsp; (122037720)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (385200044)<br>| &nbsp;&nbsp; (67132850)<br>|
| Series II | &nbsp;&nbsp; (144150335)<br>| &nbsp;&nbsp; (107381001)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (529350379)<br>| &nbsp;&nbsp; (174513851)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (636708135)<br>| &nbsp;&nbsp; 17946372 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2063557466 | &nbsp;&nbsp; 2045611094 |
| End of year | &nbsp;&nbsp; $1426849331 | &nbsp;&nbsp; $2063557466 |

---

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

**5**

**Invesco V.I. Global Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $39.99 | $(0.01)<br>| $6.06 | $6.05 | $— | $(8.09)<br>| $(8.09)<br>| $37.95 | 15.32<br> %<br>| &nbsp;&nbsp; $700610 | 0.81<br> %<br>| 0.81<br> %<br>| (0.02)%<br>| 24<br> %<br>|
| Year ended 12/31/24 | 36.56 | 0.02 | 5.82 | 5.84 |  | (2.41)<br>| (2.41)<br>| 39.99 | 16.07 | &nbsp;&nbsp; 1142049 | 0.82 | 0.82 | 0.04 | 10 |
| Year ended 12/31/23 | 31.10 | 0.06 | 9.84 | 9.90 | (0.09)<br>| (4.35)<br>| (4.44)<br>| 36.56 | 34.73 | &nbsp;&nbsp; 1103140 | 0.82 | 0.82 | 0.18 | 10 |
| Year ended 12/31/22 | 57.22 | 0.11 | (18.77)<br>| (18.66)<br>|  | (7.46)<br>| (7.46)<br>| 31.10 | (31.77)<br>| &nbsp;&nbsp; 925742 | 0.79 | 0.81 | 0.27 | 15 |
| Year ended 12/31/21 | 52.12 | (0.13)<br>| 8.23 | 8.10 |  | (3.00)<br>| (3.00)<br>| 57.22 | 15.49 | &nbsp;&nbsp; 1484706 | 0.77 | 0.78 | (0.23)<br>| 7 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 38.66 | (0.11)<br>| 5.85 | 5.74 |  | (8.09)<br>| (8.09)<br>| 36.31 | 15.05 | &nbsp;&nbsp; 726240 | 1.06 | 1.06 | (0.27)<br>| 24 |
| Year ended 12/31/24 | 35.50 | (0.08)<br>| 5.65 | 5.57 |  | (2.41)<br>| (2.41)<br>| 38.66 | 15.78 | &nbsp;&nbsp; 921509 | 1.07 | 1.07 | (0.21)<br>| 10 |
| Year ended 12/31/23 | 30.30 | (0.02)<br>| 9.57 | 9.55 |  | (4.35)<br>| (4.35)<br>| 35.50 | 34.45 | &nbsp;&nbsp; 942471 | 1.07 | 1.07 | (0.07)<br>| 10 |
| Year ended 12/31/22 | 56.18 | 0.00 | (18.42)<br>| (18.42)<br>|  | (7.46)<br>| (7.46)<br>| 30.30 | (31.94)<br>| &nbsp;&nbsp; 753082 | 1.04 | 1.06 | 0.02 | 15 |
| Year ended 12/31/21 | 51.36 | (0.27)<br>| 8.09 | 7.82 |  | (3.00)<br>| (3.00)<br>| 56.18 | 15.17 | &nbsp;&nbsp; 1257943 | 1.02 | 1.03 | (0.48)<br>| 7 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**7**

**Invesco V.I. Global Fund**

------

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Global Fund**

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $11,222 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **Other Risks** - Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

**9**

**Invesco V.I. Global Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| Up to $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $4.2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

\* 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, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

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

The Adviser has agreed, for an indefinite period, 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 and Series II shares to 2.25% and 2.50%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $4,183.

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, 2025, Invesco was paid $256,111 for accounting and fund administrative services and was reimbursed $2,705,912 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $3,614 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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.

**10**

**Invesco V.I. Global Fund**

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The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $7521247 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7521247 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 34344237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34344237 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 18365732 | &nbsp;&nbsp;&nbsp;&nbsp; 13944300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32310032 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83635230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83635230 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33713277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33713277 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 14312851 | &nbsp;&nbsp;&nbsp;&nbsp; 49816128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64128979 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16608654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16608654 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27173620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27173620 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33588557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33588557 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10267028 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10267028 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 11344170 | &nbsp;&nbsp;&nbsp;&nbsp; 16408802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27752972 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28856955 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28856955 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69803303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69803303 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 948716543 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 948716543 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10849863 | &nbsp;&nbsp;&nbsp;&nbsp; 32117933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42967796 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1045454643 | &nbsp;&nbsp;&nbsp;&nbsp; $415933787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1461388430 |

---

**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6030644 |
| Long-term capital gain | &nbsp;&nbsp; 333921376 | &nbsp;&nbsp;&nbsp;&nbsp; 116007076 |
| Total distributions | &nbsp;&nbsp; $333921376 | &nbsp;&nbsp;&nbsp;&nbsp; $122037720 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $647761373 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 849299622 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 80932 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (125620)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; (70166976)<br>|
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1426849331 |

---

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. 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.

**11**

**Invesco V.I. Global Fund**

------

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $431,737,735 and $1,311,239,805, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $862029420 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (12729798)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $849299622 |

---

Cost of investments for tax purposes is $612,088,808.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies, foreign capital gains taxes and net operating losses, on December 31, 2025, undistributed net investment income (loss) was decreased by $958,428, undistributed net realized gain was increased by $2,910,548 and shares of beneficial interest was decreased by $1,952,120. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 587405 | &nbsp;&nbsp;&nbsp; $23371061 | &nbsp;&nbsp;&nbsp; 745868 | &nbsp;&nbsp;&nbsp; $30058270 |
| Series II | &nbsp;&nbsp;&nbsp; 1939582 | &nbsp;&nbsp;&nbsp; 75994237 | &nbsp;&nbsp;&nbsp; 593461 | &nbsp;&nbsp;&nbsp; 23039172 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 4609275 | &nbsp;&nbsp;&nbsp; 173262649 | &nbsp;&nbsp;&nbsp; 1682504 | &nbsp;&nbsp;&nbsp; 66442083 |
| Series II | &nbsp;&nbsp;&nbsp; 4466464 | &nbsp;&nbsp;&nbsp; 160658727 | &nbsp;&nbsp;&nbsp; 1455764 | &nbsp;&nbsp;&nbsp; 55595637 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (15292925)<br>| &nbsp;&nbsp;&nbsp; (581833754)<br>| &nbsp;&nbsp;&nbsp; (4043301)<br>| &nbsp;&nbsp;&nbsp; (163633203)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (10239316)<br>| &nbsp;&nbsp;&nbsp; (380803299)<br>| &nbsp;&nbsp;&nbsp; (4760009)<br>| &nbsp;&nbsp;&nbsp; (186015810)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (13929515)<br>| &nbsp;&nbsp;&nbsp; $(529350379)<br>| &nbsp;&nbsp;&nbsp; (4325713)<br>| &nbsp;&nbsp;&nbsp; $(174513851)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**NOTE 10—Subsequent Event**

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund (the "Acquiring Fund") will acquire all of the assets and liabilities of Invesco V.I. Global Core Equity Fund (the "Target Fund") in exchange for shares of the 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 on or about April 13, 2026. If the Agreement is approved by shareholders of the Target Fund and certain conditions required by the Agreement are satisfied or waived, the reorganization is expected to be consummated on or about April 24, 2026. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Acquiring Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations. The Acquiring Fund is not expected to incur any Reorganization costs as a result of the merger but may incur transaction costs in connection with the repositioning of portfolio securities which are not estimated to have a material impact.

In connection with the reorganization, the Board of Trustees approved reductions to the advisory fee schedule of the Fund, as specified below; such changes will become effective upon the closing of the reorganization, if approved.

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.585% |
| Next $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.575% |
| Over $8.75 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |

---

\* 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.

**12**

**Invesco 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 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 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $333921376 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. Global Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. Global Fund**

------

![](imga60c8f0e1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Global Real Estate Fund**

------

---

| | |
|:---|:---|
| [2](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_SOI-Continued-73_1) | Schedule of Investments |
| [4](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_FS-Continued-73_1) | Financial Statements |
| [6](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_FS-Continued-73_3) | Financial Highlights |
| [7](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_NTF-Continued-73_1) | Notes to Financial Statements |
| [14](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_ARS-Continued-73_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_TI-Continued-73_1) | Tax Information |
| [16](#xx_89311b94-92f4-4459-8fa0-d9fa9e016e2f_OIRSR-Continued-73_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGRE-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.32%** | **Common Stocks & Other Equity Interests–99.32%** | **Common Stocks & Other Equity Interests–99.32%** |
| **Australia–6.59%** | **Australia–6.59%** | **Australia–6.59%** |
| Dexus | 103982 | &nbsp;&nbsp; $479591 |
| Goodman Group | 133577 | &nbsp;&nbsp; 2748769 |
| NEXTDC Ltd.<sup>(a)</sup>  | 66179 | &nbsp;&nbsp; 551005 |
| Scentre Group | 548361 | &nbsp;&nbsp; 1532881 |
| Stockland | 253147 | &nbsp;&nbsp; 965176 |
|  |  | &nbsp;&nbsp; 6277422 |
| **Belgium–1.44%** | **Belgium–1.44%** | **Belgium–1.44%** |
| Aedifica S.A. | 6313 | &nbsp;&nbsp; 499704 |
| Warehouses De Pauw C.V.A. | 24807 | &nbsp;&nbsp; 643330 |
| Xior Student Housing N.V.<sup>(b)</sup>  | 6629 | &nbsp;&nbsp; 225084 |
|  |  | &nbsp;&nbsp; 1368118 |
| **Canada–1.67%** | **Canada–1.67%** | **Canada–1.67%** |
| Canadian Apartment Properties REIT | 15932 | &nbsp;&nbsp; 427972 |
| Chartwell Retirement Residences | 51295 | &nbsp;&nbsp; 751178 |
| Dream Industrial REIT | 45000 | &nbsp;&nbsp; 412444 |
|  |  | &nbsp;&nbsp; 1591594 |
| **France–2.10%** | **France–2.10%** | **France–2.10%** |
| Klepierre S.A. | 16866 | &nbsp;&nbsp; 667308 |
| Unibail-Rodamco-Westfield | 12240 | &nbsp;&nbsp; 1331062 |
|  |  | &nbsp;&nbsp; 1998370 |
| **Germany–2.21%** | **Germany–2.21%** | **Germany–2.21%** |
| Sirius Real Estate Ltd. | 480967 | &nbsp;&nbsp; 623304 |
| TAG Immobilien AG | 31262 | &nbsp;&nbsp; 484180 |
| Vonovia SE | 34824 | &nbsp;&nbsp; 1002212 |
|  |  | &nbsp;&nbsp; 2109696 |
| **Hong Kong–3.15%** | **Hong Kong–3.15%** | **Hong Kong–3.15%** |
| Hongkong Land Holdings Ltd. | 101000 | &nbsp;&nbsp; 701619 |
| Link REIT | 164500 | &nbsp;&nbsp; 734495 |
| Sun Hung Kai Properties Ltd. | 128500 | &nbsp;&nbsp; 1564653 |
|  |  | &nbsp;&nbsp; 3000767 |
| **Japan–9.69%** | **Japan–9.69%** | **Japan–9.69%** |
| Daiwa House REIT Investment Corp. | 811 | &nbsp;&nbsp; 741203 |
| GLP J-Reit | 700 | &nbsp;&nbsp; 665347 |
| Invincible Investment Corp.<sup>(c)</sup>  | 939 | &nbsp;&nbsp; 385581 |
| Japan Metropolitan Fund Investment <br> Corp. | 783 | &nbsp;&nbsp; 619500 |
| KDX Realty Investment Corp. | 451 | &nbsp;&nbsp; 506182 |
| Mitsubishi Estate Co. Ltd. | 19100 | &nbsp;&nbsp; 464036 |
| Mitsui Fudosan Co. Ltd. | 209800 | &nbsp;&nbsp; 2384224 |
| Nippon Building Fund, Inc.<sup>(c)</sup>  | 1024 | &nbsp;&nbsp; 933307 |
| Nippon Prologis REIT, Inc. | 836 | &nbsp;&nbsp; 495162 |
| ORIX JREIT, Inc. | 781 | &nbsp;&nbsp; 529395 |
| Sumitomo Realty & Development Co. <br> Ltd. | 60000 | &nbsp;&nbsp; 1506356 |
|  |  | &nbsp;&nbsp; 9230293 |
| **Netherlands–0.41%** | **Netherlands–0.41%** | **Netherlands–0.41%** |
| CTP N.V.<sup>(b)</sup>  | 18828 | &nbsp;&nbsp; 394529 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Singapore–2.77%** | **Singapore–2.77%** | **Singapore–2.77%** |
| CapitaLand Integrated Commercial Trust | 573498 | &nbsp;&nbsp; $1064438 |
| Keppel DC REIT | 233388 | &nbsp;&nbsp; 408114 |
| Mapletree Logistics Trust | 432100 | &nbsp;&nbsp; 442801 |
| Mapletree Pan Asia Commercial Trust | 350500 | &nbsp;&nbsp; 400361 |
| Parkway Life REIT | 102000 | &nbsp;&nbsp; 323545 |
|  |  | &nbsp;&nbsp; 2639259 |
| **Spain–0.53%** | **Spain–0.53%** | **Spain–0.53%** |
| Merlin Properties SOCIMI S.A. | 35019 | &nbsp;&nbsp; 509824 |
| **Sweden–1.71%** | **Sweden–1.71%** | **Sweden–1.71%** |
| Catena AB | 8199 | &nbsp;&nbsp; 400571 |
| Fastighets AB Balder, Class B<sup>(a)</sup>  | 101411 | &nbsp;&nbsp; 748545 |
| Wihlborgs Fastigheter AB | 48414 | &nbsp;&nbsp; 478842 |
|  |  | &nbsp;&nbsp; 1627958 |
| **Switzerland–1.29%** | **Switzerland–1.29%** | **Switzerland–1.29%** |
| PSP Swiss Property AG | 4410 | &nbsp;&nbsp; 797931 |
| Swiss Prime Site AG | 2786 | &nbsp;&nbsp; 432576 |
|  |  | &nbsp;&nbsp; 1230507 |
| **United Kingdom–3.45%** | **United Kingdom–3.45%** | **United Kingdom–3.45%** |
| Big Yellow Group PLC | 24169 | &nbsp;&nbsp; 339882 |
| British Land Co. PLC (The) | 104302 | &nbsp;&nbsp; 565984 |
| Great Portland Estates PLC | 49506 | &nbsp;&nbsp; 211961 |
| LondonMetric Property PLC | 287585 | &nbsp;&nbsp; 733183 |
| Safestore Holdings PLC | 31899 | &nbsp;&nbsp; 315885 |
| Segro PLC | 116134 | &nbsp;&nbsp; 1125121 |
|  |  | &nbsp;&nbsp; 3292016 |
| **United States–62.31%** | **United States–62.31%** | **United States–62.31%** |
| American Healthcare REIT, Inc. | 29646 | &nbsp;&nbsp; 1395141 |
| American Homes 4 Rent, Class A | 53305 | &nbsp;&nbsp; 1711091 |
| AvalonBay Communities, Inc.<sup>(c)</sup>  | 11346 | &nbsp;&nbsp; 2057143 |
| Brixmor Property Group, Inc. | 73533 | &nbsp;&nbsp; 1928035 |
| Broadstone Net Lease, Inc. | 62995 | &nbsp;&nbsp; 1094223 |
| Camden Property Trust | 12985 | &nbsp;&nbsp; 1429389 |
| CareTrust REIT, Inc. | 25694 | &nbsp;&nbsp; 929095 |
| Cousins Properties, Inc. | 39612 | &nbsp;&nbsp; 1021197 |
| Crown Castle, Inc. | 5816 | &nbsp;&nbsp; 516868 |
| CubeSmart | 47403 | &nbsp;&nbsp; 1708878 |
| Digital Realty Trust, Inc. | 25939 | &nbsp;&nbsp; 4013023 |
| EastGroup Properties, Inc. | 11153 | &nbsp;&nbsp; 1986795 |
| Equinix, Inc. | 4577 | &nbsp;&nbsp; 3506714 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup>  | 30875 | &nbsp;&nbsp; 915753 |
| Extra Space Storage, Inc. | 17840 | &nbsp;&nbsp; 2323125 |
| First Industrial Realty Trust, Inc. | 44046 | &nbsp;&nbsp; 2522514 |
| Gaming and Leisure Properties, Inc. | 38362 | &nbsp;&nbsp; 1714398 |
| Healthcare Realty Trust, Inc. | 80586 | &nbsp;&nbsp; 1365933 |
| Host Hotels & Resorts, Inc. | 38330 | &nbsp;&nbsp; 679591 |
| Iron Mountain, Inc. | 26464 | &nbsp;&nbsp; 2195189 |
| Lamar Advertising Co., Class A<sup>(c)</sup>  | 8096 | &nbsp;&nbsp; 1024792 |
| Omega Healthcare Investors, Inc. | 47163 | &nbsp;&nbsp; 2091207 |
| Prologis, Inc.<sup>(c)</sup>  | 41814 | &nbsp;&nbsp; 5337975 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup>  | 11316 | &nbsp;&nbsp; 1070720 |
| Simon Property Group, Inc. | 15050 | &nbsp;&nbsp; 2785905 |
| Tanger, Inc.<sup>(c)</sup>  | 29157 | &nbsp;&nbsp; 972969 |

---

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

**2**

**Invesco V.I. Global Real Estate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| UDR, Inc. | UDR, Inc. | 36391 | &nbsp;&nbsp; $1334822 |
| Ventas, Inc. | Ventas, Inc. | 9755 | &nbsp;&nbsp; 754842 |
| Vornado Realty Trust | Vornado Realty Trust | 28734 | &nbsp;&nbsp; 956268 |
| W.P. Carey, Inc.<sup>(c)</sup>  | W.P. Carey, Inc.<sup>(c)</sup>  | 33898 | &nbsp;&nbsp; 2181675 |
| Welltower, Inc. | Welltower, Inc. | 31519 | &nbsp;&nbsp; 5850242 |
|  |  |  | &nbsp;&nbsp; 59375512 |
| Total Common Stocks & Other Equity Interests <br> (Cost $85,311,758) | Total Common Stocks & Other Equity Interests <br> (Cost $85,311,758) | Total Common Stocks & Other Equity Interests <br> (Cost $85,311,758) | &nbsp;&nbsp; 94645865 |
| **Money Market Funds–0.80%** | **Money Market Funds–0.80%** | **Money Market Funds–0.80%** | **Money Market Funds–0.80%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 266114 | &nbsp;&nbsp; 266114 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 494213 | &nbsp;&nbsp; 494213 |
| Total Money Market Funds (Cost $760,327) | Total Money Market Funds (Cost $760,327) | Total Money Market Funds (Cost $760,327) | &nbsp;&nbsp; 760327 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.12% <br> (Cost $86,072,085)<br>|  |  | &nbsp;&nbsp; 95406192 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–15.81%** | **Money Market Funds–15.81%** | **Money Market Funds–15.81%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 4202177 | &nbsp;&nbsp; $4202177 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 10857349 | &nbsp;&nbsp; 10860606 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,062,783) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,062,783) | &nbsp;&nbsp; 15062783 |
| TOTAL INVESTMENTS IN SECURITIES—115.93% <br> (Cost $101,134,868) | TOTAL INVESTMENTS IN SECURITIES—115.93% <br> (Cost $101,134,868) | &nbsp;&nbsp; 110468975 |
| OTHER ASSETS LESS LIABILITIES–(15.93)% | OTHER ASSETS LESS LIABILITIES–(15.93)% | &nbsp;&nbsp; (15175532)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $95293443 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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, 2025 was $619,613, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1 | &nbsp;&nbsp; $8703358 | &nbsp;&nbsp; $(8437245) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $266114 | &nbsp;&nbsp; $16444 |
| Invesco Treasury Portfolio, Institutional Class | - | &nbsp;&nbsp; 16163379 | &nbsp;&nbsp; (15669166) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 494213 | &nbsp;&nbsp; 30266 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 3309448 | &nbsp;&nbsp; 82336294 | &nbsp;&nbsp; (81443565) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4202177 | &nbsp;&nbsp; 183,851\* |
| Invesco Private Prime Fund | 8583529 | &nbsp;&nbsp; 192286598 | &nbsp;&nbsp; (190011066) | &nbsp;&nbsp; - | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 10860606 | &nbsp;&nbsp; 495,422\* |
| Total | $11892978 | &nbsp;&nbsp; $299489629 | &nbsp;&nbsp; $(295561042) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1545 | &nbsp;&nbsp; $15823110 | &nbsp;&nbsp; $725983 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco V.I. Global Real Estate Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $85,311,758)\*<br>| &nbsp;&nbsp; $94645865 |
| Investments in affiliated money market funds, at value <br> (Cost $15,823,110)<br>| &nbsp;&nbsp; 15823110 |
| Cash | &nbsp;&nbsp; 4477 |
| Foreign currencies, at value (Cost $32,471) | &nbsp;&nbsp; 32459 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 49920 |
| Dividends | &nbsp;&nbsp; 375281 |
| Foreign withholding tax claims | &nbsp;&nbsp; 12041 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 60660 |
| Other assets | &nbsp;&nbsp; 2583 |
| Total assets | &nbsp;&nbsp; 111006396 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 505213 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15062783 |
| Accrued fees to affiliates | &nbsp;&nbsp; 45766 |
| Accrued other operating expenses | &nbsp;&nbsp; 35550 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 63641 |
| Total liabilities | &nbsp;&nbsp; 15712953 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $95293443 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $100884694 |
| Distributable earnings (loss) | &nbsp;&nbsp; (5591251)<br>|
|  | &nbsp;&nbsp; $95293443 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $68057953 |
| Series II | &nbsp;&nbsp; $27235490 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 4806761 |
| Series II | &nbsp;&nbsp; 1973939 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $14.16 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $13.80 |

---

\* At December 31, 2025, securities with an aggregate value of $14,529,410 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $118,592) | &nbsp;&nbsp; $3104035 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $23,297)<br>| &nbsp;&nbsp; 70007 |
| Foreign withholding tax claims | &nbsp;&nbsp; 12041 |
| Total investment income | &nbsp;&nbsp; 3186083 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 717394 |
| Administrative services fees | &nbsp;&nbsp; 155276 |
| Custodian fees | &nbsp;&nbsp; 13235 |
| Distribution fees - Series II | &nbsp;&nbsp; 64405 |
| Transfer agent fees | &nbsp;&nbsp; 4765 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22415 |
| Reports to shareholders | &nbsp;&nbsp; 10971 |
| Professional services fees | &nbsp;&nbsp; 52560 |
| Other | &nbsp;&nbsp; 1824 |
| Total expenses | &nbsp;&nbsp; 1042845 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (1283)<br>|
| Net expenses | &nbsp;&nbsp; 1041562 |
| Net investment income | &nbsp;&nbsp; 2144521 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (669688)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1545 |
| Foreign currencies | &nbsp;&nbsp; 10080 |
|  | &nbsp;&nbsp; (658063)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5423285 |
| Foreign currencies | &nbsp;&nbsp; 4142 |
|  | &nbsp;&nbsp; 5427427 |
| Net realized and unrealized gain | &nbsp;&nbsp; 4769364 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $6913885 |

---

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

**4**

**Invesco V.I. Global Real Estate Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $2144521 | &nbsp;&nbsp; $2189280 |
| Net realized gain (loss) | &nbsp;&nbsp; (658063)<br>| &nbsp;&nbsp; (2232204)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 5427427 | &nbsp;&nbsp; (1828454)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 6913885 | &nbsp;&nbsp; (1871378)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (1400790)<br>| &nbsp;&nbsp; (1877505)<br>|
| Series II | &nbsp;&nbsp; (487296)<br>| &nbsp;&nbsp; (727782)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (1888086)<br>| &nbsp;&nbsp; (2605287)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (6502811)<br>| &nbsp;&nbsp; (12721166)<br>|
| Series II | &nbsp;&nbsp; 287652 | &nbsp;&nbsp; (4228584)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (6215159)<br>| &nbsp;&nbsp; (16949750)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1189360)<br>| &nbsp;&nbsp; (21426415)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 96482803 | &nbsp;&nbsp; 117909218 |
| End of year | &nbsp;&nbsp; $95293443 | &nbsp;&nbsp; $96482803 |

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

**5**

**Invesco V.I. Global Real Estate Fund**

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**Financial Highlights**

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $13.39 | $0.32 | $0.74 | $1.06 | $(0.29)<br>| $14.16 | 7.85<br> %<br>| $68058 | 1.02<br> %<br>| 1.02<br> %<br>| 2.31<br> %<br>| 77<br> %<br>|
| Year ended 12/31/24 | 13.98 | 0.29 | (0.52)<br>| (0.23)<br>| (0.36)<br>| 13.39 | (1.80)<br>| 70635 | 1.05 | 1.05 | 2.09 | 101 |
| Year ended 12/31/23 | 13.04 | 0.37 | 0.77 | 1.14 | (0.20)<br>| 13.98 | 9.05 | 86407 | 1.02 | 1.02 | 2.79 | 88 |
| Year ended 12/31/22 | 17.99 | 0.25 | (4.76)<br>| (4.51)<br>| (0.44)<br>| 13.04 | (24.94)<br>| 83608 | 1.02 | 1.02 | 1.65 | 82 |
| Year ended 12/31/21 | 14.69 | 0.25 | 3.51 | 3.76 | (0.46)<br>| 17.99 | 25.71 | 116762 | 0.97 | 0.97 | 1.51 | 95 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 13.05 | 0.28 | 0.72 | 1.00 | (0.25)<br>| 13.80 | 7.61 | 27235 | 1.27 | 1.27 | 2.06 | 77 |
| Year ended 12/31/24 | 13.65 | 0.25 | (0.51)<br>| (0.26)<br>| (0.34)<br>| 13.05 | (2.11)<br>| 25848 | 1.30 | 1.30 | 1.84 | 101 |
| Year ended 12/31/23 | 12.72 | 0.33 | 0.76 | 1.09 | (0.16)<br>| 13.65 | 8.82 | 31502 | 1.27 | 1.27 | 2.54 | 88 |
| Year ended 12/31/22 | 17.53 | 0.21 | (4.64)<br>| (4.43)<br>| (0.38)<br>| 12.72 | (25.14)<br>| 22317 | 1.27 | 1.27 | 1.40 | 82 |
| Year ended 12/31/21 | 14.33 | 0.20 | 3.43 | 3.63 | (0.43)<br>| 17.53 | 25.44 | 42896 | 1.22 | 1.22 | 1.26 | 95 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Real Estate Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. Global Real Estate Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any.

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

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

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

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's

**8**

**Invesco V.I. Global Real Estate Fund**

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long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $1,919 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, 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).

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **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.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer

**9**

**Invesco V.I. Global Real Estate Fund**

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restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

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 the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $1,283.

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, 2025, Invesco was paid $13,203 for accounting and fund administrative services and was reimbursed $142,073 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $3,050 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

**10**

**Invesco V.I. Global Real Estate 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6277422 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6277422 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1368118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1368118 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 1591594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1591594 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1998370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1998370 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2109696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2109696 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3000767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3000767 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9230293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9230293 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394529 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2639259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2639259 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509824 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1627958 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1627958 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1230507 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1230507 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3292016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3292016 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 59375512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59375512 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 760327 | &nbsp;&nbsp;&nbsp;&nbsp; 15062783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15823110 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $61727433 | &nbsp;&nbsp;&nbsp;&nbsp; $48741542 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $110468975 |

---

**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1888086 | &nbsp;&nbsp;&nbsp;&nbsp; $2605287 |

---

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

**11**

**Invesco V.I. Global Real Estate Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $3140162 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 8104069 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (202420)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (16634075)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 100884694 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $95293443 |

---

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, passive foreign investment companies 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $9736619 | &nbsp;&nbsp;&nbsp;&nbsp; $6897456 | &nbsp;&nbsp;&nbsp;&nbsp; $16634075 |

---

\*

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

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $72,975,414 and $78,448,594, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10767719 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2663650)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $8104069 |

---

Cost of investments for tax purposes is $102,364,906.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of partnerships, passive foreign investment companies and REITs, on December 31, 2025, undistributed net investment income was increased by $234,850, undistributed net realized gain (loss) was decreased by $237,601 and shares of beneficial interest was increased by $2,751. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 763714 | &nbsp;&nbsp;&nbsp; $10584593 | &nbsp;&nbsp;&nbsp; 934397 | &nbsp;&nbsp;&nbsp; $12948471 |
| Series II | &nbsp;&nbsp;&nbsp; 1028251 | &nbsp;&nbsp;&nbsp; 14013635 | &nbsp;&nbsp;&nbsp; 527111 | &nbsp;&nbsp;&nbsp; 7018015 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 96740 | &nbsp;&nbsp;&nbsp; 1400790 | &nbsp;&nbsp;&nbsp; 130382 | &nbsp;&nbsp;&nbsp; 1877505 |
| Series II | &nbsp;&nbsp;&nbsp; 34511 | &nbsp;&nbsp;&nbsp; 487296 | &nbsp;&nbsp;&nbsp; 51836 | &nbsp;&nbsp;&nbsp; 727782 |

---

**12**

**Invesco V.I. Global Real Estate Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1329694)<br>| &nbsp;&nbsp;&nbsp; $(18488194)<br>| &nbsp;&nbsp;&nbsp; (1968112)<br>| &nbsp;&nbsp;&nbsp; $(27547142)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1069500)<br>| &nbsp;&nbsp;&nbsp; (14213279)<br>| &nbsp;&nbsp;&nbsp; (906457)<br>| &nbsp;&nbsp;&nbsp; (11974381)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (475978)<br>| &nbsp;&nbsp;&nbsp; $(6215159)<br>| &nbsp;&nbsp;&nbsp; (1230843)<br>| &nbsp;&nbsp;&nbsp; $(16949750)<br>|

---

<sup>(a)</sup> 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.

**13**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Global Real Estate Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Global Real Estate Fund**

------

![](img9997c5d01.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | |
|:---|:---|
| [2](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_SOI-Continued-718_1) | Consolidated Schedule of Investments |
| [25](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_FS-Continued-718_1) | Consolidated Financial Statements |
| [28](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_FS-Continued-718_4) | Consolidated Financial Highlights |
| [29](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_NTF-Continued-718_1) | Notes to Consolidated Financial Statements |
| [40](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_ARS-Continued-718_1) | Report of Independent Registered Public Accounting Firm |
| [41](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_TI-Continued-718_1) | Tax Information |
| [42](#xx_865968a8-5cd4-48cd-a1d5-ff4e34fcc083_OIRSR-Continued-718_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIGLSI-NCSR

------

**Consolidated Schedule of Investments** 

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–29.51%** | **U.S. Dollar Denominated Bonds & Notes–29.51%** | **U.S. Dollar Denominated Bonds & Notes–29.51%** | **U.S. Dollar Denominated Bonds & Notes–29.51%** |
| **Argentina–0.73%** | **Argentina–0.73%** | **Argentina–0.73%** | **Argentina–0.73%** |
| Argentine Republic Government <br> International Bond, | Argentine Republic Government <br> International Bond, |  |  |
| 0.75%, 07/09/2030<sup>(a)</sup> <br>|  | $1411200 | &nbsp;&nbsp; $1203048 |
| 3.50%, 07/09/2041<sup>(a)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 1458450 |
| Vista Energy Argentina S.A.U., <br> 7.63%, 12/10/2035<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 700371 |
| YPF S.A., 8.75%, 09/11/2031<sup>(b)</sup> <br>|  | 1274000 | &nbsp;&nbsp; 1320250 |
|  |  |  | &nbsp;&nbsp; 4682119 |
| **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** |
| Telenet Finance Luxembourg <br> Notes S.a.r.l., 5.50%, <br> 03/01/2028<sup>(b)</sup> <br>|  | 1600000 | &nbsp;&nbsp; 1595853 |
| **Brazil–0.93%** | **Brazil–0.93%** | **Brazil–0.93%** | **Brazil–0.93%** |
| Arcos Dorados B.V., 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 1410000 | &nbsp;&nbsp; 1495841 |
| Minerva (Luxembourg) S.A., <br> 8.88%, 09/13/2033<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 765738 |
| Petrobras Global Finance B.V., <br> 6.50%, 07/03/2033<sup>(c)</sup> <br>|  | 700000 | &nbsp;&nbsp; 722208 |
| Sitios Latinoamerica S.A.B. de <br> C.V., 5.38%, 04/04/2032<sup>(b)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 2034628 |
| Vale Overseas Ltd., 6.00%, <br> 02/25/2056<sup>(b)(d)</sup> <br>|  | 980000 | &nbsp;&nbsp; 981274 |
|  |  |  | &nbsp;&nbsp; 5999689 |
| **Canada–2.37%** | **Canada–2.37%** | **Canada–2.37%** | **Canada–2.37%** |
| Bell Canada, 6.88%, <br> 09/15/2055<sup>(d)</sup> <br>|  | 893000 | &nbsp;&nbsp; 925039 |
| Brookfield Infrastructure Finance <br> ULC, 6.75%, 03/15/2055<sup>(d)</sup> <br>|  | 769000 | &nbsp;&nbsp; 778617 |
| Constellation Software, Inc., <br> 5.16%, 02/16/2029<sup>(b)(c)</sup> <br>|  | 526000 | &nbsp;&nbsp; 536697 |
| Element Fleet Management Corp., | Element Fleet Management Corp., |  |  |
| 5.64%, 03/13/2027<sup>(b)</sup> <br>|  | 2738000 | &nbsp;&nbsp; 2785819 |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 1426000 | &nbsp;&nbsp; 1504592 |
| Enbridge, Inc., 7.38%, <br> 01/15/2083<sup>(c)(d)</sup> <br>|  | 2857000 | &nbsp;&nbsp; 2945104 |
| New Gold, Inc., 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 477000 | &nbsp;&nbsp; 508514 |
| Northriver Midstream Finance <br> L.P., 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 236586 |
| RB Global Holdings, Inc., | RB Global Holdings, Inc., |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 343000 | &nbsp;&nbsp; 351198 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 107812 |
| Rogers Communications, Inc., <br> 7.00%, 04/15/2055<sup>(c)(d)</sup> <br>|  | 852000 | &nbsp;&nbsp; 891964 |
| South Bow Canadian <br> Infrastructure Holdings Ltd., <br> 7.63%, 03/01/2055<sup>(d)</sup> <br>|  | 1481000 | &nbsp;&nbsp; 1549314 |
| TELUS Corp., 6.38%, <br> 06/09/2056<sup>(d)</sup> <br>|  | 806000 | &nbsp;&nbsp; 807680 |
| Transcanada Trust, Series 16-A, <br> 5.88%, 08/15/2076<sup>(d)</sup> <br>|  | 1391000 | &nbsp;&nbsp; 1397968 |
|  |  |  | &nbsp;&nbsp; 15326904 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** |
| Global Aircraft Leasing Co. Ltd., <br> 8.75%, 09/01/2027<sup>(b)</sup> <br>|  | $331000 | &nbsp;&nbsp; $343677 |
| **Chile–0.60%** | **Chile–0.60%** | **Chile–0.60%** | **Chile–0.60%** |
| Banco de Credito e Inversiones <br> S.A., 8.75%<sup>(b)(d)(e)</sup> <br>|  | 775000 | &nbsp;&nbsp; 838445 |
| Banco del Estado de Chile, <br> 7.95%<sup>(b)(d)(e)</sup> <br>|  | 426000 | &nbsp;&nbsp; 452806 |
| Chile Electricity Lux MPC II S.a.r.l., <br> 5.58%, 10/20/2035<sup>(b)</sup> <br>|  | 659816 | &nbsp;&nbsp; 677179 |
| Sociedad Quimica y Minera de <br> Chile S.A., 5.50%, <br> 09/10/2034<sup>(b)</sup> <br>|  | 1905000 | &nbsp;&nbsp; 1932204 |
|  |  |  | &nbsp;&nbsp; 3900634 |
| **China–0.11%** | **China–0.11%** | **China–0.11%** | **China–0.11%** |
| Prosus N.V., 3.68%, <br> 01/21/2030<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 672313 |
| **Colombia–0.46%** | **Colombia–0.46%** | **Colombia–0.46%** | **Colombia–0.46%** |
| Colombia Government <br> International Bond, 4.50%, <br> 01/28/2026<br>|  | 720000 | &nbsp;&nbsp; 719280 |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| 8.63%, 01/19/2029 |  | 1400000 | &nbsp;&nbsp; 1501496 |
| 7.75%, 02/01/2032 |  | 750000 | &nbsp;&nbsp; 772807 |
|  |  |  | &nbsp;&nbsp; 2993583 |
| **Dominican Republic–0.27%** | **Dominican Republic–0.27%** | **Dominican Republic–0.27%** | **Dominican Republic–0.27%** |
| Aeropuertos Dominicanos Siglo <br> XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)</sup> <br>|  | 925000 | &nbsp;&nbsp; 975824 |
| Dominican Republic International Bond, | Dominican Republic International Bond, |  |  |
| 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 298595 |
| 4.88%, 09/23/2032<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 482350 |
|  |  |  | &nbsp;&nbsp; 1756769 |
| **Egypt–0.19%** | **Egypt–0.19%** | **Egypt–0.19%** | **Egypt–0.19%** |
| Egypt Government International <br> Bond, 8.63%, 02/04/2030<sup>(b)</sup> <br>|  | 1095000 | &nbsp;&nbsp; 1218189 |
| **France–0.36%** | **France–0.36%** | **France–0.36%** | **France–0.36%** |
| Electricite de France S.A., <br> 9.13%<sup>(b)(d)(e)</sup> <br>|  | 1001000 | &nbsp;&nbsp; 1168056 |
| Forvia SE, 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 212000 | &nbsp;&nbsp; 227431 |
| Iliad Holding S.A.S., | Iliad Holding S.A.S., |  |  |
| 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17226 |
| 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 592295 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 34053 |
| Opal Bidco SAS, 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 286977 |
|  |  |  | &nbsp;&nbsp; 2326038 |
| **Germany–0.31%** | **Germany–0.31%** | **Germany–0.31%** | **Germany–0.31%** |
| Bayer US Finance LLC, 6.13%, <br> 11/21/2026<sup>(b)</sup> <br>|  | 1745000 | &nbsp;&nbsp; 1770561 |
| Cerdia Finanz GmbH, 9.38%, <br> 10/03/2031<sup>(b)</sup> <br>|  | 246000 | &nbsp;&nbsp; 255533 |
|  |  |  | &nbsp;&nbsp; 2026094 |

---

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

**2**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Greece–0.04%** | **Greece–0.04%** | **Greece–0.04%** | **Greece–0.04%** |
| Danaos Corp., 6.88%, <br> 10/15/2032<sup>(b)</sup> <br>|  | $268000 | &nbsp;&nbsp; $277389 |
| **Guatemala–0.09%** | **Guatemala–0.09%** | **Guatemala–0.09%** | **Guatemala–0.09%** |
| Energuate Trust 2.0, 6.35%, <br> 09/15/2035<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 560302 |
| **Hong Kong–0.03%** | **Hong Kong–0.03%** | **Hong Kong–0.03%** | **Hong Kong–0.03%** |
| Melco Resorts Finance Ltd., <br> 6.50%, 09/24/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200692 |
| **India–0.93%** | **India–0.93%** | **India–0.93%** | **India–0.93%** |
| GMR Hyderabad International <br> Airport Ltd., 4.25%, <br> 10/27/2027<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1769874 |
| Muthoot Finance Ltd., | Muthoot Finance Ltd., |  |  |
| 7.13%, 02/14/2028<sup>(b)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1382049 |
| 6.38%, 04/23/2029<sup>(b)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2844516 |
|  |  |  | &nbsp;&nbsp; 5996439 |
| **Ireland–0.30%** | **Ireland–0.30%** | **Ireland–0.30%** | **Ireland–0.30%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust, 6.95%, 03/10/2055<sup>(d)</sup> <br>|  | 450000 | &nbsp;&nbsp; 472068 |
| BB Blue Financing DAC, Series A1, <br> 4.40%, 09/20/2037<br>|  | 750000 | &nbsp;&nbsp; 732986 |
| GGAM Finance Ltd., 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 471000 | &nbsp;&nbsp; 489692 |
| TrueNoord Capital DAC, 8.75%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 233369 |
|  |  |  | &nbsp;&nbsp; 1928115 |
| **Italy–0.12%** | **Italy–0.12%** | **Italy–0.12%** | **Italy–0.12%** |
| FiberCop S.p.A., | FiberCop S.p.A., |  |  |
| 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 285703 |
| 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 274381 |
| Telecom Italia Capital S.A., <br> 6.38%, 11/15/2033<br>|  | 229000 | &nbsp;&nbsp; 241114 |
|  |  |  | &nbsp;&nbsp; 801198 |
| **Japan–0.04%** | **Japan–0.04%** | **Japan–0.04%** | **Japan–0.04%** |
| Kioxia Holdings Corp., 6.63%, <br> 07/24/2033<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 260194 |
| **Macau–0.36%** | **Macau–0.36%** | **Macau–0.36%** | **Macau–0.36%** |
| MGM China Holdings Ltd., | MGM China Holdings Ltd., |  |  |
| 5.88%, 05/15/2026<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250153 |
| 4.75%, 02/01/2027<sup>(b)</sup> <br>|  | 1240000 | &nbsp;&nbsp; 1235573 |
| Studio City Finance Ltd., 5.00%, <br> 01/15/2029<sup>(b)(c)</sup> <br>|  | 323000 | &nbsp;&nbsp; 312166 |
| Wynn Macau Ltd., 6.75%, <br> 02/15/2034<sup>(b)</sup> <br>|  | 490000 | &nbsp;&nbsp; 496747 |
|  |  |  | &nbsp;&nbsp; 2294639 |
| **Mexico–1.09%** | **Mexico–1.09%** | **Mexico–1.09%** | **Mexico–1.09%** |
| Banco Mercantil del Norte S.A., <br> 8.38%<sup>(b)(d)(e)</sup> <br>|  | 650000 | &nbsp;&nbsp; 691813 |
| BBVA Bancomer S.A., 7.63%, <br> 02/11/2035<sup>(b)(d)</sup> <br>|  | 750000 | &nbsp;&nbsp; 789375 |
| CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(d)(e)</sup> <br>|  | 965000 | &nbsp;&nbsp; 965485 |
| FIEMEX Energia - Banco Actinver <br> S.A. Institucion de Banca <br> Multiple, 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 940982 | &nbsp;&nbsp; 990647 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** |
| Mexico Government International <br> Bond, Series 10, 5.63%, <br> 09/22/2035<br>|  | $200000 | &nbsp;&nbsp; $197500 |
| Nemak S.A.B. de C.V., 3.63%, <br> 06/28/2031<sup>(b)</sup> <br>|  | 1195000 | &nbsp;&nbsp; 1037083 |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| 8.75%, 06/02/2029 |  | 2100000 | &nbsp;&nbsp; 2252715 |
| 6.63%, 06/15/2035 |  | 120000 | &nbsp;&nbsp; 113948 |
|  |  |  | &nbsp;&nbsp; 7038566 |
| **Panama–0.11%** | **Panama–0.11%** | **Panama–0.11%** | **Panama–0.11%** |
| Telecomunicaciones Digitales <br> S.A., 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 714416 |
| **Peru–0.23%** | **Peru–0.23%** | **Peru–0.23%** | **Peru–0.23%** |
| Compania de Minas Buenaventura <br> S.A.A., 6.80%, <br> 02/04/2032<sup>(b)</sup> <br>|  | 895000 | &nbsp;&nbsp; 933154 |
| Orazul Energy Peru S.A., 6.25%, <br> 09/17/2032<sup>(b)</sup> <br>|  | 512000 | &nbsp;&nbsp; 520966 |
|  |  |  | &nbsp;&nbsp; 1454120 |
| **Serbia–0.11%** | **Serbia–0.11%** | **Serbia–0.11%** | **Serbia–0.11%** |
| Telecommunications Co. Telekom <br> Srbija AD Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 731280 |
| **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** |
| Repsol E&P Capital Markets US LLC, | Repsol E&P Capital Markets US LLC, |  |  |
| 4.81%, 09/16/2028<sup>(b)</sup> <br>|  | 525000 | &nbsp;&nbsp; 530031 |
| 5.20%, 09/16/2030<sup>(b)(c)</sup> <br>|  | 541000 | &nbsp;&nbsp; 548923 |
| 5.98%, 09/16/2035<sup>(b)(c)</sup> <br>|  | 350000 | &nbsp;&nbsp; 357100 |
|  |  |  | &nbsp;&nbsp; 1436054 |
| **Switzerland–0.56%** | **Switzerland–0.56%** | **Switzerland–0.56%** | **Switzerland–0.56%** |
| Argentum Netherlands B.V. for <br> Swiss Re Ltd., 5.63%, <br> 08/15/2052<sup>(b)(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 209477 |
| Credit Suisse Group AG, <br> 6.25%<sup>(b)(d)(e)(f)(g)</sup> <br>|  | 3015000 | &nbsp;&nbsp; 858521 |
| Zurich Finance Ireland Designated <br> Activity Co., 3.00%, <br> 04/19/2051<sup>(b)(d)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2546240 |
|  |  |  | &nbsp;&nbsp; 3614238 |
| **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** |
| GC Treasury Center Co. Ltd., <br> 6.50%<sup>(b)(d)(e)</sup> <br>|  | 569000 | &nbsp;&nbsp; 576553 |
| **Turkey–0.11%** | **Turkey–0.11%** | **Turkey–0.11%** | **Turkey–0.11%** |
| Akbank Turk A.S., 7.88%, <br> 09/04/2035<sup>(b)(d)</sup> <br>|  | 700000 | &nbsp;&nbsp; 723745 |
| **United Kingdom–2.16%** | **United Kingdom–2.16%** | **United Kingdom–2.16%** | **United Kingdom–2.16%** |
| Aberdeen Group PLC, 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 675000 | &nbsp;&nbsp; 664973 |
| B.A.T. Capital Corp., 6.00%, <br> 02/20/2034<sup>(c)</sup> <br>|  | 1048000 | &nbsp;&nbsp; 1122543 |
| Barclays Bank PLC, 6.28%<sup>(d)(e)</sup> <br>|  | 3470000 | &nbsp;&nbsp; 3671260 |
| Beazley Insurance DAC, 5.50%, <br> 09/10/2029<sup>(b)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1138109 |
| British Telecommunications PLC, <br> 4.25%, 11/23/2081<sup>(b)(d)</sup> <br>|  | 4150000 | &nbsp;&nbsp; 4115413 |

---

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

**3**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC, <br> 6.38%, 02/15/2032<sup>(b)</sup> <br>|  | $280000 | &nbsp;&nbsp; $281068 |
| Hiscox Ltd., 7.00%, <br> 06/11/2036<sup>(b)(d)</sup> <br>|  | 700000 | &nbsp;&nbsp; 753938 |
| M&G PLC, 6.50%, <br> 10/20/2048<sup>(b)(d)</sup> <br>|  | 375000 | &nbsp;&nbsp; 390391 |
| Virgin Media Secured Finance PLC, <br> 5.50%, 05/15/2029<sup>(b)</sup> <br>|  | 630000 | &nbsp;&nbsp; 621055 |
| VMED 02 UK Financing I PLC, <br> 6.75%, 01/15/2033<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99229 |
| Vodafone Group PLC, 4.13%, <br> 06/04/2081<sup>(d)</sup> <br>|  | 539000 | &nbsp;&nbsp; 504646 |
| Weir Group, Inc., 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 569000 | &nbsp;&nbsp; 584892 |
|  |  |  | &nbsp;&nbsp; 13947517 |
| **United States–16.04%** | **United States–16.04%** | **United States–16.04%** | **United States–16.04%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208153 |
| Acrisure LLC/Acrisure Finance, <br> Inc., 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 342000 | &nbsp;&nbsp; 357550 |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 239951 |
| AES Corp. (The), 7.60%, <br> 01/15/2055<sup>(d)</sup> <br>|  | 2003000 | &nbsp;&nbsp; 2041263 |
| Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 230601 |
| Air Lease Corp., Series B, <br> 4.65%<sup>(d)(e)</sup> <br>|  | 368000 | &nbsp;&nbsp; 365584 |
| Aircastle Ltd., 5.25%<sup>(b)(d)(e)</sup> <br>|  | 465000 | &nbsp;&nbsp; 465946 |
| Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, <br> 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 362000 | &nbsp;&nbsp; 375816 |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 522000 | &nbsp;&nbsp; 491884 |
| 5.88%, 12/01/2033<sup>(b)</sup> <br>|  | 122000 | &nbsp;&nbsp; 123838 |
| AMC Networks, Inc., 10.50%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 49755 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., | American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., |  |  |
| 5.50%, 04/20/2026<sup>(b)</sup> <br>|  | 468333 | &nbsp;&nbsp; 469243 |
| 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 449000 | &nbsp;&nbsp; 457506 |
| American Axle & Manufacturing, <br> Inc., 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 248670 |
| Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)</sup> <br>|  | 257000 | &nbsp;&nbsp; 271793 |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., | Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., |  |  |
| 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 233000 | &nbsp;&nbsp; 241311 |
| 5.75%, 07/01/2034<sup>(b)</sup> <br>|  | 233000 | &nbsp;&nbsp; 234875 |
| AP Grange Holdings LLC, | AP Grange Holdings LLC, |  |  |
| 6.50%, 03/20/2045<sup>(b)</sup> <br>|  | 195000 | &nbsp;&nbsp; 204928 |
| 6.50%, 03/20/2045 |  | 14956 | &nbsp;&nbsp; 14956 |
| Ares Capital Corp., 5.88%, <br> 03/01/2029<sup>(c)</sup> <br>|  | 1915000 | &nbsp;&nbsp; 1965060 |
| Asurion LLC and Asurion <br> Co-Issuer, Inc., 8.00%, <br> 12/31/2032<sup>(b)</sup> <br>|  | 241000 | &nbsp;&nbsp; 250188 |
| Bausch Health Cos., Inc., <br> 11.00%, 09/30/2028<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 75673 |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 118430 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Berry Global, Inc., 5.65%, <br> 01/15/2034<sup>(c)</sup> <br>|  | $767000 | &nbsp;&nbsp; $799582 |
| BP Capital Markets PLC, <br> 4.88%<sup>(d)(e)</sup> <br>|  | 435000 | &nbsp;&nbsp; 433090 |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(c)</sup> <br>|  | 458000 | &nbsp;&nbsp; 479476 |
| Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.50%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 239000 | &nbsp;&nbsp; 244098 |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)(c)</sup> <br>|  | 387000 | &nbsp;&nbsp; 374169 |
| Carvana Co., 0.00% PIK Rate, <br> 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(h)</sup> <br>|  | 230850 | &nbsp;&nbsp; 260655 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 245963 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 152000 | &nbsp;&nbsp; 150389 |
| 4.75%, 03/01/2030<sup>(b)(c)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1376163 |
| 4.50%, 08/15/2030<sup>(b)(c)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1356727 |
| 4.75%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 292698 |
| 4.50%, 05/01/2032 |  | 291000 | &nbsp;&nbsp; 261371 |
| 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 241037 |
| 4.25%, 01/15/2034<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 259623 |
| Celanese US Holdings LLC, | Celanese US Holdings LLC, |  |  |
| 7.20%, 11/15/2033 |  | 225000 | &nbsp;&nbsp; 237891 |
| 7.38%, 02/15/2034 |  | 63000 | &nbsp;&nbsp; 64047 |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(d)</sup> <br>|  | 3029000 | &nbsp;&nbsp; 3121424 |
| Charles Schwab Corp. (The), <br> 6.20%, 11/17/2029<sup>(d)</sup> <br>|  | 1543000 | &nbsp;&nbsp; 1632596 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 105377 |
| Cheniere Energy, Inc., 5.65%, <br> 04/15/2034<br>|  | 773000 | &nbsp;&nbsp; 802255 |
| Cipher Compute LLC, 7.13%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 239637 |
| Clarios Global L.P./Clarios US Finance <br> Co., | Clarios Global L.P./Clarios US Finance <br> Co., |  |  |
| 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 297000 | &nbsp;&nbsp; 310828 |
| 6.75%, 09/15/2032<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51879 |
| Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)(c)</sup> <br>|  | 383000 | &nbsp;&nbsp; 362477 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52856 |
| 7.00%, 03/15/2032<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 189856 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 135486 |
| 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 212000 | &nbsp;&nbsp; 221665 |
| Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |  |  |
| 8.75%, 04/15/2030<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 120054 |
| 6.75%, 04/15/2032<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 120387 |
| CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(d)</sup> <br>|  | 2629000 | &nbsp;&nbsp; 2704820 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 128000 | &nbsp;&nbsp; 120447 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 120361 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 244709 |

---

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

**4**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | $46000 | &nbsp;&nbsp; $42817 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 71586 |
| Conv., 1.75%, 12/01/2031<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 75900 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 253183 |
| Cousins Properties L.P., 5.25%, <br> 07/15/2030<br>|  | 1184000 | &nbsp;&nbsp; 1216117 |
| CVS Health Corp., 6.75%, <br> 12/10/2054<sup>(c)(d)</sup> <br>|  | 425000 | &nbsp;&nbsp; 444091 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 117697 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 122445 |
| Dell International LLC/EMC Corp., <br> 6.20%, 07/15/2030<br>|  | 2485000 | &nbsp;&nbsp; 2657358 |
| Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)</sup> <br>|  | 61000 | &nbsp;&nbsp; 61796 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., |  |  |
| 5.88%, 08/15/2027<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49315 |
| 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31701 |
| Discovery Communications LLC, <br> 4.13%, 05/15/2029<br>|  | 253000 | &nbsp;&nbsp; 244697 |
| Diversified Healthcare Trust, <br> 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102374 |
| Endo Finance Holdings, Inc., <br> 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 231000 | &nbsp;&nbsp; 244442 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 8.00%, 05/15/2054<sup>(d)</sup> <br>|  | 802000 | &nbsp;&nbsp; 856745 |
| 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 4148000 | &nbsp;&nbsp; 4259092 |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 244145 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 117738 |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 468000 | &nbsp;&nbsp; 484097 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(d)</sup> <br>|  | 2010000 | &nbsp;&nbsp; 2111833 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 344000 | &nbsp;&nbsp; 354137 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 226000 | &nbsp;&nbsp; 239618 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)(c)</sup> <br>|  | 449000 | &nbsp;&nbsp; 477493 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 334000 | &nbsp;&nbsp; 347845 |
| FMC Corp., 3.45%, 10/01/2029 |  | 50000 | &nbsp;&nbsp; 44379 |
| Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 121000 | &nbsp;&nbsp; 127466 |
| General Motors Co., 6.80%, <br> 10/01/2027<br>|  | 2867000 | &nbsp;&nbsp; 2985912 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 8.88%, 04/15/2030 |  | 59000 | &nbsp;&nbsp; 62354 |
| 7.88%, 05/15/2032 |  | 106000 | &nbsp;&nbsp; 110572 |
| 8.00%, 05/15/2033 |  | 171000 | &nbsp;&nbsp; 177639 |
| Getty Images, Inc., 10.50%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 63568 |
| GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 497000 | &nbsp;&nbsp; 490501 |
| Global Partners L.P./GLP Finance <br> Corp., 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 240000 | &nbsp;&nbsp; 245316 |
| Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 67504 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Great Lakes Dredge & Dock Corp., <br> 5.25%, 06/01/2029<sup>(b)</sup> <br>|  | $241000 | &nbsp;&nbsp; $236174 |
| Greystar Real Estate Partners LLC, <br> 7.75%, 09/01/2030<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 112864 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | 254000 | &nbsp;&nbsp; 249140 |
| 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 238000 | &nbsp;&nbsp; 245347 |
| HA Sustainable Infrastructure <br> Capital, Inc., 8.00%, <br> 06/01/2056<sup>(d)</sup> <br>|  | 236000 | &nbsp;&nbsp; 247229 |
| Hawaiian Electric Co., Inc., <br> 6.00%, 10/01/2033<sup>(b)(c)</sup> <br>|  | 362000 | &nbsp;&nbsp; 367214 |
| Hilcorp Energy I L.P./Hilcorp <br> Finance Co., 8.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | 221000 | &nbsp;&nbsp; 226616 |
| Hilton Domestic Operating Co., <br> Inc., 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 473000 | &nbsp;&nbsp; 488427 |
| HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 344000 | &nbsp;&nbsp; 361365 |
| Hyundai Capital America, 4.90%, <br> 06/23/2028<sup>(b)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2912572 |
| Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 110810 |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 211000 | &nbsp;&nbsp; 216877 |
| 4.50%, 02/15/2031<sup>(b)</sup> <br>|  | 262000 | &nbsp;&nbsp; 249939 |
| J.M. Smucker Co. (The), 5.90%, <br> 11/15/2028<br>|  | 1352000 | &nbsp;&nbsp; 1416989 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 357000 | &nbsp;&nbsp; 363508 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 228000 | &nbsp;&nbsp; 238136 |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp., 5.00%, <br> 08/15/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 192708 |
| L3Harris Technologies, Inc., <br> 5.40%, 01/15/2027<br>|  | 1195000 | &nbsp;&nbsp; 1212652 |
| Lamar Media Corp., | Lamar Media Corp., |  |  |
| 4.88%, 01/15/2029 |  | 735000 | &nbsp;&nbsp; 735543 |
| 5.38%, 11/01/2033<sup>(b)</sup> <br>|  | 225000 | &nbsp;&nbsp; 223807 |
| LCM Investments Holdings II LLC, <br> 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 229000 | &nbsp;&nbsp; 242350 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 299000 | &nbsp;&nbsp; 306205 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 273500 | &nbsp;&nbsp; 282080 |
| 8.50%, 01/15/2036<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 107660 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 5.50%, 10/01/2030<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 114861 |
| 4.38%, 01/15/2031<sup>(b)</sup> <br>|  | 263000 | &nbsp;&nbsp; 252946 |
| Lumen Technologies, Inc., <br> 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46288 |
| Mars, Inc., 4.80%, <br> 03/01/2030<sup>(b)(c)</sup> <br>|  | 511000 | &nbsp;&nbsp; 522327 |
| Mattel, Inc., 6.20%, <br> 10/01/2040<br>|  | 693000 | &nbsp;&nbsp; 701373 |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 249000 | &nbsp;&nbsp; 243274 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 237415 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 47022 |

---

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

**5**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | $215000 | &nbsp;&nbsp; $219583 |
| 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 237238 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 182000 | &nbsp;&nbsp; 182515 |
| 9.38%, 07/25/2030 |  | 81000 | &nbsp;&nbsp; 90086 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 240549 |
| New Enterprise Stone & Lime Co., <br> Inc., 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 235583 |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 110000 | &nbsp;&nbsp; 109752 |
| 6.38%, 05/15/2030 |  | 250000 | &nbsp;&nbsp; 244468 |
| NextEra Energy Capital Holdings, <br> Inc., 6.75%, 06/15/2054<sup>(c)(d)</sup> <br>|  | 1796000 | &nbsp;&nbsp; 1918335 |
| Nissan Motor Acceptance Co. LLC, <br> 7.05%, 09/15/2028<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 373646 |
| NRG Energy, Inc., 6.00%, <br> 01/15/2036<sup>(b)</sup> <br>|  | 367000 | &nbsp;&nbsp; 372053 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029 |  | 109000 | &nbsp;&nbsp; 113032 |
| 4.00%, 09/15/2030 |  | 108000 | &nbsp;&nbsp; 101636 |
| 6.75%, 03/15/2032 |  | 109000 | &nbsp;&nbsp; 112070 |
| 7.13%, 09/15/2032 |  | 148000 | &nbsp;&nbsp; 153945 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.55%, 11/01/2026 |  | 1185000 | &nbsp;&nbsp; 1198198 |
| 6.63%, 09/01/2053 |  | 1487000 | &nbsp;&nbsp; 1558898 |
| PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 113915 |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., 6.05%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2990400 |
| PetSmart LLC/PetSmart Finance <br> Corp., 7.50%, 09/15/2032<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 280195 |
| Phinia, Inc., | Phinia, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 108804 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 129000 | &nbsp;&nbsp; 134058 |
| PNC Financial Services Group, Inc. <br> (The), 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 2128000 | &nbsp;&nbsp; 2171015 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 349375 |
| Reinsurance Group of America, <br> Inc., 6.65%, <br> 09/15/2055<sup>(c)(d)</sup> <br>|  | 305000 | &nbsp;&nbsp; 316333 |
| RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 242108 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(c)</sup> <br>|  | 255000 | &nbsp;&nbsp; 242074 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 243050 |
| Roller Bearing Co. of America, <br> Inc., 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 365000 | &nbsp;&nbsp; 359580 |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 156450 | &nbsp;&nbsp; 10952 |
| Seagate Data Storage Technology Pte. <br> Ltd., | Seagate Data Storage Technology Pte. <br> Ltd., |  |  |
| 4.13%, 01/15/2031<sup>(b)</sup> <br>|  | 376000 | &nbsp;&nbsp; 359071 |
| 9.63%, 12/01/2032<sup>(b)</sup> <br>|  | 531200 | &nbsp;&nbsp; 603354 |
| Sempra, | Sempra, |  |  |
| 4.13%, 04/01/2052<sup>(d)</sup> <br>|  | 4158000 | &nbsp;&nbsp; 4089734 |
| 6.38%, 04/01/2056<sup>(d)</sup> <br>|  | 812000 | &nbsp;&nbsp; 830193 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Sensata Technologies, Inc., <br> 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | $262000 | &nbsp;&nbsp; $246033 |
| SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 59550 | &nbsp;&nbsp; 22331 |
| Sinclair Television Group, Inc., <br> 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 48076 |
| Solventum Corp., 5.45%, <br> 02/25/2027<br>|  | 656000 | &nbsp;&nbsp; 665698 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| Series B, 4.00%, <br> 01/15/2051<sup>(d)</sup> <br>|  | 3126000 | &nbsp;&nbsp; 3136052 |
| Series 21-A, 3.75%, <br> 09/15/2051<sup>(d)</sup> <br>|  | 2020000 | &nbsp;&nbsp; 1998943 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 275430 |
| Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)</sup> <br>|  | 323000 | &nbsp;&nbsp; 309676 |
| State Street Corp., | State Street Corp., |  |  |
| Series I, 6.70%<sup>(c)(d)(e)</sup> <br>|  | 1270000 | &nbsp;&nbsp; 1325984 |
| 6.45%<sup>(d)(e)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2972460 |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 240718 |
| Sunoco L.P., | Sunoco L.P., |  |  |
| 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 37290 |
| 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 164000 | &nbsp;&nbsp; 168073 |
| 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 201077 |
| 7.88%<sup>(b)(d)(e)</sup> <br>|  | 71000 | &nbsp;&nbsp; 72991 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 254139 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 6.75%, 05/15/2031 |  | 337000 | &nbsp;&nbsp; 350834 |
| 5.50%, 11/15/2032<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101436 |
| 6.00%, 11/15/2033<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20604 |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 223000 | &nbsp;&nbsp; 239446 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 1528000 | &nbsp;&nbsp; 1556827 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 289105 |
| 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 306000 | &nbsp;&nbsp; 313430 |
| Transocean International Ltd., <br> 7.88%, 10/15/2032<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 255989 |
| U.S. International Development <br> Finance Corp., Series 4, <br> 3.13%, 04/15/2028<br>|  | 480000 | &nbsp;&nbsp; 472530 |
| United AirLines, Inc., 4.38%, <br> 04/15/2026<sup>(b)</sup> <br>|  | 1391000 | &nbsp;&nbsp; 1390097 |
| Uniti Group L.P./Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC, 8.63%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 39434 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 131628 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 97000 | &nbsp;&nbsp; 104326 |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 240662 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 337000 | &nbsp;&nbsp; 348356 |
| 9.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 128000 | &nbsp;&nbsp; 101179 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 6.13%, 12/15/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101892 |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 92228 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 251000 | &nbsp;&nbsp; 257215 |

---

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

**6**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Versant Media Group, Inc., <br> 7.25%, 01/30/2031<sup>(b)</sup> <br>|  | $238000 | &nbsp;&nbsp; $245677 |
| Viatris, Inc., 3.85%, <br> 06/22/2040<br>|  | 746000 | &nbsp;&nbsp; 572959 |
| Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 355000 | &nbsp;&nbsp; 360663 |
| Vistra Corp., | Vistra Corp., |  |  |
| Series C, 8.88%<sup>(b)(d)(e)</sup> <br>|  | 124000 | &nbsp;&nbsp; 137142 |
| 8.00%<sup>(b)(d)(e)</sup> <br>|  | 119000 | &nbsp;&nbsp; 122452 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 315000 | &nbsp;&nbsp; 315285 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 78456 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 264912 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 263000 | &nbsp;&nbsp; 277173 |
| VoltaGrid LLC, 7.38%, <br> 11/01/2030<sup>(b)</sup> <br>|  | 239000 | &nbsp;&nbsp; 236904 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 219000 | &nbsp;&nbsp; 232519 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 239135 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032 |  | 71000 | &nbsp;&nbsp; 62414 |
| 5.05%, 03/15/2042 |  | 167000 | &nbsp;&nbsp; 117944 |
| 5.14%, 03/15/2052 |  | 69000 | &nbsp;&nbsp; 45633 |
| Whirlpool Corp., 4.75%, <br> 02/26/2029<br>|  | 240000 | &nbsp;&nbsp; 237368 |
| Windstream Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 215451 |
| WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 239194 |
|  |  |  | &nbsp;&nbsp; 103641526 |
| **Uzbekistan–0.25%** | **Uzbekistan–0.25%** | **Uzbekistan–0.25%** | **Uzbekistan–0.25%** |
| Navoi Mining & Metallurgical Combinat, | Navoi Mining & Metallurgical Combinat, |  |  |
| 6.70%, 10/17/2028<sup>(b)</sup> <br>|  | 620000 | &nbsp;&nbsp; 642567 |
| 6.75%, 05/14/2030<sup>(b)</sup> <br>|  | 938000 | &nbsp;&nbsp; 982209 |
|  |  |  | &nbsp;&nbsp; 1624776 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $189,480,912) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $189,480,912) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $189,480,912) | &nbsp;&nbsp; 190663621 |
| **Non-U.S. Dollar Denominated Bonds & Notes–22.72%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–22.72%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–22.72%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–22.72%**<sup>(i)</sup>  |
| **Argentina–0.46%** | **Argentina–0.46%** | **Argentina–0.46%** | **Argentina–0.46%** |
| Argentina Treasury Bond, <br> 29.50%, 04/27/2027<sup>(j)</sup> <br>| ARS | 4015000000 | &nbsp;&nbsp; 2970834 |
| **Australia–1.24%** | **Australia–1.24%** | **Australia–1.24%** | **Australia–1.24%** |
| Queensland Treasury Corp., <br> 5.25%, 08/13/2038<sup>(b)</sup> <br>| AUD | 4700000 | &nbsp;&nbsp; 3020838 |
| Treasury Corporation of Victoria, <br> 5.50%, 11/17/2026<br>| AUD | 7395000 | &nbsp;&nbsp; 4998716 |
|  |  |  | &nbsp;&nbsp; 8019554 |
| **Brazil–6.29%** | **Brazil–6.29%** | **Brazil–6.29%** | **Brazil–6.29%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| Class NTNF, 10.00%, <br> 01/01/2031<br>| BRL | 206000000 | &nbsp;&nbsp; 33036300 |
| Series B, 6.00%, <br> 05/15/2055<br>| BRL | 10490000 | &nbsp;&nbsp; 7614262 |
|  |  |  | &nbsp;&nbsp; 40650562 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Canada–0.80%** | **Canada–0.80%** | **Canada–0.80%** | **Canada–0.80%** |
| Province of Ontario, 5.85%, <br> 03/08/2033<br>| CAD | 6200000 | &nbsp;&nbsp; $5179172 |
| **Czech Republic–0.23%** | **Czech Republic–0.23%** | **Czech Republic–0.23%** | **Czech Republic–0.23%** |
| CPI Property Group S.A., <br> 4.88%<sup>(b)(d)(e)</sup> <br>| EUR | 1300000 | &nbsp;&nbsp; 1458474 |
| **France–1.84%** | **France–1.84%** | **France–1.84%** | **France–1.84%** |
| BNP Paribas S.A., 2.00%, <br> 05/24/2031<sup>(b)(d)</sup> <br>| GBP | 2700000 | &nbsp;&nbsp; 3603678 |
| BPCE S.A., 5.13%, <br> 01/25/2035<sup>(b)(d)</sup> <br>| EUR | 3300000 | &nbsp;&nbsp; 4076619 |
| CMA CGM S.A., 4.88%, <br> 01/15/2032<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 229743 |
| Electricite de France S.A., | Electricite de France S.A., |  |  |
| 7.50%<sup>(b)(d)(e)</sup> <br>| EUR | 800000 | &nbsp;&nbsp; 1025536 |
| 7.38%<sup>(b)(d)(e)</sup> <br>| GBP | 1300000 | &nbsp;&nbsp; 1801829 |
| 4.38%<sup>(b)(d)(e)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 1164637 |
|  |  |  | &nbsp;&nbsp; 11902042 |
| **Germany–0.10%** | **Germany–0.10%** | **Germany–0.10%** | **Germany–0.10%** |
| Volkswagen International Finance <br> N.V., 4.63%<sup>(b)(d)(e)</sup> <br>| EUR | 560000 | &nbsp;&nbsp; 660049 |
| **Greece–0.13%** | **Greece–0.13%** | **Greece–0.13%** | **Greece–0.13%** |
| Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(d)</sup> <br>| EUR | 675000 | &nbsp;&nbsp; 856289 |
| **India–0.46%** | **India–0.46%** | **India–0.46%** | **India–0.46%** |
| India Government Bond, 7.09%, <br> 08/05/2054<br>| INR | 275000000 | &nbsp;&nbsp; 2986242 |
| **Ivory Coast–0.18%** | **Ivory Coast–0.18%** | **Ivory Coast–0.18%** | **Ivory Coast–0.18%** |
| Ivory Coast Government <br> International Bond, 5.25%, <br> 03/22/2030<sup>(b)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 1183900 |
| **Luxembourg–0.04%** | **Luxembourg–0.04%** | **Luxembourg–0.04%** | **Luxembourg–0.04%** |
| ION Platform Finance S.a.r.l., <br> 6.88%, 09/30/2032<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 225171 |
| **Mexico–5.76%** | **Mexico–5.76%** | **Mexico–5.76%** | **Mexico–5.76%** |
| Mexican Bonos, Series M, 8.50%, <br> 02/28/2030<br>| MXN | 514000000 | &nbsp;&nbsp; 28635818 |
| Mexican Udibonos, Series S, <br> 4.00%, 08/30/2029<br>| MXN | 155976966 | &nbsp;&nbsp; 8596700 |
|  |  |  | &nbsp;&nbsp; 37232518 |
| **Netherlands–0.05%** | **Netherlands–0.05%** | **Netherlands–0.05%** | **Netherlands–0.05%** |
| Sunrise FinCo I B.V., 4.63%, <br> 05/15/2032(Acquired <br> 05/21/2025-05/28/2025; <br> Cost $283,713)<sup>(b)(k)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 297334 |
| **South Africa–2.51%** | **South Africa–2.51%** | **South Africa–2.51%** | **South Africa–2.51%** |
| Republic of South Africa Government <br> Bond, | Republic of South Africa Government <br> Bond, |  |  |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 135000000 | &nbsp;&nbsp; 8174242 |
| Series 2048, 8.75%, <br> 02/28/2048<br>| ZAR | 138090000 | &nbsp;&nbsp; 8019964 |
|  |  |  | &nbsp;&nbsp; 16194206 |
| **Spain–1.18%** | **Spain–1.18%** | **Spain–1.18%** | **Spain–1.18%** |
| Banco Bilbao Vizcaya Argentaria <br> S.A., 6.00%<sup>(b)(d)(e)</sup> <br>| EUR | 3400000 | &nbsp;&nbsp; 4006152 |

---

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

**7**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Spain–(continued)** | **Spain–(continued)** | **Spain–(continued)** | **Spain–(continued)** |
| Telefonica Europe, B.V., | Telefonica Europe, B.V., |  |  |
| 7.13%<sup>(b)(d)(e)</sup> <br>| EUR | 1400000 | &nbsp;&nbsp; $1783771 |
| 6.75%<sup>(b)(d)(e)</sup> <br>| EUR | 1400000 | &nbsp;&nbsp; 1822015 |
|  |  |  | &nbsp;&nbsp; 7611938 |
| **Supranational–0.10%** | **Supranational–0.10%** | **Supranational–0.10%** | **Supranational–0.10%** |
| African Development Bank, <br> 0.00%, 01/17/2050<sup>(l)</sup> <br>| ZAR | 78000000 | &nbsp;&nbsp; 570560 |
| International Finance Corp., <br> 0.00%, 02/15/2029<sup>(b)(l)</sup> <br>| TRY | 3700000 | &nbsp;&nbsp; 36775 |
|  |  |  | &nbsp;&nbsp; 607335 |
| **United Kingdom–0.76%** | **United Kingdom–0.76%** | **United Kingdom–0.76%** | **United Kingdom–0.76%** |
| M&G PLC, 5.63%, <br> 10/20/2051<sup>(b)(d)</sup> <br>| GBP | 1400000 | &nbsp;&nbsp; 1897676 |
| United Kingdom Gilt, 4.38%, <br> 07/31/2054<sup>(b)</sup> <br>| GBP | 2570000 | &nbsp;&nbsp; 3037838 |
|  |  |  | &nbsp;&nbsp; 4935514 |
| **United States–0.59%** | **United States–0.59%** | **United States–0.59%** | **United States–0.59%** |
| Ford Motor Credit Co. LLC, <br> 6.86%, 06/05/2026<br>| GBP | 2800000 | &nbsp;&nbsp; 3810859 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $143,782,360) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $143,782,360) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $143,782,360) | &nbsp;&nbsp; 146781993 |
| **Asset-Backed Securities–15.66%** | **Asset-Backed Securities–15.66%** | **Asset-Backed Securities–15.66%** | **Asset-Backed Securities–15.66%** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2024-8, Class A3, <br> 5.75%, 05/27/2069<sup>(b)</sup> <br>|  | $952650 | &nbsp;&nbsp; 958062 |
| Series 2024-12, Class A2, <br> 5.86%, 10/25/2069<sup>(b)</sup> <br>|  | 300695 | &nbsp;&nbsp; 303111 |
| Series 2024-12, Class A3, <br> 6.01%, 10/25/2069<sup>(b)</sup> <br>|  | 484235 | &nbsp;&nbsp; 488102 |
| Series 2025-6, Class A3, <br> 5.92%, 04/25/2070<sup>(b)</sup> <br>|  | 1094493 | &nbsp;&nbsp; 1106486 |
| Bear Stearns Adjustable Rate <br> Mortgage Trust, <br> Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(m)</sup> <br>|  | 6063 | &nbsp;&nbsp; 5883 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.52%, 01/15/2051<sup>(n)</sup> <br>|  | 3580672 | &nbsp;&nbsp; 35370 |
| BRAVO Residential Funding Trust, <br> Series 2023-NQM7, Class A2, <br> 7.38%, 09/25/2063<sup>(b)</sup> <br>|  | 1361367 | &nbsp;&nbsp; 1376748 |
| CD Mortgage Trust, <br> Series 2017-CD6, Class XA, IO, <br> 0.89%, 11/13/2050<sup>(n)</sup> <br>|  | 1608422 | &nbsp;&nbsp; 18550 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.76%, 01/25/2036<sup>(o)</sup> <br>|  | 2860 | &nbsp;&nbsp; 2653 |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 0.98%, <br> 10/12/2050<sup>(n)</sup> <br>|  | 4550437 | &nbsp;&nbsp; 62523 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.40%), <br> 10/25/2035<sup>(m)</sup> <br>|  | 23743 | &nbsp;&nbsp; 23074 |
| Series 2025-2, Class A10, <br> 6.00%, 02/25/2055<sup>(b)(o)</sup> <br>|  | 717941 | &nbsp;&nbsp; 728146 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Citigroup Mortgage Loan Trust, <br> Inc., Series 2005-2, <br> Class 1A3, 2.82%, <br> 05/25/2035<sup>(o)</sup> <br>|  | $107904 | &nbsp;&nbsp; $105461 |
| COLT Mortgage Loan Trust, <br> Series 2024-INV1, Class A3, <br> 6.48%, 12/25/2068<sup>(b)</sup> <br>|  | 335105 | &nbsp;&nbsp; 337982 |
| COMM Mortgage Trust, <br> Series 2019-GC44, Class AM, <br> 3.26%, 08/15/2057<br>|  | 1000000 | &nbsp;&nbsp; 936583 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 82266 | &nbsp;&nbsp; 81899 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 147722 | &nbsp;&nbsp; 121805 |
| CWHEQ Revolving Home Equity <br> Loan Trust, Series 2006-H, <br> Class 2A1A, 6.65% (1 mo. <br> Term SOFR + 0.26%), <br> 11/15/2036<sup>(m)</sup> <br>|  | 6197 | &nbsp;&nbsp; 5605 |
| Deutsche Alt-B Securities, Inc. <br> Mortgage Loan Trust, <br> Series 2006-AB2, Class A1, <br> 5.89%, 06/25/2036<sup>(o)</sup> <br>|  | 17076 | &nbsp;&nbsp; 15782 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |  |
| Series 2017-K62, Class B, <br> 3.88%, 01/25/2050<sup>(b)(o)</sup> <br>|  | 280000 | &nbsp;&nbsp; 278203 |
| Series 2016-K54, Class C, <br> 4.14%, 04/25/2048<sup>(b)(o)</sup> <br>|  | 1810000 | &nbsp;&nbsp; 1803864 |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 325500 | &nbsp;&nbsp; 328583 |
| GCAT Trust, Series 2024-INV3, <br> Class A17, 6.50%, <br> 09/25/2054<sup>(b)(o)</sup> <br>|  | 152107 | &nbsp;&nbsp; 156274 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2025-HE1, Class A1, <br> 5.42% (30 Day Average SOFR <br> + 1.55%), 10/25/2055<sup>(b)(m)</sup> <br>|  | 492566 | &nbsp;&nbsp; 494101 |
| Series 2025-HE1, Class M1, <br> 5.92% (30 Day Average SOFR <br> + 2.05%), 10/25/2055<sup>(b)(m)</sup> <br>|  | 290000 | &nbsp;&nbsp; 291514 |
| Series 2025-NQM3, Class A1, <br> 5.14%, 11/25/2065<sup>(b)</sup> <br>|  | 1903432 | &nbsp;&nbsp; 1909522 |
| Series 2025-NQM4, Class A2, <br> 5.31%, 10/25/2065<sup>(b)</sup> <br>|  | 749780 | &nbsp;&nbsp; 752535 |
| Series 2025-NQM4, Class A3, <br> 5.46%, 10/25/2065<sup>(b)</sup> <br>|  | 749780 | &nbsp;&nbsp; 752525 |
| Series 2025-NQM3, Class A2, <br> 5.34%, 11/25/2065<sup>(b)</sup> <br>|  | 475858 | &nbsp;&nbsp; 478150 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.00%, 07/25/2035<sup>(o)</sup> <br>|  | 832 | &nbsp;&nbsp; 802 |
| Hilton Grand Vacations Trust, <br> Series 2025-2A, Class A, <br> 4.54%, 05/25/2044<sup>(b)</sup> <br>|  | 472779 | &nbsp;&nbsp; 475422 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| Series 2025-NQM4, Class A2, <br> 5.16%, 03/25/2066<sup>(b)</sup> <br>|  | 820484 | &nbsp;&nbsp; 820970 |
| Series 2025-NQM4, Class A3, <br> 5.26%, 03/25/2066<sup>(b)</sup> <br>|  | 820484 | &nbsp;&nbsp; 820178 |
| JP Morgan Mortgage Trust, <br> Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(o)</sup> <br>|  | 5704 | &nbsp;&nbsp; 5681 |

---

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

**8**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| JPMBB Commercial Mortgage <br> Securities Trust, <br> Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(o)</sup> <br>|  | $680000 | &nbsp;&nbsp; $649376 |
| MASTR Asset Backed Securities <br> Trust, Series 2006-WMC3, <br> Class A3, 4.05% (1 mo. Term <br> SOFR + 0.31%), <br> 08/25/2036<sup>(m)</sup> <br>|  | 629815 | &nbsp;&nbsp; 213706 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(n)</sup> <br>|  | 1571138 | &nbsp;&nbsp; 20847 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, | Morgan Stanley Residential Mortgage <br> Loan Trust, |  |  |
| Series 2024-NQM5, Class A3, <br> 6.00%, 10/25/2069<sup>(b)</sup> <br>|  | 717822 | &nbsp;&nbsp; 725139 |
| Series 2025-NQM1, Class A3, <br> 6.14%, 11/25/2069<sup>(b)</sup> <br>|  | 1042346 | &nbsp;&nbsp; 1055980 |
| Series 2024-NQM1, Class A2, <br> 6.41%, 12/25/2068<sup>(b)</sup> <br>|  | 725959 | &nbsp;&nbsp; 734054 |
| Series 2024-NQM2, Class A3, <br> 6.79%, 05/25/2069<sup>(b)</sup> <br>|  | 1217610 | &nbsp;&nbsp; 1234568 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2022-NQM7, Class A3, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 267990 | &nbsp;&nbsp; 267789 |
| Series 2022-NQM7, Class A2, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 515366 | &nbsp;&nbsp; 515441 |
| Series 2024-NQM12, <br> Class A1, 5.48%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 191774 | &nbsp;&nbsp; 193489 |
| Series 2024-NQM12, <br> Class A2, 5.78%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 434015 | &nbsp;&nbsp; 438920 |
| Series 2024-NQM12, <br> Class A3, 5.83%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 218690 | &nbsp;&nbsp; 220878 |
| Series 2024-NQM12, <br> Class M1, 5.93%, <br> 07/25/2064<sup>(b)(o)</sup> <br>|  | 310000 | &nbsp;&nbsp; 311216 |
| Series 2024-NQM18, <br> Class A3, 5.87%, <br> 10/25/2064<sup>(b)</sup> <br>|  | 882533 | &nbsp;&nbsp; 888331 |
| Series 2025-HE2, Class A1, <br> 5.32% (30 Day Average SOFR <br> + 1.45%), 08/25/2055<sup>(b)(m)</sup> <br>|  | 1654832 | &nbsp;&nbsp; 1658162 |
| PMT Loan Trust, | PMT Loan Trust, |  |  |
| Series 2025-INV1, Class A7, <br> 6.00%, 01/25/2060<sup>(b)(o)</sup> <br>|  | 374929 | &nbsp;&nbsp; 381587 |
| Series 2025-INV6, Class A8, <br> 6.00%, 06/25/2056<sup>(b)(o)</sup> <br>|  | 218531 | &nbsp;&nbsp; 222450 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J3, Class A2, <br> 5.50%, 10/25/2054<sup>(b)(o)</sup> <br>|  | 365914 | &nbsp;&nbsp; 369653 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(o)</sup> <br>|  | 1909129 | &nbsp;&nbsp; 1916926 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| Series 2025-CES5, Class A1A, <br> 5.69%, 05/25/2055<sup>(b)</sup> <br>|  | 302399 | &nbsp;&nbsp; 306511 |
| Series 2025-CES5, Class A1B, <br> 5.84%, 05/25/2055<sup>(b)</sup> <br>|  | 788866 | &nbsp;&nbsp; 800178 |
| Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup> <br>|  | 444337 | &nbsp;&nbsp; 448922 |
| Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 4080 | &nbsp;&nbsp; 3290 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| SBNA Auto Receivables Trust, | SBNA Auto Receivables Trust, |  |  |
| Series 2025-SF1, Class B, <br> 5.12%, 03/17/2031<sup>(b)</sup> <br>|  | $69657 | &nbsp;&nbsp; $69703 |
| Series 2025-SF1, Class C, <br> 5.14%, 04/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 301003 |
| Series 2025-SF1, Class D, <br> 5.34%, 09/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 301593 |
| Sequoia Mortgage Trust, <br> Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(o)</sup> <br>|  | 1503261 | &nbsp;&nbsp; 1512790 |
| Sonic Capital LLC, Series 2020-<br> 1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup> <br>|  | 875667 | &nbsp;&nbsp; 867104 |
| Switch ABS Issuer LLC, <br> Series 2025-2A, Class A22, <br> 5.37%, 10/25/2055<sup>(b)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1117837 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(n)</sup> <br>|  | 2099628 | &nbsp;&nbsp; 28372 |
| Vantage Data Centers Issuer LLC, <br> Series 2025-2A, Class A2, <br> 5.24%, 11/15/2055<sup>(b)</sup> <br>|  | 980000 | &nbsp;&nbsp; 972456 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2005-AR16, Class 1A1, <br> 4.37%, 12/25/2035<sup>(o)</sup> <br>|  | 1938 | &nbsp;&nbsp; 1776 |
| Series 2003-AR10, Class A7, <br> 5.69%, 10/25/2033<sup>(o)</sup> <br>|  | 10517 | &nbsp;&nbsp; 10160 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.82%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 2237469 | &nbsp;&nbsp; 30425 |
| Westlake Automobile Receivables <br> Trust, Series 2024-3A, <br> Class D, 5.21%, <br> 04/15/2030<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1519582 |
| WFRBS Commercial Mortgage <br> Trust, Series 2013-C14, <br> Class AS, 3.49%, <br> 06/15/2046<br>|  | 66702 | &nbsp;&nbsp; 65572 |
| Alba PLC, | Alba PLC, |  |  |
| Series 2007-1, Class F, <br> 7.14% (SONIA + 3.37%), <br> 03/17/2039<sup>(b)(i)(m)</sup> <br>| GBP | 533532 | &nbsp;&nbsp; 667002 |
| Series 2006-2, Class F, <br> 7.15% (SONIA + 3.37%), <br> 12/15/2038<sup>(b)(i)(m)</sup> <br>| GBP | 370656 | &nbsp;&nbsp; 457535 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| Series E, 5.79% (SONIA + <br> 2.00%), 07/20/2045<sup>(b)(i)(m)</sup> <br>| GBP | 629000 | &nbsp;&nbsp; 834043 |
| Series F, 6.29% (SONIA + <br> 2.50%), 07/20/2045<sup>(b)(i)(m)</sup> <br>| GBP | 749000 | &nbsp;&nbsp; 993876 |
| Eurosail PLC, | Eurosail PLC, |  |  |
| Series 2006-2X, Class E1C, <br> 7.15% (SONIA + 3.37%), <br> 12/15/2044<sup>(b)(i)(m)</sup> <br>| GBP | 1830000 | &nbsp;&nbsp; 2239855 |
| Series 2006-4X, Class E1C, <br> 6.91% (SONIA + 3.12%), <br> 12/10/2044<sup>(b)(i)(m)</sup> <br>| GBP | 1608336 | &nbsp;&nbsp; 1924700 |
| Series 2006-2X, Class D1A, <br> 2.90% (3 mo. EURIBOR + <br> 0.80%), 12/15/2044<sup>(b)(i)(m)</sup> <br>| EUR | 2700000 | &nbsp;&nbsp; 2980052 |

---

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

**9**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Eurosail-UK NC PLC, | Eurosail-UK NC PLC, |  |  |
| Series 2007-1X, Class D1C, <br> 4.79% (SONIA + 1.01%), <br> 03/13/2045<sup>(b)(i)(m)</sup> <br>| GBP | 750000 | &nbsp;&nbsp; $887504 |
| Series 2007-1X, Class D1A, <br> 2.94% (3 mo. EURIBOR + <br> 0.84%), 03/13/2045<sup>(b)(i)(m)</sup> <br>| EUR | 1166000 | &nbsp;&nbsp; 1181542 |
| Eurosail-UK NP PLC, <br> Series 2007-2X, Class D1A, <br> 2.90% (3 mo. EURIBOR + <br> 0.80%), 03/13/2045<sup>(b)(i)(m)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; 3766927 |
| Great Hall Mortgages No. 1 PLC, <br> Series 2007-2X, Class EB, <br> 5.81% (3 mo. EURIBOR + <br> 3.75%), 06/18/2039<sup>(b)(i)(m)</sup> <br>| EUR | 1780000 | &nbsp;&nbsp; 2092256 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| Series 1A, Class ER, 7.93% <br> (SONIA + 4.00%), <br> 07/20/2055<sup>(b)(i)(m)</sup> <br>| GBP | 1379000 | &nbsp;&nbsp; 1861315 |
| Series 1A, Class FR, 8.93% <br> (SONIA + 5.00%), <br> 07/20/2055<sup>(b)(i)(m)</sup> <br>| GBP | 852000 | &nbsp;&nbsp; 1149987 |
| Ludgate Funding PLC, | Ludgate Funding PLC, |  |  |
| Series 2007-1, Class MA, <br> 4.10% (SONIA + 0.36%), <br> 01/01/2061<sup>(b)(i)(m)</sup> <br>| GBP | 667478 | &nbsp;&nbsp; 855095 |
| Series 2006-1X, Class A2A, <br> 4.13% (SONIA + 0.31%), <br> 12/01/2060<sup>(b)(i)(m)</sup> <br>| GBP | 2044587 | &nbsp;&nbsp; 2716869 |
| Mortgage Funding PLC, <br> Series 2008-1, Class B2, <br> 7.10% (SONIA + 3.32%), <br> 03/13/2046<sup>(b)(i)(m)</sup> <br>| GBP | 6497463 | &nbsp;&nbsp; 8101258 |
| Newday Funding Master Issuer PLC, | Newday Funding Master Issuer PLC, |  |  |
| Series 2025-1X, Class E, <br> 0.00% (SONIA + 3.30%), <br> 04/15/2033<sup>(b)(i)(l)(m)</sup> <br>| GBP | 1510000 | &nbsp;&nbsp; 2054448 |
| Series 2024-3X, Class E, <br> 7.59% (SONIA + 3.75%), <br> 11/15/2032<sup>(b)(i)(m)</sup> <br>| GBP | 1005000 | &nbsp;&nbsp; 1371020 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| Series 2006-2, Class CB, <br> 2.45% (3 mo. EURIBOR + <br> 0.43%), 12/01/2050<sup>(b)(i)(m)</sup> <br>| EUR | 444007 | &nbsp;&nbsp; 484193 |
| Series 2007-3X, Class CB, <br> 3.60% (3 mo. EURIBOR + <br> 1.50%), 12/15/2050<sup>(b)(i)(m)</sup> <br>| EUR | 300298 | &nbsp;&nbsp; 340021 |
| Pavillion Consumer PLC, | Pavillion Consumer PLC, |  |  |
| Series 2025-1A, Class C, <br> 0.00% (SONIA + 1.60%), <br> 01/25/2036<sup>(b)(i)(l)(m)</sup> <br>| GBP | 2800000 | &nbsp;&nbsp; 3774118 |
| Series 2025-1A, Class D, <br> 0.00% (SONIA + 1.90%), <br> 01/25/2036<sup>(b)(i)(l)(m)</sup> <br>| GBP | 1400000 | &nbsp;&nbsp; 1883187 |
| Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, | Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, |  |  |
| Series 2024-GR6X, Class F, <br> 8.43% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(i)(m)</sup> <br>| GBP | 620000 | &nbsp;&nbsp; 836979 |
| Series 2024-GR6A, Class F, <br> 8.43% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(i)(m)</sup> <br>| GBP | 950000 | &nbsp;&nbsp; 1282467 |
| Series 2024-GR6X, Class E, <br> 7.43% (SONIA + 3.50%), <br> 07/20/2053<sup>(b)(i)(m)</sup> <br>| GBP | 885000 | &nbsp;&nbsp; 1198610 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Towd Point Mortgage Funding <br> 2024 - Granite 7 PLC, <br> Series 2024-GR7X, Class E, <br> 7.04% (SONIA + 3.25%), <br> 04/20/2051<sup>(b)(i)(m)</sup> <br>| GBP | 690000 | &nbsp;&nbsp; $931620 |
| Prosil Acquisition S.A., <br> Series 2019-1, Class A, <br> 4.07% (3 mo. EURIBOR + <br> 2.00%), 10/31/2039<sup>(b)(i)(m)</sup> <br>| EUR | 899682 | &nbsp;&nbsp; 871557 |
| SC Germany S.A. Compartment <br> Consumer, Series 2021-1, <br> Class E, 4.74% (1 mo. <br> EURIBOR + 2.80%), <br> 11/14/2035<sup>(b)(i)(m)</sup> <br>| EUR | 2913710 | &nbsp;&nbsp; 3403794 |
| Alhambra SME Funding DAC, <br> Series 2019-1, Class D, <br> 11.15% (1 mo. EURIBOR + <br> 9.25%), 11/30/2028<sup>(b)(i)(m)</sup> <br>| EUR | 39532 | &nbsp;&nbsp; 43497 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| Series 2024-1A, Class B, <br> 6.81% (SONIA + 2.95%), <br> 11/17/2034<sup>(b)(i)(m)</sup> <br>| GBP | 1395400 | &nbsp;&nbsp; 1884501 |
| Series 2024-1A, Class C, <br> 7.61% (SONIA + 3.75%), <br> 11/17/2034<sup>(b)(i)(m)</sup> <br>| GBP | 797509 | &nbsp;&nbsp; 1074974 |
| Series 2024-1A, Class A, <br> 5.76% (SONIA + 1.90%), <br> 11/17/2034<sup>(b)(i)(m)</sup> <br>| GBP | 996164 | &nbsp;&nbsp; 1345679 |
| Last Mile Logistics Pan Euro <br> Finance DAC, Series E, 4.76% <br> (3 mo. EURIBOR + 2.70%), <br> 08/17/2033<sup>(b)(i)(m)</sup> <br>| EUR | 2420276 | &nbsp;&nbsp; 2842835 |
| IM Pastor 4, FTA, Series B, 2.23% <br> (3 mo. EURIBOR + 0.19%), <br> 03/22/2044<sup>(b)(i)(m)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 847788 |
| Santander Consumo 8 Fondo de <br> Titulizacion, Series 8E, 6.51% <br> (3 mo. EURIBOR + 4.50%), <br> 01/21/2040<sup>(b)(i)(m)</sup> <br>| EUR | 1500000 | &nbsp;&nbsp; 1780151 |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| Series 1A, 2.00%, <br> 12/31/2043<sup>(g)</sup> <br>|  | $3144648 | &nbsp;&nbsp; 2987416 |
| 0.00%, 12/31/2043<sup>(g)(i)(l)</sup> <br>| ARS | 33994486 | &nbsp;&nbsp; 22249 |
| Fideicomiso Financiero Invernea <br> Proteina 2, Serie II, 0.00%, <br> 08/25/2032<sup>(g)(i)(l)(o)</sup> <br>| ARS | 133500000 | &nbsp;&nbsp; 719971 |
| Total Asset-Backed Securities (Cost $100,872,597) | Total Asset-Backed Securities (Cost $100,872,597) | Total Asset-Backed Securities (Cost $100,872,597) | &nbsp;&nbsp; 101148826 |
| **U.S. Treasury Securities–9.57%** | **U.S. Treasury Securities–9.57%** | **U.S. Treasury Securities–9.57%** | **U.S. Treasury Securities–9.57%** |
| **U.S. Treasury Bills–4.78%** | **U.S. Treasury Bills–4.78%** | **U.S. Treasury Bills–4.78%** | **U.S. Treasury Bills–4.78%** |
| 3.63 - 4.11%, <br> 05/14/2026<sup>(p)(q)(r)</sup> <br>|  | $30855326 | &nbsp;&nbsp; 30908644 |
| **U.S. Treasury Bonds–4.79%** | **U.S. Treasury Bonds–4.79%** | **U.S. Treasury Bonds–4.79%** | **U.S. Treasury Bonds–4.79%** |
| 5.50%, 08/15/2028 |  | 30951438 | &nbsp;&nbsp; 30919191 |
| Total U.S. Treasury Securities (Cost $61,806,764) | Total U.S. Treasury Securities (Cost $61,806,764) | Total U.S. Treasury Securities (Cost $61,806,764) | &nbsp;&nbsp; 61827835 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.04%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.04%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.04%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.04%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 04/25/2029 - <br> 07/25/2032<sup>(s)</sup> <br>|  | 103648 | &nbsp;&nbsp; 10811 |
| 6.00%, 12/25/2032 - <br> 08/25/2035<sup>(n)(s)</sup> <br>|  | 311777 | &nbsp;&nbsp; 38568 |
| 5.50%, 01/25/2034 - <br> 06/25/2035<sup>(s)</sup> <br>|  | 105553 | &nbsp;&nbsp; 13921 |

---

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

**10**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>2.71% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2031 - <br> 05/25/2035<sup>(m)(s)</sup> <br>|  | $73867 | &nbsp;&nbsp; $6554 |
| 3.85% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 - <br> 12/18/2031<sup>(m)(s)</sup> <br>|  | 9367 | &nbsp;&nbsp; 863 |
| 3.91% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(m)(s)</sup> <br>|  | 1528 | &nbsp;&nbsp; 155 |
| 3.96% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(m)(s)</sup> <br>|  | 1633 | &nbsp;&nbsp; 147 |
| 4.11% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(m)(s)</sup> <br>|  | 2518 | &nbsp;&nbsp; 248 |
| 3.01% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 9199 | &nbsp;&nbsp; 745 |
| 3.81% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 1237 | &nbsp;&nbsp; 134 |
| 4.01% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 - <br> 09/25/2032<sup>(m)(s)</sup> <br>|  | 5132 | &nbsp;&nbsp; 525 |
| 4.05% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(m)(s)</sup> <br>|  | 17079 | &nbsp;&nbsp; 1608 |
| 4.26% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 - <br> 05/25/2033<sup>(m)(s)</sup> <br>|  | 18212 | &nbsp;&nbsp; 2704 |
| 7.00%, 03/25/2033 - <br> 04/25/2033<sup>(s)</sup> <br>|  | 53950 | &nbsp;&nbsp; 7316 |
| 3.56% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(m)(s)</sup> <br>|  | 73189 | &nbsp;&nbsp; 8558 |
| 2.06% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 07/25/2038<sup>(m)(s)</sup> <br>|  | 90605 | &nbsp;&nbsp; 7917 |
| 2.76% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 05/25/2035<sup>(m)(s)</sup> <br>|  | 53738 | &nbsp;&nbsp; 2067 |
| 2.61% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(m)(s)</sup> <br>|  | 41544 | &nbsp;&nbsp; 1993 |
| 3.24% (7.23% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2036<sup>(m)(s)</sup> <br>|  | 76934 | &nbsp;&nbsp; 4119 |
| 2.55% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(m)(s)</sup> <br>|  | 99334 | &nbsp;&nbsp; 8003 |
| 4.00%, 04/25/2041<sup>(s)</sup> <br>|  | 120430 | &nbsp;&nbsp; 9032 |
| 2.56% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(m)(s)</sup> <br>|  | 32383 | &nbsp;&nbsp; 2855 |
| 2.16% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(m)(s)</sup> <br>|  | 120844 | &nbsp;&nbsp; 13119 |
| 1.63% (30 Day Average SOFR <br> + 5.50%), 09/25/2054<sup>(m)(s)</sup> <br>|  | 20028005 | &nbsp;&nbsp; 732939 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| 1.93% (30 Day Average SOFR <br> + 5.80%), 01/25/2055<sup>(m)(s)</sup> <br>|  | $14123745 | &nbsp;&nbsp; $664148 |
| 6.00%, 01/25/2032 |  | 7801 | &nbsp;&nbsp; 8030 |
| 4.99% (30 Day Average SOFR <br> + 1.11%), 04/25/2032 - <br> 12/25/2032<sup>(m)</sup> <br>|  | 70467 | &nbsp;&nbsp; 71229 |
| 4.49% (30 Day Average SOFR <br> + 0.61%), 09/25/2032<sup>(m)</sup> <br>|  | 17222 | &nbsp;&nbsp; 17213 |
| 4.55% (30 Day Average SOFR <br> + 0.61%), 10/18/2032<sup>(m)</sup> <br>|  | 5092 | &nbsp;&nbsp; 5091 |
| 4.39% (30 Day Average SOFR <br> + 0.51%), 11/25/2033<sup>(m)</sup> <br>|  | 2933 | &nbsp;&nbsp; 2926 |
| 9.94% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(m)</sup> <br>|  | 22409 | &nbsp;&nbsp; 26683 |
| 9.57% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(m)</sup> <br>|  | 24453 | &nbsp;&nbsp; 27491 |
| 4.93% (30 Day Average SOFR <br> + 1.05%), 06/25/2037<sup>(m)</sup> <br>|  | 5461 | &nbsp;&nbsp; 5523 |
| 4.00%, 03/25/2041 |  | 16380 | &nbsp;&nbsp; 15777 |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |  |  |
| 6.50%, 08/01/2031 |  | 13521 | &nbsp;&nbsp; 14048 |
| 5.00%, 09/01/2033 - <br> 03/01/2053<sup>(q)</sup> <br>|  | 12142844 | &nbsp;&nbsp; 12167601 |
| 7.00%, 10/01/2037 |  | 4691 | &nbsp;&nbsp; 4934 |
| 4.50%, 10/01/2052 |  | 5817428 | &nbsp;&nbsp; 5734441 |
| Federal National Mortgage Association, | Federal National Mortgage Association, |  |  |
| 7.50%, 10/01/2029 - <br> 03/01/2033<br>|  | 52872 | &nbsp;&nbsp; 54521 |
| 7.00%, 07/01/2032 - <br> 04/01/2033<br>|  | 8043 | &nbsp;&nbsp; 8452 |
| 5.00%, 07/01/2033 |  | 47494 | &nbsp;&nbsp; 48119 |
| 5.50%, 02/01/2035 - <br> 03/01/2053<sup>(q)</sup> <br>|  | 8556111 | &nbsp;&nbsp; 8726288 |
| 4.50%, 07/01/2052 |  | 6342504 | &nbsp;&nbsp; 6249201 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br> 0.76%, 02/25/2026<sup>(n)</sup> <br>|  | 248392 | &nbsp;&nbsp; 44 |
| Series K735, Class X1, IO, <br> 0.96%, 05/25/2026<sup>(n)</sup> <br>|  | 2232871 | &nbsp;&nbsp; 4819 |
| Series K093, Class X1, IO, <br> 0.94%, 05/25/2029<sup>(n)</sup> <br>|  | 18347921 | &nbsp;&nbsp; 486539 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 7.00%, 09/15/2026 |  | 121 | &nbsp;&nbsp; 121 |
| 4.55% (30 Day Average SOFR <br> + 0.56%), 12/15/2028 - <br> 02/15/2029<sup>(m)</sup> <br>|  | 30249 | &nbsp;&nbsp; 30233 |
| 6.00%, 04/15/2029 |  | 13574 | &nbsp;&nbsp; 13813 |
| 6.50%, 10/15/2029 - <br> 06/15/2032<br>|  | 57322 | &nbsp;&nbsp; 59600 |
| 4.65% (30 Day Average SOFR <br> + 0.66%), 06/15/2031 - <br> 01/15/2032<sup>(m)</sup> <br>|  | 37576 | &nbsp;&nbsp; 37607 |
| 5.10% (30 Day Average SOFR <br> + 1.11%), 02/15/2032 - <br> 03/15/2032<sup>(m)</sup> <br>|  | 25202 | &nbsp;&nbsp; 25463 |
| 3.50%, 05/15/2032 |  | 7009 | &nbsp;&nbsp; 6922 |
| 9.72% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(m)</sup> <br>|  | 18225 | &nbsp;&nbsp; 21638 |
| 4.00%, 06/15/2038 |  | 10111 | &nbsp;&nbsp; 9756 |

---

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

**11**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| IO, <br>3.85% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2026<sup>(m)(s)</sup> <br>|  | $1398 | &nbsp;&nbsp; $11 |
| 3.55% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/15/2029<sup>(m)(s)</sup> <br>|  | 23254 | &nbsp;&nbsp; 855 |
| 4.00% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(m)(s)</sup> <br>|  | 1648 | &nbsp;&nbsp; 97 |
| 3.90% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2032<sup>(m)(s)</sup> <br>|  | 42645 | &nbsp;&nbsp; 1539 |
| 2.95% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(m)(s)</sup> <br>|  | 28971 | &nbsp;&nbsp; 1996 |
| 2.60% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(m)(s)</sup> <br>|  | 29873 | &nbsp;&nbsp; 1945 |
| 2.65% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(m)(s)</sup> <br>|  | 4452 | &nbsp;&nbsp; 282 |
| 2.62% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(m)(s)</sup> <br>|  | 90188 | &nbsp;&nbsp; 7057 |
| 2.90% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(m)(s)</sup> <br>|  | 18911 | &nbsp;&nbsp; 2012 |
| 1.90% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(m)(s)</sup> <br>|  | 10531 | &nbsp;&nbsp; 946 |
| 1.97% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(m)(s)</sup> <br>|  | 41707 | &nbsp;&nbsp; 3313 |
| 2.15% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(m)(s)</sup> <br>|  | 10386 | &nbsp;&nbsp; 969 |
| 2.13% (30 Day Average SOFR <br> + 6.00%), 04/25/2054<sup>(m)(s)</sup> <br>|  | 9945240 | &nbsp;&nbsp; 577509 |
| 1.93% (30 Day Average SOFR <br> + 5.80%), 02/25/2055 - <br> 08/25/2055<sup>(m)(s)</sup> <br>|  | 31946634 | &nbsp;&nbsp; 1579423 |
| 1.24% (30 Day Average SOFR <br> + 5.12%), 03/25/2055<sup>(m)(s)</sup> <br>|  | 22221789 | &nbsp;&nbsp; 758661 |
| 1.28% (30 Day Average SOFR <br> + 5.15%), 03/25/2055<sup>(m)(s)</sup> <br>|  | 17950660 | &nbsp;&nbsp; 760338 |
| 2.08% (30 Day Average SOFR <br> + 5.95%), 04/25/2055<sup>(m)(s)</sup> <br>|  | 27864190 | &nbsp;&nbsp; 1484562 |
| 1.16% (30 Day Average SOFR <br> + 5.03%), 05/25/2055<sup>(m)(s)</sup> <br>|  | 33895907 | &nbsp;&nbsp; 1046797 |
| 1.23% (30 Day Average SOFR <br> + 5.10%), 08/25/2055<sup>(m)(s)</sup> <br>|  | 16352125 | &nbsp;&nbsp; 626113 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>6.50%, 02/01/2028<sup>(s)</sup> <br>|  | 320 | &nbsp;&nbsp; 15 |
| 7.00%, 09/01/2029<sup>(s)</sup> <br>|  | 3378 | &nbsp;&nbsp; 284 |
| 6.00%, 12/15/2032<sup>(s)</sup> <br>|  | 10559 | &nbsp;&nbsp; 1176 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Government National Mortgage <br> Association, | Government National Mortgage <br> Association, |  |  |
| 8.00%, 05/15/2026 |  | $495 | &nbsp;&nbsp; $496 |
| 7.00%, 07/15/2028 |  | 5159 | &nbsp;&nbsp; 5232 |
| IO, <br>2.70% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(m)(s)</sup> <br>|  | 45517 | &nbsp;&nbsp; 2491 |
| 2.80% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(m)(s)</sup> <br>|  | 62793 | &nbsp;&nbsp; 4252 |
| 0.98% (30 Day Average SOFR <br> + 4.90%), 10/20/2054<sup>(m)(s)</sup> <br>|  | 9625252 | &nbsp;&nbsp; 275773 |
| 0.32% (30 Day Average SOFR <br> + 4.24%), 04/20/2055<sup>(m)(s)</sup> <br>|  | 25448269 | &nbsp;&nbsp; 289405 |
| 0.43% (30 Day Average SOFR <br> + 4.35%), 04/20/2055<sup>(m)(s)</sup> <br>|  | 40209940 | &nbsp;&nbsp; 624718 |
| 0.53% (30 Day Average SOFR <br> + 4.45%), 07/20/2055<sup>(m)(s)</sup> <br>|  | 27478806 | &nbsp;&nbsp; 370914 |
| 1.98% (30 Day Average SOFR <br> + 5.90%), 07/20/2055<sup>(m)(s)</sup> <br>|  | 13771655 | &nbsp;&nbsp; 575252 |
| 0.48% (30 Day Average SOFR <br> + 4.40%), 08/20/2055<sup>(m)(s)</sup> <br>|  | 82864689 | &nbsp;&nbsp; 1019799 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $47,812,904) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $47,812,904) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $47,812,904) | &nbsp;&nbsp; 45447404 |
| **Agency Credit Risk Transfer Notes–4.97%** | **Agency Credit Risk Transfer Notes–4.97%** | **Agency Credit Risk Transfer Notes–4.97%** | **Agency Credit Risk Transfer Notes–4.97%** |
| **United States–4.97%** | **United States–4.97%** | **United States–4.97%** | **United States–4.97%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2022-R04, Class 1M2, <br> 6.97% (30 Day Average SOFR <br> + 3.10%), 03/25/2042<sup>(b)(m)</sup> <br>|  | 770000 | &nbsp;&nbsp; 789049 |
| Series 2022-R08, Class 1M2, <br> 7.47% (30 Day Average SOFR <br> + 3.60%), 07/25/2042<sup>(b)(m)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1396574 |
| Series 2023-R02, Class 1M1, <br> STACR<sup>®</sup>, 6.17% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(m)</sup> <br>|  | 333180 | &nbsp;&nbsp; 339854 |
| Series 2023-R04, Class 1M1, <br> 6.17% (30 Day Average SOFR <br> + 2.30%), 05/25/2043<sup>(b)(m)</sup> <br>|  | 672070 | &nbsp;&nbsp; 684994 |
| Series 2023-R06, Class 1M1, <br> 5.57% (30 Day Average SOFR <br> + 1.70%), 07/25/2043<sup>(b)(m)</sup> <br>|  | 238191 | &nbsp;&nbsp; 239179 |
| Series 2023-R06, Class 1M2, <br> 6.57% (30 Day Average SOFR <br> + 2.70%), 07/25/2043<sup>(b)(m)</sup> <br>|  | 490000 | &nbsp;&nbsp; 504099 |
| Series 2023-R06, Class 1B1, <br> 7.77% (30 Day Average SOFR <br> + 3.90%), 07/25/2043<sup>(b)(m)</sup> <br>|  | 565000 | &nbsp;&nbsp; 595654 |
| Series 2023-R08, Class 1M2, <br> 6.37% (30 Day Average SOFR <br> + 2.50%), 10/25/2043<sup>(b)(m)</sup> <br>|  | 280000 | &nbsp;&nbsp; 285029 |
| Series 2023-R08, Class 1M1, <br> 5.37% (30 Day Average SOFR <br> + 1.50%), 10/25/2043<sup>(b)(m)</sup> <br>|  | 169827 | &nbsp;&nbsp; 170158 |
| Series 2024-R02, Class 1M2, <br> 5.67% (30 Day Average SOFR <br> + 1.80%), 02/25/2044<sup>(b)(m)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3120686 |
| Series 2024-R03, Class 2M2, <br> 5.82% (30 Day Average SOFR <br> + 1.95%), 03/25/2044<sup>(b)(m)</sup> <br>|  | 3180000 | &nbsp;&nbsp; 3200044 |

---

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

**12**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 6.77% (30 Day <br> Average SOFR + 2.90%), <br> 04/25/2042<sup>(b)(m)</sup> <br>|  | $3000000 | &nbsp;&nbsp; $3076216 |
| Series 2022-HQA2, Class M1, <br> STACR<sup>®</sup>, 7.87% (30 Day <br> Average SOFR + 4.00%), <br> 07/25/2042<sup>(b)(m)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1568006 |
| Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 7.42% (30 Day <br> Average SOFR + 3.55%), <br> 08/25/2042<sup>(b)(m)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1560994 |
| Series 2022-HQA3, Class M2, <br> STACR<sup>®</sup>, 9.22% (30 Day <br> Average SOFR + 5.35%), <br> 08/25/2042<sup>(b)(m)</sup> <br>|  | 1605000 | &nbsp;&nbsp; 1711852 |
| Series 2023-HQA1, Class M1, <br> STACR<sup>®</sup>, 7.37% (30 Day <br> Average SOFR + 3.50%), <br> 05/25/2043<sup>(b)(m)</sup> <br>|  | 2885325 | &nbsp;&nbsp; 3024472 |
| Series 2023-HQA2, Class M1, <br> STACR<sup>®</sup>, 7.22% (30 Day <br> Average SOFR + 3.35%), <br> 06/25/2043<sup>(b)(m)</sup> <br>|  | 900000 | &nbsp;&nbsp; 928703 |
| Series 2023-HQA3, Class M2, <br> STACR<sup>®</sup>, 7.22% (30 Day <br> Average SOFR + 3.35%), <br> 11/25/2043<sup>(b)(m)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3246651 |
| Series 2024-DNA1, Class M2, <br> STACR<sup>®</sup>, 5.82% (30 Day <br> Average SOFR + 1.95%), <br> 02/25/2044<sup>(b)(m)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1566795 |
| Series 2024-HQA1, Class M2, <br> STACR<sup>®</sup>, 5.87% (30 Day <br> Average SOFR + 2.00%), <br> 03/25/2044<sup>(b)(m)</sup> <br>|  | 1670900 | &nbsp;&nbsp; 1683624 |
| Series 2024-DNA2, Class M2, <br> STACR<sup>®</sup>, 5.57% (30 Day <br> Average SOFR + 1.70%), <br> 05/25/2044<sup>(b)(m)</sup> <br>|  | 387500 | &nbsp;&nbsp; 389909 |
| Series 2024-HQA2, Class M2, <br> STACR<sup>®</sup>, 5.67% (30 Day <br> Average SOFR + 1.80%), <br> 08/25/2044<sup>(b)(m)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1560759 |
| Series 2025-DNA2, Class A1, <br> STACR<sup>®</sup>, 4.97% (30 Day <br> Average SOFR + 1.10%), <br> 05/25/2045<sup>(b)(m)</sup> <br>|  | 479375 | &nbsp;&nbsp; 480698 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $31,663,580) | Total Agency Credit Risk Transfer Notes <br> (Cost $31,663,580) | Total Agency Credit Risk Transfer Notes <br> (Cost $31,663,580) | &nbsp;&nbsp; 32123999 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–1.99%** | **Common Stocks & Other Equity Interests–1.99%** | **Common Stocks & Other Equity Interests–1.99%** | **Common Stocks & Other Equity Interests–1.99%** |
| **Argentina–1.98%** | **Argentina–1.98%** | **Argentina–1.98%** | **Argentina–1.98%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 341702 | &nbsp;&nbsp; 2174168 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 369464 | &nbsp;&nbsp; 3456214 |
| Grupo Financiero Galicia S.A., Class B | Grupo Financiero Galicia S.A., Class B | 780353 | &nbsp;&nbsp; 4430092 |
| Pampa Energia S.A., ADR<sup>(c)(t)</sup>  | Pampa Energia S.A., ADR<sup>(c)(t)</sup>  | 16000 | &nbsp;&nbsp; 1416160 |
| YPF S.A., Class D<sup>(t)</sup>  | YPF S.A., Class D<sup>(t)</sup>  | 34910 | &nbsp;&nbsp; 1317367 |
|  |  |  | &nbsp;&nbsp; 12794001 |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| ACNR Holdings, Inc. | ACNR Holdings, Inc. | 478 | &nbsp;&nbsp; 48577 |
| Claire's Holdings LLC, Class S | Claire's Holdings LLC, Class S | 235 | &nbsp;&nbsp; 24 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| McDermott International Ltd.<sup>(t)</sup>  | McDermott International Ltd.<sup>(t)</sup>  | 312 | &nbsp;&nbsp; $6509 |
| McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | 31946 | &nbsp;&nbsp; 958 |
| McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | 35496 | &nbsp;&nbsp; 1065 |
| Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | 837 | &nbsp;&nbsp; 59 |
| Windstream Services LLC, Wts.<sup>(g)</sup>  | Windstream Services LLC, Wts.<sup>(g)</sup>  | 176 | &nbsp;&nbsp; 3784 |
|  |  |  | &nbsp;&nbsp; 60976 |
| Total Common Stocks & Other Equity Interests <br> (Cost $12,420,848) | Total Common Stocks & Other Equity Interests <br> (Cost $12,420,848) | Total Common Stocks & Other Equity Interests <br> (Cost $12,420,848) | &nbsp;&nbsp; 12854977 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.38%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.38%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.38%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.38%**<sup>(u)(v)</sup>  |
| **United States–0.38%** | **United States–0.38%** | **United States–0.38%** | **United States–0.38%** |
| AAdvantage Loyality IP Ltd. <br> (American Airlines, Inc.), Term <br> Loan B, 7.13% (3 mo. Term <br> SOFR + 3.25%), 05/07/2032<br>|  | $171638 | &nbsp;&nbsp; 172711 |
| ACNR Holdings, Inc., Term Loan, <br> 13.00%, 12/11/2029<br>|  | 25872 | &nbsp;&nbsp; 25862 |
| Bausch and Lomb, Inc., Term Loan <br> B, 7.97% (1 mo. Term SOFR + <br> 4.25%), 01/30/2031<br>|  | 273625 | &nbsp;&nbsp; 276840 |
| Claire's Stores, Inc., Term Loan, <br> 10.30% (1 mo. Term SOFR+ <br> 6.50%), 12/18/2026<br>|  | 71011 | &nbsp;&nbsp; 4793 |
| Clear Channel Outdoor Holdings, <br> Inc., Term Loan B, 7.83% (1 <br> mo. Term SOFR + 4.00%), <br> 08/23/2028<br>|  | 285646 | &nbsp;&nbsp; 286768 |
| Cushman & Wakefield US <br> Borrower LLC, Term Loan, <br> 6.47% (1 mo. Term SOFR + <br> 2.75%), 01/31/2030<br>|  | 256792 | &nbsp;&nbsp; 258648 |
| EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, <br> 6.12% (6 mo. Term SOFR + <br> 2.25%), 08/04/2031<br>|  | 425705 | &nbsp;&nbsp; 427074 |
| Greystar Real Estate Partners LLC, <br> Term Loan B, 6.32% (3 mo. <br> Term SOFR + 2.50%), <br> 08/21/2030<sup>(g)</sup> <br>|  | 153690 | &nbsp;&nbsp; 154651 |
| Prairie Acquiror L.P., Term Loan <br> B, 7.47% (1 mo. Term SOFR + <br> 3.75%), 08/01/2029<br>|  | 314432 | &nbsp;&nbsp; 317150 |
| TransDigm, Inc., Term Loan L, <br> 6.22% (1 mo. Term SOFR + <br> 2.50%), 01/19/2032<br>|  | 534240 | &nbsp;&nbsp; 536984 |
| Total Variable Rate Senior Loan Interests <br> (Cost $2,512,777) | Total Variable Rate Senior Loan Interests <br> (Cost $2,512,777) | Total Variable Rate Senior Loan Interests <br> (Cost $2,512,777) | &nbsp;&nbsp; 2461481 |
| **Commercial Paper–0.06%**<sup>(r)</sup>  | **Commercial Paper–0.06%**<sup>(r)</sup>  | **Commercial Paper–0.06%**<sup>(r)</sup>  | **Commercial Paper–0.06%**<sup>(r)</sup>  |
| **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | 89179 | &nbsp;&nbsp; 89189 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | 104580 | &nbsp;&nbsp; 105340 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | 143837 | &nbsp;&nbsp; 145806 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | 63766 | &nbsp;&nbsp; 64796 |
| Total Commercial Paper (Cost $401,362) | Total Commercial Paper (Cost $401,362) | Total Commercial Paper (Cost $401,362) | &nbsp;&nbsp; 405131 |

---

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

**13**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup> <br>(Cost $36,875) | Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup> <br>(Cost $36,875) | 71 | &nbsp;&nbsp; $36 |
| **Money Market Funds–2.54%** | **Money Market Funds–2.54%** | **Money Market Funds–2.54%** | **Money Market Funds–2.54%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(w)(x)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(w)(x)</sup>  | 5747357 | &nbsp;&nbsp; 5747357 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(w)(x)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(w)(x)</sup>  | 10673662 | &nbsp;&nbsp; 10673662 |
| Total Money Market Funds (Cost $16,421,019) | Total Money Market Funds (Cost $16,421,019) | Total Money Market Funds (Cost $16,421,019) | &nbsp;&nbsp; 16421019 |
| **Options Purchased–6.28%** | **Options Purchased–6.28%** | **Options Purchased–6.28%** | **Options Purchased–6.28%** |
| (Cost $41,773,728)<sup>(y)</sup>  | (Cost $41,773,728)<sup>(y)</sup>  | (Cost $41,773,728)<sup>(y)</sup>  | &nbsp;&nbsp; 40585334 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased with <br> cash collateral from securities <br> on loan)-100.72% <br> (Cost $648,985,726)<br>|  |  | &nbsp;&nbsp; 650721656 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.23%** | **Money Market Funds–3.23%** | **Money Market Funds–3.23%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(w)(x)(z)</sup>  | 5808797 | &nbsp;&nbsp; $5808797 |
| Invesco Private Prime Fund, <br> 3.88%<sup>(w)(x)(z)</sup>  | 15082121 | &nbsp;&nbsp; 15086646 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,895,443) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,895,443) | &nbsp;&nbsp; 20895443 |
| TOTAL INVESTMENTS IN SECURITIES—103.95% <br> (Cost $669,881,169) | TOTAL INVESTMENTS IN SECURITIES—103.95% <br> (Cost $669,881,169) | &nbsp;&nbsp; 671617099 |
| OTHER ASSETS LESS LIABILITIES–(3.95)% | OTHER ASSETS LESS LIABILITIES–(3.95)% | &nbsp;&nbsp; (25525047)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $646092052 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| IO | – Interest Only |
| MXN | – Mexican Peso |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TRY | – Turkish Lira |
| Wts. | – Warrants |
| ZAR | – South African Rand |

---

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

**14**

**Invesco V.I. Global Strategic Income Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(b)</sup> 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, 2025 was $265,890,641, which represented 41.15% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at December 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(i)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(j)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(k)</sup> Restricted security. The value of this security at December 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(l)</sup> Zero coupon bond issued at a discount.

<sup>(m)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2025. 

<sup>(o)</sup> 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, 2025. 

<sup>(p)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

<sup>(q)</sup> All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1R.

<sup>(r)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(s)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(t)</sup> Non-income producing security.

<sup>(u)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(v)</sup> 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 Secured Overnight Financing Rate ("SOFR"), 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. 

<sup>(w)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | $15465380 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(14779002) | &nbsp;&nbsp; $51350 | &nbsp;&nbsp; $(737728) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $251828 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 22992662 | &nbsp;&nbsp; 135189166 | &nbsp;&nbsp; (152434471) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5747357 | &nbsp;&nbsp; 391950 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 42700657 | &nbsp;&nbsp; 251065594 | &nbsp;&nbsp; (283092589) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10673662 | &nbsp;&nbsp; 722016 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 11793470 | &nbsp;&nbsp; 117170702 | &nbsp;&nbsp; (123155375) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5808797 | &nbsp;&nbsp; 409,546\* |
| Invesco Private Prime Fund | 30646279 | &nbsp;&nbsp; 234631143 | &nbsp;&nbsp; (250191997) | &nbsp;&nbsp; - | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; 15086646 | &nbsp;&nbsp; 1,095,613\* |
| Total | $123598448 | &nbsp;&nbsp; $738056605 | &nbsp;&nbsp; $(823653434) | &nbsp;&nbsp; $51350 | &nbsp;&nbsp; $(736507) | &nbsp;&nbsp; $37316462 | &nbsp;&nbsp; $2870953 |

---

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

<sup>(x)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(y)</sup> The table below details options purchased.

<sup>(z)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1L. 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 23 | USD | 6100.00 | USD | 14030000 | &nbsp;&nbsp;&nbsp; $4485 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

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

**15**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 03/05/2026 | USD | 0.69 | AUD | 1370000 | &nbsp;&nbsp;&nbsp; $169819 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/12/2026 | USD | 0.68 | AUD | 14000000 | &nbsp;&nbsp;&nbsp; 76799 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 4593000 | &nbsp;&nbsp;&nbsp; 27289 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 02/25/2026 | USD | 1.21 | EUR | 4160000 | &nbsp;&nbsp;&nbsp; 377452 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/09/2026 | USD | 1.19 | EUR | 2080000 | &nbsp;&nbsp;&nbsp; 421256 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/13/2026 | USD | 1.20 | EUR | 2780000 | &nbsp;&nbsp;&nbsp; 348611 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/25/2026 | USD | 1.20 | EUR | 3470000 | &nbsp;&nbsp;&nbsp; 351458 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/25/2026 | USD | 1.18 | EUR | 2770000 | &nbsp;&nbsp;&nbsp; 649104 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/02/2026 | USD | 1.19 | EUR | 3240000 | &nbsp;&nbsp;&nbsp; 543153 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 03/19/2026 | USD | 1.20 | EUR | 3240000 | &nbsp;&nbsp;&nbsp; 276812 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/08/2026 | USD | 1.35 | EUR | 10100000 | &nbsp;&nbsp;&nbsp; 67134 |
| EUR versus USD | Call | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 05/11/2026 | USD | 1.30 | EUR | 6060000 | &nbsp;&nbsp;&nbsp; 121083 |
| Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp; 3429970 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| CHF versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/27/2026 | JPY | 160.00 | CHF | 3670000 | &nbsp;&nbsp;&nbsp; 19219 |
| CHF versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2027 | JPY | 147.00 | CHF | 5870000 | &nbsp;&nbsp;&nbsp; 64599 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 09/17/2026 | JPY | 161.00 | CHF | 2100000 | &nbsp;&nbsp;&nbsp; 18831 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 10/23/2026 | JPY | 165.00 | CHF | 2080000 | &nbsp;&nbsp;&nbsp; 38995 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 03/19/2026 | HUF | 386.00 | EUR | 10240000 | &nbsp;&nbsp;&nbsp; 121544 |
| EUR versus NOK | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/08/2026 | NOK | 11.40 | EUR | 1400000 | &nbsp;&nbsp;&nbsp; 303 |
| EUR versus NOK | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/11/2026 | NOK | 11.45 | EUR | 2100000 | &nbsp;&nbsp;&nbsp; 74114 |
| GBP versus USD | Put | UBS AG | &nbsp;&nbsp;&nbsp; 02/23/2026 | USD | 1.30 | GBP | 17340000 | &nbsp;&nbsp;&nbsp; 7082 |
| USD versus BRL | Put | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 04/30/2026 | BRL | 5.15 | USD | 700000 | &nbsp;&nbsp;&nbsp; 40650 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/06/2026 | BRL | 5.28 | USD | 1750000 | &nbsp;&nbsp;&nbsp; 95018 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/13/2026 | BRL | 5.20 | USD | 1750000 | &nbsp;&nbsp;&nbsp; 57349 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/05/2026 | BRL | 5.30 | USD | 1730000 | &nbsp;&nbsp;&nbsp; 127923 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/24/2026 | BRL | 5.30 | USD | 2100000 | &nbsp;&nbsp;&nbsp; 171419 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 03/05/2026 | BRL | 5.30 | USD | 1370000 | &nbsp;&nbsp;&nbsp; 101302 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 05/11/2026 | BRL | 5.30 | USD | 13870000 | &nbsp;&nbsp;&nbsp; 109878 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/25/2026 | BRL | 5.40 | USD | 14000000 | &nbsp;&nbsp;&nbsp; 204806 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/24/2026 | BRL | 5.40 | USD | 14000000 | &nbsp;&nbsp;&nbsp; 146314 |
| USD versus BRL | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 01/30/2026 | BRL | 5.10 | USD | 1042500 | &nbsp;&nbsp;&nbsp; 6401 |
| USD versus CAD | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | CAD | 1.20 | USD | 3790000 | &nbsp;&nbsp;&nbsp; 5814 |
| USD versus CLP | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 04/01/2026 | CLP | 910.00 | USD | 6940000 | &nbsp;&nbsp;&nbsp; 196117 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 82.00 | USD | 3000000 | &nbsp;&nbsp;&nbsp; 9414 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 87.00 | USD | 1730000 | &nbsp;&nbsp;&nbsp; 77686 |
| USD versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/26/2026 | INR | 87.00 | USD | 2080000 | &nbsp;&nbsp;&nbsp; 94257 |
| USD versus JPY | Put | BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 02/16/2026 | JPY | 145.00 | USD | 48330000 | &nbsp;&nbsp;&nbsp; 26872 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/16/2026 | JPY | 143.00 | USD | 2760000 | &nbsp;&nbsp;&nbsp; 32215 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/06/2026 | JPY | 110.00 | USD | 15140000 | &nbsp;&nbsp;&nbsp; 4027 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/12/2027 | JPY | 120.00 | USD | 3450000 | &nbsp;&nbsp;&nbsp; 78350 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/18/2027 | JPY | 117.50 | USD | 3470000 | &nbsp;&nbsp;&nbsp; 83273 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 11/11/2027 | JPY | 115.00 | USD | 3450000 | &nbsp;&nbsp;&nbsp; 79629 |
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 01/08/2026 | JPY | 145.00 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 300 |
| USD versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 01/29/2026 | JPY | 144.00 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 8062 |
| USD versus KRW | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/20/2026 | KRW | 1200.00 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 4515 |
| USD versus KRW | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/27/2026 | KRW | 1360.00 | USD | 2080000 | &nbsp;&nbsp;&nbsp; 31554 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/15/2026 | KRW | 1300.00 | USD | 69900000 | &nbsp;&nbsp;&nbsp; 32573 |

---

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

**16**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/04/2027 | KRW | 1200.00 | USD | 3470000 | &nbsp;&nbsp;&nbsp; $78779 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/18/2026 | MXN | 18.10 | USD | 2780000 | &nbsp;&nbsp;&nbsp; 672173 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/10/2026 | MXN | 18.20 | USD | 1820000 | &nbsp;&nbsp;&nbsp; 201989 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/09/2026 | MXN | 18.20 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 230687 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 02/24/2026 | MXN | 18.45 | USD | 17340000 | &nbsp;&nbsp;&nbsp; 428211 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/27/2026 | MXN | 17.90 | USD | 2940000 | &nbsp;&nbsp;&nbsp; 907422 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/16/2026 | ZAR | 16.50 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 195298 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/15/2026 | ZAR | 16.90 | USD | 13870000 | &nbsp;&nbsp;&nbsp; 405878 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/13/2026 | ZAR | 16.80 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 435607 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 04/01/2026 | ZAR | 16.90 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 77338 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 02/13/2026 | ZAR | 16.80 | USD | 27740000 | &nbsp;&nbsp;&nbsp; 124580 |
| Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp; 5928367 |
| Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $9358337 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $4,890,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 1 Year Interest Rate Swap | Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 3.45% | Receive | SONIA | At Maturity | 08/05/2026 | &nbsp;&nbsp; GBP | 69360000 | &nbsp;&nbsp; $170807 |
| 10 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.70 | Receive | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 18666667 | &nbsp;&nbsp; 771501 |
| 2 Year Interest Rate Swap | Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.85 | Receive | 6 Month EURIBOR | Semi-Annually | 09/12/2030 | &nbsp;&nbsp; EUR | 109540000 | &nbsp;&nbsp; 972643 |
| 2 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.22 | Receive | SOFR | Annually | 05/04/2026 | &nbsp;&nbsp; USD | 369920000 | &nbsp;&nbsp; 1086903 |
| 20 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.12 | Receive | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 37070000 | &nbsp;&nbsp; 769705 |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.98 | Receive | SOFR | Annually | 11/06/2030 | &nbsp;&nbsp; USD | 138720000 | &nbsp;&nbsp; 4019569 |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.36 | Receive | 6 Month EURIBOR | Semi-Annually | 02/06/2026 | &nbsp;&nbsp; EUR | 54850000 | &nbsp;&nbsp; 19662 |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.38 | Receive | 6 Month EURIBOR | Semi-Annually | 06/24/2026 | &nbsp;&nbsp; EUR | 58910000 | &nbsp;&nbsp; 157661 |
| Subtotal — Interest Rate Call Swaptions Purchased | Subtotal — Interest Rate Call Swaptions Purchased | Subtotal — Interest Rate Call Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 7968451 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 5.20 | Pay | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 18666667 | &nbsp;&nbsp; 1165153 |
| 15 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | &nbsp;&nbsp; EUR | 27900000 | &nbsp;&nbsp; 6551788 |
| 20 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 6.12 | Pay | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 37070000 | &nbsp;&nbsp; 2233471 |
| 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.92 | Pay | 6 Month EURIBOR | Semi-Annually | 02/09/2026 | &nbsp;&nbsp; EUR | 19600000 | &nbsp;&nbsp; 1555342 |
| 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.96 | Pay | SOFR | Annually | 11/04/2026 | &nbsp;&nbsp; USD | 98025000 | &nbsp;&nbsp; 6656829 |
| 5 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.98 | Pay | SOFR | Annually | 11/06/2030 | &nbsp;&nbsp; USD | 138720000 | &nbsp;&nbsp; 5091478 |
| Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 23254061 |
| Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $31222512 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $4,890,000.

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

**17**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  |
| **Counterparty** | **Type of** <br>**Contract**<br>| **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Reference** <br>**Entity**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Put | 102.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 45, Version 1<br>| (5.00)%<br>| Quarterly | 01/21/2026 | 3.155<br> %<br>| USD | 28000000 | $(5024)<br>|
| Goldman Sachs International | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 01/21/2026 | 2.921 | USD | 36400000 | (12295)<br>|
| Goldman Sachs International | Put | 70.00 | &nbsp;&nbsp; Markit CDX North America Investment <br> Grade Index, Series 45, Version 1<br>| (1.00)<br>| Quarterly | 04/15/2026 | 0.500 | USD | 54000000 | (45471)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 350.00 | &nbsp;&nbsp; Markit iTraxx Europe CrossoverIndex, <br> Series 44, Version 1<br>| (5.00)<br>| Quarterly | 03/18/2026 | 2.437 | EUR | 56000000 | (154236)<br>|
| Total Credit Default Swaptions Written | Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(217026)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $4,890,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2025, 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 Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.71 | AUD | 14000000 | &nbsp;&nbsp; $(9352)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 6.00 | USD | 19460000 | &nbsp;&nbsp; (418624)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 6.75 | USD | 20850000 | &nbsp;&nbsp; (1005304)<br>|
| USD versus BRL | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 05/11/2026 | BRL | 6.00 | USD | 13870000 | &nbsp;&nbsp; (212683)<br>|
| USD versus BRL | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 6.00 | USD | 7000000 | &nbsp;&nbsp; (159264)<br>|
| USD versus BRL | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/10/2026 | BRL | 7.00 | USD | 9804000 | &nbsp;&nbsp; (50206)<br>|
| USD versus BRL | Call | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.90 | USD | 14000000 | &nbsp;&nbsp; (141008)<br>|
| USD versus BRL | Call | Merrill Lynch International | &nbsp;&nbsp; 07/03/2026 | BRL | 6.00 | USD | 22050000 | &nbsp;&nbsp; (534271)<br>|
| USD versus CLP | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 03/05/2026 | CLP | 970.00 | USD | 13870000 | &nbsp;&nbsp; (33205)<br>|
| USD versus CLP | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 04/01/2026 | CLP | 970.00 | USD | 6940000 | &nbsp;&nbsp; (28794)<br>|
| USD versus IDR | Call | Goldman Sachs International | &nbsp;&nbsp; 08/13/2026 | IDR | 17000.00 | USD | 13990000 | &nbsp;&nbsp; (204800)<br>|
| USD versus KRW | Call | Merrill Lynch International | &nbsp;&nbsp; 05/15/2026 | KRW | 1455.00 | USD | 19970000 | &nbsp;&nbsp; (289166)<br>|
| USD versus MXN | Call | Merrill Lynch International | &nbsp;&nbsp; 02/24/2026 | MXN | 19.25 | USD | 17340000 | &nbsp;&nbsp; (28940)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 07/27/2026 | TRY | 54.45 | USD | 7750000 | &nbsp;&nbsp; (258524)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 08/27/2026 | TRY | 54.65 | USD | 17540000 | &nbsp;&nbsp; (711843)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 05/15/2026 | ZAR | 17.75 | USD | 13870000 | &nbsp;&nbsp; (109240)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 11/13/2026 | ZAR | 19.50 | USD | 13800000 | &nbsp;&nbsp; (126932)<br>|
| Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (4322156)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | Deutsche Bank AG | &nbsp;&nbsp; 06/04/2026 | USD | 0.64 | AUD | 12290000 | &nbsp;&nbsp; (61374)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.64 | AUD | 14000000 | &nbsp;&nbsp; (30327)<br>|
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp; 03/19/2026 | HUF | 380.00 | EUR | 10240000 | &nbsp;&nbsp; (50928)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 5.35 | USD | 20970000 | &nbsp;&nbsp; (247236)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 5.30 | USD | 22050000 | &nbsp;&nbsp; (459985)<br>|
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 05/11/2026 | BRL | 5.00 | USD | 13870000 | &nbsp;&nbsp; (18197)<br>|
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 5.05 | USD | 14000000 | &nbsp;&nbsp; (41258)<br>|
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.05 | USD | 14000000 | &nbsp;&nbsp; (10388)<br>|
| USD versus CLP | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 03/05/2026 | CLP | 885.00 | USD | 13870000 | &nbsp;&nbsp; (139976)<br>|
| USD versus CLP | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 04/01/2026 | CLP | 875.00 | USD | 6940000 | &nbsp;&nbsp; (66395)<br>|

---

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

**18**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp; 02/24/2026 | MXN | 18.00 | USD | 17340000 | &nbsp;&nbsp; $(144980)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 7675000 | &nbsp;&nbsp; (421833)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 05/15/2026 | ZAR | 16.30 | USD | 13870000 | &nbsp;&nbsp; (158687)<br>|
| Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (1851564)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(6173720)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $4,890,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 5 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.10% | SOFR | Receive | Annually | 03/03/2026 | USD | 56020000 | $(54743)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.70 | SOFR | Receive | Annually | 01/15/2026 | USD | 15750000 | (100)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 2.95 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 03/04/2026 | EUR | 11760000 | (47291)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 41075000 | (134268)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.40 | SOFR | Receive | Annually | 03/09/2026 | USD | 47450000 | (56213)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.02 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/12/2030 | EUR | 9950000 | (722636)<br>|
| 5 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.00 | SOFR | Receive | Annually | 11/09/2026 | USD | 92480000 | (446305)<br>|
| 1 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.25 | SONIA | Receive | At Maturity | 08/05/2026 | GBP | 69360000 | (94315)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 2.96 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/16/2026 | EUR | 9330000 | (24305)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.42 | SOFR | Receive | Annually | 07/11/2029 | USD | 18635000 | (303784)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 4.06 | SOFR | Receive | Annually | 11/06/2030 | USD | 36070000 | (3343345)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.77 | SOFR | Receive | Annually | 01/09/2026 | USD | 29400000 | (25)<br>|
| 5 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.09 | SOFR | Receive | Annually | 05/07/2026 | USD | 92480000 | (233333)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.95 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 03/04/2026 | EUR | 30700000 | (123456)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.00 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 03/16/2026 | EUR | 6190000 | (41564)<br>|
| 5 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.15 | SOFR | Receive | Annually | 05/19/2026 | USD | 55490000 | (186396)<br>|
| 30 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.00 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/16/2026 | EUR | 8920000 | (31233)<br>|
| 30 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 3.70 | SOFR | Receive | Annually | 01/20/2026 | USD | 55960000 | (1798)<br>|
| 2 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 2.97 | SOFR | Receive | Annually | 05/04/2026 | USD | 369920000 | (535492)<br>|
| 50 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 2.85 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 03/04/2026 | EUR | 8990000 | (52645)<br>|
| 50 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 2.90 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 03/16/2026 | EUR | 18200000 | (176643)<br>|
| 30 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 3.00 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/06/2026 | EUR | 12200000 | (28132)<br>|
| Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written |  |  |  |  |  | (6638022)<br>|

---

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

**19**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap | Put | Barclays Bank PLC | 5.55% | SONIA | Pay | Annually | 05/10/2027 | GBP | 20190000 | $(387797)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 3.65 | SOFR | Pay | Annually | 03/03/2026 | USD | 56020000 | (117175)<br>|
| 30 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.32 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/09/2026 | EUR | 39200000 | (480366)<br>|
| 1 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.75 | SONIA | Pay | At Maturity | 08/05/2026 | GBP | 69360000 | (40107)<br>|
| 5 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.60 | SOFR | Pay | Annually | 11/09/2026 | USD | 92480000 | (1090662)<br>|
| 5 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.59 | SOFR | Pay | Annually | 05/07/2026 | USD | 92480000 | (526245)<br>|
| 30 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 4.06 | SOFR | Pay | Annually | 11/06/2030 | USD | 36070000 | (4736887)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 5.00 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/11/2026 | AUD | 136510000 | (1939281)<br>|
| 5 Year Interest Rate Swap | Put | Merrill Lynch International | 3.55 | SOFR | Pay | Annually | 05/19/2026 | USD | 55490000 | (384086)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 5.00 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/04/2026 | AUD | 54620000 | (760343)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.47 | SOFR | Pay | Annually | 05/04/2026 | USD | 369920000 | (530658)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 5.00 | SONIA | Pay | Annually | 10/22/2027 | GBP | 7415000 | (403263)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.25 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/16/2026 | EUR | 19390000 | (863495)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.46 | SOFR | Pay | Annually | 11/04/2026 | USD | 98025000 | (2727129)<br>|
| Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written |  |  |  |  |  | (14987494)<br>|
| Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written |  |  |  |  |  | $(21625516)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $4,890,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 1384 | March-2026 | &nbsp;&nbsp;&nbsp; $288964062 | &nbsp;&nbsp;&nbsp; $181708 | &nbsp;&nbsp;&nbsp; $181708 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 542 | March-2026 | &nbsp;&nbsp;&nbsp; 60941125 | &nbsp;&nbsp;&nbsp; (157577)<br>| &nbsp;&nbsp;&nbsp; (157577)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 162 | March-2026 | &nbsp;&nbsp;&nbsp; 18726188 | &nbsp;&nbsp;&nbsp; (115453)<br>| &nbsp;&nbsp;&nbsp; (115453)<br>|
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; (91322)<br>| &nbsp;&nbsp;&nbsp; (91322)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 52 | March-2026 | &nbsp;&nbsp;&nbsp; (5683844)<br>| &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (79)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 8 | March-2026 | &nbsp;&nbsp;&nbsp; (920125)<br>| &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 1175 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 10 | March-2026 | &nbsp;&nbsp;&nbsp; (1180000)<br>| &nbsp;&nbsp;&nbsp; 14669 | &nbsp;&nbsp;&nbsp; 14669 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 15765 | &nbsp;&nbsp;&nbsp; 15765 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(75557)<br>| &nbsp;&nbsp;&nbsp; $(75557)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 03/18/2026 | BNP Paribas S.A. | EUR | 3265000 | USD | 3857103 | &nbsp;&nbsp;&nbsp; $7136 |

---

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

**20**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 03/18/2026 | Deutsche Bank AG | NZD | 603000 | USD | 349917 | &nbsp;&nbsp;&nbsp; $1800 |
| 03/18/2026 | Deutsche Bank AG | USD | 7599611 | AUD | 11472583 | &nbsp;&nbsp;&nbsp; 57253 |
| 03/18/2026 | Deutsche Bank AG | USD | 4355880 | INR | 395827567 | &nbsp;&nbsp;&nbsp; 19453 |
| 03/18/2026 | Deutsche Bank AG | USD | 404088 | MXN | 7426890 | &nbsp;&nbsp;&nbsp; 5428 |
| 03/18/2026 | Deutsche Bank AG | USD | 194109 | PLN | 706000 | &nbsp;&nbsp;&nbsp; 2471 |
| 03/18/2026 | Deutsche Bank AG | USD | 24872 | SGD | 31983 | &nbsp;&nbsp;&nbsp; 127 |
| 01/05/2026 | Goldman Sachs International | BRL | 310325906 | USD | 57572244 | &nbsp;&nbsp;&nbsp; 940845 |
| 01/05/2026 | Goldman Sachs International | USD | 56398282 | BRL | 310325906 | &nbsp;&nbsp;&nbsp; 233117 |
| 01/29/2026 | Goldman Sachs International | KRW | 13361400000 | USD | 9360000 | &nbsp;&nbsp;&nbsp; 99391 |
| 02/03/2026 | Goldman Sachs International | USD | 2028683 | BRL | 11251073 | &nbsp;&nbsp;&nbsp; 9049 |
| 03/18/2026 | Goldman Sachs International | USD | 233634 | CZK | 4860000 | &nbsp;&nbsp;&nbsp; 3040 |
| 03/18/2026 | Goldman Sachs International | USD | 200675 | HUF | 66412962 | &nbsp;&nbsp;&nbsp; 1428 |
| 05/08/2026 | Goldman Sachs International | JPY | 673907500 | USD | 4850000 | &nbsp;&nbsp;&nbsp; 502995 |
| 06/23/2026 | Goldman Sachs International | BRL | 16472550 | USD | 2895000 | &nbsp;&nbsp;&nbsp; 8100 |
| 03/19/2027 | Goldman Sachs International | INR | 6778237500 | USD | 76250000 | &nbsp;&nbsp;&nbsp; 3370350 |
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 717743149 | USD | 4672222 | &nbsp;&nbsp;&nbsp; 61650 |
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | USD | 2019110 | AUD | 3037786 | &nbsp;&nbsp;&nbsp; 8325 |
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | USD | 183644 | CAD | 254838 | &nbsp;&nbsp;&nbsp; 2629 |
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | USD | 13267157 | CNY | 93165958 | &nbsp;&nbsp;&nbsp; 100390 |
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | USD | 65475993 | EUR | 55833330 | &nbsp;&nbsp;&nbsp; 360586 |
| 07/07/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 462638700 | USD | 3310000 | &nbsp;&nbsp;&nbsp; 311521 |
| 03/18/2026 | Merrill Lynch International | COP | 20726169750 | USD | 5355738 | &nbsp;&nbsp;&nbsp; 1800 |
| 03/18/2026 | Merrill Lynch International | USD | 854534 | GBP | 641000 | &nbsp;&nbsp;&nbsp; 9344 |
| 03/18/2026 | Merrill Lynch International | USD | 28301701 | KRW | 41315671897 | &nbsp;&nbsp;&nbsp; 384198 |
| 03/09/2026 | Morgan Stanley and Co. International PLC | USD | 10400000 | CLP | 9603880000 | &nbsp;&nbsp;&nbsp; 277265 |
| 03/18/2026 | Morgan Stanley and Co. International PLC | USD | 265499 | CLP | 243736483 | &nbsp;&nbsp;&nbsp; 5472 |
| 03/18/2026 | Morgan Stanley and Co. International PLC | USD | 421724 | ZAR | 7243978 | &nbsp;&nbsp;&nbsp; 13495 |
| 02/25/2026 | UBS AG | USD | 2357694 | GBP | 1800000 | &nbsp;&nbsp;&nbsp; 68358 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 6867016 |
| **Currency Risk** |  |  |  |  |  |  |
| 03/18/2026 | Deutsche Bank AG | AUD | 9745715 | USD | 6455708 | &nbsp;&nbsp;&nbsp; (48635)<br>|
| 03/18/2026 | Deutsche Bank AG | EUR | 13798750 | USD | 16180000 | &nbsp;&nbsp;&nbsp; (90971)<br>|
| 03/18/2026 | Deutsche Bank AG | INR | 646990350 | USD | 7119799 | &nbsp;&nbsp;&nbsp; (31797)<br>|
| 03/18/2026 | Deutsche Bank AG | MXN | 794884479 | USD | 43248663 | &nbsp;&nbsp;&nbsp; (580901)<br>|
| 03/18/2026 | Deutsche Bank AG | PLN | 2402185 | USD | 660462 | &nbsp;&nbsp;&nbsp; (8407)<br>|
| 03/18/2026 | Deutsche Bank AG | USD | 1471531 | NZD | 2535842 | &nbsp;&nbsp;&nbsp; (7571)<br>|
| 01/05/2026 | Goldman Sachs International | BRL | 35503980 | USD | 6452454 | &nbsp;&nbsp;&nbsp; (26671)<br>|
| 01/05/2026 | Goldman Sachs International | USD | 6532826 | BRL | 35503980 | &nbsp;&nbsp;&nbsp; (53703)<br>|
| 02/03/2026 | Goldman Sachs International | BRL | 286073000 | USD | 51581860 | &nbsp;&nbsp;&nbsp; (230091)<br>|
| 03/18/2026 | Goldman Sachs International | CZK | 3166371 | USD | 152216 | &nbsp;&nbsp;&nbsp; (1980)<br>|
| 03/18/2026 | Goldman Sachs International | THB | 28082573 | USD | 886137 | &nbsp;&nbsp;&nbsp; (9826)<br>|
| 03/19/2027 | Goldman Sachs International | USD | 76250000 | INR | 6778237500 | &nbsp;&nbsp;&nbsp; (3370349)<br>|
| 02/12/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 76609980 | USD | 4440000 | &nbsp;&nbsp;&nbsp; (173812)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | AUD | 13980000 | USD | 9096450 | &nbsp;&nbsp;&nbsp; (233877)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | CAD | 7397983 | USD | 5331193 | &nbsp;&nbsp;&nbsp; (76317)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | CNY | 24860000 | USD | 3540151 | &nbsp;&nbsp;&nbsp; (26788)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | EUR | 35832588 | USD | 41985173 | &nbsp;&nbsp;&nbsp; (267279)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | GBP | 2511705 | USD | 3340305 | &nbsp;&nbsp;&nbsp; (44728)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | KRW | 19444636000 | USD | 13309128 | &nbsp;&nbsp;&nbsp; (191484)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | MXN | 91670125 | USD | 5050000 | &nbsp;&nbsp;&nbsp; (4648)<br>|

---

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

**21**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | NOK | 1130906 | USD | 111888 | &nbsp;&nbsp;&nbsp; $(279)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | SEK | 110000 | USD | 11749 | &nbsp;&nbsp;&nbsp; (244)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | TRY | 9135000 | USD | 198799 | &nbsp;&nbsp;&nbsp; (2802)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | USD | 2198399 | EUR | 1861572 | &nbsp;&nbsp;&nbsp; (3303)<br>|
| 03/18/2026 | J.P. Morgan Chase Bank, N.A. | USD | 12259454 | JPY | 1881630040 | &nbsp;&nbsp;&nbsp; (172414)<br>|
| 06/22/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 41692500 | USD | 2250000 | &nbsp;&nbsp;&nbsp; (236769)<br>|
| 07/14/2026 | J.P. Morgan Chase Bank, N.A. | BRL | 8864100 | USD | 1470000 | &nbsp;&nbsp;&nbsp; (75824)<br>|
| 02/09/2026 | Merrill Lynch International | BRL | 6331500 | USD | 1005000 | &nbsp;&nbsp;&nbsp; (140243)<br>|
| 03/18/2026 | Merrill Lynch International | GBP | 40104390 | USD | 53464205 | &nbsp;&nbsp;&nbsp; (584623)<br>|
| 03/18/2026 | Merrill Lynch International | PEN | 1563000 | USD | 463221 | &nbsp;&nbsp;&nbsp; (547)<br>|
| 03/18/2026 | Merrill Lynch International | USD | 3576852 | COP | 13842059000 | &nbsp;&nbsp;&nbsp; (1202)<br>|
| 03/18/2026 | Merrill Lynch International | USD | 5340975 | MXN | 96752970 | &nbsp;&nbsp;&nbsp; (6061)<br>|
| 03/25/2026 | Merrill Lynch International | IDR | 10042175800 | USD | 599247 | &nbsp;&nbsp;&nbsp; (869)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 2755000 | USD | 1671458 | &nbsp;&nbsp;&nbsp; (167051)<br>|
| 05/12/2026 | Merrill Lynch International | EUR | 7270000 | USD | 8393215 | &nbsp;&nbsp;&nbsp; (199888)<br>|
| 03/18/2026 | Morgan Stanley and Co. International PLC | ZAR | 214246349 | USD | 12478325 | &nbsp;&nbsp;&nbsp; (393643)<br>|
| 05/13/2026 | Morgan Stanley and Co. International PLC | EUR | 7570000 | USD | 8720640 | &nbsp;&nbsp;&nbsp; (227444)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (7693041)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(826025)<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| BNP Paribas S.A. | Sell | 1.00% | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.426% | EUR | 3500000 | &nbsp;&nbsp; $110534 | &nbsp;&nbsp; $110978 | &nbsp;&nbsp; $444 |
| UBS AG | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.290 | EUR | 2330000 | &nbsp;&nbsp; 21320 | &nbsp;&nbsp; 56341 | &nbsp;&nbsp; 35021 |
| Subtotal - Appreciation | Subtotal - Appreciation | Subtotal - Appreciation |  |  |  |  |  | &nbsp;&nbsp; 131854 | &nbsp;&nbsp; 167319 | &nbsp;&nbsp; 35465 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Brazil Government International Bonds | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2026 | 0.555 | USD | 3720000 | &nbsp;&nbsp; (691)<br>| &nbsp;&nbsp; (15992)<br>| &nbsp;&nbsp; (15301)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.220 | EUR | 2330000 | &nbsp;&nbsp; (14982)<br>| &nbsp;&nbsp; (61958)<br>| &nbsp;&nbsp; (46976)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.360 | EUR | 3500000 | &nbsp;&nbsp; (117498)<br>| &nbsp;&nbsp; (124225)<br>| &nbsp;&nbsp; (6727)<br>|
| Markit CDX North America High Yield <br> Index, Series 45, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.155 | USD | 46200000 | &nbsp;&nbsp; (3346559)<br>| &nbsp;&nbsp; (3529911)<br>| &nbsp;&nbsp; (183352)<br>|
| Markit iTraxx Europe Crossover Index, <br> Series 44, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.437 | EUR | 36400000 | &nbsp;&nbsp; (4290844)<br>| &nbsp;&nbsp; (4731381)<br>| &nbsp;&nbsp; (440537)<br>|
| Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2029 | 0.711 | USD | 1705000 | &nbsp;&nbsp; 11948 | &nbsp;&nbsp; (18240)<br>| &nbsp;&nbsp; (30188)<br>|
| Turkey Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.030 | USD | 1400000 | &nbsp;&nbsp; 88873 | &nbsp;&nbsp; 63567 | &nbsp;&nbsp; (25306)<br>|
| Subtotal - Depreciation | Subtotal - Depreciation | Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; (7669753)<br>| &nbsp;&nbsp; (8418140)<br>| &nbsp;&nbsp; (748387)<br>|
| Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(7537899)<br>| &nbsp;&nbsp; $(8250821)<br>| &nbsp;&nbsp; $(712922)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $331,913 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

**22**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (3.47)% | Annually | &nbsp;&nbsp; 03/17/2054 | EUR | 5820000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9639 | &nbsp;&nbsp; $9639 |
| Pay | BZDIOVRA | At Maturity | 13.32 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 12790757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17084 | &nbsp;&nbsp; 17084 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.69) | Annually | &nbsp;&nbsp; 09/04/2035 | USD | 3330000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26511 | &nbsp;&nbsp; 26511 |
| Pay | BZDIOVRA | At Maturity | 13.54 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 6764134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28322 | &nbsp;&nbsp; 28322 |
| Pay | SOFR | Annually | 3.35 | Annually | &nbsp;&nbsp; 11/05/2027 | USD | 87460000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38537 | &nbsp;&nbsp; 38537 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (3.36) | Annually | &nbsp;&nbsp; 03/17/2054 | EUR | 5330000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63413 | &nbsp;&nbsp; 63413 |
| Pay | &nbsp;&nbsp; 3 Month CZK <br> PRIBOR<br>| Quarterly | 3.79 | Annually | &nbsp;&nbsp; 12/02/2027 | CZK | 1026520000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99522 | &nbsp;&nbsp; 99522 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.56) | Annually | &nbsp;&nbsp; 12/12/2035 | USD | 7775000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151540 | &nbsp;&nbsp; 151540 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.52) | Annually | &nbsp;&nbsp; 12/10/2035 | USD | 15500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 358372 | &nbsp;&nbsp; 358372 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.87) | Annually | &nbsp;&nbsp; 11/06/2055 | EUR | 4720000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 417359 | &nbsp;&nbsp; 417359 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.87) | Annually | &nbsp;&nbsp; 11/05/2055 | USD | 9790000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 497962 | &nbsp;&nbsp; 497962 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.85) | Annually | &nbsp;&nbsp; 11/25/2055 | USD | 14270000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 769643 | &nbsp;&nbsp; 769643 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.84) | Annually | &nbsp;&nbsp; 11/04/2055 | USD | 19430000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1103381 | &nbsp;&nbsp; 1103381 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1763752 | &nbsp;&nbsp; 1763752 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 5450000 | &nbsp;&nbsp; 39094 | &nbsp;&nbsp; 1885686 | &nbsp;&nbsp; 1846592 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 39094 | &nbsp;&nbsp; 7230723 | &nbsp;&nbsp; 7191629 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1768789)<br>| &nbsp;&nbsp; (1768789)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.15 | Annually | &nbsp;&nbsp; 11/03/2027 | EUR | 268630000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (501486)<br>| &nbsp;&nbsp; (501486)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.08 | Annually | &nbsp;&nbsp; 11/09/2027 | EUR | 262180000 | &nbsp;&nbsp; (239116)<br>| &nbsp;&nbsp; (723861)<br>| &nbsp;&nbsp; (484745)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.15 | Annually | &nbsp;&nbsp; 11/12/2027 | EUR | 127450000 | &nbsp;&nbsp; (14362)<br>| &nbsp;&nbsp; (293251)<br>| &nbsp;&nbsp; (278889)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.27 | Annually | &nbsp;&nbsp; 06/04/2028 | EUR | 110970000 | &nbsp;&nbsp; 10877 | &nbsp;&nbsp; (214249)<br>| &nbsp;&nbsp; (225126)<br>|
| Pay | KWCDC | Quarterly | 2.82 | Quarterly | &nbsp;&nbsp; 11/16/2027 | KRW | 139930100000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (183905)<br>| &nbsp;&nbsp; (183905)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 11780000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (83833)<br>| &nbsp;&nbsp; (83833)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 11780000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (76724)<br>| &nbsp;&nbsp; (76724)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.83) | Annually | &nbsp;&nbsp; 08/04/2035 | USD | 17635000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (66880)<br>| &nbsp;&nbsp; (66880)<br>|
| Pay | BZDIOVRA | At Maturity | 12.91 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 13120763 | &nbsp;&nbsp; — | &nbsp;&nbsp; (51133)<br>| &nbsp;&nbsp; (51133)<br>|
| Pay | SOFR | At Maturity | 3.49 | At Maturity | &nbsp;&nbsp; 11/04/2026 | USD | 347070000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31004)<br>| &nbsp;&nbsp; (31004)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (242601)<br>| &nbsp;&nbsp; (3995115)<br>| &nbsp;&nbsp; (3752514)<br>|
| Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $(203507)<br>| &nbsp;&nbsp; $3235608 | &nbsp;&nbsp; $3439115 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $331,913 cash held with Counterparties.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Reference Entity** | **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 1.381% | EUR | 9800000 | $942948 | $1518046 | $575098 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.353 | EUR | 18129761 | 2920469 | 3631518 | 711049 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.381 | EUR | 5600000 | 550670 | 867455 | 316785 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.381 | EUR | 600000 | 88271 | 92942 | 4671 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation |  |  |  |  | 4502358 | 6109961 | 1607603 |

---

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

**23**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** |
| **Counterparty** | **Reference Entity** | **Buy/Sell**<br> **Protection**<br>| **(Pay)/**<br> **Receive**<br> **Fixed Rate**<br>| **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Implied**<br> **Credit**<br> **Spread**<sup>(b)</sup><br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Upfront**<br> **Payments Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 1<br>| Buy | (5.00)% | Quarterly | 12/20/2027 | 0.110%  | USD | 8351215 | $(604890)<br>| $(775640)<br>| $(170750)<br>|
| Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements |  |  |  |  | $3897468 | $5334321 | $1436853 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $4,890,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BBSW | —Bank Bill Swap Rate |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CZK | —Czech Koruna |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| GBP | —British Pound Sterling |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| KWCDC | —South Korean Won Certificate of Deposit |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peruvian Sol |
| PLN | —Polish Zloty |
| PRIBOR | —Prague Interbank Offerred Rate |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| THB | —Thai Baht |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

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

**24**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $632,564,707)\*<br>| &nbsp;&nbsp; $634300637 |
| Investments in affiliated money market funds, at value <br> (Cost $37,316,462)<br>| &nbsp;&nbsp; 37316462 |
| Other investments: |  |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 296960 |
| Swaps receivable — OTC | &nbsp;&nbsp; 66683 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 1607603 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 3897468 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 6867016 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 331913 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 4890000 |
| Cash | &nbsp;&nbsp; 12672697 |
| Foreign currencies, at value (Cost $4,419,018) | &nbsp;&nbsp; 4434816 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 14456902 |
| Fund shares sold | &nbsp;&nbsp; 38854 |
| Dividends | &nbsp;&nbsp; 57273 |
| Interest | &nbsp;&nbsp; 8920382 |
| Principal paydowns | &nbsp;&nbsp; 98228 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 152491 |
| Total assets | &nbsp;&nbsp; 730406385 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $37,235,637)<br>| &nbsp;&nbsp; 28016262 |
| Variation margin payable — futures and options <br> contracts<br>| &nbsp;&nbsp; 231458 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 7693041 |
| Swaps payable — OTC | &nbsp;&nbsp; 13919 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 170750 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 24478196 |
| Fund shares reacquired | &nbsp;&nbsp; 794196 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 20895443 |
| Accrued fees to affiliates | &nbsp;&nbsp; 357674 |
| Accrued other operating expenses | &nbsp;&nbsp; 1489042 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 152491 |
| Collateral due to broker - OTC Derivatives | &nbsp;&nbsp; 21861 |
| Total liabilities | &nbsp;&nbsp; 84314333 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $646092052 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $868758469 |
| Distributable earnings (loss) | &nbsp;&nbsp; (222666417)<br>|
|  | &nbsp;&nbsp; $646092052 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $215951940 |
| Series II | &nbsp;&nbsp; $430140112 |

---

---

| | |
|:---|:---|
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 47244502 |
| Series II | &nbsp;&nbsp; 91087238 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $4.57 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $4.72 |

---

\* At December 31, 2025, securities with an aggregate value of $19,961,693 were on loan to brokers. 

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

**25**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $295,714) | &nbsp;&nbsp; $38385865 |
| Dividends (net of foreign withholding taxes of $21,095) | &nbsp;&nbsp; 157710 |
| Dividends from affiliates (includes net securities lending <br> income of $62,293)<br>| &nbsp;&nbsp; 1428087 |
| Total investment income | &nbsp;&nbsp; 39971662 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4640381 |
| Administrative services fees | &nbsp;&nbsp; 1085371 |
| Custodian fees | &nbsp;&nbsp; 207014 |
| Distribution fees - Series II | &nbsp;&nbsp; 1076576 |
| Transfer agent fees | &nbsp;&nbsp; 33494 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 26740 |
| Reports to shareholders | &nbsp;&nbsp; 12633 |
| Professional services fees | &nbsp;&nbsp; 133301 |
| Other | &nbsp;&nbsp; 100093 |
| Total expenses | &nbsp;&nbsp; 7315603 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (55242)<br>|
| Net expenses | &nbsp;&nbsp; 7260361 |
| Net investment income | &nbsp;&nbsp; 32711301 |

---

---

| | |
|:---|:---|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $40,927)<br>| &nbsp;&nbsp; 5533818 |
| Affiliated investment securities | &nbsp;&nbsp; (736507)<br>|
| Foreign currencies | &nbsp;&nbsp; (628287)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (23412713)<br>|
| Futures contracts | &nbsp;&nbsp; 5637207 |
| Options written | &nbsp;&nbsp; 32335581 |
| Swap agreements | &nbsp;&nbsp; (3911717)<br>|
|  | &nbsp;&nbsp; 14817382 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 23445761 |
| Affiliated investment securities | &nbsp;&nbsp; 51350 |
| Foreign currencies | &nbsp;&nbsp; 242891 |
| Forward foreign currency contracts | &nbsp;&nbsp; (3684505)<br>|
| Futures contracts | &nbsp;&nbsp; (1436241)<br>|
| Options written | &nbsp;&nbsp; 11603077 |
| Swap agreements | &nbsp;&nbsp; 2779410 |
|  | &nbsp;&nbsp; 33001743 |
| Net realized and unrealized gain | &nbsp;&nbsp; 47819125 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $80530426 |

---

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

**26**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $32711301 | &nbsp;&nbsp; $36281358 |
| Net realized gain (loss) | &nbsp;&nbsp; 14817382 | &nbsp;&nbsp; (5974157)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 33001743 | &nbsp;&nbsp; (8766862)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 80530426 | &nbsp;&nbsp; 21540339 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (12289094)<br>| &nbsp;&nbsp; (7703091)<br>|
| Series II | &nbsp;&nbsp; (22732484)<br>| &nbsp;&nbsp; (11996260)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (35021578)<br>| &nbsp;&nbsp; (19699351)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (45978792)<br>| &nbsp;&nbsp; (16679080)<br>|
| Series II | &nbsp;&nbsp; (32572823)<br>| &nbsp;&nbsp; (27435826)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (78551615)<br>| &nbsp;&nbsp; (44114906)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (33042767)<br>| &nbsp;&nbsp; (42273918)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 679134819 | &nbsp;&nbsp; 721408737 |
| End of year | &nbsp;&nbsp; $646092052 | &nbsp;&nbsp; $679134819 |

---

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

**27**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $4.29 | $0.23 | $0.32 | $0.55 | $(0.27)<br>| $4.57 | 12.98<br> %<br>| $215952 | 0.94<br> %<br>| 0.95<br> %<br>| 5.09<br> %<br>| 333<br> %<br>|
| Year ended 12/31/24 | 4.28 | 0.23 | (0.08)<br>| 0.15 | (0.14)<br>| 4.29 | 3.40 | 245509 | 0.93 | 0.94 | 5.33 | 354 |
| Year ended 12/31/23 | 3.95 | 0.21 | 0.12 | 0.33 |  | 4.28 | 8.35 | 261650 | 0.91 | 0.92 | 5.05 | 85 |
| Year ended 12/31/22 | 4.46 | 0.14 | (0.65)<br>| (0.51)<br>|  | 3.95 | (11.44)<br>| 259461 | 0.87 | 0.89 | 3.49 | 85 |
| Year ended 12/31/21 | 4.83 | 0.12 | (0.27)<br>| (0.15)<br>| (0.22)<br>| 4.46 | (3.00)<br>| 336327 | 0.82 | 0.86 | 2.59 | 209 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 4.42 | 0.23 | 0.33 | 0.56 | (0.26)<br>| 4.72 | 12.75 | 430140 | 1.19 | 1.20 | 4.84 | 333 |
| Year ended 12/31/24 | 4.41 | 0.23 | (0.10)<br>| 0.13 | (0.12)<br>| 4.42 | 3.02 | 433626 | 1.18 | 1.19 | 5.08 | 354 |
| Year ended 12/31/23 | 4.08 | 0.20 | 0.13 | 0.33 |  | 4.41 | 8.09 | 459758 | 1.16 | 1.17 | 4.80 | 85 |
| Year ended 12/31/22 | 4.61 | 0.13 | (0.66)<br>| (0.53)<br>|  | 4.08 | (11.50)<br>| 480999 | 1.12 | 1.14 | 3.24 | 85 |
| Year ended 12/31/21 | 4.99 | 0.11 | (0.28)<br>| (0.17)<br>| (0.21)<br>| 4.61 | (3.37)<br>| 612996 | 1.07 | 1.11 | 2.34 | 209 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**28**

**Invesco V.I. Global Strategic Income Fund**

------

**Notes to Consolidated Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Subsidiary. 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 ("FASB") 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for

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revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses 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 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate

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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.

**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 included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Consolidated Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, 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).

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

**O.** **Futures Contracts** — The Fund may enter into futures contracts to equitize the Fund's cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. 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

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(broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

**P.** **Call Options Purchased and Written** – The Fund may write covered call options to reduce the volatility of the Fund's investment portfolio and to earn premiums and/or buy call options for the purpose of acquiring the underlying reference asset for its portfolio, or on underlying reference assets against which it has written other call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**Q.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**R.** **Swap Agreements** – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter ("OTC") between two parties ("uncleared/OTC") or, in some instances, must be transacted through a future commission merchant ("FCM") and cleared through a clearinghouse that serves as a central Counterparty ("centrally cleared swap"). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's net asset value ("NAV") per share 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.

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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.

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 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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund's portfolio turnover rate.

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.

**T.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

**V.** **Other Risks** - Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

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 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.

**33**

**Invesco V.I. Global Strategic Income Fund**

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Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |

---

\* 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, 2025, the effective advisory fee rate incurred by the Fund was 0.70%.

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. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**34**

**Invesco V.I. Global Strategic Income Fund**

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any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary 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 fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $55,242.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2025, Invesco was paid $93,960 for accounting and fund administrative services and was reimbursed $991,411 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $189805100 | &nbsp;&nbsp;&nbsp;&nbsp; $858521 | &nbsp;&nbsp;&nbsp;&nbsp; $190663621 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146781993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146781993 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97419190 | &nbsp;&nbsp;&nbsp;&nbsp; 3729636 | &nbsp;&nbsp;&nbsp;&nbsp; 101148826 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61827835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61827835 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45447404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45447404 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32123999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32123999 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 1422669 | &nbsp;&nbsp;&nbsp;&nbsp; 11426442 | &nbsp;&nbsp;&nbsp;&nbsp; 5866 | &nbsp;&nbsp;&nbsp;&nbsp; 12854977 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2306830 | &nbsp;&nbsp;&nbsp;&nbsp; 154651 | &nbsp;&nbsp;&nbsp;&nbsp; 2461481 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 405131 | &nbsp;&nbsp;&nbsp;&nbsp; 405131 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

**35**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $16421019 | &nbsp;&nbsp;&nbsp;&nbsp; $20895443 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $37316462 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp;&nbsp; 40580849 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40585334 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 17848173 | &nbsp;&nbsp;&nbsp;&nbsp; 648615085 | &nbsp;&nbsp;&nbsp;&nbsp; 5153841 | &nbsp;&nbsp;&nbsp;&nbsp; 671617099 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 197552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197552 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6867016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6867016 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8834697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8834697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 197552 | &nbsp;&nbsp;&nbsp;&nbsp; 15701713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15899265 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (273109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (273109)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7693041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7693041)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28016262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28016262)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4671651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4671651)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (273109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40380954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40654063)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (75557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24679241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24754798)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $17772616 | &nbsp;&nbsp;&nbsp;&nbsp; $623935844 | &nbsp;&nbsp;&nbsp;&nbsp; $5153841 | &nbsp;&nbsp;&nbsp;&nbsp; $646862301 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an 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, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $197552 | &nbsp;&nbsp;&nbsp; $197552 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 35465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7191629 | &nbsp;&nbsp;&nbsp; 7227094 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6867016 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6867016 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp; 1607603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1607603 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9358337 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31222512 | &nbsp;&nbsp;&nbsp; 40580849 |
| Options purchased, at value — Exchange-Traded | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4485 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp; 1643068 | &nbsp;&nbsp;&nbsp; 16225353 | &nbsp;&nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp; 38611693 | &nbsp;&nbsp;&nbsp; 56484599 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; (35465)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp;&nbsp; (7389181)<br>| &nbsp;&nbsp;&nbsp; (7429131)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp; $1607603 | &nbsp;&nbsp;&nbsp; $16225353 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $31222512 | &nbsp;&nbsp;&nbsp; $49055468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(273109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(273109)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (748387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3752514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4500901)<br>|
| Unrealized depreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7693041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7693041)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (170750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170750)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (217026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6173720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21625516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28016262)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1136163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13866761)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25651139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40654063)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 748387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4025623 | &nbsp;&nbsp;&nbsp;&nbsp; 4774010 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(387776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13866761)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(21625516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(35880053)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**36**

**Invesco V.I. Global Strategic Income Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2025.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Purchased**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Assets**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Liabilities**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net** <br>**Amount**<br>|
| Barclays Bank PLC | $— | $40650 | $— | $40650 | $— | $(387797)<br>| $— | $(387797)<br>| $(347147)<br>| $— | $230000 | $(117147)<br>|
| BNP Paribas S.A. | 7136 | 26872 |  | 34008 | - | (224333)<br>|  | (224333)<br>| (190325)<br>|  | 190325 |  |
| Deutsche Bank AG | 86532 | 698666 |  | 785198 | (768282)<br>| (112302)<br>|  | (880584)<br>| (95386)<br>|  | 95386 |  |
| Goldman Sachs International | 5168315 | 6596808 |  | 11765123 | (3692620)<br>| (7143019)<br>|  | (10835639)<br>| 929484 |  | (929484)<br>|  |
| J.P. Morgan Chase Bank, N.A. | 845101 | 17976739 | 1674286 | 20496126 | (1510568)<br>| (10071415)<br>| (184669)<br>| (11766652)<br>| 8729474 | (8295179)<br>|  | 434295 |
| Merrill Lynch International | 395342 | 1859078 |  | 2254420 | (1100484)<br>| (4489771)<br>|  | (5590255)<br>| (3335835)<br>|  | 3120000 | (215835)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| 296232 | 13184486 |  | 13480718 | (621087)<br>| (5587625)<br>|  | (6208712)<br>| 7272006 |  |  | 7272006 |
| UBS AG | 68358 | 197550 |  | 265908 | - |  |  |  | 265908 | (265908)<br>|  |  |
| Total | $6867016 | $40580849 | $1674286 | $49122151 | $(7693041)<br>| $(28016262)<br>| $(184669)<br>| $(35893972)<br>| $13228179 | $(8561087)<br>| $2706227 | $7373319 |

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(23412713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(23412713)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5637207 | &nbsp;&nbsp;&nbsp;&nbsp; 5637207 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7595163 | &nbsp;&nbsp;&nbsp;&nbsp; (431155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (591245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6572763 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 8240318 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 24095263 | &nbsp;&nbsp;&nbsp;&nbsp; 32335581 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (3053360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (858357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3911717)<br>|
| Change in Net Unrealized Appreciation <br> (Depreciation):<br>|  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3684505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3684505)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1436241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1436241)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 732043 | &nbsp;&nbsp;&nbsp;&nbsp; (150704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 840540 | &nbsp;&nbsp;&nbsp;&nbsp; 1421879 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 416753 | &nbsp;&nbsp;&nbsp;&nbsp; 2453715 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 8732609 | &nbsp;&nbsp;&nbsp;&nbsp; 11603077 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 463827 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2315583 | &nbsp;&nbsp;&nbsp;&nbsp; 2779410 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(2172780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8075979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(581859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38735359 | &nbsp;&nbsp;&nbsp;&nbsp; $27904741 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Future** <br>**Options** <br>**Purchased**<br>| **Index** <br>**Options** <br>**Purchased**<br>| **Swaptions** <br>**Purchased**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Purchased**<br>| **Future** <br>**Options** <br>**Written**<br>| **Swaptions** <br>**Written**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>|
| Average notional value | $1331451756 | $433714063 | $210276000 | $19371667 | $720014980 | $407134292 | $205136373 | $2396915115 | $399509000 | $1060820118 |
| Average contracts |  |  | 1947 | 32 |  |  | 1858 |  |  |  |

---

**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.

**37**

**Invesco V.I. Global Strategic Income 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.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $35021578 | &nbsp;&nbsp;&nbsp;&nbsp; $19699351 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $32934446 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 10326673 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (273488)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (140315)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (265513733)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 868758469 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $646092052 |

---

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 straddles, partnerships and derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $118645850 | &nbsp;&nbsp;&nbsp;&nbsp; $146867883 | &nbsp;&nbsp;&nbsp;&nbsp; $265513733 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $458,155,414 and $488,788,840, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $49314917 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (38988244)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10326673 |

---

Cost of investments for tax purposes is $640,433,096.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, income from the Subsidiary, elimination entry, dollar rolls and derivative instruments, on December 31, 2025, undistributed net investment income was increased by $2,608,378 and undistributed net realized gain (loss) was decreased by $2,608,378. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**38**

**Invesco V.I. Global Strategic Income Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 2140435 | &nbsp;&nbsp;&nbsp; $9796916 | &nbsp;&nbsp;&nbsp; 3509240 | &nbsp;&nbsp;&nbsp; $15059604 |
| Series II | &nbsp;&nbsp;&nbsp; 3033322 | &nbsp;&nbsp;&nbsp; 14184597 | &nbsp;&nbsp;&nbsp; 3986195 | &nbsp;&nbsp;&nbsp; 17633516 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 2761594 | &nbsp;&nbsp;&nbsp; 12289094 | &nbsp;&nbsp;&nbsp; 1795593 | &nbsp;&nbsp;&nbsp; 7703091 |
| Series II | &nbsp;&nbsp;&nbsp; 4941845 | &nbsp;&nbsp;&nbsp; 22732484 | &nbsp;&nbsp;&nbsp; 2707959 | &nbsp;&nbsp;&nbsp; 11996260 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (14926324)<br>| &nbsp;&nbsp;&nbsp; (68064802)<br>| &nbsp;&nbsp;&nbsp; (9128654)<br>| &nbsp;&nbsp;&nbsp; (39441775)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (14984535)<br>| &nbsp;&nbsp;&nbsp; (69489904)<br>| &nbsp;&nbsp;&nbsp; (12823492)<br>| &nbsp;&nbsp;&nbsp; (57065602)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (17033663)<br>| &nbsp;&nbsp;&nbsp; $(78551615)<br>| &nbsp;&nbsp;&nbsp; (9953159)<br>| &nbsp;&nbsp;&nbsp; $(44114906)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**39**

**Invesco 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 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 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, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers, agent banks and portfolio company investees; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**40**

**Invesco 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 4.97% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 87.50% |

---

\*

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

**41**

**Invesco V.I. Global Strategic Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**42**

**Invesco V.I. Global Strategic Income Fund**

------

![](img54ee28521.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Government Money Market Fund**

------

---

| | |
|:---|:---|
| [2](#xx_44de4695-365b-4160-a987-899faca1819e_SOI-Continued-583_1) | Schedule of Investments |
| [5](#xx_44de4695-365b-4160-a987-899faca1819e_FS-Continued-583_1) | Financial Statements |
| [7](#xx_44de4695-365b-4160-a987-899faca1819e_FS-Continued-583_3) | Financial Highlights |
| [8](#xx_44de4695-365b-4160-a987-899faca1819e_NTF-Continued-583_1) | Notes to Financial Statements |
| [12](#xx_44de4695-365b-4160-a987-899faca1819e_RIR-Continued-583_1) | Report of Independent Registered Public Accounting Firm |
| [13](#xx_44de4695-365b-4160-a987-899faca1819e_TI-Continued-583_1) | Tax Information |
| [14](#xx_44de4695-365b-4160-a987-899faca1819e_OIRSR-Continued-583_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGMKT-NCSR

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Government Sponsored Agency Securities-21.23%** | **U.S. Government Sponsored Agency Securities-21.23%** | **U.S. Government Sponsored Agency Securities-21.23%** | **U.S. Government Sponsored Agency Securities-21.23%** | **U.S. Government Sponsored Agency Securities-21.23%** | **U.S. Government Sponsored Agency Securities-21.23%** |
| **Federal Farm Credit Bank (FFCB)-18.03%** | **Federal Farm Credit Bank (FFCB)-18.03%** | **Federal Farm Credit Bank (FFCB)-18.03%** | **Federal Farm Credit Bank (FFCB)-18.03%** | **Federal Farm Credit Bank (FFCB)-18.03%** | **Federal Farm Credit Bank (FFCB)-18.03%** |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 3.80% | 02/02/2026 |  | $4000 | &nbsp;&nbsp; $4000000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.12%)<sup>(a)</sup> <br>| 3.76% | 03/06/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 3.80% | 05/14/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 3.81% | 06/03/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 3.81% | 06/24/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 3.81% | 07/01/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 08/26/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 3.84% | 08/28/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 09/04/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.05%)<sup>(a)</sup> <br>| 3.69% | 09/17/2026 |  | 8000 | &nbsp;&nbsp; 8000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 09/25/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 10/01/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 10/15/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 12/02/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 3.80% | 12/29/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 12/30/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 01/14/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 3.79% | 03/11/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(a)</sup> <br>| 3.83% | 05/06/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.06%)<sup>(a)</sup> <br>| 3.77% | 06/23/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 3.84% | 09/02/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 3.84% | 09/22/2027 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 10/01/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 3.79% | 10/08/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  |  | &nbsp;&nbsp; 90500000 |
| **Federal Home Loan Bank (FHLB)-1.99%** | **Federal Home Loan Bank (FHLB)-1.99%** | **Federal Home Loan Bank (FHLB)-1.99%** | **Federal Home Loan Bank (FHLB)-1.99%** | **Federal Home Loan Bank (FHLB)-1.99%** | **Federal Home Loan Bank (FHLB)-1.99%** |
| Federal Home Loan Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 3.84% | 02/09/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| **U.S. International Development Finance Corp. (DFC)-1.21%** | **U.S. International Development Finance Corp. (DFC)-1.21%** | **U.S. International Development Finance Corp. (DFC)-1.21%** | **U.S. International Development Finance Corp. (DFC)-1.21%** | **U.S. International Development Finance Corp. (DFC)-1.21%** | **U.S. International Development Finance Corp. (DFC)-1.21%** |
| U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)<sup>(b)</sup> <br>| 3.63% | 01/13/2026 |  | 6044 | &nbsp;&nbsp; 6043710 |
| Total U.S. Government Sponsored Agency Securities (Cost $106,543,710) | Total U.S. Government Sponsored Agency Securities (Cost $106,543,710) | Total U.S. Government Sponsored Agency Securities (Cost $106,543,710) | Total U.S. Government Sponsored Agency Securities (Cost $106,543,710) |  | &nbsp;&nbsp; 106543710 |
| **U.S. Treasury Securities-18.53%** | **U.S. Treasury Securities-18.53%** | **U.S. Treasury Securities-18.53%** | **U.S. Treasury Securities-18.53%** | **U.S. Treasury Securities-18.53%** | **U.S. Treasury Securities-18.53%** |
| **U.S. Treasury Bills-15.93%**<sup>(c)</sup> | **U.S. Treasury Bills-15.93%**<sup>(c)</sup> | **U.S. Treasury Bills-15.93%**<sup>(c)</sup> | **U.S. Treasury Bills-15.93%**<sup>(c)</sup> | **U.S. Treasury Bills-15.93%**<sup>(c)</sup> | **U.S. Treasury Bills-15.93%**<sup>(c)</sup> |
| U.S. Treasury Bills | 3.83% | 01/02/2026 |  | 509 | &nbsp;&nbsp; 508946 |
| U.S. Treasury Bills | 3.87% | 01/08/2026 |  | 25000 | &nbsp;&nbsp; 24981285 |
| U.S. Treasury Bills | 4.05% | 02/05/2026 |  | 10000 | &nbsp;&nbsp; 9961388 |
| U.S. Treasury Bills | 4.02%-4.05% | 02/12/2026 |  | 20000 | &nbsp;&nbsp; 19907717 |
| U.S. Treasury Bills | 4.11%-4.12% | 03/19/2026 |  | 10000 | &nbsp;&nbsp; 9915514 |
| U.S. Treasury Bills | 4.07% | 07/09/2026 |  | 10000 | &nbsp;&nbsp; 9794121 |
| U.S. Treasury Bills | 3.91% | 08/06/2026 |  | 5000 | &nbsp;&nbsp; 4886497 |
|  |  |  |  |  | &nbsp;&nbsp; 79955468 |
| **U.S. Treasury Floating Rate Notes-0.60%** | **U.S. Treasury Floating Rate Notes-0.60%** | **U.S. Treasury Floating Rate Notes-0.60%** | **U.S. Treasury Floating Rate Notes-0.60%** | **U.S. Treasury Floating Rate Notes-0.60%** | **U.S. Treasury Floating Rate Notes-0.60%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.25%)<sup>(a)</sup> <br>| 3.85% | 01/31/2026 |  | 3000 | &nbsp;&nbsp; 3000101 |
| **U.S. Treasury Notes-2.00%** | **U.S. Treasury Notes-2.00%** | **U.S. Treasury Notes-2.00%** | **U.S. Treasury Notes-2.00%** | **U.S. Treasury Notes-2.00%** | **U.S. Treasury Notes-2.00%** |
| U.S. Treasury Notes | 4.63% | 06/30/2026 |  | 10000 | &nbsp;&nbsp; 10033398 |
| Total U.S. Treasury Securities (Cost $92,988,967) | Total U.S. Treasury Securities (Cost $92,988,967) | Total U.S. Treasury Securities (Cost $92,988,967) | Total U.S. Treasury Securities (Cost $92,988,967) |  | &nbsp;&nbsp; 92988967 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-8.77%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-8.77%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-8.77%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-8.77%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-8.77%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-8.77%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-5.38%** | **Federal Home Loan Mortgage Corp. (FHLMC)-5.38%** | **Federal Home Loan Mortgage Corp. (FHLMC)-5.38%** | **Federal Home Loan Mortgage Corp. (FHLMC)-5.38%** | **Federal Home Loan Mortgage Corp. (FHLMC)-5.38%** | **Federal Home Loan Mortgage Corp. (FHLMC)-5.38%** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.10%)<sup>(a)</sup> <br>| 3.81% | 02/09/2026 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 09/04/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |

---

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

**2**

**Invesco V.I. Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 10/16/2026 |  | $3000 | &nbsp;&nbsp; $3000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 10/29/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 09/22/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  |  | &nbsp;&nbsp; 27000000 |
| **Federal National Mortgage Association (FNMA)-3.39%** | **Federal National Mortgage Association (FNMA)-3.39%** | **Federal National Mortgage Association (FNMA)-3.39%** | **Federal National Mortgage Association (FNMA)-3.39%** | **Federal National Mortgage Association (FNMA)-3.39%** | **Federal National Mortgage Association (FNMA)-3.39%** |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 08/21/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 09/11/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 11/20/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 3.85% | 12/11/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal National Mortgage Association (SOFR + 0.08%)<sup>(a)</sup> <br>| 3.79% | 12/22/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  |  | &nbsp;&nbsp; 17000000 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $44,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $44,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $44,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $44,000,000) |  | &nbsp;&nbsp; 44000000 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-48.53% <br>(Cost $243,532,677) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-48.53% <br>(Cost $243,532,677) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-48.53% <br>(Cost $243,532,677) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-48.53% <br>(Cost $243,532,677) |  | &nbsp;&nbsp; 243532677 |
|  |  |  | &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-51.07%**<sup>(d)</sup>  | **Repurchase Agreements-51.07%**<sup>(d)</sup>  | **Repurchase Agreements-51.07%**<sup>(d)</sup>  | **Repurchase Agreements-51.07%**<sup>(d)</sup>  | **Repurchase Agreements-51.07%**<sup>(d)</sup>  | **Repurchase Agreements-51.07%**<sup>(d)</sup>  |
| Bank of Montreal, joint term agreement dated 12/04/2025, aggregate maturing value of <br> $501,732,500 (collateralized by agency mortgage-backed securities valued at <br> $510,000,000; 2.00% - 6.50%; 03/01/2037 - 03/01/2063)<sup>(e)</sup> <br>| 3.78% | 01/07/2026 |  | 2006930 | &nbsp;&nbsp; 2000000 |
| BMO Capital Markets Corp., joint term agreement dated 12/31/2025, aggregate <br> maturing value of $1,505,468,750 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $1,530,000,019; 1.38% - 7.00%; <br> 09/15/2027 - 02/16/2068)<sup>(e)</sup> <br>| 3.75% | 02/04/2026 |  | 15054688 | &nbsp;&nbsp; 15000000 |
| BNP Paribas Securities Corp., joint term agreement dated 07/10/2025, aggregate <br> maturing value of $2,500,529,167 (collateralized by agency mortgage-backed <br> securities and U.S. government sponsored agency obligations valued at <br> $2,550,000,001; 0.01% - 8.00%; 02/25/2026 - 10/20/2065)<sup>(e)(f)</sup> <br>| 3.81% | 01/02/2026 |  | 5001058 | &nbsp;&nbsp; 5000000 |
| BNP Paribas Securities Corp., joint term agreement dated 07/28/2025, aggregate <br> maturing value of $2,000,415,555 (collateralized by agency mortgage-backed <br> securities valued at $2,040,000,000; 1.22% - 8.00%; 03/25/2026 - <br> 01/01/2056)<sup>(e)(f)</sup> <br>| 3.74% | 01/02/2026 |  | 30006233 | &nbsp;&nbsp; 30000000 |
| BNP Paribas Securities Corp., joint term agreement dated 08/20/2025, aggregate <br> maturing value of $4,143,991,111 (collateralized by U.S. Treasury obligations valued <br> at $4,080,000,150; 0.00% - 6.13%; 02/05/2026 - 11/15/2055)<sup>(e)</sup> <br>| 3.88% | 07/20/2026 |  | 31079933 | &nbsp;&nbsp; 30000000 |
| BofA Securities, Inc., joint term agreement dated 07/28/2025, aggregate maturing value <br> of $1,750,370,417 (collateralized by U.S. Treasury obligations valued at <br> $1,785,000,438; 0.50% - 4.63%; 02/15/2027 - 11/15/2054)<sup>(e)(f)</sup> <br>| 3.81% | 01/02/2026 |  | 10002117 | &nbsp;&nbsp; 10000000 |
| BofA Securities, Inc., joint term agreement dated 07/29/2025, aggregate maturing value <br> of $1,000,212,779 (collateralized by agency mortgage-backed securities valued at <br> $1,020,000,000; 1.50% - 6.50%; 08/25/2030 - 12/20/2073)<sup>(e)(f)</sup> <br>| 3.83% | 01/02/2026 |  | 10002128 | &nbsp;&nbsp; 10000000 |
| J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024 (collateralized by <br> agency mortgage-backed securities and a U.S. government sponsored agency <br> obligation valued at $1,020,000,005; 1.00% - 9.00%; 01/01/2026 - <br> 10/15/2060)<sup>(g)</sup> <br>| 3.75% | 01/02/2026 |  | 10033972 | &nbsp;&nbsp; 10000000 |
| Metropolitan Life Insurance Co., joint term agreement dated 12/31/2025, aggregate <br> maturing value of $350,276,988 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $356,652,442; 0.00% - 4.63%; <br> 01/13/2026 - 08/15/2052)<br>| 3.85% | 01/07/2026 |  | 15014682 | &nbsp;&nbsp; 15003450 |
| Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 12/31/2025, <br> aggregate maturing value of $1,920,070,083 (collateralized by U.S. Treasury <br> obligations valued at $1,956,750,953; 1.13% - 4.38%; 01/31/2027 - <br> 11/15/2040)<br>| 3.84% | 01/07/2026 |  | 64341756 | &nbsp;&nbsp; 64293750 |
| RBC Dominion Securities Inc., joint term agreement dated 08/26/2025, aggregate <br> maturing value of $1,020,366,425 (collateralized by U.S. Treasury obligations valued <br> at $1,018,524,820; 0.00% - 5.00%; 01/22/2026 - 02/15/2055)<sup>(e)</sup> <br>| 3.87% | 07/27/2026 |  | 7251335 | &nbsp;&nbsp; 7000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/26/2025, aggregate <br> maturing value of $1,038,725,556 (collateralized by U.S. Treasury obligations valued <br> at $1,033,890,177; 0.00% - 6.50%; 01/15/2026 - 11/15/2055)<sup>(e)</sup> <br>| 3.83% | 08/26/2026 |  | 6232353 | &nbsp;&nbsp; 6000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/27/2025, aggregate <br> maturing value of $831,486,425 (collateralized by U.S. Treasury obligations valued at <br> $830,242,475; 0.00% - 5.00%; 01/29/2026 - 11/15/2055)<sup>(e)</sup> <br>| 3.87% | 07/24/2026 |  | 9319275 | &nbsp;&nbsp; 9000000 |

---

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

**3**

**Invesco V.I. Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| RBC Dominion Securities Inc., joint term agreement dated 12/04/2025, aggregate <br> maturing value of $2,035,573,333 (collateralized by agency mortgage-backed <br> securities, a U.S. government sponsored agency obligation and U.S. Treasury <br> obligations valued at $2,045,839,021; 0.00% - 7.00%; 09/30/2026 - <br> 07/15/2066)<sup>(e)</sup> <br>| 3.68% | 05/28/2026 |  | $7124507 | &nbsp;&nbsp; $7000000 |
| Royal Bank of Canada, joint term agreement dated 09/29/2025, aggregate maturing <br> value of $2,075,086,640 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $2,065,834,721; 0.00% - 7.00%; 02/19/2026 <br> - 03/01/2063)<sup>(e)</sup> <br>| 3.69% | 09/01/2026 |  | 9309960 | &nbsp;&nbsp; 9000000 |
| Royal Bank of Canada, joint term agreement dated 12/03/2025, aggregate maturing <br> value of $3,060,833,333 (collateralized by U.S. Treasury obligations valued at <br> $3,068,997,659; 0.50% - 4.88%; 01/15/2026 - 02/15/2055)<sup>(e)</sup> <br>| 3.65% | 06/22/2026 |  | 10202778 | &nbsp;&nbsp; 10000000 |
| Sumitomo Mitsui Banking Corp., joint agreement dated 12/31/2025, aggregate maturing <br> value of $5,301,133,611 (collateralized by agency mortgage-backed securities <br> valued at $5,418,738,896; 2.00% - 6.50%; 10/20/2042 - 12/20/2055)<br>| 3.85% | 01/02/2026 |  | 1968501 | &nbsp;&nbsp; 1968080 |
| Wells Fargo Securities, LLC, joint term agreement dated 09/12/2025, aggregate <br> maturing value of $1,142,635,200 (collateralized by agency mortgage-backed <br> securities valued at $1,142,400,001; 1.50% - 7.50%; 06/01/2028 - <br> 01/01/2056)<br>| 3.87% | 03/19/2026 |  | 15303150 | &nbsp;&nbsp; 15000000 |
| Total Repurchase Agreements (Cost $256,265,280) | Total Repurchase Agreements (Cost $256,265,280) | Total Repurchase Agreements (Cost $256,265,280) | Total Repurchase Agreements (Cost $256,265,280) |  | &nbsp;&nbsp; 256265280 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.60% (Cost $499,797,957) | TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.60% (Cost $499,797,957) | TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.60% (Cost $499,797,957) | TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.60% (Cost $499,797,957) |  | &nbsp;&nbsp; 499797957 |
| OTHER ASSETS LESS LIABILITIES-0.40% | OTHER ASSETS LESS LIABILITIES-0.40% | OTHER ASSETS LESS LIABILITIES-0.40% | OTHER ASSETS LESS LIABILITIES-0.40% |  | &nbsp;&nbsp; 2029732 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $501827689 |

---

Investment Abbreviations:

EFFR -Effective Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate <br> VRD -Variable Rate Demand

Notes to Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(b)</sup> 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, 2025. 

<sup>(c)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(d)</sup> Principal amount equals value at period end. See Note 1J.

<sup>(e)</sup> The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.

<sup>(f)</sup> Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

<sup>(g)</sup> Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 

<sup>(h)</sup> Also represents cost for federal income tax purposes.

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

**4**

**Invesco V.I. Government Money Market Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value and cost<br>| &nbsp;&nbsp; $243532677 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 256265280 |
| Cash | &nbsp;&nbsp; 42 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 11471 |
| Interest | &nbsp;&nbsp; 2794343 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 34299 |
| Other assets | &nbsp;&nbsp; 678 |
| Total assets | &nbsp;&nbsp; 502638790 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 322877 |
| Dividends | &nbsp;&nbsp; 27223 |
| Accrued fees to affiliates | &nbsp;&nbsp; 381963 |
| Accrued operating expenses | &nbsp;&nbsp; 40428 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 38610 |
| Total liabilities | &nbsp;&nbsp; 811101 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $501827689 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $502045725 |
| Distributable earnings (loss) | &nbsp;&nbsp; (218036)<br>|
|  | &nbsp;&nbsp; $501827689 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $362024736 |
| Series II | &nbsp;&nbsp; $139802953 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Series I | &nbsp;&nbsp; 362148746 |
| Series II | &nbsp;&nbsp; 139851118 |
| Series I: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |
| Series II: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $39236139 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1352755 |
| Administrative services fees | &nbsp;&nbsp; 1901740 |
| Custodian fees | &nbsp;&nbsp; 20049 |
| Distribution fees - Series II | &nbsp;&nbsp; 376245 |
| Transfer agent fees | &nbsp;&nbsp; 45096 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 31326 |
| Reports to shareholders | &nbsp;&nbsp; 10835 |
| Professional services fees | &nbsp;&nbsp; 55160 |
| Other | &nbsp;&nbsp; 7205 |
| Total expenses | &nbsp;&nbsp; 3800411 |
| Net investment income | &nbsp;&nbsp; 35435728 |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 74200 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $35509928 |

---

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

**5**

**Invesco V.I. Government Money Market Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $35435728 | &nbsp;&nbsp; $44047085 |
| Net realized gain | &nbsp;&nbsp; 74200 | &nbsp;&nbsp; 52038 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 35509928 | &nbsp;&nbsp; 44099123 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (29870003)<br>| &nbsp;&nbsp; (37649536)<br>|
| Series II | &nbsp;&nbsp; (5565725)<br>| &nbsp;&nbsp; (6397549)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (35435728)<br>| &nbsp;&nbsp; (44047085)<br>|
| **Share transactions-net:** |  |  |
| Series I | &nbsp;&nbsp; (424226386)<br>| &nbsp;&nbsp; 1708318 |
| Series II | &nbsp;&nbsp; (15169131)<br>| &nbsp;&nbsp; 36552918 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (439395517)<br>| &nbsp;&nbsp; 38261236 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (439321317)<br>| &nbsp;&nbsp; 38313274 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 941149006 | &nbsp;&nbsp; 902835732 |
| End of year | &nbsp;&nbsp; $501827689 | &nbsp;&nbsp; $941149006 |

---

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

**6**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(realized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $1.00 | $0.04 | $0.00 | $0.04 | $(0.04)<br>| $1.00 | 4.01<br> %<br>| $362025 | 0.38<br> %<br>| 0.38<br> %<br>| 3.97<br> %<br>|
| Year ended 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.98 | 786174 | 0.36 | 0.36 | 4.87 |
| Year ended 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.86 | 784405 | 0.36 | 0.36 | 4.75 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.45 | 968240 | 0.28 | 0.28 | 1.50 |
| Year ended 12/31/21 | 1.00 | 0.00 | - | 0.00 | (0.00)<br>| 1.00 | 0.01 | 688779 | 0.07 | 0.34 | 0.01 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 3.76 | 139803 | 0.63 | 0.63 | 3.72 |
| Year ended 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.72 | 154975 | 0.61 | 0.61 | 4.62 |
| Year ended 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.60 | 118430 | 0.61 | 0.61 | 4.50 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.25 | 107954 | 0.48 | 0.53 | 1.30 |
| Year ended 12/31/21 | 1.00 | 0.00 | - | 0.00 | (0.00)<br>| 1.00 | 0.01 | 78539 | 0.07 | 0.59 | 0.01 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

**7**

**Invesco V.I. Government Money Market Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") Accounting Standards Codification Topic 946, *Financial Services — Investment Companies*.

The Fund is a "government money market fund" as defined in Rule 2a-7 under the 1940 Act (the "Rule") and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to liquidity fee requirements at this time, as permitted by the Rule.

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 the Rule. 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.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is unreliable in the Adviser's judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**B.** **Securities Transactions and Investment Income** - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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. 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 settled shares.

**8**

**Invesco V.I. Government Money Market Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **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 typically 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.

**K.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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, 2025, Invesco was paid $404,345 for accounting and fund administrative services and was reimbursed $1,497,395 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon ("BNY") serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2025, 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. 12b-1 fees before fee waivers are shown as *Distribution fees* in the Statement of Operations.

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. 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.

**9**

**Invesco V.I. Government Money Market 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 Adviser's 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, 2025, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Trustees' and Officers' Fees and Benefits**

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

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY, 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2025 and December 31, 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2025 and December 31, 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2025 and December 31, 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $35435728 | &nbsp;&nbsp;&nbsp;&nbsp; $44047085 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $23825 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (22349)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (219512)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 502045725 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $501827689 |

---

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

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

The Fund has a capital loss carryforward as of December 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $219512 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $219512 |

---

\* Capital loss carryforwards are 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** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025**<sup>(a)</sup>  | **2025**<sup>(a)</sup>  | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1614159751 | &nbsp;&nbsp;&nbsp; $1614159751 | &nbsp;&nbsp;&nbsp; 1650667089 | &nbsp;&nbsp;&nbsp; $1650667089 |
| Series II | &nbsp;&nbsp;&nbsp; 26997703 | &nbsp;&nbsp;&nbsp; 26997703 | &nbsp;&nbsp;&nbsp; 92580541 | &nbsp;&nbsp;&nbsp; 92580541 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 29489406 | &nbsp;&nbsp;&nbsp; 29489406 | &nbsp;&nbsp;&nbsp; 37202178 | &nbsp;&nbsp;&nbsp; 37202178 |
| Series II | &nbsp;&nbsp;&nbsp; 5565725 | &nbsp;&nbsp;&nbsp; 5565725 | &nbsp;&nbsp;&nbsp; 6397549 | &nbsp;&nbsp;&nbsp; 6397549 |

---

**10**

**Invesco V.I. Government Money Market Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025**<sup>(a)</sup> | **2025**<sup>(a)</sup> | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (2067875543)<br>| &nbsp;&nbsp;&nbsp; $(2067875543)<br>| &nbsp;&nbsp;&nbsp; (1686160949)<br>| &nbsp;&nbsp;&nbsp; $(1686160949)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (47732559)<br>| &nbsp;&nbsp;&nbsp; (47732559)<br>| &nbsp;&nbsp;&nbsp; (62425172)<br>| &nbsp;&nbsp;&nbsp; (62425172)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (439395517)<br>| &nbsp;&nbsp;&nbsp; $(439395517)<br>| &nbsp;&nbsp;&nbsp; 38261236 | &nbsp;&nbsp;&nbsp; $38261236 |

---

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

**11**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 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 13, 2026

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.

**12**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 100.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 12.16% |

---

\*

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

**13**

**Invesco V.I. Government Money Market Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**14**

**Invesco V.I. Government Money Market Fund**

------

![](imgc1ca2a291.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Government Securities Fund**

------

---

| | |
|:---|:---|
| [2](#xx_46146459-a848-407d-9456-4419d04ac588_SOI-Continued-74_1) | Schedule of Investments |
| [7](#xx_46146459-a848-407d-9456-4419d04ac588_FS-Continued-74_1) | Financial Statements |
| [9](#xx_46146459-a848-407d-9456-4419d04ac588_FS-Continued-74_3) | Financial Highlights |
| [10](#xx_46146459-a848-407d-9456-4419d04ac588_NTF-Continued-74_1) | Notes to Financial Statements |
| [17](#xx_46146459-a848-407d-9456-4419d04ac588_ARS-Continued-74_1) | Report of Independent Registered Public Accounting Firm |
| [18](#xx_46146459-a848-407d-9456-4419d04ac588_TI-Continued-74_1) | Tax Information |
| [19](#xx_46146459-a848-407d-9456-4419d04ac588_OIRSR-Continued-74_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGOV-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–55.49%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–55.49%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–55.49%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–55.49%** |
| **Collateralized Mortgage Obligations–6.63%** | **Collateralized Mortgage Obligations–6.63%** | **Collateralized Mortgage Obligations–6.63%** | **Collateralized Mortgage Obligations–6.63%** |
| Fannie Mae ACES, Series 2019-M5, <br> Class A2, <br>3.27%, 02/25/2029<br>|  | $4551854 | &nbsp;&nbsp; $4473995 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| 7.00%, 09/18/2027 |  | 45 | &nbsp;&nbsp; 45 |
| 1.50%, 01/25/2028 |  | 170028 | &nbsp;&nbsp; 167600 |
| 6.50%, 03/25/2032 |  | 130378 | &nbsp;&nbsp; 137594 |
| 5.75%, 10/25/2035 |  | 21642 | &nbsp;&nbsp; 22315 |
| 4.29% (30 Day Average SOFR + <br> 0.41%), 05/25/2036<sup>(a)</sup> <br>|  | 526674 | &nbsp;&nbsp; 521054 |
| 4.44% (30 Day Average SOFR + <br> 0.56%), 03/25/2037<sup>(a)</sup> <br>|  | 339070 | &nbsp;&nbsp; 336627 |
| 6.60%, 06/25/2039<sup>(b)</sup> <br>|  | 666460 | &nbsp;&nbsp; 698602 |
| 4.00%, 07/25/2040 |  | 358296 | &nbsp;&nbsp; 354709 |
| 4.54% (30 Day Average SOFR + <br> 0.66%), 02/25/2041<sup>(a)</sup> <br>|  | 10497 | &nbsp;&nbsp; 10495 |
| 4.49% (30 Day Average SOFR + <br> 0.61%), 05/25/2041<sup>(a)</sup> <br>|  | 94305 | &nbsp;&nbsp; 94180 |
| 4.51% (30 Day Average SOFR + <br> 0.63%), 11/25/2041<sup>(a)</sup> <br>|  | 333038 | &nbsp;&nbsp; 331775 |
| 4.64% (30 Day Average SOFR + <br> 0.43%), 08/25/2044<sup>(a)</sup> <br>|  | 412774 | &nbsp;&nbsp; 403673 |
| 4.80% (30 Day Average SOFR + <br> 0.59%), 02/25/2056<sup>(a)</sup> <br>|  | 826197 | &nbsp;&nbsp; 820708 |
| 4.74% (30 Day Average SOFR + <br> 0.53%), 12/25/2056<sup>(a)</sup> <br>|  | 1021396 | &nbsp;&nbsp; 1002405 |
| IO, <br>2.00%, 03/25/2051<sup>(c)</sup> <br>|  | 2262950 | &nbsp;&nbsp; 316993 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series KS11, Class AFX1, <br>2.15%, 12/25/2028<br>|  | 3187619 | &nbsp;&nbsp; 3096858 |
| Series K092, Class AM, <br>3.02%, 04/25/2029<br>|  | 5000000 | &nbsp;&nbsp; 4858751 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 4.60% (30 Day Average SOFR + <br> 0.61%), 12/15/2035<sup>(a)</sup> <br>|  | 345082 | &nbsp;&nbsp; 343725 |
| 4.40% (30 Day Average SOFR + <br> 0.41%), 03/15/2036 to <br> 09/15/2044<sup>(a)</sup> <br>|  | 422441 | &nbsp;&nbsp; 420143 |
| 4.67% (30 Day Average SOFR + <br> 0.46%), 11/15/2036<sup>(a)</sup> <br>|  | 566346 | &nbsp;&nbsp; 559778 |
| 4.47% (30 Day Average SOFR + <br> 0.48%), 03/15/2037<sup>(a)</sup> <br>|  | 307928 | &nbsp;&nbsp; 304944 |
| 4.50% (30 Day Average SOFR + <br> 0.51%), 06/15/2037<sup>(a)</sup> <br>|  | 479850 | &nbsp;&nbsp; 475802 |
| 4.96% (30 Day Average SOFR + <br> 0.97%), 11/15/2039<sup>(a)</sup> <br>|  | 179758 | &nbsp;&nbsp; 181217 |
| 4.55% (30 Day Average SOFR + <br> 0.56%), 03/15/2040 to <br> 02/15/2042<sup>(a)</sup> <br>|  | 1116723 | &nbsp;&nbsp; 1109062 |
| Freddie Mac STRIPS, <br>4.67%(30 Day Average SOFR + <br> 0.46%), 10/15/2037<sup>(a)</sup> <br>|  | 426446 | &nbsp;&nbsp; 421505 |
|  |  |  | &nbsp;&nbsp; 21464555 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)–11.45%** | **Federal Home Loan Mortgage Corp. (FHLMC)–11.45%** | **Federal Home Loan Mortgage Corp. (FHLMC)–11.45%** |
| 8.50%, 12/01/2026 to <br> 08/01/2031<br>| $16360 | &nbsp;&nbsp; $16849 |
| 7.05%, 05/20/2027 | 1923 | &nbsp;&nbsp; 1931 |
| 6.50%, 08/01/2028 to <br> 12/01/2035<br>| 434973 | &nbsp;&nbsp; 453748 |
| 7.00%, 08/01/2028 to <br> 11/01/2035<br>| 549356 | &nbsp;&nbsp; 579106 |
| 6.00%, 09/01/2029 to <br> 12/01/2053<br>| 4929470 | &nbsp;&nbsp; 5075308 |
| 7.50%, 09/01/2030 to <br> 06/01/2035<br>| 194578 | &nbsp;&nbsp; 200579 |
| 6.03%, 10/20/2030 | 156384 | &nbsp;&nbsp; 159110 |
| 8.00%, 11/17/2030 to <br> 02/01/2035<br>| 30157 | &nbsp;&nbsp; 30728 |
| 3.00%, 02/01/2032 to <br> 01/01/2050<br>| 7126720 | &nbsp;&nbsp; 6457166 |
| 2.50%, 09/01/2034 to <br> 12/01/2050<br>| 9244797 | &nbsp;&nbsp; 8525755 |
| 5.00%, 01/01/2037 to <br> 01/01/2040<br>| 259046 | &nbsp;&nbsp; 266794 |
| 4.50%, 01/01/2040 to <br> 08/01/2041<br>| 1338638 | &nbsp;&nbsp; 1347453 |
| 5.50%, 11/01/2052 to <br> 05/01/2053<br>| 11282784 | &nbsp;&nbsp; 11589918 |
| ARM, <br>6.51% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.88%), <br> 09/01/2035<sup>(a)</sup> <br>| 512954 | &nbsp;&nbsp; 531476 |
| 6.64% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.86%), <br> 07/01/2036<sup>(a)</sup> <br>| 549329 | &nbsp;&nbsp; 572033 |
| 6.26% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.51%), <br> 10/01/2036<sup>(a)</sup> <br>| 111913 | &nbsp;&nbsp; 114992 |
| 6.51% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.91%), <br> 10/01/2036<sup>(a)</sup> <br>| 19050 | &nbsp;&nbsp; 19911 |
| 6.41% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.95%), <br> 11/01/2037<sup>(a)</sup> <br>| 96004 | &nbsp;&nbsp; 99526 |
| 7.08% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 2.08%), 01/01/2038<sup>(a)</sup> <br>| 13790 | &nbsp;&nbsp; 14257 |
| 6.62% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.89%), <br> 07/01/2038<sup>(a)</sup> <br>| 116756 | &nbsp;&nbsp; 121158 |
| 6.57% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.78%), <br> 06/01/2043<sup>(a)</sup> <br>| 156595 | &nbsp;&nbsp; 163582 |
| 6.53% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.64%), <br> 01/01/2048<sup>(a)</sup> <br>| 728854 | &nbsp;&nbsp; 757934 |
|  |  | &nbsp;&nbsp; 37099314 |

---

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

**2**

**Invesco V.I. Government Securities Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)–12.08%** | **Federal National Mortgage Association (FNMA)–12.08%** | **Federal National Mortgage Association (FNMA)–12.08%** |
| 6.50%, 07/01/2026 to <br> 11/01/2037<br>| $350943 | &nbsp;&nbsp; $369103 |
| 8.00%, 09/01/2026 to <br> 07/01/2037<br>| 384922 | &nbsp;&nbsp; 402763 |
| 7.50%, 12/01/2026 to <br> 08/01/2037<br>| 758979 | &nbsp;&nbsp; 781179 |
| 8.50%, 12/01/2026 to <br> 12/01/2036<br>| 80217 | &nbsp;&nbsp; 84494 |
| 3.50%, 05/01/2027 to <br> 08/01/2027<br>| 248972 | &nbsp;&nbsp; 246925 |
| 6.00%, 06/01/2027 to <br> 11/01/2055<br>| 8079842 | &nbsp;&nbsp; 8385612 |
| 0.75%, 10/08/2027 | 6000000 | &nbsp;&nbsp; 5721021 |
| 7.00%, 01/01/2028 to <br> 02/01/2036<br>| 220176 | &nbsp;&nbsp; 230569 |
| 3.00%, 12/01/2031 to <br> 03/01/2050<br>| 3346588 | &nbsp;&nbsp; 3135475 |
| 5.00%, 08/01/2033 to <br> 04/01/2053<br>| 2963044 | &nbsp;&nbsp; 2990957 |
| 2.50%, 12/01/2034 to <br> 07/01/2035<br>| 6503544 | &nbsp;&nbsp; 6179738 |
| 5.50%, 04/01/2035 to <br> 05/01/2035<br>| 367246 | &nbsp;&nbsp; 378616 |
| 2.00%, 09/01/2035 to <br> 03/01/2051<br>| 5796417 | &nbsp;&nbsp; 4968557 |
| 4.50%, 06/01/2039 to <br> 08/01/2041<br>| 1261666 | &nbsp;&nbsp; 1264286 |
| 4.00%, 09/01/2043 to <br> 12/01/2048<br>| 3499348 | &nbsp;&nbsp; 3401510 |
| ARM, <br>6.11% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.36%), <br> 10/01/2034<sup>(a)</sup> <br>| 254060 | &nbsp;&nbsp; 262895 |
| 6.23% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.21%), <br> 05/01/2035<sup>(a)</sup> <br>| 27764 | &nbsp;&nbsp; 28935 |
| 6.59% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.72%), <br> 03/01/2038<sup>(a)</sup> <br>| 9587 | &nbsp;&nbsp; 9883 |
| 6.19% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.77%), <br> 02/01/2042<sup>(a)</sup> <br>| 89515 | &nbsp;&nbsp; 92910 |
| 6.27% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.52%), <br> 08/01/2043<sup>(a)</sup> <br>| 66534 | &nbsp;&nbsp; 68700 |
| 6.00% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.88%), <br> 05/01/2044<sup>(a)</sup> <br>| 124277 | &nbsp;&nbsp; 128112 |
|  |  | &nbsp;&nbsp; 39132240 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–19.64%** | **Government National Mortgage Association (GNMA)–19.64%** | **Government National Mortgage Association (GNMA)–19.64%** |
| 6.50%, 02/15/2026 to <br> 09/15/2034<br>| $402772 | &nbsp;&nbsp; $415893 |
| 6.38%, 10/20/2027 | 14012 | &nbsp;&nbsp; 14070 |
| 7.00%, 11/15/2027 to <br> 12/15/2036<br>| 211415 | &nbsp;&nbsp; 216454 |
| 7.50%, 08/15/2028 to <br> 10/15/2035<br>| 159405 | &nbsp;&nbsp; 166280 |
| 6.00%, 09/15/2029 to <br> 08/15/2033<br>| 101963 | &nbsp;&nbsp; 103609 |
| 8.00%, 12/15/2030 to <br> 01/15/2037<br>| 226890 | &nbsp;&nbsp; 234964 |
| 6.10%, 12/20/2033 | 942083 | &nbsp;&nbsp; 980026 |
| 5.66%, 08/20/2034<sup>(b)</sup> <br>| 214209 | &nbsp;&nbsp; 219215 |
| 8.50%, 10/15/2036 to <br> 01/15/2037<br>| 93359 | &nbsp;&nbsp; 95655 |
| 5.87%, 01/20/2039<sup>(b)</sup> <br>| 966478 | &nbsp;&nbsp; 1004819 |
| 4.65% (1 mo. Term SOFR + <br> 0.91%), 09/16/2039<sup>(a)</sup> <br>| 253775 | &nbsp;&nbsp; 254880 |
| 4.55% (1 mo. Term SOFR + <br> 0.81%), 05/20/2040<sup>(a)</sup> <br>| 655312 | &nbsp;&nbsp; 656310 |
| 4.53%, 07/20/2041<sup>(b)</sup> <br>| 190984 | &nbsp;&nbsp; 192830 |
| 5.28%, 09/20/2041 | 534986 | &nbsp;&nbsp; 553826 |
| 4.10% (1 mo. Term SOFR + <br> 0.36%), 01/20/2042<sup>(a)</sup> <br>| 7637 | &nbsp;&nbsp; 7560 |
| 3.50%, 10/20/2042 to <br> 06/20/2050<br>| 4240610 | &nbsp;&nbsp; 3886638 |
| 4.29% (1 mo. Term SOFR + <br> 0.41%), 08/20/2047<sup>(a)</sup> <br>| 1388706 | &nbsp;&nbsp; 1352648 |
| 3.00%, 10/20/2048 to <br> 11/20/2049<br>| 6907389 | &nbsp;&nbsp; 6274311 |
| 2.50%, 07/20/2049 | 2036246 | &nbsp;&nbsp; 1837922 |
| TBA, <br>2.00%, 01/01/2056<sup>(d)</sup> <br>| 12000000 | &nbsp;&nbsp; 9941202 |
| 2.50%, 01/01/2056<sup>(d)</sup> <br>| 7620000 | &nbsp;&nbsp; 6574036 |
| 4.50%, 01/01/2056<sup>(d)</sup> <br>| 7500000 | &nbsp;&nbsp; 7306641 |
| 5.00%, 01/01/2056<sup>(d)</sup> <br>| 12050000 | &nbsp;&nbsp; 12024343 |
| 5.50%, 01/01/2056<sup>(d)</sup> <br>| 6985000 | &nbsp;&nbsp; 7053821 |
| Series 2020-137, Class A, <br>1.50%, 04/16/2062<br>| 2961539 | &nbsp;&nbsp; 2246730 |
|  |  | &nbsp;&nbsp; 63614683 |
| **Uniform Mortgage-Backed Securities–5.69%** | **Uniform Mortgage-Backed Securities–5.69%** | **Uniform Mortgage-Backed Securities–5.69%** |
| TBA, <br>4.50%, 01/01/2041<sup>(d)</sup> <br>| 6851000 | &nbsp;&nbsp; 6854479 |
| 5.00%, 01/01/2041<sup>(d)</sup> <br>| 6811000 | &nbsp;&nbsp; 6898755 |
| 2.50%, 01/01/2056<sup>(d)</sup> <br>| 3732000 | &nbsp;&nbsp; 3155581 |
| 3.00%, 01/01/2056<sup>(d)</sup> <br>| 1705000 | &nbsp;&nbsp; 1508326 |
|  |  | &nbsp;&nbsp; 18417141 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $185,332,883) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $185,332,883) | &nbsp;&nbsp; 179727933 |
| **U.S. Treasury Securities–26.03%** | **U.S. Treasury Securities–26.03%** | **U.S. Treasury Securities–26.03%** |
| **U.S. Treasury Bills–1.09%** | **U.S. Treasury Bills–1.09%** | **U.S. Treasury Bills–1.09%** |
| 3.53% - 4.11%, 05/14/2026<sup>(e)(f)</sup> <br>| 3576000 | &nbsp;&nbsp; 3530498 |
| **U.S. Treasury Bonds–1.06%** | **U.S. Treasury Bonds–1.06%** | **U.S. Treasury Bonds–1.06%** |
| 5.38%, 02/15/2031 | 3200000 | &nbsp;&nbsp; 3441125 |

---

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

**3**

**Invesco V.I. Government Securities Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Notes–23.88%** | **U.S. Treasury Notes–23.88%** | **U.S. Treasury Notes–23.88%** | **U.S. Treasury Notes–23.88%** |
| 0.88%, 06/30/2026 |  | $2000000 | &nbsp;&nbsp; $1974067 |
| 1.50%, 08/15/2026 |  | 7450000 | &nbsp;&nbsp; 7356196 |
| 1.13%, 02/28/2027 |  | 9159000 | &nbsp;&nbsp; 8913389 |
| 2.38%, 05/15/2027 |  | 3700000 | &nbsp;&nbsp; 3644789 |
| 0.50%, 06/30/2027 |  | 1900000 | &nbsp;&nbsp; 1818359 |
| 4.38%, 07/15/2027 |  | 5000000 | &nbsp;&nbsp; 5066992 |
| 3.63%, 08/31/2027 |  | 9800000 | &nbsp;&nbsp; 9822586 |
| 3.38%, 09/15/2027 |  | 9800000 | &nbsp;&nbsp; 9783156 |
| 2.25%, 11/15/2027 |  | 2900000 | &nbsp;&nbsp; 2836109 |
| 2.75%, 02/15/2028 |  | 1900000 | &nbsp;&nbsp; 1871611 |
| 1.25%, 06/30/2028 |  | 4500000 | &nbsp;&nbsp; 4259619 |
| 2.88%, 08/15/2028 |  | 7500000 | &nbsp;&nbsp; 7380762 |
| 2.38%, 05/15/2029 |  | 2600000 | &nbsp;&nbsp; 2500367 |
| 1.63%, 08/15/2029 |  | 400000 | &nbsp;&nbsp; 373461 |
| 3.63%, 08/31/2030 |  | 9790000 | &nbsp;&nbsp; 9756921 |
|  |  |  | &nbsp;&nbsp; 77358384 |
| Total U.S. Treasury Securities (Cost $85,588,236) | Total U.S. Treasury Securities (Cost $85,588,236) | Total U.S. Treasury Securities (Cost $85,588,236) | &nbsp;&nbsp; 84330007 |
| **Certificates of Deposit–17.61%** | **Certificates of Deposit–17.61%** | **Certificates of Deposit–17.61%** | **Certificates of Deposit–17.61%** |
| **Diversified Banks–17.61%** | **Diversified Banks–17.61%** | **Diversified Banks–17.61%** | **Diversified Banks–17.61%** |
| Bank of Montreal (Canada), 4.00% <br> (SOFR + 0.30%), 03/19/2026<sup>(a)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 8003062 |
| BNP Paribas S.A. (France), 4.03% <br> (SOFR + 0.33%), 02/06/2026<sup>(a)</sup> <br>|  | 9000000 | &nbsp;&nbsp; 9001701 |
| Canadian Imperial Bank of Commerce <br> (Canada), 4.06% (SOFR + 0.36%), <br> 08/12/2026<sup>(a)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3002384 |
| Credit Agricole Corporate and <br> Investment Bank (France), 4.04% <br> (SOFR + 0.34%), 08/28/2026<sup>(a)</sup> <br>|  | 6000000 | &nbsp;&nbsp; 6002991 |
| Credit Industriel et Commercial <br> (France), 4.03% (SOFR + 0.33%), <br> 08/20/2026<sup>(a)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4001844 |
| Mizuho Bank Ltd. (Japan), 4.06% <br> (SOFR + 0.31%), 02/25/2026<sup>(a)</sup> <br>|  | 9000000 | &nbsp;&nbsp; 9002731 |
| Royal Bank of Canada (Canada), <br> 4.03% (SOFR + 0.33%), <br> 07/09/2026<sup>(a)</sup> <br>|  | 9000000 | &nbsp;&nbsp; 9005275 |
| Standard Chartered Bank (United <br> Kingdom), 4.03% (SOFR + 0.33%), <br> 07/24/2026<sup>(a)</sup> <br>|  | 9000000 | &nbsp;&nbsp; 9007056 |
| Total Certificates of Deposit (Cost $57,000,129) | Total Certificates of Deposit (Cost $57,000,129) | Total Certificates of Deposit (Cost $57,000,129) | &nbsp;&nbsp; 57027044 |
| **Asset-Backed Securities–8.13%**<sup>(g)</sup>  | **Asset-Backed Securities–8.13%**<sup>(g)</sup>  | **Asset-Backed Securities–8.13%**<sup>(g)</sup>  | **Asset-Backed Securities–8.13%**<sup>(g)</sup>  |
| Angel Oak Mortgage Trust, <br> Series 2025-HB1, Class A1, 5.87% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(a)(h)</sup> <br>|  | 492751 | &nbsp;&nbsp; 496229 |
| Bank, Series 2017-BNK5, Class AS, <br> 3.62%, 06/15/2060<br>|  | 1800000 | &nbsp;&nbsp; 1763349 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, Series 2004-10, Class 12A1, <br> 0.00%, 01/25/2035<sup>(b)(i)</sup> <br>|  | 151388 | &nbsp;&nbsp; 146744 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(h)</sup> <br>|  | 612043 | &nbsp;&nbsp; 572064 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(h)</sup> <br>|  | 841171 | &nbsp;&nbsp; 787222 |
| CHNGE Mortgage Trust, <br> Series 2023-3, Class A1, 7.10%, <br> 07/25/2058<sup>(h)</sup> <br>|  | 980756 | &nbsp;&nbsp; 985489 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Ellington Financial Mortgage Trust, <br> Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(h)</sup> <br>|  | $733693 | &nbsp;&nbsp; $731887 |
| FRESB Mortgage Trust, Series 2019-<br> SB63, Class A5, 4.82% (30 Day <br> Average SOFR + 0.81%), <br> 02/25/2039<sup>(a)</sup> <br>|  | 2122615 | &nbsp;&nbsp; 2114314 |
| GCAT Trust, Series 2020-NQM1, <br> Class A3, 3.55%, 01/25/2060<sup>(h)</sup> <br>|  | 1084004 | &nbsp;&nbsp; 1072833 |
| GS Mortgage-Backed Securities Corp. <br> Trust, Series 2025-NQM6, Class A1, <br> 5.02%, 11/25/2029<sup>(h)</sup> <br>|  | 3287201 | &nbsp;&nbsp; 3287347 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2025-HE1, Class A1, 5.42% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(a)(h)</sup> <br>|  | 1029507 | &nbsp;&nbsp; 1032716 |
| Series 2025-HE2, Class A1, 5.42% <br> (30 Day Average SOFR + 1.55%), <br> 12/25/2065<sup>(a)(h)</sup> <br>|  | 3318081 | &nbsp;&nbsp; 3335068 |
| Series 2025-HE2, Class M1, 5.77% <br> (30 Day Average SOFR + 1.90%), <br> 12/25/2065<sup>(a)(h)</sup> <br>|  | 810000 | &nbsp;&nbsp; 813297 |
| Series 2025-PJ4, Class A4, <br> 6.00%, 09/25/2055<sup>(b)(h)</sup> <br>|  | 1278262 | &nbsp;&nbsp; 1295724 |
| New Residential Mortgage Loan Trust, <br> Series 2018-4A, Class A1S, 4.60% <br> (1 mo. Term SOFR + 0.86%), <br> 01/25/2048<sup>(a)(h)</sup> <br>|  | 579703 | &nbsp;&nbsp; 570175 |
| SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A, 1.34%, <br> 03/17/2053<sup>(h)</sup> <br>|  | 899936 | &nbsp;&nbsp; 852719 |
| Textainer Marine Containers VII Ltd. <br> (China), | Textainer Marine Containers VII Ltd. <br> (China), |  |  |
| Series 2020-3A, Class A, 2.11%, <br> 09/20/2045<sup>(h)</sup> <br>|  | 1303536 | &nbsp;&nbsp; 1248712 |
| Series 2021-2A, Class B, 2.82%, <br> 04/20/2046<sup>(h)</sup> <br>|  | 2506667 | &nbsp;&nbsp; 2354038 |
| Verus Securitization Trust, <br> Series 2023-INV3, Class A3, <br> 7.73%, 11/25/2068<sup>(b)(h)</sup> <br>|  | 2834575 | &nbsp;&nbsp; 2880523 |
| Total Asset-Backed Securities (Cost $26,669,511) | Total Asset-Backed Securities (Cost $26,669,511) | Total Asset-Backed Securities (Cost $26,669,511) | &nbsp;&nbsp; 26340450 |
| **Commercial Paper–6.49%** | **Commercial Paper–6.49%** | **Commercial Paper–6.49%** | **Commercial Paper–6.49%** |
| **Diversified Banks–1.24%** | **Diversified Banks–1.24%** | **Diversified Banks–1.24%** | **Diversified Banks–1.24%** |
| Toronto-Dominion Bank (The) (Canada), <br> 4.15%, 04/10/2026<sup>(h)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4002558 |
| **Diversified Capital Markets–2.78%** | **Diversified Capital Markets–2.78%** | **Diversified Capital Markets–2.78%** | **Diversified Capital Markets–2.78%** |
| UBS AG, 4.24% (SOFR + 0.38%), <br> 05/15/2026<sup>(h)</sup> <br>|  | 9000000 | &nbsp;&nbsp; 9005088 |
| **Diversified Financial Services–2.47%** | **Diversified Financial Services–2.47%** | **Diversified Financial Services–2.47%** | **Diversified Financial Services–2.47%** |
| BofA Securities, Inc., 4.03%, <br> 03/19/2026<br>|  | 8000000 | &nbsp;&nbsp; 8002096 |
| Total Commercial Paper (Cost $21,000,000) | Total Commercial Paper (Cost $21,000,000) | Total Commercial Paper (Cost $21,000,000) | &nbsp;&nbsp; 21009742 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–4.92%** | **Money Market Funds–4.92%** | **Money Market Funds–4.92%** | **Money Market Funds–4.92%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(j)(k)</sup> <br>(Cost $15,949,906) | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(j)(k)</sup> <br>(Cost $15,949,906) | 15949906 | &nbsp;&nbsp; 15949906 |
| TOTAL INVESTMENTS IN SECURITIES–118.67% <br> (Cost $391,540,665) | TOTAL INVESTMENTS IN SECURITIES–118.67% <br> (Cost $391,540,665) | TOTAL INVESTMENTS IN SECURITIES–118.67% <br> (Cost $391,540,665) | &nbsp;&nbsp; 384385082 |
| OTHER ASSETS LESS LIABILITIES—(18.67)% | OTHER ASSETS LESS LIABILITIES—(18.67)% | OTHER ASSETS LESS LIABILITIES—(18.67)% | &nbsp;&nbsp; (60479958)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $323905124 |

---

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

**4**

**Invesco V.I. Government Securities Fund**

------

---

| | | |
|:---|:---|:---|
| **Securities Sold Short** |  |  |
| &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |  |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities Short–(0.36)%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities Short–(0.36)%** |  |
| **Uniform Mortgage-Backed Securities–(0.36)%** | **Uniform Mortgage-Backed Securities–(0.36)%** |  |
| TBA, 2.00%, 01/01/2056<sup>(d)</sup>, <br>(Total Proceeds $(1164375)) | $(1440000)<br>| &nbsp;&nbsp; $(1164369)<br>|

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ACES | – Automatically Convertible Extendable Security |
| ARM | – Adjustable Rate Mortgage |
| Ctfs. | – Certificates |
| IBOR | – Interbank Offered Rate |
| IO | – Interest Only |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TBA | – To Be Announced |
| USD | – U.S. Dollar |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(b)</sup> 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, 2025. 

<sup>(c)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(d)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1L.

<sup>(e)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(f)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

<sup>(g)</sup> Non-U.S. government sponsored securities.

<sup>(h)</sup> 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, 2025 was $35,323,689, which represented 10.91% of the Fund's Net Assets. 

<sup>(i)</sup> Zero coupon bond issued at a discount.

<sup>(j)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $2935626 | &nbsp;&nbsp; $180023996 | &nbsp;&nbsp; $(167009716) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15949906 | &nbsp;&nbsp; $320078 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 1936695 | &nbsp;&nbsp; (1936695) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 367\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 5706691 | &nbsp;&nbsp; (5706691) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1,163\* |
| Total | $2935626 | &nbsp;&nbsp; $187667382 | &nbsp;&nbsp; $(174653102) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15949906 | &nbsp;&nbsp; $321608 |

---

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

<sup>(k)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 415 | March-2026 | &nbsp;&nbsp;&nbsp; $86647461 | &nbsp;&nbsp;&nbsp; $35661 | &nbsp;&nbsp;&nbsp; $35661 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 834 | March-2026 | &nbsp;&nbsp;&nbsp; 91160110 | &nbsp;&nbsp;&nbsp; (77110)<br>| &nbsp;&nbsp;&nbsp; (77110)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 355 | March-2026 | &nbsp;&nbsp;&nbsp; 39915312 | &nbsp;&nbsp;&nbsp; (103210)<br>| &nbsp;&nbsp;&nbsp; (103210)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 99 | March-2026 | &nbsp;&nbsp;&nbsp; 11386547 | &nbsp;&nbsp;&nbsp; (33506)<br>| &nbsp;&nbsp;&nbsp; (33506)<br>|
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; (178165)<br>| &nbsp;&nbsp;&nbsp; (178165)<br>|

---

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

**5**

**Invesco V.I. Government Securities Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 149 | March-2026 | &nbsp;&nbsp;&nbsp; $(17223469)<br>| &nbsp;&nbsp;&nbsp; $88209 | &nbsp;&nbsp;&nbsp; $88209 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 8 | March-2026 | &nbsp;&nbsp;&nbsp; (944000)<br>| &nbsp;&nbsp;&nbsp; 11735 | &nbsp;&nbsp;&nbsp; 11735 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 99944 | &nbsp;&nbsp;&nbsp; 99944 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(78221)<br>| &nbsp;&nbsp;&nbsp; $(78221)<br>|

---

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

**6**

**Invesco V.I. Government Securities Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $375,590,759)<br>| &nbsp;&nbsp; $368435176 |
| Investments in affiliated money market funds, at value <br> (Cost $15,949,906)<br>| &nbsp;&nbsp; 15949906 |
| Receivable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 1165415 |
| Fund shares sold | &nbsp;&nbsp; 23623 |
| Dividends | &nbsp;&nbsp; 35848 |
| Interest | &nbsp;&nbsp; 1599321 |
| Principal paydowns | &nbsp;&nbsp; 25041 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 205770 |
| Other assets | &nbsp;&nbsp; 8275 |
| Total assets | &nbsp;&nbsp; 387448375 |
| **Liabilities:** |  |
| Other investments: |  |
| Securities sold short, at value (proceeds $1,164,375) | &nbsp;&nbsp; 1164369 |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 181308 |
| Payable for: |  |
| TBA purchased commitment | &nbsp;&nbsp; 61377096 |
| Interest on short sales | &nbsp;&nbsp; 1040 |
| Fund shares reacquired | &nbsp;&nbsp; 311214 |
| Amount due custodian | &nbsp;&nbsp; 66937 |
| Accrued fees to affiliates | &nbsp;&nbsp; 167944 |
| Accrued other operating expenses | &nbsp;&nbsp; 62914 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 210429 |
| Total liabilities | &nbsp;&nbsp; 63543251 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $323905124 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $355376684 |
| Distributable earnings (loss) | &nbsp;&nbsp; (31471560)<br>|
|  | &nbsp;&nbsp; $323905124 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $177368217 |
| Series II | &nbsp;&nbsp; $146536907 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 16661830 |
| Series II | &nbsp;&nbsp; 13897871 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $10.65 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $10.54 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $11133093 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $357)<br>| &nbsp;&nbsp; 320435 |
| Total investment income | &nbsp;&nbsp; 11453528 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1566785 |
| Administrative services fees | &nbsp;&nbsp; 525043 |
| Custodian fees | &nbsp;&nbsp; 43545 |
| Distribution fees - Series II | &nbsp;&nbsp; 372808 |
| Transfer agent fees | &nbsp;&nbsp; 15706 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24092 |
| Reports to shareholders | &nbsp;&nbsp; 10884 |
| Professional services fees | &nbsp;&nbsp; 50398 |
| Other | &nbsp;&nbsp; 4088 |
| Total expenses | &nbsp;&nbsp; 2613349 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (7819)<br>|
| Net expenses | &nbsp;&nbsp; 2605530 |
| Net investment income | &nbsp;&nbsp; 8847998 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1476756 |
| Futures contracts | &nbsp;&nbsp; 2707139 |
| Securities sold short | &nbsp;&nbsp; (114990)<br>|
|  | &nbsp;&nbsp; 4068905 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 8824860 |
| Futures contracts | &nbsp;&nbsp; 421730 |
| Securities sold short | &nbsp;&nbsp; 6 |
|  | &nbsp;&nbsp; 9246596 |
| Net realized and unrealized gain | &nbsp;&nbsp; 13315501 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $22163499 |

---

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

**7**

**Invesco V.I. Government Securities Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8847998 | &nbsp;&nbsp; $8892076 |
| Net realized gain (loss) | &nbsp;&nbsp; 4068905 | &nbsp;&nbsp; (3098637)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 9246596 | &nbsp;&nbsp; (409590)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 22163499 | &nbsp;&nbsp; 5383849 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (5477633)<br>| &nbsp;&nbsp; (4444155)<br>|
| Series II | &nbsp;&nbsp; (4160161)<br>| &nbsp;&nbsp; (3562016)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (9637794)<br>| &nbsp;&nbsp; (8006171)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 913270 | &nbsp;&nbsp; (9504805)<br>|
| Series II | &nbsp;&nbsp; (10983812)<br>| &nbsp;&nbsp; (2728411)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10070542)<br>| &nbsp;&nbsp; (12233216)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 2455163 | &nbsp;&nbsp; (14855538)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 321449961 | &nbsp;&nbsp; 336305499 |
| End of year | &nbsp;&nbsp; $323905124 | &nbsp;&nbsp; $321449961 |

---

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

**8**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $10.23 | $0.30 | $0.45 | $0.75 | $(0.33)<br>| $10.65 | 7.37<br> %<br>| $177368 | 0.70<br> %<br>| 0.70<br> %<br>| 2.87<br> %<br>| 379<br> %<br>|
| Year ended 12/31/24 | 10.32 | 0.29 | (0.11)<br>| 0.18 | (0.27)<br>| 10.23 | 1.72 | 169900 | 0.70 | 0.70 | 2.80 | 314 |
| Year ended 12/31/23 | 10.08 | 0.22 | 0.23 | 0.45 | (0.21)<br>| 10.32 | 4.62 | 180715 | 0.69 | 0.69 | 2.18 | 233 |
| Year ended 12/31/22 | 11.48 | 0.15 | (1.33)<br>| (1.18)<br>| (0.22)<br>| 10.08 | (10.29)<br>| 177203 | 0.68 | 0.68 | 1.38 | 168 |
| Year ended 12/31/21 | 12.04 | 0.11 | (0.38)<br>| (0.27)<br>| (0.29)<br>| 11.48 | (2.27)<br>| 235924 | 0.68 | 0.68 | 0.92 | 170 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 10.14 | 0.28 | 0.42 | 0.70 | (0.30)<br>| 10.54 | 6.95 | 146537 | 0.95 | 0.95 | 2.62 | 379 |
| Year ended 12/31/24 | 10.23 | 0.26 | (0.11)<br>| 0.15 | (0.24)<br>| 10.14 | 1.48 | 151550 | 0.95 | 0.95 | 2.55 | 314 |
| Year ended 12/31/23 | 9.98 | 0.19 | 0.24 | 0.43 | (0.18)<br>| 10.23 | 4.46 | 155590 | 0.94 | 0.94 | 1.93 | 233 |
| Year ended 12/31/22 | 11.37 | 0.12 | (1.32)<br>| (1.20)<br>| (0.19)<br>| 9.98 | (10.58)<br>| 159919 | 0.93 | 0.93 | 1.13 | 168 |
| Year ended 12/31/21 | 11.92 | 0.08 | (0.37)<br>| (0.29)<br>| (0.26)<br>| 11.37 | (2.43)<br>| 196932 | 0.93 | 0.93 | 0.67 | 170 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**9**

**Invesco V.I. Government Securities Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**10**

**Invesco V.I. Government Securities Fund**

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "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

**11**

**Invesco V.I. Government Securities Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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 instrument or asset. 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.** **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.

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.

**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. This practice does not apply to securities pledged as collateral for securities lending transactions.

**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.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |

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For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 1.50% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at

**12**

**Invesco V.I. Government Securities Fund**

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any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $7,819.

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, 2025, Invesco was paid $44,685 for accounting and fund administrative services and was reimbursed $480,358 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $179727933 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $179727933 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84330007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84330007 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57027044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57027044 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26340450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26340450 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21009742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21009742 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 15949906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15949906 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 15949906 | &nbsp;&nbsp;&nbsp;&nbsp; 368435176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 384385082 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 135605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135605 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1164369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1164369)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (213826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (213826)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (213826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1164369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1378195)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (78221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1164369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1242590)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $15871685 | &nbsp;&nbsp;&nbsp;&nbsp; $367270807 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $383142492 |

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\* Futures contracts are valued at unrealized appreciation (depreciation). Securities sold short are shown at value.

**13**

**Invesco V.I. Government Securities Fund**

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**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, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $135605 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (135605)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(213826)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 213826 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> 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, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2707139 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 421730 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $3128869 |

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $246404936 |

---

**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.

**14**

**Invesco V.I. Government Securities Fund**

------

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $9637794 | &nbsp;&nbsp;&nbsp;&nbsp; $8006171 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $9760964 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (7335662)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (108018)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (33788844)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 355376684 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $323905124 |

---

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 derivative instruments 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $14147960 | &nbsp;&nbsp;&nbsp;&nbsp; $19640884 | &nbsp;&nbsp;&nbsp;&nbsp; $33788844 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $12,066,612 and $4,847,835, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1427752 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (8763414)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(7335662)<br>|

---

Cost of investments for tax purposes is $390,478,154.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of dollar rolls and paydowns, on December 31, 2025, undistributed net investment income was increased by $925,471 and undistributed net realized gain (loss) was decreased by $925,471. 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** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 2827559 | &nbsp;&nbsp;&nbsp; $30076193 | &nbsp;&nbsp;&nbsp; 1835595 | &nbsp;&nbsp;&nbsp; $18961763 |
| Series II | &nbsp;&nbsp;&nbsp; 1179695 | &nbsp;&nbsp;&nbsp; 12362764 | &nbsp;&nbsp;&nbsp; 1743236 | &nbsp;&nbsp;&nbsp; 17807302 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 516271 | &nbsp;&nbsp;&nbsp; 5477633 | &nbsp;&nbsp;&nbsp; 431891 | &nbsp;&nbsp;&nbsp; 4444155 |
| Series II | &nbsp;&nbsp;&nbsp; 395452 | &nbsp;&nbsp;&nbsp; 4160161 | &nbsp;&nbsp;&nbsp; 349217 | &nbsp;&nbsp;&nbsp; 3562016 |

---

**15**

**Invesco V.I. Government Securities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (3282943)<br>| &nbsp;&nbsp;&nbsp; $(34640556)<br>| &nbsp;&nbsp;&nbsp; (3171033)<br>| &nbsp;&nbsp;&nbsp; $(32910723)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (2624660)<br>| &nbsp;&nbsp;&nbsp; (27506737)<br>| &nbsp;&nbsp;&nbsp; (2355412)<br>| &nbsp;&nbsp;&nbsp; (24097729)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (988626)<br>| &nbsp;&nbsp;&nbsp; $(10070542)<br>| &nbsp;&nbsp;&nbsp; (1166506)<br>| &nbsp;&nbsp;&nbsp; $(12233216)<br>|

---

<sup>(a)</sup> 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.

**16**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**17**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 15.96% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 96.24% |

---

\*

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

**18**

**Invesco V.I. Government Securities Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**19**

**Invesco V.I. Government Securities Fund**

------

![](img4f03f90d1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Growth and Income Fund**

------

---

| | |
|:---|:---|
| [2](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_SOI-Continued-75_1) | Schedule of Investments |
| [5](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_FS-Continued-75_1) | Financial Statements |
| [7](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_FS-Continued-75_3) | Financial Highlights |
| [8](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_NTF-Continued-75_1) | Notes to Financial Statements |
| [15](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_ARS-Continued-75_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_TI-Continued-75_1) | Tax Information |
| [17](#xx_67f1162b-8b48-4002-9380-7485e900dbb4_OIRSR-Continued-75_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIGRI-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.49%** | **Common Stocks & Other Equity Interests–98.49%** | **Common Stocks & Other Equity Interests–98.49%** |
| **Aerospace & Defense–1.90%** | **Aerospace & Defense–1.90%** | **Aerospace & Defense–1.90%** |
| RTX Corp. | 81296 | &nbsp;&nbsp; $14909686 |
| Textron, Inc. | 114076 | &nbsp;&nbsp; 9944005 |
|  |  | &nbsp;&nbsp; 24853691 |
| **Air Freight & Logistics–1.55%** | **Air Freight & Logistics–1.55%** | **Air Freight & Logistics–1.55%** |
| FedEx Corp. | 69938 | &nbsp;&nbsp; 20202291 |
| **Application Software–1.12%** | **Application Software–1.12%** | **Application Software–1.12%** |
| Salesforce, Inc. | 55096 | &nbsp;&nbsp; 14595481 |
| **Asset Management & Custody Banks–1.06%** | **Asset Management & Custody Banks–1.06%** | **Asset Management & Custody Banks–1.06%** |
| KKR & Co., Inc., Class A | 108431 | &nbsp;&nbsp; 13822784 |
| **Automobile Manufacturers–1.32%** | **Automobile Manufacturers–1.32%** | **Automobile Manufacturers–1.32%** |
| General Motors Co. | 211623 | &nbsp;&nbsp; 17209182 |
| **Biotechnology–1.21%** | **Biotechnology–1.21%** | **Biotechnology–1.21%** |
| Regeneron Pharmaceuticals, Inc. | 20420 | &nbsp;&nbsp; 15761585 |
| **Broadline Retail–2.56%** | **Broadline Retail–2.56%** | **Broadline Retail–2.56%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 144571 | &nbsp;&nbsp; 33369878 |
| **Building Products–1.93%** | **Building Products–1.93%** | **Building Products–1.93%** |
| Johnson Controls International PLC | 210421 | &nbsp;&nbsp; 25197915 |
| **Communications Equipment–1.11%** | **Communications Equipment–1.11%** | **Communications Equipment–1.11%** |
| Cisco Systems, Inc.<sup>(c)</sup>  | 188814 | &nbsp;&nbsp; 14544342 |
| **Consumer Finance–0.86%** | **Consumer Finance–0.86%** | **Consumer Finance–0.86%** |
| Capital One Financial Corp. | 46255 | &nbsp;&nbsp; 11210362 |
| **Diversified Banks–7.81%** | **Diversified Banks–7.81%** | **Diversified Banks–7.81%** |
| Bank of America Corp. | 748874 | &nbsp;&nbsp; 41188070 |
| PNC Financial Services Group, Inc. <br> (The) | 80729 | &nbsp;&nbsp; 16850564 |
| Wells Fargo & Co. | 471467 | &nbsp;&nbsp; 43940725 |
|  |  | &nbsp;&nbsp; 101979359 |
| **Electric Utilities–3.26%** | **Electric Utilities–3.26%** | **Electric Utilities–3.26%** |
| American Electric Power Co., Inc. | 96706 | &nbsp;&nbsp; 11151169 |
| FirstEnergy Corp. | 235973 | &nbsp;&nbsp; 10564511 |
| PPL Corp. | 594172 | &nbsp;&nbsp; 20807904 |
|  |  | &nbsp;&nbsp; 42523584 |
| **Electrical Components & Equipment–1.96%** | **Electrical Components & Equipment–1.96%** | **Electrical Components & Equipment–1.96%** |
| Emerson Electric Co. | 119819 | &nbsp;&nbsp; 15902378 |
| Vertiv Holdings Co., Class A | 59893 | &nbsp;&nbsp; 9703265 |
|  |  | &nbsp;&nbsp; 25605643 |
| **Electronic Components–1.69%** | **Electronic Components–1.69%** | **Electronic Components–1.69%** |
| Coherent Corp.<sup>(b)</sup>  | 119556 | &nbsp;&nbsp; 22066451 |
| **Electronic Equipment & Instruments–1.62%** | **Electronic Equipment & Instruments–1.62%** | **Electronic Equipment & Instruments–1.62%** |
| Ralliant Corp. | 219774 | &nbsp;&nbsp; 11188695 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 41076 | &nbsp;&nbsp; 9974074 |
|  |  | &nbsp;&nbsp; 21162769 |
| **Fertilizers & Agricultural Chemicals–0.77%** | **Fertilizers & Agricultural Chemicals–0.77%** | **Fertilizers & Agricultural Chemicals–0.77%** |
| Corteva, Inc. | 149024 | &nbsp;&nbsp; 9989079 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Food Distributors–3.36%** | **Food Distributors–3.36%** | **Food Distributors–3.36%** |
| Sysco Corp. | 297261 | &nbsp;&nbsp; $21905163 |
| US Foods Holding Corp.<sup>(b)</sup>  | 290984 | &nbsp;&nbsp; 21916915 |
|  |  | &nbsp;&nbsp; 43822078 |
| **Footwear–1.48%** | **Footwear–1.48%** | **Footwear–1.48%** |
| NIKE, Inc., Class B | 304037 | &nbsp;&nbsp; 19370197 |
| **Health Care Equipment–2.67%** | **Health Care Equipment–2.67%** | **Health Care Equipment–2.67%** |
| Becton, Dickinson and Co. | 63871 | &nbsp;&nbsp; 12395445 |
| Medtronic PLC | 234105 | &nbsp;&nbsp; 22488126 |
|  |  | &nbsp;&nbsp; 34883571 |
| **Health Care Services–1.43%** | **Health Care Services–1.43%** | **Health Care Services–1.43%** |
| CVS Health Corp. | 235396 | &nbsp;&nbsp; 18681027 |
| **Household Products–1.42%** | **Household Products–1.42%** | **Household Products–1.42%** |
| Procter & Gamble Co. (The) | 129575 | &nbsp;&nbsp; 18569393 |
| **Industrial Gases–0.16%** | **Industrial Gases–0.16%** | **Industrial Gases–0.16%** |
| Air Products and Chemicals, Inc. | 8622 | &nbsp;&nbsp; 2129806 |
| **Industrial Machinery & Supplies & Components–3.16%** | **Industrial Machinery & Supplies & Components–3.16%** | **Industrial Machinery & Supplies & Components–3.16%** |
| Fortive Corp. | 272702 | &nbsp;&nbsp; 15055878 |
| Parker-Hannifin Corp. | 29873 | &nbsp;&nbsp; 26257172 |
|  |  | &nbsp;&nbsp; 41313050 |
| **Insurance Brokers–1.89%** | **Insurance Brokers–1.89%** | **Insurance Brokers–1.89%** |
| Willis Towers Watson PLC | 75305 | &nbsp;&nbsp; 24745223 |
| **Integrated Oil & Gas–4.53%** | **Integrated Oil & Gas–4.53%** | **Integrated Oil & Gas–4.53%** |
| Chevron Corp. | 121095 | &nbsp;&nbsp; 18456089 |
| Exxon Mobil Corp. | 134934 | &nbsp;&nbsp; 16237958 |
| Shell PLC (United Kingdom) | 388315 | &nbsp;&nbsp; 14310284 |
| Suncor Energy, Inc. (Canada) | 227348 | &nbsp;&nbsp; 10090736 |
|  |  | &nbsp;&nbsp; 59095067 |
| **Interactive Media & Services–3.03%** | **Interactive Media & Services–3.03%** | **Interactive Media & Services–3.03%** |
| Alphabet, Inc., Class A | 93802 | &nbsp;&nbsp; 29360026 |
| Meta Platforms, Inc., Class A | 15548 | &nbsp;&nbsp; 10263079 |
|  |  | &nbsp;&nbsp; 39623105 |
| **Investment Banking & Brokerage–3.47%** | **Investment Banking & Brokerage–3.47%** | **Investment Banking & Brokerage–3.47%** |
| Charles Schwab Corp. (The) | 272889 | &nbsp;&nbsp; 27264340 |
| Goldman Sachs Group, Inc. (The) | 20472 | &nbsp;&nbsp; 17994888 |
|  |  | &nbsp;&nbsp; 45259228 |
| **IT Consulting & Other Services–0.90%** | **IT Consulting & Other Services–0.90%** | **IT Consulting & Other Services–0.90%** |
| Cognizant Technology Solutions Corp., <br> Class A | 142196 | &nbsp;&nbsp; 11802268 |
| **Life Sciences Tools & Services–1.82%** | **Life Sciences Tools & Services–1.82%** | **Life Sciences Tools & Services–1.82%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 46496 | &nbsp;&nbsp; 10480664 |
| Thermo Fisher Scientific, Inc. | 23027 | &nbsp;&nbsp; 13342995 |
|  |  | &nbsp;&nbsp; 23823659 |
| **Managed Health Care–2.77%** | **Managed Health Care–2.77%** | **Managed Health Care–2.77%** |
| Elevance Health, Inc. | 30586 | &nbsp;&nbsp; 10721922 |
| Humana, Inc. | 38470 | &nbsp;&nbsp; 9853321 |
| UnitedHealth Group, Inc. | 47382 | &nbsp;&nbsp; 15641272 |
|  |  | &nbsp;&nbsp; 36216515 |

---

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

**2**

**Invesco V.I. Growth and Income Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–2.08%** | **Movies & Entertainment–2.08%** | **Movies & Entertainment–2.08%** |
| Walt Disney Co. (The) | 238385 | &nbsp;&nbsp; $27121061 |
| **Multi-Utilities–1.04%** | **Multi-Utilities–1.04%** | **Multi-Utilities–1.04%** |
| Sempra | 153743 | &nbsp;&nbsp; 13573969 |
| **Oil & Gas Equipment & Services–0.76%** | **Oil & Gas Equipment & Services–0.76%** | **Oil & Gas Equipment & Services–0.76%** |
| SLB Ltd. | 258536 | &nbsp;&nbsp; 9922612 |
| **Oil & Gas Exploration & Production–1.72%** | **Oil & Gas Exploration & Production–1.72%** | **Oil & Gas Exploration & Production–1.72%** |
| ConocoPhillips | 213366 | &nbsp;&nbsp; 19973191 |
| EQT Corp. | 46242 | &nbsp;&nbsp; 2478571 |
|  |  | &nbsp;&nbsp; 22451762 |
| **Pharmaceuticals–5.76%** | **Pharmaceuticals–5.76%** | **Pharmaceuticals–5.76%** |
| Bristol-Myers Squibb Co. | 219050 | &nbsp;&nbsp; 11815557 |
| Johnson & Johnson | 125350 | &nbsp;&nbsp; 25941183 |
| Merck & Co., Inc. | 201118 | &nbsp;&nbsp; 21169681 |
| Sanofi S.A. | 168621 | &nbsp;&nbsp; 16314951 |
|  |  | &nbsp;&nbsp; 75241372 |
| **Property & Casualty Insurance–1.33%** | **Property & Casualty Insurance–1.33%** | **Property & Casualty Insurance–1.33%** |
| American International Group, Inc. | 203726 | &nbsp;&nbsp; 17428759 |
| **Rail Transportation–0.95%** | **Rail Transportation–0.95%** | **Rail Transportation–0.95%** |
| Norfolk Southern Corp. | 42945 | &nbsp;&nbsp; 12399080 |
| **Real Estate Services–1.67%** | **Real Estate Services–1.67%** | **Real Estate Services–1.67%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 135962 | &nbsp;&nbsp; 21861330 |
| **Regional Banks–2.04%** | **Regional Banks–2.04%** | **Regional Banks–2.04%** |
| Citizens Financial Group, Inc. | 456419 | &nbsp;&nbsp; 26659434 |
| **Restaurants–1.27%** | **Restaurants–1.27%** | **Restaurants–1.27%** |
| Starbucks Corp. | 197545 | &nbsp;&nbsp; 16635264 |
| **Semiconductor Materials & Equipment–1.33%** | **Semiconductor Materials & Equipment–1.33%** | **Semiconductor Materials & Equipment–1.33%** |
| Lam Research Corp. | 63746 | &nbsp;&nbsp; 10912040 |
| Qnity Electronics, Inc. | 78853 | &nbsp;&nbsp; 6438348 |
|  |  | &nbsp;&nbsp; 17350388 |
| **Semiconductors–4.14%** | **Semiconductors–4.14%** | **Semiconductors–4.14%** |
| Microchip Technology, Inc. | 387973 | &nbsp;&nbsp; 24721640 |
| NVIDIA Corp. | 77723 | &nbsp;&nbsp; 14495339 |
| NXP Semiconductors N.V. (Netherlands) | 68477 | &nbsp;&nbsp; 14863618 |
|  |  | &nbsp;&nbsp; 54080597 |
| **Specialty Chemicals–1.32%** | **Specialty Chemicals–1.32%** | **Specialty Chemicals–1.32%** |
| DuPont de Nemours, Inc. | 222314 | &nbsp;&nbsp; 8937023 |
| PPG Industries, Inc. | 80404 | &nbsp;&nbsp; 8238194 |
|  |  | &nbsp;&nbsp; 17175217 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–2.89%** | **Systems Software–2.89%** | **Systems Software–2.89%** | **Systems Software–2.89%** |
| Microsoft Corp. | Microsoft Corp. | 60576 | &nbsp;&nbsp; $29295765 |
| Oracle Corp. | Oracle Corp. | 43416 | &nbsp;&nbsp; 8462213 |
|  |  |  | &nbsp;&nbsp; 37757978 |
| **Tobacco–2.45%** | **Tobacco–2.45%** | **Tobacco–2.45%** | **Tobacco–2.45%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 199382 | &nbsp;&nbsp; 31980873 |
| **Trading Companies & Distributors–1.98%** | **Trading Companies & Distributors–1.98%** | **Trading Companies & Distributors–1.98%** | **Trading Companies & Distributors–1.98%** |
| Ashtead Group PLC (United Kingdom) | Ashtead Group PLC (United Kingdom) | 164489 | &nbsp;&nbsp; 11214731 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 65698 | &nbsp;&nbsp; 14626346 |
|  |  |  | &nbsp;&nbsp; 25841077 |
| **Transaction & Payment Processing Services–1.06%** | **Transaction & Payment Processing Services–1.06%** | **Transaction & Payment Processing Services–1.06%** | **Transaction & Payment Processing Services–1.06%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 208890 | &nbsp;&nbsp; 13882829 |
| **Wireless Telecommunication Services–0.88%** | **Wireless Telecommunication Services–0.88%** | **Wireless Telecommunication Services–0.88%** | **Wireless Telecommunication Services–0.88%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 56670 | &nbsp;&nbsp; 11506277 |
| Total Common Stocks & Other Equity Interests <br> (Cost $838,431,487) | Total Common Stocks & Other Equity Interests <br> (Cost $838,431,487) | Total Common Stocks & Other Equity Interests <br> (Cost $838,431,487) | &nbsp;&nbsp; 1286298462 |
| **Money Market Funds–2.10%** | **Money Market Funds–2.10%** | **Money Market Funds–2.10%** | **Money Market Funds–2.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 9581258 | &nbsp;&nbsp; 9581258 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 17793862 | &nbsp;&nbsp; 17793862 |
| Total Money Market Funds (Cost $27,375,120) | Total Money Market Funds (Cost $27,375,120) | Total Money Market Funds (Cost $27,375,120) | &nbsp;&nbsp; 27375120 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.59% <br> (Cost $865,806,607)<br>|  |  | &nbsp;&nbsp; 1313673582 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.13%** | **Money Market Funds–1.13%** | **Money Market Funds–1.13%** | **Money Market Funds–1.13%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 4135050 | &nbsp;&nbsp; 4135050 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 10628952 | &nbsp;&nbsp; 10632141 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,767,191) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,767,191) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,767,191) | &nbsp;&nbsp; 14767191 |
| TOTAL INVESTMENTS IN SECURITIES–101.72% <br> (Cost $880,573,798) | TOTAL INVESTMENTS IN SECURITIES–101.72% <br> (Cost $880,573,798) | TOTAL INVESTMENTS IN SECURITIES–101.72% <br> (Cost $880,573,798) | &nbsp;&nbsp; 1328440773 |
| OTHER ASSETS LESS LIABILITIES—(1.72)% | OTHER ASSETS LESS LIABILITIES—(1.72)% | OTHER ASSETS LESS LIABILITIES—(1.72)% | &nbsp;&nbsp; (22438354)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1306002419 |

---

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

**3**

**Invesco V.I. Growth and Income Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $7396188 | &nbsp;&nbsp; $125417367 | &nbsp;&nbsp; $(123232297) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9581258 | &nbsp;&nbsp; $431593 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 13738066 | &nbsp;&nbsp; 232917966 | &nbsp;&nbsp; (228862170) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17793862 | &nbsp;&nbsp; 795032 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 3843875 | &nbsp;&nbsp; 344948704 | &nbsp;&nbsp; (344657529) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4135050 | &nbsp;&nbsp; 280,395\* |
| Invesco Private Prime Fund | 10014865 | &nbsp;&nbsp; 710089833 | &nbsp;&nbsp; (709470631) | &nbsp;&nbsp; - | &nbsp;&nbsp; (1926) | &nbsp;&nbsp; 10632141 | &nbsp;&nbsp; 764,531\* |
| Total | $34992994 | &nbsp;&nbsp; $1413373870 | &nbsp;&nbsp; $(1406222627) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1926) | &nbsp;&nbsp; $42142311 | &nbsp;&nbsp; $2271551 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | State Street Bank & Trust Co. | CAD | 339316 | USD | 247723 | &nbsp;&nbsp;&nbsp; $293 |
| 01/21/2026 | State Street Bank & Trust Co. | USD | 1712604 | CAD | 2371844 | &nbsp;&nbsp;&nbsp; 16947 |
| 01/21/2026 | State Street Bank & Trust Co. | USD | 441840 | EUR | 377979 | &nbsp;&nbsp;&nbsp; 2698 |
| 01/21/2026 | State Street Bank & Trust Co. | USD | 706932 | GBP | 529954 | &nbsp;&nbsp;&nbsp; 7408 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 27346 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Bank of New York Mellon (The) | CAD | 12102997 | USD | 8666392 | &nbsp;&nbsp;&nbsp; (159129)<br>|
| 01/21/2026 | Bank of New York Mellon (The) | EUR | 10903723 | USD | 12693155 | &nbsp;&nbsp;&nbsp; (130616)<br>|
| 01/21/2026 | Bank of New York Mellon (The) | GBP | 14159336 | USD | 18707980 | &nbsp;&nbsp;&nbsp; (377746)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | CAD | 325586 | USD | 235240 | &nbsp;&nbsp;&nbsp; (2178)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | EUR | 192229 | USD | 225769 | &nbsp;&nbsp;&nbsp; (310)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | GBP | 654569 | USD | 872132 | &nbsp;&nbsp;&nbsp; (10178)<br>|
| 01/21/2026 | State Street Bank & Trust Co. | USD | 391779 | EUR | 332605 | &nbsp;&nbsp;&nbsp; (606)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (680763)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(653417)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**4**

**Invesco V.I. Growth and Income Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $838,431,487)\*<br>| &nbsp;&nbsp; $1286298462 |
| Investments in affiliated money market funds, at value <br> (Cost $42,142,311)<br>| &nbsp;&nbsp; 42142311 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 27346 |
| Foreign currencies, at value (Cost $267,376) | &nbsp;&nbsp; 268700 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 22910 |
| Dividends | &nbsp;&nbsp; 1753094 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 213281 |
| Total assets | &nbsp;&nbsp; 1330726104 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 680763 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 8011562 |
| Amount due custodian | &nbsp;&nbsp; 284623 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14767191 |
| Accrued fees to affiliates | &nbsp;&nbsp; 713636 |
| Accrued other operating expenses | &nbsp;&nbsp; 44647 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 221263 |
| Total liabilities | &nbsp;&nbsp; 24723685 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1306002419 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $780753380 |
| Distributable earnings | &nbsp;&nbsp; 525249039 |
|  | &nbsp;&nbsp; $1306002419 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $245729140 |
| Series II | &nbsp;&nbsp; $1060273279 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 11521124 |
| Series II | &nbsp;&nbsp; 49684473 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $21.33 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.34 |

---

\* At December 31, 2025, security with a value of $14,398,833 was on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $208,390) | &nbsp;&nbsp; $24067649 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $43,337)<br>| &nbsp;&nbsp; 1269962 |
| Total investment income | &nbsp;&nbsp; 25337611 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7165317 |
| Administrative services fees | &nbsp;&nbsp; 2063702 |
| Custodian fees | &nbsp;&nbsp; 14382 |
| Distribution fees - Series II | &nbsp;&nbsp; 2592261 |
| Transfer agent fees | &nbsp;&nbsp; 61680 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30729 |
| Reports to shareholders | &nbsp;&nbsp; 10123 |
| Professional services fees | &nbsp;&nbsp; 60980 |
| Other | &nbsp;&nbsp; 13975 |
| Total expenses | &nbsp;&nbsp; 12013149 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (33335)<br>|
| Net expenses | &nbsp;&nbsp; 11979814 |
| Net investment income | &nbsp;&nbsp; 13357797 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 105958312 |
| Affiliated investment securities | &nbsp;&nbsp; (1926)<br>|
| Foreign currencies | &nbsp;&nbsp; 33811 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1377908)<br>|
|  | &nbsp;&nbsp; 104612289 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 51200495 |
| Foreign currencies | &nbsp;&nbsp; 790 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1312893)<br>|
|  | &nbsp;&nbsp; 49888392 |
| Net realized and unrealized gain | &nbsp;&nbsp; 154500681 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $167858478 |

---

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

**5**

**Invesco V.I. Growth and Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13357797 | &nbsp;&nbsp; $15397738 |
| Net realized gain | &nbsp;&nbsp; 104612289 | &nbsp;&nbsp; 111893976 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 49888392 | &nbsp;&nbsp; 69665643 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 167858478 | &nbsp;&nbsp; 196957357 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (20380917)<br>| &nbsp;&nbsp; (15744049)<br>|
| Series II | &nbsp;&nbsp; (92098421)<br>| &nbsp;&nbsp; (82619056)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (112479338)<br>| &nbsp;&nbsp; (98363105)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 20257782 | &nbsp;&nbsp; 17049710 |
| Series II | &nbsp;&nbsp; (75648768)<br>| &nbsp;&nbsp; (130256125)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (55390986)<br>| &nbsp;&nbsp; (113206415)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (11846)<br>| &nbsp;&nbsp; (14612163)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1306014265 | &nbsp;&nbsp; 1320626428 |
| End of year | &nbsp;&nbsp; $1306002419 | &nbsp;&nbsp; $1306014265 |

---

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

**6**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $20.25 | $0.27 | $2.82 | $3.09 | $(0.32)<br>| $(1.69)<br>| $(2.01)<br>| $21.33 | 15.62<br> %<br>| &nbsp;&nbsp; $245729 | 0.75<br> %<br>| 0.75<br> %<br>| 1.27<br> %<br>| 39<br> %<br>|
| Year ended 12/31/24 | 18.86 | 0.28 | 2.75 | 3.03 | (0.31)<br>| (1.33)<br>| (1.64)<br>| 20.25 | 16.00 | &nbsp;&nbsp; 213402 | 0.76 | 0.76 | 1.36 | 23 |
| Year ended 12/31/23 | 19.77 | 0.30 | 1.80 | 2.10 | (0.34)<br>| (2.67)<br>| (3.01)<br>| 18.86 | 12.72 | &nbsp;&nbsp; 183178 | 0.75 | 0.75 | 1.51 | 70 |
| Year ended 12/31/22 | 23.70 | 0.31 | (1.72)<br>| (1.41)<br>| (0.38)<br>| (2.14)<br>| (2.52)<br>| 19.77 | (5.80)<br>| &nbsp;&nbsp; 168516 | 0.75 | 0.75 | 1.42 | 36 |
| Year ended 12/31/21 | 18.72 | 0.26 | 5.07 | 5.33 | (0.35)<br>|  | (0.35)<br>| 23.70 | 28.51 | &nbsp;&nbsp; 186508 | 0.74 | 0.74 | 1.17 | 29 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 20.26 | 0.21 | 2.82 | 3.03 | (0.26)<br>| (1.69)<br>| (1.95)<br>| 21.34 | 15.30 | &nbsp;&nbsp; 1060273 | 1.00 | 1.00 | 1.02 | 39 |
| Year ended 12/31/24 | 18.87 | 0.23 | 2.75 | 2.98 | (0.26)<br>| (1.33)<br>| (1.59)<br>| 20.26 | 15.72 | &nbsp;&nbsp; 1092612 | 1.01 | 1.01 | 1.11 | 23 |
| Year ended 12/31/23 | 19.77 | 0.25 | 1.79 | 2.04 | (0.27)<br>| (2.67)<br>| (2.94)<br>| 18.87 | 12.41 | &nbsp;&nbsp; 1137448 | 1.00 | 1.00 | 1.26 | 70 |
| Year ended 12/31/22 | 23.66 | 0.26 | (1.72)<br>| (1.46)<br>| (0.29)<br>| (2.14)<br>| (2.43)<br>| 19.77 | (6.00)<br>| &nbsp;&nbsp; 1027754 | 1.00 | 1.00 | 1.17 | 36 |
| Year ended 12/31/21 | 18.70 | 0.20 | 5.07 | 5.27 | (0.31)<br>|  | (0.31)<br>| 23.66 | 28.19 | &nbsp;&nbsp; 1475584 | 0.99 | 0.99 | 0.92 | 29 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Growth and Income Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Growth and Income Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Growth and Income Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $2,527 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |

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For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $33,335.

**10**

**Invesco V.I. Growth and Income Fund**

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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, 2025, Invesco was paid $178,964 for accounting and fund administrative services and was reimbursed $1,884,738 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $121,925 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1244458496 | &nbsp;&nbsp;&nbsp;&nbsp; $41839966 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1286298462 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 27375120 | &nbsp;&nbsp;&nbsp;&nbsp; 14767191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42142311 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1271833616 | &nbsp;&nbsp;&nbsp;&nbsp; 56607157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1328440773 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27346 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27346 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (680763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (680763)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (653417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (653417)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1271833616 | &nbsp;&nbsp;&nbsp;&nbsp; $55953740 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1327787356 |

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\* 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.

**11**

**Invesco V.I. Growth and Income Fund**

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**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, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $27346 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $27346 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(680763)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(680763)<br>|

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**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, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(667491)<br>| &nbsp;&nbsp;&nbsp; $(667491)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(667491)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 27346 | &nbsp;&nbsp;&nbsp; (13272)<br>| &nbsp;&nbsp;&nbsp; 14074 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14074 |
| Total | &nbsp;&nbsp;&nbsp; $27346 | &nbsp;&nbsp;&nbsp; $(680763)<br>| &nbsp;&nbsp;&nbsp; $(653417)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(653417)<br>|

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1377908)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1312893)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(2690801)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $68058899 |

---

**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.

**12**

**Invesco V.I. Growth and Income Fund**

------

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $30773349 | &nbsp;&nbsp;&nbsp;&nbsp; $16426666 |
| Long-term capital gain | &nbsp;&nbsp; 81705989 | &nbsp;&nbsp;&nbsp;&nbsp; 81936439 |
| Total distributions | &nbsp;&nbsp; $112479338 | &nbsp;&nbsp;&nbsp;&nbsp; $98363105 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $16249926 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 97908894 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 411206161 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (117266)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 780753380 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1306002419 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $481,197,940 and $639,547,079, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $427546609 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (16340448)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $411206161 |

---

Cost of investments for tax purposes is $916,581,195.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2025, undistributed net investment income was increased by $33,812 and undistributed net realized gain was decreased by $33,812. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1000419 | &nbsp;&nbsp;&nbsp; $20963354 | &nbsp;&nbsp;&nbsp; 976102 | &nbsp;&nbsp;&nbsp; $20175239 |
| Series II | &nbsp;&nbsp;&nbsp; 8496246 | &nbsp;&nbsp;&nbsp; 174721763 | &nbsp;&nbsp;&nbsp; 666367 | &nbsp;&nbsp;&nbsp; 13566011 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 990808 | &nbsp;&nbsp;&nbsp; 20380917 | &nbsp;&nbsp;&nbsp; 771767 | &nbsp;&nbsp;&nbsp; 15744049 |
| Series II | &nbsp;&nbsp;&nbsp; 4472968 | &nbsp;&nbsp;&nbsp; 92098421 | &nbsp;&nbsp;&nbsp; 4047969 | &nbsp;&nbsp;&nbsp; 82619056 |

---

**13**

**Invesco V.I. Growth and Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1006156)<br>| &nbsp;&nbsp;&nbsp; $(21086489)<br>| &nbsp;&nbsp;&nbsp; (925395)<br>| &nbsp;&nbsp;&nbsp; $(18869578)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (17213046)<br>| &nbsp;&nbsp;&nbsp; (342468952)<br>| &nbsp;&nbsp;&nbsp; (11076814)<br>| &nbsp;&nbsp;&nbsp; (226441192)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3258761)<br>| &nbsp;&nbsp;&nbsp; $(55390986)<br>| &nbsp;&nbsp;&nbsp; (5540004)<br>| &nbsp;&nbsp;&nbsp; $(113206415)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 78% 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.

**14**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**15**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $81705989 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 67.05% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**16**

**Invesco V.I. Growth and Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**17**

**Invesco V.I. Growth and Income Fund**

------

![](img56a56c2d1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Health Care Fund**

------

---

| | |
|:---|:---|
| [2](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_SOI-Continued-76_1) | Schedule of Investments |
| [4](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_FS-Continued-76_1) | Financial Statements |
| [6](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_FS-Continued-76_3) | Financial Highlights |
| [7](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_NTF-Continued-76_1) | Notes to Financial Statements |
| [13](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_ARS-Continued-76_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_TI-Continued-76_1) | Tax Information |
| [15](#xx_2bb268b2-0aed-4199-99df-5528cf0405f5_OIRSR-Continued-76_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

I-VIGHC-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.63%** | **Common Stocks & Other Equity Interests–97.63%** | **Common Stocks & Other Equity Interests–97.63%** |
| **Biotechnology–27.44%** | **Biotechnology–27.44%** | **Biotechnology–27.44%** |
| AbbVie, Inc. | 37021 | &nbsp;&nbsp; $8458928 |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 18286 | &nbsp;&nbsp; 333537 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 7522 | &nbsp;&nbsp; 2991123 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 7044 | &nbsp;&nbsp; 5923652 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 12652 | &nbsp;&nbsp; 2697913 |
| BeOne Medicines Ltd., ADR<sup>(b)</sup>  | 1240 | &nbsp;&nbsp; 376724 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 28537 | &nbsp;&nbsp; 2182795 |
| Caris Life Sciences, Inc.<sup>(b)</sup>  | 9837 | &nbsp;&nbsp; 265402 |
| Cogent Biosciences, Inc.<sup>(b)</sup>  | 9845 | &nbsp;&nbsp; 349694 |
| Cytokinetics, Inc.<sup>(b)</sup>  | 3973 | &nbsp;&nbsp; 252444 |
| Exelixis, Inc.<sup>(b)</sup>  | 17202 | &nbsp;&nbsp; 753964 |
| Gilead Sciences, Inc. | 45229 | &nbsp;&nbsp; 5551408 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 20776 | &nbsp;&nbsp; 1398225 |
| Insmed, Inc.<sup>(b)</sup>  | 15834 | &nbsp;&nbsp; 2755749 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup>  | 12373 | &nbsp;&nbsp; 978828 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 2837 | &nbsp;&nbsp; 1652099 |
| Natera, Inc.<sup>(b)</sup>  | 11672 | &nbsp;&nbsp; 2673939 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup>  | 4456 | &nbsp;&nbsp; 448229 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup>  | 13651 | &nbsp;&nbsp; 1192278 |
| Regeneron Pharmaceuticals, Inc. | 990 | &nbsp;&nbsp; 764151 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 4111 | &nbsp;&nbsp; 440042 |
| United Therapeutics Corp.<sup>(b)</sup>  | 3580 | &nbsp;&nbsp; 1744355 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 4317 | &nbsp;&nbsp; 1957155 |
|  |  | &nbsp;&nbsp; 46142634 |
| **Health Care Distributors–8.12%** | **Health Care Distributors–8.12%** | **Health Care Distributors–8.12%** |
| Cardinal Health, Inc. | 3718 | &nbsp;&nbsp; 764049 |
| Cencora, Inc. | 22703 | &nbsp;&nbsp; 7667938 |
| McKesson Corp. | 6363 | &nbsp;&nbsp; 5219505 |
|  |  | &nbsp;&nbsp; 13651492 |
| **Health Care Equipment–16.24%** | **Health Care Equipment–16.24%** | **Health Care Equipment–16.24%** |
| Abbott Laboratories | 13439 | &nbsp;&nbsp; 1683772 |
| Boston Scientific Corp.<sup>(b)</sup>  | 115442 | &nbsp;&nbsp; 11007395 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 18822 | &nbsp;&nbsp; 1604575 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 3888 | &nbsp;&nbsp; 2630349 |
| Insulet Corp.<sup>(b)</sup>  | 7916 | &nbsp;&nbsp; 2250044 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 6087 | &nbsp;&nbsp; 3447433 |
| iRhythm Technologies, Inc.<sup>(b)(c)</sup>  | 6300 | &nbsp;&nbsp; 1117872 |
| LeMaitre Vascular, Inc. | 5825 | &nbsp;&nbsp; 472408 |
| STERIS PLC | 2448 | &nbsp;&nbsp; 620617 |
| Stryker Corp. | 5842 | &nbsp;&nbsp; 2053288 |
| TransMedics Group, Inc.<sup>(b)(c)</sup>  | 3471 | &nbsp;&nbsp; 422247 |
|  |  | &nbsp;&nbsp; 27310000 |
| **Health Care Facilities–5.74%** | **Health Care Facilities–5.74%** | **Health Care Facilities–5.74%** |
| Encompass Health Corp. | 23502 | &nbsp;&nbsp; 2494502 |
| HCA Healthcare, Inc. | 7601 | &nbsp;&nbsp; 3548603 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 18216 | &nbsp;&nbsp; 3619884 |
|  |  | &nbsp;&nbsp; 9662989 |
| **Health Care REITs–2.29%** | **Health Care REITs–2.29%** | **Health Care REITs–2.29%** |
| Welltower, Inc. | 20781 | &nbsp;&nbsp; 3857161 |
| **Health Care Services–6.05%** | **Health Care Services–6.05%** | **Health Care Services–6.05%** |
| BillionToOne, Inc.<sup>(b)</sup>  | 1985 | &nbsp;&nbsp; 162452 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 63888 | &nbsp;&nbsp; $2392606 |
| CVS Health Corp. | 13420 | &nbsp;&nbsp; 1065011 |
| GeneDx Holdings Corp.<sup>(b)</sup>  | 6697 | &nbsp;&nbsp; 871012 |
| Guardant Health, Inc.<sup>(b)</sup>  | 27919 | &nbsp;&nbsp; 2851647 |
| Hinge Health, Inc., Class A<sup>(b)</sup>  | 6022 | &nbsp;&nbsp; 279722 |
| Labcorp Holdings, Inc. | 4305 | &nbsp;&nbsp; 1080038 |
| Quest Diagnostics, Inc. | 5272 | &nbsp;&nbsp; 914850 |
| RadNet, Inc.<sup>(b)(c)</sup>  | 7870 | &nbsp;&nbsp; 561525 |
|  |  | &nbsp;&nbsp; 10178863 |
| **Health Care Technology–0.53%** | **Health Care Technology–0.53%** | **Health Care Technology–0.53%** |
| Heartflow, Inc.<sup>(b)(c)</sup>  | 10291 | &nbsp;&nbsp; 299983 |
| Waystar Holding Corp.<sup>(b)(c)</sup>  | 17910 | &nbsp;&nbsp; 586552 |
|  |  | &nbsp;&nbsp; 886535 |
| **Life Sciences Tools & Services–7.28%** | **Life Sciences Tools & Services–7.28%** | **Life Sciences Tools & Services–7.28%** |
| Agilent Technologies, Inc. | 11688 | &nbsp;&nbsp; 1590386 |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 20115 | &nbsp;&nbsp; 486381 |
| ICON PLC<sup>(b)</sup>  | 3391 | &nbsp;&nbsp; 617908 |
| Lonza Group AG (Switzerland) | 3606 | &nbsp;&nbsp; 2431237 |
| Medpace Holdings, Inc.<sup>(b)</sup>  | 1663 | &nbsp;&nbsp; 934024 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 1306 | &nbsp;&nbsp; 1820812 |
| Repligen Corp.<sup>(b)</sup>  | 6797 | &nbsp;&nbsp; 1113757 |
| Thermo Fisher Scientific, Inc. | 4672 | &nbsp;&nbsp; 2707190 |
| West Pharmaceutical Services, Inc. | 1987 | &nbsp;&nbsp; 546703 |
|  |  | &nbsp;&nbsp; 12248398 |
| **Managed Health Care–2.48%** | **Managed Health Care–2.48%** | **Managed Health Care–2.48%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 51270 | &nbsp;&nbsp; 1012582 |
| HealthEquity, Inc.<sup>(b)</sup>  | 5826 | &nbsp;&nbsp; 533720 |
| UnitedHealth Group, Inc. | 7937 | &nbsp;&nbsp; 2620083 |
|  |  | &nbsp;&nbsp; 4166385 |
| **Pharmaceuticals–21.46%** | **Pharmaceuticals–21.46%** | **Pharmaceuticals–21.46%** |
| AstraZeneca PLC, ADR (United Kingdom) | 77351 | &nbsp;&nbsp; 7110877 |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 11744 | &nbsp;&nbsp; 2144924 |
| Eli Lilly and Co. | 15147 | &nbsp;&nbsp; 16278178 |
| Galderma Group AG, Class A (Switzerland) | 5680 | &nbsp;&nbsp; 1156634 |
| Johnson & Johnson | 5942 | &nbsp;&nbsp; 1229697 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup>  | 5283 | &nbsp;&nbsp; 998857 |
| Rapport Therapeutics, Inc.<sup>(b)</sup>  | 14719 | &nbsp;&nbsp; 446574 |
| Royalty Pharma PLC, Class A | 53480 | &nbsp;&nbsp; 2066467 |
| Sandoz Group AG (Switzerland) | 20206 | &nbsp;&nbsp; 1467080 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup>  | 12559 | &nbsp;&nbsp; 1028331 |
| UCB S.A. (Belgium) | 7776 | &nbsp;&nbsp; 2166599 |
|  |  | &nbsp;&nbsp; 36094218 |
| Total Common Stocks & Other Equity Interests <br> (Cost $99,821,445) | Total Common Stocks & Other Equity Interests <br> (Cost $99,821,445) | &nbsp;&nbsp; 164198675 |
| **Money Market Funds–2.44%** | **Money Market Funds–2.44%** | **Money Market Funds–2.44%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 1395079 | &nbsp;&nbsp; 1395079 |

---

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

**2**

**Invesco V.I. Health Care Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(d)(e)</sup>  | 2707097 | &nbsp;&nbsp; $2707097 |
| Total Money Market Funds (Cost $4,102,176) | Total Money Market Funds (Cost $4,102,176) | Total Money Market Funds (Cost $4,102,176) | &nbsp;&nbsp; 4102176 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-100.07% <br> (Cost $103,923,621)<br>|  |  | &nbsp;&nbsp; 168300851 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.27%** | **Money Market Funds–4.27%** | **Money Market Funds–4.27%** | **Money Market Funds–4.27%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 1993793 | &nbsp;&nbsp; 1993793 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 5182403 | &nbsp;&nbsp; $5183957 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $7,177,750) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $7,177,750) | &nbsp;&nbsp; 7177750 |
| TOTAL INVESTMENTS IN SECURITIES–104.34% <br> (Cost $111,101,371) | TOTAL INVESTMENTS IN SECURITIES–104.34% <br> (Cost $111,101,371) | &nbsp;&nbsp; 175478601 |
| OTHER ASSETS LESS LIABILITIES—(4.34)% | OTHER ASSETS LESS LIABILITIES—(4.34)% | &nbsp;&nbsp; (7295245)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $168183356 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $2629544 | &nbsp;&nbsp; $15547170 | &nbsp;&nbsp; $(16781635) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1395079 | &nbsp;&nbsp; $84787 |
| Invesco Treasury Portfolio, Institutional Class | 4999673 | &nbsp;&nbsp; 28873315 | &nbsp;&nbsp; (31165891) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2707097 | &nbsp;&nbsp; 160853 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1738968 | &nbsp;&nbsp; 48881904 | &nbsp;&nbsp; (48627079) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1993793 | &nbsp;&nbsp; 83,415\* |
| Invesco Private Prime Fund | 4528763 | &nbsp;&nbsp; 115228608 | &nbsp;&nbsp; (114571988) | &nbsp;&nbsp; - | &nbsp;&nbsp; (1426) | &nbsp;&nbsp; 5183957 | &nbsp;&nbsp; 222,382\* |
| Total | $13896948 | &nbsp;&nbsp; $208530997 | &nbsp;&nbsp; $(211146593) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1426) | &nbsp;&nbsp; $11279926 | &nbsp;&nbsp; $551437 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. Health Care Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $99,821,445)\*<br>| &nbsp;&nbsp; $164198675 |
| Investments in affiliated money market funds, at value <br> (Cost $11,279,926)<br>| &nbsp;&nbsp; 11279926 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 14937 |
| Dividends | &nbsp;&nbsp; 89188 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 67894 |
| Total assets | &nbsp;&nbsp; 175650620 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 81915 |
| Amount due custodian | &nbsp;&nbsp; 17037 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 7177750 |
| Accrued fees to affiliates | &nbsp;&nbsp; 78944 |
| Accrued other operating expenses | &nbsp;&nbsp; 40694 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 70924 |
| Total liabilities | &nbsp;&nbsp; 7467264 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $168183356 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $93853551 |
| Distributable earnings | &nbsp;&nbsp; 74329805 |
|  | &nbsp;&nbsp; $168183356 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $115956217 |
| Series II | &nbsp;&nbsp; $52227139 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 3878974 |
| Series II | &nbsp;&nbsp; 1921063 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $29.89 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $27.19 |

---

\* At December 31, 2025, securities with an aggregate value of $6,639,311 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $25,017) | &nbsp;&nbsp; $1185595 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $14,721)<br>| &nbsp;&nbsp; 260361 |
| Total investment income | &nbsp;&nbsp; 1445956 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1222559 |
| Administrative services fees | &nbsp;&nbsp; 266430 |
| Custodian fees | &nbsp;&nbsp; 2893 |
| Distribution fees - Series II | &nbsp;&nbsp; 129749 |
| Transfer agent fees | &nbsp;&nbsp; 7912 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22953 |
| Reports to shareholders | &nbsp;&nbsp; 10510 |
| Professional services fees | &nbsp;&nbsp; 61322 |
| Other | &nbsp;&nbsp; 1910 |
| Total expenses | &nbsp;&nbsp; 1726238 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (6635)<br>|
| Net expenses | &nbsp;&nbsp; 1719603 |
| Net investment income (loss) | &nbsp;&nbsp; (273647)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 10910746 |
| Affiliated investment securities | &nbsp;&nbsp; (1426)<br>|
| Foreign currencies | &nbsp;&nbsp; 2713 |
|  | &nbsp;&nbsp; 10912033 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 12572078 |
| Foreign currencies | &nbsp;&nbsp; 3955 |
|  | &nbsp;&nbsp; 12576033 |
| Net realized and unrealized gain | &nbsp;&nbsp; 23488066 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $23214419 |

---

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

**4**

**Invesco V.I. Health Care Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(273647)<br>| &nbsp;&nbsp; $(493600)<br>|
| Net realized gain | &nbsp;&nbsp; 10912033 | &nbsp;&nbsp; 11167224 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 12576033 | &nbsp;&nbsp; (2533849)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 23214419 | &nbsp;&nbsp; 8139775 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (4533626)<br>| &nbsp;&nbsp; — |
| Series II | &nbsp;&nbsp; (2237557)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (6771183)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (6850909)<br>| &nbsp;&nbsp; (9842764)<br>|
| Series II | &nbsp;&nbsp; (6090905)<br>| &nbsp;&nbsp; (8163514)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (12941814)<br>| &nbsp;&nbsp; (18006278)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 3501422 | &nbsp;&nbsp; (9866503)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 164681934 | &nbsp;&nbsp; 174548437 |
| End of year | &nbsp;&nbsp; $168183356 | &nbsp;&nbsp; $164681934 |

---

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

**5**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $26.99 | $(0.03)<br>| $4.13 | $4.10 | $— | $(1.20)<br>| $(1.20)<br>| $29.89 | 15.33<br> %<br>| &nbsp;&nbsp; $115956 | 0.98<br> %<br>| 0.98<br> %<br>| (0.09)%<br>| 52<br> %<br>|
| Year ended 12/31/24 | 25.91 | (0.05)<br>| 1.13 | 1.08 |  |  |  | 26.99 | 4.17 | &nbsp;&nbsp; 111306 | 1.00 | 1.00 | (0.19)<br>| 57 |
| Year ended 12/31/23 | 25.15 | 0.01 | 0.75 | 0.76 |  |  |  | 25.91 | 3.02 | &nbsp;&nbsp; 115851 | 0.97 | 0.97 | 0.02 | 57 |
| Year ended 12/31/22 | 33.86 | 0.01 | (4.68)<br>| (4.67)<br>|  | (4.04)<br>| (4.04)<br>| 25.15 | (13.32)<br>| &nbsp;&nbsp; 130673 | 0.96 | 0.96 | 0.04 | 47 |
| Year ended 12/31/21 | 33.69 | (0.08)<br>| 4.17 | 4.09 | (0.07)<br>| (3.85)<br>| (3.92)<br>| 33.86 | 12.30 | &nbsp;&nbsp; 158669 | 0.97 | 0.97 | (0.25)<br>| 55 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 24.70 | (0.09)<br>| 3.78 | 3.69 |  | (1.20)<br>| (1.20)<br>| 27.19 | 15.08 | &nbsp;&nbsp; 52227 | 1.23 | 1.23 | (0.34)<br>| 52 |
| Year ended 12/31/24 | 23.78 | (0.11)<br>| 1.03 | 0.92 |  |  |  | 24.70 | 3.87 | &nbsp;&nbsp; 53376 | 1.25 | 1.25 | (0.44)<br>| 57 |
| Year ended 12/31/23 | 23.14 | (0.05)<br>| 0.69 | 0.64 |  |  |  | 23.78 | 2.77 | &nbsp;&nbsp; 58698 | 1.22 | 1.22 | (0.23)<br>| 57 |
| Year ended 12/31/22 | 31.62 | (0.05)<br>| (4.39)<br>| (4.44)<br>|  | (4.04)<br>| (4.04)<br>| 23.14 | (13.54)<br>| &nbsp;&nbsp; 65285 | 1.21 | 1.21 | (0.21)<br>| 47 |
| Year ended 12/31/21 | 31.70 | (0.16)<br>| 3.93 | 3.77 | (0.00 )<sup>(d)</sup><br>| (3.85)<br>| (3.85)<br>| 31.62 | 12.05 | &nbsp;&nbsp; 81524 | 1.22 | 1.22 | (0.50)<br>| 55 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Amount represents less than $(0.005) per share.

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

**6**

**Invesco V.I. Health Care Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**7**

**Invesco V.I. Health Care Fund**

------

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Health Care Fund**

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $1,147 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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

**9**

**Invesco V.I. Health Care Fund**

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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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $6,635.

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, 2025, Invesco was paid $22,120 for accounting and fund administrative services and was reimbursed $244,310 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $10,207 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $156977125 | &nbsp;&nbsp;&nbsp;&nbsp; $7221550 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $164198675 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4102176 | &nbsp;&nbsp;&nbsp;&nbsp; 7177750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11279926 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $161079301 | &nbsp;&nbsp;&nbsp;&nbsp; $14399300 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $175478601 |

---

**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

**10**

**Invesco V.I. Health Care Fund**

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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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $6771183 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $10423851 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 63942875 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 3210 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (40131)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 93853551 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $168183356 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $82,463,383 and $98,488,669, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $64539813 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (596938)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $63942875 |

---

Cost of investments for tax purposes is $111,535,726.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $38,124, undistributed net realized gain was decreased by $2,713 and shares of beneficial interest was decreased by $35,411. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 370223 | &nbsp;&nbsp;&nbsp; $10498910 | &nbsp;&nbsp;&nbsp; 713656 | &nbsp;&nbsp;&nbsp; $20388917 |
| Series II | &nbsp;&nbsp;&nbsp; 145273 | &nbsp;&nbsp;&nbsp; 3821242 | &nbsp;&nbsp;&nbsp; 204066 | &nbsp;&nbsp;&nbsp; 5226355 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 156873 | &nbsp;&nbsp;&nbsp; 4533626 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Series II | &nbsp;&nbsp;&nbsp; 85078 | &nbsp;&nbsp;&nbsp; 2237557 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |

---

**11**

**Invesco V.I. Health Care Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (772594)<br>| &nbsp;&nbsp;&nbsp; $(21883445)<br>| &nbsp;&nbsp;&nbsp; (1059844)<br>| &nbsp;&nbsp;&nbsp; $(30231681)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (470168)<br>| &nbsp;&nbsp;&nbsp; (12149704)<br>| &nbsp;&nbsp;&nbsp; (511756)<br>| &nbsp;&nbsp;&nbsp; (13389869)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (485315)<br>| &nbsp;&nbsp;&nbsp; $(12941814)<br>| &nbsp;&nbsp;&nbsp; (653878)<br>| &nbsp;&nbsp;&nbsp; $(18006278)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% 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.

**12**

**Invesco V.I. Health Care Fund**

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**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco V.I. Health Care Fund**

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $6771183 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. Health Care Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. Health Care Fund**

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![](img43aa9dc21.jpg)

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**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. High Yield Fund**

------

---

| | |
|:---|:---|
| [2](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_SOI-Continued-77_1) | Schedule of Investments |
| [11](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_FS-Continued-77_1) | Financial Statements |
| [13](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_FS-Continued-77_3) | Financial Highlights |
| [14](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_NTF-Continued-77_1) | Notes to Financial Statements |
| [23](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_ARS-Continued-77_1) | Report of Independent Registered Public Accounting Firm |
| [24](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_TI-Continued-77_1) | Tax Information |
| [25](#xx_0eebf65e-b7e8-4dd0-949f-6a6a08a6d4ac_OIRSR-Continued-77_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIHYI-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–81.44%** | **U.S. Dollar Denominated Bonds & Notes–81.44%** | **U.S. Dollar Denominated Bonds & Notes–81.44%** | **U.S. Dollar Denominated Bonds & Notes–81.44%** |
| **Advertising–0.78%** | **Advertising–0.78%** | **Advertising–0.78%** | **Advertising–0.78%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.75%, 04/15/2028<sup>(b)</sup> <br>|  | $48000 | &nbsp;&nbsp; $48071 |
| 7.50%, 06/01/2029<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 25840 |
| 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 54636 |
| 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 44399 |
| Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 112401 |
|  |  |  | &nbsp;&nbsp; 285347 |
| **Aerospace & Defense–1.04%** | **Aerospace & Defense–1.04%** | **Aerospace & Defense–1.04%** | **Aerospace & Defense–1.04%** |
| TransDigm, Inc., 6.00%, <br> 01/15/2033<sup>(b)</sup> <br>|  | 372000 | &nbsp;&nbsp; 381032 |
| **Alternative Carriers–0.09%** | **Alternative Carriers–0.09%** | **Alternative Carriers–0.09%** | **Alternative Carriers–0.09%** |
| Lumen Technologies, Inc., | Lumen Technologies, Inc., |  |  |
| 4.50%, 01/15/2029<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6514 |
| 5.38%, 06/15/2029<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3782 |
| 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11069 |
| Series P, 7.60%, 09/15/2039 |  | 7000 | &nbsp;&nbsp; 6735 |
| Series U, 7.65%, 03/15/2042 |  | 6000 | &nbsp;&nbsp; 5676 |
|  |  |  | &nbsp;&nbsp; 33776 |
| **Apparel Retail–0.01%** | **Apparel Retail–0.01%** | **Apparel Retail–0.01%** | **Apparel Retail–0.01%** |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 66180 | &nbsp;&nbsp; 4633 |
| **Application Software–1.10%** | **Application Software–1.10%** | **Application Software–1.10%** | **Application Software–1.10%** |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 228000 | &nbsp;&nbsp; 237622 |
| 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 47052 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 120000 | &nbsp;&nbsp; 120187 |
|  |  |  | &nbsp;&nbsp; 404861 |
| **Automobile Manufacturers–0.95%** | **Automobile Manufacturers–0.95%** | **Automobile Manufacturers–0.95%** | **Automobile Manufacturers–0.95%** |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 192230 |
| 5.88%, 12/01/2033<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 93386 |
| Nissan Motor Co. Ltd. (Japan), 8.13%, <br> 07/17/2035<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 62748 |
|  |  |  | &nbsp;&nbsp; 348364 |
| **Automotive Parts & Equipment–1.88%** | **Automotive Parts & Equipment–1.88%** | **Automotive Parts & Equipment–1.88%** | **Automotive Parts & Equipment–1.88%** |
| American Axle & Manufacturing, Inc., <br> 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 123000 | &nbsp;&nbsp; 125354 |
| Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 09/15/2032<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 64331 |
| Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 126592 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 122000 | &nbsp;&nbsp; 130880 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 123000 | &nbsp;&nbsp; 121260 |
| Phinia, Inc., | Phinia, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52848 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 69627 |
|  |  |  | &nbsp;&nbsp; 690892 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Retail–1.92%** | **Automotive Retail–1.92%** | **Automotive Retail–1.92%** | **Automotive Retail–1.92%** |
| Carvana Co., 0.00% PIK Rate, 9.00% <br> Cash Rate, 06/01/2031<sup>(b)(c)</sup> <br>|  | $118422 | &nbsp;&nbsp; $133711 |
| Group 1 Automotive, Inc., 6.38%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 190000 | &nbsp;&nbsp; 195865 |
| LCM Investments Holdings II LLC, <br> 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 172000 | &nbsp;&nbsp; 182028 |
| Lithia Motors, Inc., 4.38%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 194278 |
|  |  |  | &nbsp;&nbsp; 705882 |
| **Broadcasting–2.87%** | **Broadcasting–2.87%** | **Broadcasting–2.87%** | **Broadcasting–2.87%** |
| AMC Networks, Inc., | AMC Networks, Inc., |  |  |
| 4.25%, 02/15/2029 |  | 93000 | &nbsp;&nbsp; 82728 |
| 10.50%, 07/15/2032<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 30958 |
| E.W. Scripps Co. (The), 9.88%, <br> 08/15/2030<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22988 |
| Gray Media, Inc., | Gray Media, Inc., |  |  |
| 5.38%, 11/15/2031<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 17267 |
| 9.63%, 07/15/2032<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 43618 |
| iHeartCommunications, Inc., 9.13%, <br> 05/01/2029<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 67475 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 66000 | &nbsp;&nbsp; 68405 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 52701 |
| Versant Media Group, Inc., 7.25%, <br> 01/30/2031<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 670965 |
|  |  |  | &nbsp;&nbsp; 1057105 |
| **Building Products–0.39%** | **Building Products–0.39%** | **Building Products–0.39%** | **Building Products–0.39%** |
| Cornerstone Building Brands, Inc., <br> 9.50%, 08/15/2029<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 9631 |
| JELD-WEN, Inc., | JELD-WEN, Inc., |  |  |
| 4.88%, 12/15/2027<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7016 |
| 7.00%, 09/01/2032<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 8256 |
| New Enterprise Stone & Lime Co., Inc., <br> 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 118293 |
|  |  |  | &nbsp;&nbsp; 143196 |
| **Cable & Satellite–5.75%** | **Cable & Satellite–5.75%** | **Cable & Satellite–5.75%** | **Cable & Satellite–5.75%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 186000 | &nbsp;&nbsp; 184028 |
| 4.75%, 02/01/2032<sup>(b)(d)</sup> <br>|  | 132000 | &nbsp;&nbsp; 120738 |
| 4.50%, 05/01/2032 |  | 89000 | &nbsp;&nbsp; 79938 |
| 4.50%, 06/01/2033<sup>(b)(d)</sup> <br>|  | 355000 | &nbsp;&nbsp; 311157 |
| 4.25%, 01/15/2034<sup>(b)(d)</sup> <br>|  | 77000 | &nbsp;&nbsp; 65544 |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| 6.50%, 02/01/2029<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 8626 |
| 5.75%, 01/15/2030<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 20378 |
| 4.50%, 11/15/2031<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 226566 |
| Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31404 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.00%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 32000 | &nbsp;&nbsp; 32723 |
| DISH DBS Corp., | DISH DBS Corp., |  |  |
| 7.38%, 07/01/2028 |  | 116000 | &nbsp;&nbsp; 112254 |
| 5.13%, 06/01/2029 |  | 137000 | &nbsp;&nbsp; 121709 |
| DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 61442 |

---

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

**2**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| EchoStar Corp., | EchoStar Corp., |  |  |
| 10.75%, 11/30/2029 |  | $58000 | &nbsp;&nbsp; $64182 |
| 6.75% PIK Rate, 2.00% Cash Rate, <br> 11/30/2030<sup>(c)</sup> <br>|  | 325961 | &nbsp;&nbsp; 334344 |
| Sinclair Television Group, Inc., | Sinclair Television Group, Inc., |  |  |
| 5.50%, 03/01/2030<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 8183 |
| 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24038 |
| Virgin Media Secured Finance PLC (United <br> Kingdom), 4.50%, 08/15/2030<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 307615 |
|  |  |  | &nbsp;&nbsp; 2114869 |
| **Casinos & Gaming–1.17%** | **Casinos & Gaming–1.17%** | **Casinos & Gaming–1.17%** | **Casinos & Gaming–1.17%** |
| Melco Resorts Finance Ltd. (Hong Kong), <br> 6.50%, 09/24/2033<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 127440 |
| Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), |  |  |
| 6.50%, 01/15/2028<sup>(b)</sup> <br>|  | 39000 | &nbsp;&nbsp; 39077 |
| 5.00%, 01/15/2029<sup>(b)</sup> <br>|  | 148000 | &nbsp;&nbsp; 143036 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 119975 |
|  |  |  | &nbsp;&nbsp; 429528 |
| **Commercial & Residential Mortgage Finance–2.91%** | **Commercial & Residential Mortgage Finance–2.91%** | **Commercial & Residential Mortgage Finance–2.91%** | **Commercial & Residential Mortgage Finance–2.91%** |
| Nationstar Mortgage Holdings, Inc., <br> 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 753000 | &nbsp;&nbsp; 770000 |
| PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 62850 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 122042 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 115444 |
|  |  |  | &nbsp;&nbsp; 1070336 |
| **Commodity Chemicals–0.32%** | **Commodity Chemicals–0.32%** | **Commodity Chemicals–0.32%** | **Commodity Chemicals–0.32%** |
| Cerdia Finanz GmbH (Germany), 9.38%, <br> 10/03/2031<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 116340 |
| **Construction & Engineering–0.65%** | **Construction & Engineering–0.65%** | **Construction & Engineering–0.65%** | **Construction & Engineering–0.65%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 122026 |
| Great Lakes Dredge & Dock Corp., <br> 5.25%, 06/01/2029<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 116617 |
|  |  |  | &nbsp;&nbsp; 238643 |
| **Construction Materials–0.03%** | **Construction Materials–0.03%** | **Construction Materials–0.03%** | **Construction Materials–0.03%** |
| Camelot Return Merger Sub, Inc., <br> 8.75%, 08/01/2028<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 10085 |
| **Consumer Finance–3.21%** | **Consumer Finance–3.21%** | **Consumer Finance–3.21%** | **Consumer Finance–3.21%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> <br>|  | 368000 | &nbsp;&nbsp; 391353 |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 283275 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 74000 | &nbsp;&nbsp; 74209 |
| 9.38%, 07/25/2030 |  | 32000 | &nbsp;&nbsp; 35589 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 3.50%, 01/15/2027 |  | 218000 | &nbsp;&nbsp; 216021 |
| 6.63%, 05/15/2029 |  | 98000 | &nbsp;&nbsp; 101625 |
| 4.00%, 09/15/2030 |  | 1000 | &nbsp;&nbsp; 941 |
| 7.13%, 09/15/2032 |  | 74000 | &nbsp;&nbsp; 76973 |
|  |  |  | &nbsp;&nbsp; 1179986 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Copper–0.33%** | **Copper–0.33%** | **Copper–0.33%** | **Copper–0.33%** |
| First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |  |  |
| 8.63%, 06/01/2031<sup>(b)</sup> <br>|  | $59000 | &nbsp;&nbsp; $62162 |
| 8.00%, 03/01/2033<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 58806 |
|  |  |  | &nbsp;&nbsp; 120968 |
| **Diversified Banks–0.33%** | **Diversified Banks–0.33%** | **Diversified Banks–0.33%** | **Diversified Banks–0.33%** |
| Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.50%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 120000 | &nbsp;&nbsp; 122559 |
| **Diversified Chemicals–0.45%** | **Diversified Chemicals–0.45%** | **Diversified Chemicals–0.45%** | **Diversified Chemicals–0.45%** |
| Celanese US Holdings LLC, | Celanese US Holdings LLC, |  |  |
| 7.20%, 11/15/2033 |  | 109000 | &nbsp;&nbsp; 115245 |
| 7.38%, 02/15/2034 |  | 51000 | &nbsp;&nbsp; 51848 |
|  |  |  | &nbsp;&nbsp; 167093 |
| **Diversified Financial Services–4.17%** | **Diversified Financial Services–4.17%** | **Diversified Financial Services–4.17%** | **Diversified Financial Services–4.17%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.95%, 03/10/2055<sup>(e)</sup> <br>|  | 170000 | &nbsp;&nbsp; 178336 |
| Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 49512 |
| GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 282794 |
| Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup> <br>|  | 271000 | &nbsp;&nbsp; 281379 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 170000 | &nbsp;&nbsp; 173099 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 223514 |
| Jefferies Finance LLC/JFIN Co-Issuer <br> Corp., 5.00%, 08/15/2028<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 64557 |
| Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 266000 | &nbsp;&nbsp; 280767 |
|  |  |  | &nbsp;&nbsp; 1533958 |
| **Diversified REITs–0.93%** | **Diversified REITs–0.93%** | **Diversified REITs–0.93%** | **Diversified REITs–0.93%** |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 231000 | &nbsp;&nbsp; 220665 |
| Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, 8.63%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 123000 | &nbsp;&nbsp; 121258 |
|  |  |  | &nbsp;&nbsp; 341923 |
| **Diversified Support Services–1.14%** | **Diversified Support Services–1.14%** | **Diversified Support Services–1.14%** | **Diversified Support Services–1.14%** |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 220139 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 161000 | &nbsp;&nbsp; 168521 |
| Sabre GLBL, Inc., | Sabre GLBL, Inc., |  |  |
| 10.75%, 11/15/2029<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5106 |
| 10.75%, 03/15/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 4939 |
| 11.13%, 07/15/2030<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 19097 |
|  |  |  | &nbsp;&nbsp; 417802 |
| **Electric Utilities–5.07%** | **Electric Utilities–5.07%** | **Electric Utilities–5.07%** | **Electric Utilities–5.07%** |
| Brookfield Infrastructure Finance ULC <br> (Canada), 6.75%, 03/15/2055<sup>(e)</sup> <br>|  | 174000 | &nbsp;&nbsp; 176176 |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC (United <br> Kingdom), 6.38%, 02/15/2032<sup>(b)</sup> <br>|  | 269000 | &nbsp;&nbsp; 270026 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(e)</sup> <br>|  | 113000 | &nbsp;&nbsp; 118725 |
| Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 281000 | &nbsp;&nbsp; 285048 |

---

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

**3**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| ION Platform Finance US, Inc., 7.88%, <br> 09/30/2032<sup>(b)</sup> <br>|  | $200000 | &nbsp;&nbsp; $190021 |
| NRG Energy, Inc., 6.00%, <br> 01/15/2036<sup>(b)</sup> <br>|  | 284000 | &nbsp;&nbsp; 287910 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 52304 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 79474 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 384000 | &nbsp;&nbsp; 404694 |
|  |  |  | &nbsp;&nbsp; 1864378 |
| **Electrical Components & Equipment–0.70%** | **Electrical Components & Equipment–0.70%** | **Electrical Components & Equipment–0.70%** | **Electrical Components & Equipment–0.70%** |
| EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 187000 | &nbsp;&nbsp; 194841 |
| Nissan Motor Acceptance Co. LLC, <br> 7.05%, 09/15/2028<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 62274 |
|  |  |  | &nbsp;&nbsp; 257115 |
| **Electronic Components–0.35%** | **Electronic Components–0.35%** | **Electronic Components–0.35%** | **Electronic Components–0.35%** |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 52587 |
| 6.63%, 07/15/2032<sup>(b)</sup> <br>|  | 72000 | &nbsp;&nbsp; 75449 |
|  |  |  | &nbsp;&nbsp; 128036 |
| **Environmental & Facilities Services–0.78%** | **Environmental & Facilities Services–0.78%** | **Environmental & Facilities Services–0.78%** | **Environmental & Facilities Services–0.78%** |
| GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 122000 | &nbsp;&nbsp; 120405 |
| Wrangler Holdco Corp. (Canada), 6.63%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 167073 |
|  |  |  | &nbsp;&nbsp; 287478 |
| **Fertilizers & Agricultural Chemicals–0.08%** | **Fertilizers & Agricultural Chemicals–0.08%** | **Fertilizers & Agricultural Chemicals–0.08%** | **Fertilizers & Agricultural Chemicals–0.08%** |
| FMC Corp., 3.45%, 10/01/2029 |  | 35000 | &nbsp;&nbsp; 31065 |
| **Gold–1.10%** | **Gold–1.10%** | **Gold–1.10%** | **Gold–1.10%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 381000 | &nbsp;&nbsp; 406171 |
| **Health Care Equipment–0.34%** | **Health Care Equipment–0.34%** | **Health Care Equipment–0.34%** | **Health Care Equipment–0.34%** |
| Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 125270 |
| **Health Care Facilities–0.77%** | **Health Care Facilities–0.77%** | **Health Care Facilities–0.77%** | **Health Care Facilities–0.77%** |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 4.25%, 06/01/2029 |  | 152000 | &nbsp;&nbsp; 149862 |
| 6.75%, 05/15/2031 |  | 42000 | &nbsp;&nbsp; 43724 |
| 5.50%, 11/15/2032<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 76077 |
| 6.00%, 11/15/2033<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15453 |
|  |  |  | &nbsp;&nbsp; 285116 |
| **Health Care REITs–1.70%** | **Health Care REITs–1.70%** | **Health Care REITs–1.70%** | **Health Care REITs–1.70%** |
| Diversified Healthcare Trust, | Diversified Healthcare Trust, |  |  |
| 0.00%, 01/15/2026<sup>(b)(d)(f)</sup> <br>|  | 508000 | &nbsp;&nbsp; 506872 |
| 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 64496 |
| 4.38%, 03/01/2031 |  | 33000 | &nbsp;&nbsp; 29196 |
| MPT Operating Partnership L.P./MPT Finance <br> Corp., | MPT Operating Partnership L.P./MPT Finance <br> Corp., |  |  |
| 4.63%, 08/01/2029 |  | 15000 | &nbsp;&nbsp; 12579 |
| 3.50%, 03/15/2031 |  | 18000 | &nbsp;&nbsp; 13103 |
|  |  |  | &nbsp;&nbsp; 626246 |
| **Health Care Services–1.45%** | **Health Care Services–1.45%** | **Health Care Services–1.45%** | **Health Care Services–1.45%** |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 157000 | &nbsp;&nbsp; 147736 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 170000 | &nbsp;&nbsp; 151565 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | $56000 | &nbsp;&nbsp; $58328 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 61222 |
| MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |  |  |
| 5.75%, 12/31/2030<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 43037 |
| 5.00% PIK Rate, 6.50% Cash Rate, <br> 12/31/2030<sup>(b)(c)</sup> <br>|  | 68350 | &nbsp;&nbsp; 72348 |
|  |  |  | &nbsp;&nbsp; 534236 |
| **Health Care Supplies–0.83%** | **Health Care Supplies–0.83%** | **Health Care Supplies–0.83%** | **Health Care Supplies–0.83%** |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 110402 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 195000 | &nbsp;&nbsp; 196169 |
|  |  |  | &nbsp;&nbsp; 306571 |
| **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** |
| LBM Acquisition LLC, 6.25%, <br> 01/15/2029<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 11712 |
| **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** |
| RHP Hotel Properties L.P./RHP Finance <br> Corp., 6.50%, 06/15/2033<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 121054 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(d)</sup> <br>|  | 123000 | &nbsp;&nbsp; 116765 |
|  |  |  | &nbsp;&nbsp; 237819 |
| **Hotels, Resorts & Cruise Lines–0.47%** | **Hotels, Resorts & Cruise Lines–0.47%** | **Hotels, Resorts & Cruise Lines–0.47%** | **Hotels, Resorts & Cruise Lines–0.47%** |
| Hilton Domestic Operating Co., Inc., <br> 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 166000 | &nbsp;&nbsp; 171414 |
| **Household Appliances–0.51%** | **Household Appliances–0.51%** | **Household Appliances–0.51%** | **Household Appliances–0.51%** |
| Whirlpool Corp., | Whirlpool Corp., |  |  |
| 4.75%, 02/26/2029 |  | 98000 | &nbsp;&nbsp; 96926 |
| 6.50%, 06/15/2033 |  | 92000 | &nbsp;&nbsp; 89278 |
|  |  |  | &nbsp;&nbsp; 186204 |
| **Housewares & Specialties–0.82%** | **Housewares & Specialties–0.82%** | **Housewares & Specialties–0.82%** | **Housewares & Specialties–0.82%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 132000 | &nbsp;&nbsp; 131703 |
| 6.38%, 05/15/2030<sup>(d)</sup> <br>|  | 175000 | &nbsp;&nbsp; 171127 |
|  |  |  | &nbsp;&nbsp; 302830 |
| **Independent Power Producers & Energy Traders–1.40%** | **Independent Power Producers & Energy Traders–1.40%** | **Independent Power Producers & Energy Traders–1.40%** | **Independent Power Producers & Energy Traders–1.40%** |
| Vistra Corp., | Vistra Corp., |  |  |
| 8.00%<sup>(b)(e)(g)</sup> <br>|  | 60000 | &nbsp;&nbsp; 61741 |
| Series C, 8.88%<sup>(b)(e)(g)</sup> <br>|  | 244000 | &nbsp;&nbsp; 269859 |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 183378 |
|  |  |  | &nbsp;&nbsp; 514978 |
| **Industrial Machinery & Supplies & Components–1.80%** | **Industrial Machinery & Supplies & Components–1.80%** | **Industrial Machinery & Supplies & Components–1.80%** | **Industrial Machinery & Supplies & Components–1.80%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | 194000 | &nbsp;&nbsp; 200673 |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 274867 |
| Roller Bearing Co. of America, Inc., <br> 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 191000 | &nbsp;&nbsp; 188164 |
|  |  |  | &nbsp;&nbsp; 663704 |
| **Insurance Brokers–0.82%** | **Insurance Brokers–0.82%** | **Insurance Brokers–0.82%** | **Insurance Brokers–0.82%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 121465 |
| HUB International Ltd., | HUB International Ltd., |  |  |
| 7.25%, 06/15/2030<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53575 |
| 7.38%, 01/31/2032<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 67212 |

---

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

**4**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** |
| USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup> <br>|  | $56000 | &nbsp;&nbsp; $58762 |
|  |  |  | &nbsp;&nbsp; 301014 |
| **Integrated Oil & Gas–0.15%** | **Integrated Oil & Gas–0.15%** | **Integrated Oil & Gas–0.15%** | **Integrated Oil & Gas–0.15%** |
| Petroleos Mexicanos (Mexico), 6.63%, <br> 06/15/2035<br>|  | 60000 | &nbsp;&nbsp; 56974 |
| **Integrated Telecommunication Services–5.07%** | **Integrated Telecommunication Services–5.07%** | **Integrated Telecommunication Services–5.07%** | **Integrated Telecommunication Services–5.07%** |
| Altice France Lux 3/Altice Holdings 1 <br> (Luxembourg), 10.00%, <br> 01/15/2033<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 38572 |
| Altice France S.A. (France), 6.88%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 26110 | &nbsp;&nbsp; 25055 |
| Cipher Compute LLC, 7.13%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 184000 | &nbsp;&nbsp; 187631 |
| FiberCop S.p.A. (Italy), | FiberCop S.p.A. (Italy), |  |  |
| 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | 259000 | &nbsp;&nbsp; 246657 |
| 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 62858 |
| Iliad Holding S.A.S. (France), | Iliad Holding S.A.S. (France), |  |  |
| 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 179000 | &nbsp;&nbsp; 192765 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 261071 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 3.63%, 01/15/2029<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6495 |
| 4.88%, 06/15/2029<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34169 |
| 3.75%, 07/15/2029<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 10971 |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 57350 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 165667 | &nbsp;&nbsp; 170864 |
| 8.50%, 01/15/2036<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 82027 |
| Telecom Italia Capital S.A. (Italy), | Telecom Italia Capital S.A. (Italy), |  |  |
| 6.38%, 11/15/2033 |  | 58000 | &nbsp;&nbsp; 61068 |
| 7.72%, 06/04/2038 |  | 53000 | &nbsp;&nbsp; 58797 |
| VMED 02 UK Financing I PLC (United <br> Kingdom), 6.75%, 01/15/2033<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9923 |
| Windstream Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 167000 | &nbsp;&nbsp; 171335 |
| WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 181000 | &nbsp;&nbsp; 186613 |
|  |  |  | &nbsp;&nbsp; 1864221 |
| **Interactive Media & Services–0.48%** | **Interactive Media & Services–0.48%** | **Interactive Media & Services–0.48%** | **Interactive Media & Services–0.48%** |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 5.05%, 03/15/2042 |  | 206000 | &nbsp;&nbsp; 145487 |
| 5.14%, 03/15/2052 |  | 48000 | &nbsp;&nbsp; 31745 |
|  |  |  | &nbsp;&nbsp; 177232 |
| **Internet Services & Infrastructure–0.60%** | **Internet Services & Infrastructure–0.60%** | **Internet Services & Infrastructure–0.60%** | **Internet Services & Infrastructure–0.60%** |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 60272 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 22339 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 48642 |
| Conv., 1.75%, 12/01/2031<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 58823 |
| Getty Images, Inc., 10.50%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31280 |
|  |  |  | &nbsp;&nbsp; 221356 |
| **Marine Transportation–1.14%** | **Marine Transportation–1.14%** | **Marine Transportation–1.14%** | **Marine Transportation–1.14%** |
| Danaos Corp. (Greece), 6.88%, <br> 10/15/2032<sup>(b)</sup> <br>|  | 124000 | &nbsp;&nbsp; 128344 |
| Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 286000 | &nbsp;&nbsp; 290562 |
|  |  |  | &nbsp;&nbsp; 418906 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** |
| LABL, Inc., 10.50%, 07/15/2027<sup>(b)</sup> <br>|  | $16000 | &nbsp;&nbsp; $9957 |
| **Movies & Entertainment–0.55%** | **Movies & Entertainment–0.55%** | **Movies & Entertainment–0.55%** | **Movies & Entertainment–0.55%** |
| AMC Entertainment Holdings, Inc., <br> 7.50%, 02/15/2029<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 13136 |
| Starz Capital Holdings 1, Inc., 6.00%, <br> 04/15/2030<sup>(b)</sup> <br>|  | 199000 | &nbsp;&nbsp; 190791 |
|  |  |  | &nbsp;&nbsp; 203927 |
| **Multi-line Insurance–0.77%** | **Multi-line Insurance–0.77%** | **Multi-line Insurance–0.77%** | **Multi-line Insurance–0.77%** |
| Acrisure LLC/Acrisure Finance, Inc., <br> 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 271000 | &nbsp;&nbsp; 283322 |
| **Multi-Utilities–0.31%** | **Multi-Utilities–0.31%** | **Multi-Utilities–0.31%** | **Multi-Utilities–0.31%** |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(e)</sup> <br>|  | 111000 | &nbsp;&nbsp; 114387 |
| **Office REITs–0.28%** | **Office REITs–0.28%** | **Office REITs–0.28%** | **Office REITs–0.28%** |
| Office Properties Income Trust, 9.00%, <br> 12/31/2059<sup>(b)(h)(i)</sup> <br>|  | 141000 | &nbsp;&nbsp; 103635 |
| **Oil & Gas Drilling–0.66%** | **Oil & Gas Drilling–0.66%** | **Oil & Gas Drilling–0.66%** | **Oil & Gas Drilling–0.66%** |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 116209 |
| Transocean International Ltd., 7.88%, <br> 10/15/2032<sup>(b)</sup> <br>|  | 121000 | &nbsp;&nbsp; 126945 |
|  |  |  | &nbsp;&nbsp; 243154 |
| **Oil & Gas Equipment & Services–0.74%** | **Oil & Gas Equipment & Services–0.74%** | **Oil & Gas Equipment & Services–0.74%** | **Oil & Gas Equipment & Services–0.74%** |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup> <br>|  | 252000 | &nbsp;&nbsp; 270585 |
| **Oil & Gas Exploration & Production–0.96%** | **Oil & Gas Exploration & Production–0.96%** | **Oil & Gas Exploration & Production–0.96%** | **Oil & Gas Exploration & Production–0.96%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 116349 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 120897 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 116337 |
|  |  |  | &nbsp;&nbsp; 353583 |
| **Oil & Gas Refining & Marketing–1.13%** | **Oil & Gas Refining & Marketing–1.13%** | **Oil & Gas Refining & Marketing–1.13%** | **Oil & Gas Refining & Marketing–1.13%** |
| Sunoco L.P., | Sunoco L.P., |  |  |
| 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17134 |
| 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 142000 | &nbsp;&nbsp; 145526 |
| 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 196000 | &nbsp;&nbsp; 196075 |
| 7.88%<sup>(b)(e)(g)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55514 |
|  |  |  | &nbsp;&nbsp; 414249 |
| **Oil & Gas Storage & Transportation–5.11%** | **Oil & Gas Storage & Transportation–5.11%** | **Oil & Gas Storage & Transportation–5.11%** | **Oil & Gas Storage & Transportation–5.11%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., | Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., |  |  |
| 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 115995 |
| 5.75%, 07/01/2034<sup>(b)</sup> <br>|  | 258000 | &nbsp;&nbsp; 260076 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 119809 |
| Genesis Energy L.P./Genesis Energy Finance <br> Corp., | Genesis Energy L.P./Genesis Energy Finance <br> Corp., |  |  |
| 7.88%, 05/15/2032 |  | 162000 | &nbsp;&nbsp; 168988 |
| 8.00%, 05/15/2033 |  | 135000 | &nbsp;&nbsp; 140242 |
| Global Partners L.P./GLP Finance Corp., <br> 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 121000 | &nbsp;&nbsp; 123680 |
| New Fortress Energy, Inc., 6.50%, <br> 09/30/2026<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 1617 |

---

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

**5**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | $112000 | &nbsp;&nbsp; $114214 |
| Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 121364 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 268000 | &nbsp;&nbsp; 277031 |
| 9.00%<sup>(b)(e)(g)</sup> <br>|  | 94500 | &nbsp;&nbsp; 74699 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 6.13%, 12/15/2030<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 79476 |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 139000 | &nbsp;&nbsp; 142440 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 137000 | &nbsp;&nbsp; 140392 |
|  |  |  | &nbsp;&nbsp; 1880023 |
| **Other Specialized REITs–0.45%** | **Other Specialized REITs–0.45%** | **Other Specialized REITs–0.45%** | **Other Specialized REITs–0.45%** |
| Iron Mountain, Inc., 4.50%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 174000 | &nbsp;&nbsp; 165990 |
| **Other Specialty Retail–0.54%** | **Other Specialty Retail–0.54%** | **Other Specialty Retail–0.54%** | **Other Specialty Retail–0.54%** |
| Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), |  |  |
| 5.25%, 05/01/2028<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 11550 |
| 7.88%, 05/01/2029<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 20338 |
| PetSmart LLC/PetSmart Finance Corp., | PetSmart LLC/PetSmart Finance Corp., |  |  |
| 7.50%, 09/15/2032<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 60114 |
| 10.00%, 09/15/2033<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 64958 |
| SGUS LLC, 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 29820 | &nbsp;&nbsp; 11183 |
| Staples, Inc., | Staples, Inc., |  |  |
| 10.75%, 09/01/2029<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 23891 |
| 12.75%, 01/15/2030<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 6722 |
|  |  |  | &nbsp;&nbsp; 198756 |
| **Paper & Plastic Packaging Products & Materials–0.51%** | **Paper & Plastic Packaging Products & Materials–0.51%** | **Paper & Plastic Packaging Products & Materials–0.51%** | **Paper & Plastic Packaging Products & Materials–0.51%** |
| Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |  |  |
| 8.75%, 04/15/2030<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 93601 |
| 6.75%, 04/15/2032<sup>(b)</sup> <br>|  | 91000 | &nbsp;&nbsp; 93634 |
|  |  |  | &nbsp;&nbsp; 187235 |
| **Passenger Airlines–0.95%** | **Passenger Airlines–0.95%** | **Passenger Airlines–0.95%** | **Passenger Airlines–0.95%** |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.75%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 291000 | &nbsp;&nbsp; 296513 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 54570 |
|  |  |  | &nbsp;&nbsp; 351083 |
| **Personal Care Products–0.28%** | **Personal Care Products–0.28%** | **Personal Care Products–0.28%** | **Personal Care Products–0.28%** |
| Opal Bidco SAS (France), 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 101000 | &nbsp;&nbsp; 103517 |
| **Pharmaceuticals–0.75%** | **Pharmaceuticals–0.75%** | **Pharmaceuticals–0.75%** | **Pharmaceuticals–0.75%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 166523 |
| Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/2032<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 38072 |
| Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 16188 |
| 6.25%, 02/15/2029<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 18544 |
| 5.25%, 01/30/2030<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 19729 |
| 5.25%, 02/15/2031<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 15085 |
|  |  |  | &nbsp;&nbsp; 274141 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Property & Casualty Insurance–0.53%** | **Property & Casualty Insurance–0.53%** | **Property & Casualty Insurance–0.53%** | **Property & Casualty Insurance–0.53%** |
| Asurion LLC and Asurion Co-Issuer, Inc., <br> 8.00%, 12/31/2032<sup>(b)</sup> <br>|  | $189000 | &nbsp;&nbsp; $196206 |
| **Research & Consulting Services–0.74%** | **Research & Consulting Services–0.74%** | **Research & Consulting Services–0.74%** | **Research & Consulting Services–0.74%** |
| Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)</sup> <br>|  | 289000 | &nbsp;&nbsp; 273514 |
| **Security & Alarm Services–0.54%** | **Security & Alarm Services–0.54%** | **Security & Alarm Services–0.54%** | **Security & Alarm Services–0.54%** |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 189000 | &nbsp;&nbsp; 197862 |
| **Semiconductors–0.98%** | **Semiconductors–0.98%** | **Semiconductors–0.98%** | **Semiconductors–0.98%** |
| AP Grange Holdings LLC, | AP Grange Holdings LLC, |  |  |
| 6.50%, 03/20/2045<sup>(b)</sup> <br>|  | 136000 | &nbsp;&nbsp; 142924 |
| 6.50%, 03/20/2045 |  | 10431 | &nbsp;&nbsp; 10431 |
| Kioxia Holdings Corp. (Japan), 6.63%, <br> 07/24/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208155 |
|  |  |  | &nbsp;&nbsp; 361510 |
| **Sovereign Debt–0.23%** | **Sovereign Debt–0.23%** | **Sovereign Debt–0.23%** | **Sovereign Debt–0.23%** |
| Mexico Government International Bond <br> (Mexico), Series 10, 5.63%, <br> 09/22/2035<br>|  | 87000 | &nbsp;&nbsp; 85912 |
| **Specialized Consumer Services–0.82%** | **Specialized Consumer Services–0.82%** | **Specialized Consumer Services–0.82%** | **Specialized Consumer Services–0.82%** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 311000 | &nbsp;&nbsp; 300689 |
| **Specialized Finance–0.85%** | **Specialized Finance–0.85%** | **Specialized Finance–0.85%** | **Specialized Finance–0.85%** |
| HA Sustainable Infrastructure Capital, <br> Inc., 8.00%, 06/01/2056<sup>(e)</sup> <br>|  | 185000 | &nbsp;&nbsp; 193802 |
| TrueNoord Capital DAC (Ireland), 8.75%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 118806 |
|  |  |  | &nbsp;&nbsp; 312608 |
| **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** |
| Vibrantz Technologies, Inc., 9.00%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 4789 |
| **Steel–0.34%** | **Steel–0.34%** | **Steel–0.34%** | **Steel–0.34%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 60110 |
| 7.00%, 03/15/2032<sup>(b)(d)</sup> <br>|  | 63000 | &nbsp;&nbsp; 64654 |
|  |  |  | &nbsp;&nbsp; 124764 |
| **Systems Software–0.06%** | **Systems Software–0.06%** | **Systems Software–0.06%** | **Systems Software–0.06%** |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 22702 |
| **Technology Hardware, Storage & Peripherals–0.06%** | **Technology Hardware, Storage & Peripherals–0.06%** | **Technology Hardware, Storage & Peripherals–0.06%** | **Technology Hardware, Storage & Peripherals–0.06%** |
| Xerox Corp., | Xerox Corp., |  |  |
| 10.25%, 10/15/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4809 |
| 13.50%, 04/15/2031<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 5735 |
| 4.80%, 03/01/2035 |  | 5000 | &nbsp;&nbsp; 1336 |
| 6.75%, 12/15/2039 |  | 4000 | &nbsp;&nbsp; 1276 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 5579 |
| 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 4075 |
|  |  |  | &nbsp;&nbsp; 22810 |
| **Trading Companies & Distributors–1.39%** | **Trading Companies & Distributors–1.39%** | **Trading Companies & Distributors–1.39%** | **Trading Companies & Distributors–1.39%** |
| Air Lease Corp., Series B, 4.65%<sup>(e)(g)</sup> <br>|  | 277000 | &nbsp;&nbsp; 275182 |
| Aircastle Ltd., 5.25%<sup>(b)(e)(g)</sup> <br>|  | 236000 | &nbsp;&nbsp; 236480 |
|  |  |  | &nbsp;&nbsp; 511662 |

---

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

**6**

**Invesco V.I. High Yield Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services–1.34%** | **Wireless Telecommunication Services–1.34%** | **Wireless Telecommunication Services–1.34%** |
| VMED O2 UK Financing I PLC (United <br> Kingdom), 4.75%, 07/15/2031<sup>(b)</sup> <br>| $127000 | &nbsp;&nbsp; $117348 |
| Vodafone Group PLC (United Kingdom), <br> 4.13%, 06/04/2081<sup>(e)</sup> <br>| 402000 | &nbsp;&nbsp; 376377 |
|  |  | &nbsp;&nbsp; 493725 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $29,162,980) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $29,162,980) | &nbsp;&nbsp; 29965521 |
| **Variable Rate Senior Loan Interests–6.90%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–6.90%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–6.90%**<sup>(j)(k)</sup>  |
| **Advertising–1.26%** | **Advertising–1.26%** | **Advertising–1.26%** |
| Clear Channel Outdoor Holdings, Inc., <br> Term Loan B, 7.83% (1 mo. Term <br> SOFR + 4.11%), 08/23/2028<br>| 461187 | &nbsp;&nbsp; 463000 |
| **Aerospace & Defense–1.10%** | **Aerospace & Defense–1.10%** | **Aerospace & Defense–1.10%** |
| TransDigm, Inc., Term Loan L, 6.22% (3 <br> mo. Term SOFR + 2.50%), <br> 01/19/2032<br>| 401625 | &nbsp;&nbsp; 403687 |
| **Cable & Satellite–0.10%** | **Cable & Satellite–0.10%** | **Cable & Satellite–0.10%** |
| CSC Holdings LLC, Term Loan, 8.25% (1 <br> mo. PRIME + 1.50%), 04/15/2027<br>| 43734 | &nbsp;&nbsp; 38329 |
| **Electronic Manufacturing Services–0.78%** | **Electronic Manufacturing Services–0.78%** | **Electronic Manufacturing Services–0.78%** |
| EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, 6.12% (3 <br> mo. Term SOFR + 2.50%), <br> 08/04/2031<br>| 285695 | &nbsp;&nbsp; 286613 |
| **Health Care Services–0.08%** | **Health Care Services–0.08%** | **Health Care Services–0.08%** |
| MPH Acquisition Holdings LLC, Term <br> Loan, 7.59% (3 mo. Term SOFR + <br> 3.75%), 12/31/2030<br>| 28987 | &nbsp;&nbsp; 29103 |
| **Health Care Supplies–0.54%** | **Health Care Supplies–0.54%** | **Health Care Supplies–0.54%** |
| Bausch and Lomb, Inc., Term Loan B, <br> 7.97% (1 mo. Term SOFR + 4.25%), <br> 01/30/2031<br>| 197628 | &nbsp;&nbsp; 199951 |
| **Oil & Gas Storage & Transportation–0.23%** | **Oil & Gas Storage & Transportation–0.23%** | **Oil & Gas Storage & Transportation–0.23%** |
| Prairie Acquiror L.P., Term Loan B, <br> 7.47% (1 mo. Term SOFR + 3.75%), <br> 08/01/2029<br>| 83666 | &nbsp;&nbsp; 84389 |
| **Passenger Airlines–0.25%** | **Passenger Airlines–0.25%** | **Passenger Airlines–0.25%** |
| AAdvantage Loyality IP Ltd. (American <br> Airlines, Inc.), Term Loan B, 7.13% <br> ((3 mo. Term SOFR + 3.25%), <br> 05/07/2032<br>| 92775 | &nbsp;&nbsp; 93356 |
| **Pharmaceuticals–0.45%** | **Pharmaceuticals–0.45%** | **Pharmaceuticals–0.45%** |
| Amneal Pharmaceuticals LLC, Term Loan, <br> 7.22% (1 mo. Term SOFR + 3.50%), <br> 07/31/2032<br>| 49875 | &nbsp;&nbsp; 50374 |
| Endo Finance Holdings, Inc., Term Loan <br> B, 7.47% (1 mo. Term SOFR + <br> 3.75%), 04/23/2031<br>| 117203 | &nbsp;&nbsp; 116441 |
|  |  | &nbsp;&nbsp; 166815 |
| **Real Estate Development–0.51%** | **Real Estate Development–0.51%** | **Real Estate Development–0.51%** |
| Greystar Real Estate Partners LLC, Term <br> Loan B, 6.32% (3 mo. Term SOFR + <br> 2.50%), 08/21/2030<sup>(l)</sup> <br>| 184903 | &nbsp;&nbsp; 186059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Real Estate Operating Companies–1.60%** | **Real Estate Operating Companies–1.60%** | **Real Estate Operating Companies–1.60%** | **Real Estate Operating Companies–1.60%** |
| Cushman & Wakefield US Borrower LLC, <br> Term Loan, 6.47% (1 mo. Term SOFR <br> + 2.75%), 01/31/2030<br>|  | $583080 | &nbsp;&nbsp; $587293 |
| Total Variable Rate Senior Loan Interests <br> (Cost $2,528,981) | Total Variable Rate Senior Loan Interests <br> (Cost $2,528,981) | Total Variable Rate Senior Loan Interests <br> (Cost $2,528,981) | &nbsp;&nbsp; 2538595 |
| **Non-U.S. Dollar Denominated Bonds & Notes–4.13%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–4.13%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–4.13%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–4.13%**<sup>(m)</sup>  |
| **Automotive Parts & Equipment–0.97%** | **Automotive Parts & Equipment–0.97%** | **Automotive Parts & Equipment–0.97%** | **Automotive Parts & Equipment–0.97%** |
| Clarios Global L.P./Clarios US Finance <br> Co., 4.75%, 06/15/2031<sup>(b)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 358409 |
| **Cable & Satellite–0.51%** | **Cable & Satellite–0.51%** | **Cable & Satellite–0.51%** | **Cable & Satellite–0.51%** |
| Sunrise FinCo I B.V. (Netherlands), <br> 4.63%, 05/15/2032(Acquired <br> 05/21/2025; Cost $113,190)<sup>(b)(n)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 118934 |
| Virgin Media O2 Vendor Financing Notes <br> V DAC (Ireland), 7.88%, <br> 03/15/2032<sup>(b)</sup> <br>| GBP | 50000 | &nbsp;&nbsp; 67921 |
|  |  |  | &nbsp;&nbsp; 186855 |
| **Commercial & Residential Mortgage Finance–1.46%** | **Commercial & Residential Mortgage Finance–1.46%** | **Commercial & Residential Mortgage Finance–1.46%** | **Commercial & Residential Mortgage Finance–1.46%** |
| ION Platform Finance S.a.r.l. (Luxembourg), | ION Platform Finance S.a.r.l. (Luxembourg), |  |  |
| 6.50%, 09/30/2030<sup>(b)</sup> <br>| EUR | 175000 | &nbsp;&nbsp; 199510 |
| 6.88%, 09/30/2032<sup>(b)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 337756 |
|  |  |  | &nbsp;&nbsp; 537266 |
| **Integrated Telecommunication Services–0.03%** | **Integrated Telecommunication Services–0.03%** | **Integrated Telecommunication Services–0.03%** | **Integrated Telecommunication Services–0.03%** |
| Altice France S.A. (France), 4.75%, <br> 10/15/2030<sup>(b)</sup> <br>| EUR | 11777 | &nbsp;&nbsp; 13049 |
| **IT Consulting & Other Services–0.40%** | **IT Consulting & Other Services–0.40%** | **IT Consulting & Other Services–0.40%** | **IT Consulting & Other Services–0.40%** |
| Atos SE (France), 5.20%, <br> 12/18/2030<sup>(b)(o)</sup> <br>| EUR | 125000 | &nbsp;&nbsp; 145526 |
| **Marine Transportation–0.47%** | **Marine Transportation–0.47%** | **Marine Transportation–0.47%** | **Marine Transportation–0.47%** |
| CMA CGM S.A. (France), 4.88%, <br> 01/15/2032<sup>(b)</sup> <br>| EUR | 150000 | &nbsp;&nbsp; 172307 |
| **Transaction & Payment Processing Services–0.29%** | **Transaction & Payment Processing Services–0.29%** | **Transaction & Payment Processing Services–0.29%** | **Transaction & Payment Processing Services–0.29%** |
| Worldline S.A. (France), 4.13%, <br> 09/12/2028<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 106124 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,488,096) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,488,096) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,488,096) | &nbsp;&nbsp; 1519536 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–1.33%** | **Exchange-Traded Funds–1.33%** | **Exchange-Traded Funds–1.33%** | **Exchange-Traded Funds–1.33%** |
| BondBloxx CCC-Rated USD High Yield Corporate <br> Bond ETF | BondBloxx CCC-Rated USD High Yield Corporate <br> Bond ETF | 3000 | &nbsp;&nbsp; 114075 |
| iShares Broad USD High Yield Corporate Bond <br> ETF<sup>(d)</sup>  | iShares Broad USD High Yield Corporate Bond <br> ETF<sup>(d)</sup>  | 10000 | &nbsp;&nbsp; 373950 |
| Total Exchange-Traded Funds (Cost $486,790) | Total Exchange-Traded Funds (Cost $486,790) | Total Exchange-Traded Funds (Cost $486,790) | &nbsp;&nbsp; 488025 |
| **Common Stocks & Other Equity Interests–1.20%** | **Common Stocks & Other Equity Interests–1.20%** | **Common Stocks & Other Equity Interests–1.20%** | **Common Stocks & Other Equity Interests–1.20%** |
| **Alternative Carriers–0.11%** | **Alternative Carriers–0.11%** | **Alternative Carriers–0.11%** | **Alternative Carriers–0.11%** |
| Lumen Technologies, Inc.<sup>(p)</sup>  | Lumen Technologies, Inc.<sup>(p)</sup>  | 5000 | &nbsp;&nbsp; 38850 |
| **Broadline Retail–0.03%** | **Broadline Retail–0.03%** | **Broadline Retail–0.03%** | **Broadline Retail–0.03%** |
| Americanas S.A. (Brazil)<sup>(p)</sup>  | Americanas S.A. (Brazil)<sup>(p)</sup>  | 7833 | &nbsp;&nbsp; 7297 |
| Americanas S.A., Wts., expiring 03/19/2027 <br> (Brazil)<sup>(p)</sup>  | Americanas S.A., Wts., expiring 03/19/2027 <br> (Brazil)<sup>(p)</sup>  | 2611 | &nbsp;&nbsp; 1906 |
|  |  |  | &nbsp;&nbsp; 9203 |
| **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** |
| Codere Online Luxembourg S.A., Wts., expiring <br> 10/15/2034 (Spain)<sup>(l)</sup>  | Codere Online Luxembourg S.A., Wts., expiring <br> 10/15/2034 (Spain)<sup>(l)</sup>  | 3 | &nbsp;&nbsp; 14 |

---

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

**7**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Casino Guichard-Perrachon S.A. (France)<sup>(p)</sup>  | Casino Guichard-Perrachon S.A. (France)<sup>(p)</sup>  | 3370 | &nbsp;&nbsp; $967 |
| Casino Guichard-Perrachon S.A., Wts., expiring <br> 04/27/2029 (France)<sup>(p)</sup>  | Casino Guichard-Perrachon S.A., Wts., expiring <br> 04/27/2029 (France)<sup>(p)</sup>  | 184690 | &nbsp;&nbsp; 108 |
|  |  |  | &nbsp;&nbsp; 1075 |
| **Integrated Telecommunication Services–1.06%** | **Integrated Telecommunication Services–1.06%** | **Integrated Telecommunication Services–1.06%** | **Integrated Telecommunication Services–1.06%** |
| Altice France Holding S.A. (Luxembourg)<sup>(b)</sup>  | Altice France Holding S.A. (Luxembourg)<sup>(b)</sup>  | 1128 | &nbsp;&nbsp; 187 |
| Altice France S.A. (France) | Altice France S.A. (France) | 21720 | &nbsp;&nbsp; 391180 |
|  |  |  | &nbsp;&nbsp; 391367 |
| Total Common Stocks & Other Equity Interests <br> (Cost $467,624) | Total Common Stocks & Other Equity Interests <br> (Cost $467,624) | Total Common Stocks & Other Equity Interests <br> (Cost $467,624) | &nbsp;&nbsp; 440509 |
| **Money Market Funds–3.54%** | **Money Market Funds–3.54%** | **Money Market Funds–3.54%** | **Money Market Funds–3.54%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(q)(r)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(q)(r)</sup>  | 456589 | &nbsp;&nbsp; 456589 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(q)(r)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(q)(r)</sup>  | 847951 | &nbsp;&nbsp; 847951 |
| Total Money Market Funds (Cost $1,304,540) | Total Money Market Funds (Cost $1,304,540) | Total Money Market Funds (Cost $1,304,540) | &nbsp;&nbsp; 1304540 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities on <br> loan)-98.54% (Cost $35,439,011)<br>|  |  | &nbsp;&nbsp; 36256726 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.67%** | **Money Market Funds–4.67%** | **Money Market Funds–4.67%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(q)(r)(s)</sup>  | 476928 | &nbsp;&nbsp; $476928 |
| Invesco Private Prime Fund, 3.88%<sup>(q)(r)(s)</sup>  | 1239662 | &nbsp;&nbsp; 1240034 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $1,716,962) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $1,716,962) | &nbsp;&nbsp; 1716962 |
| TOTAL INVESTMENTS IN SECURITIES–103.21% <br> (Cost $37,155,973) | TOTAL INVESTMENTS IN SECURITIES–103.21% <br> (Cost $37,155,973) | &nbsp;&nbsp; 37973688 |
| OTHER ASSETS LESS LIABILITIES—(3.21)% | OTHER ASSETS LESS LIABILITIES—(3.21)% | &nbsp;&nbsp; (1181765)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $36791923 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |
| SOFR | – Secured Overnight Financing Rate |
| Wts. | – Warrants |

---

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

**8**

**Invesco V.I. High Yield Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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, 2025 was $27,041,423, which represented 73.50% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(d)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(e)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(f)</sup> Zero coupon bond issued at a discount.

<sup>(g)</sup> Perpetual bond with no specified maturity date.

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at December 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> Restructured security not accruing interest income. The aggregate value of these securities at December 31, 2025 was $103,635, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(k)</sup> 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 Secured Overnight Financing Rate ("SOFR"), 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. 

<sup>(l)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(m)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(n)</sup> Restricted security. The value of this security at December 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(o)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(p)</sup> Non-income producing security.

<sup>(q)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| Invesco Short Term Treasury ETF | $- | &nbsp;&nbsp; $1583100 | &nbsp;&nbsp; $(1583656) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $556 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 1236437 | &nbsp;&nbsp; 38524920 | &nbsp;&nbsp; (39304768) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 456589 | &nbsp;&nbsp; 57025 |
| Invesco Treasury Portfolio, Institutional Class | 2300069 | &nbsp;&nbsp; 71546279 | &nbsp;&nbsp; (72998397) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 847951 | &nbsp;&nbsp; 105018 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1290 | &nbsp;&nbsp; 41318721 | &nbsp;&nbsp; (40843083) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 476928 | &nbsp;&nbsp; 65,326\* |
| Invesco Private Prime Fund | 2507 | &nbsp;&nbsp; 79392842 | &nbsp;&nbsp; (78156487) | &nbsp;&nbsp; - | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 1240034 | &nbsp;&nbsp; 176,935\* |
| Total | $3540303 | &nbsp;&nbsp; $232365862 | &nbsp;&nbsp; $(232886391) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1728 | &nbsp;&nbsp; $3021502 | &nbsp;&nbsp; $404304 |

---

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

<sup>(r)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(s)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1L. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/28/2026 | Canadian Imperial Bank of Commerce | USD | 2313480 | EUR | 2000000 | &nbsp;&nbsp;&nbsp; $39481 |
| 01/28/2026 | Canadian Imperial Bank of Commerce | USD | 174275 | GBP | 132000 | &nbsp;&nbsp;&nbsp; 3650 |
| 01/28/2026 | Royal Bank of Scotland PLC | USD | 117180 | GBP | 90000 | &nbsp;&nbsp;&nbsp; 4132 |
| 01/28/2026 | State Street Bank & Trust Co. | USD | 232925 | EUR | 200000 | &nbsp;&nbsp;&nbsp; 2371 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 49634 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/28/2026 | Barclays Bank PLC | EUR | 2499000 | USD | 2915570 | &nbsp;&nbsp;&nbsp; (24456)<br>|
| 01/28/2026 | Deutsche Bank AG | EUR | 100000 | USD | 116900 | &nbsp;&nbsp;&nbsp; (748)<br>|

---

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

**9**

**Invesco V.I. High Yield Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 01/28/2026 | Goldman Sachs International | EUR | 700000 | USD | 818330 | &nbsp;&nbsp;&nbsp; $(5207)<br>|
| 01/28/2026 | State Street Bank & Trust Co. | GBP | 171000 | USD | 228665 | &nbsp;&nbsp;&nbsp; (1828)<br>|
| 01/28/2026 | Toronto-Dominion Bank (The) | EUR | 13000 | USD | 14994 | &nbsp;&nbsp;&nbsp; (300)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (32539)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $17095 |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |

---

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

**10**

**Invesco V.I. High Yield Fund**

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**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $34,134,471)\*<br>| &nbsp;&nbsp; $34952186 |
| Investments in affiliated money market funds, at value <br> (Cost $3,021,502)<br>| &nbsp;&nbsp; 3021502 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 49634 |
| Cash | &nbsp;&nbsp; 2617 |
| Foreign currencies, at value (Cost $29,313) | &nbsp;&nbsp; 29755 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2231 |
| Fund shares sold | &nbsp;&nbsp; 35206 |
| Dividends | &nbsp;&nbsp; 6641 |
| Interest | &nbsp;&nbsp; 563856 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 48698 |
| Total assets | &nbsp;&nbsp; 38712326 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 9 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 32539 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 6513 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1716962 |
| Accrued fees to affiliates | &nbsp;&nbsp; 38867 |
| Accrued other operating expenses | &nbsp;&nbsp; 73873 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 51640 |
| Total liabilities | &nbsp;&nbsp; 1920403 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $36791923 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $66195862 |
| Distributable earnings (loss) | &nbsp;&nbsp; (29403939)<br>|
|  | &nbsp;&nbsp; $36791923 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $31556306 |
| Series II | &nbsp;&nbsp; $5235617 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 6654405 |
| Series II | &nbsp;&nbsp; 1121114 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $4.74 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $4.67 |

---

\* At December 31, 2025, securities with an aggregate value of $1,675,614 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $(2)) | &nbsp;&nbsp; $9056426 |
| Dividends | &nbsp;&nbsp; 237139 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $19,339)<br>| &nbsp;&nbsp; 181382 |
| Total investment income | &nbsp;&nbsp; 9474947 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 818881 |
| Administrative services fees | &nbsp;&nbsp; 218019 |
| Custodian fees | &nbsp;&nbsp; 21366 |
| Distribution fees - Series II | &nbsp;&nbsp; 247603 |
| Transfer agent fees | &nbsp;&nbsp; 7658 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22871 |
| Reports to shareholders | &nbsp;&nbsp; 10444 |
| Professional services fees | &nbsp;&nbsp; 76037 |
| Other | &nbsp;&nbsp; 1194 |
| Total expenses | &nbsp;&nbsp; 1424073 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (4578)<br>|
| Net expenses | &nbsp;&nbsp; 1419495 |
| Net investment income | &nbsp;&nbsp; 8055452 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2134085 |
| Affiliated investment securities | &nbsp;&nbsp; 1728 |
| Foreign currencies | &nbsp;&nbsp; 52701 |
| Forward foreign currency contracts | &nbsp;&nbsp; (186373)<br>|
| Swap agreements | &nbsp;&nbsp; (179928)<br>|
|  | &nbsp;&nbsp; 1822213 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (894388)<br>|
| Foreign currencies | &nbsp;&nbsp; 6545 |
| Forward foreign currency contracts | &nbsp;&nbsp; (40219)<br>|
| Swap agreements | &nbsp;&nbsp; 15506 |
|  | &nbsp;&nbsp; (912556)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 909657 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $8965109 |

---

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

**11**

**Invesco V.I. High Yield Fund**

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8055452 | &nbsp;&nbsp; $9612338 |
| Net realized gain | &nbsp;&nbsp; 1822213 | &nbsp;&nbsp; 1159649 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (912556)<br>| &nbsp;&nbsp; 254092 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8965109 | &nbsp;&nbsp; 11026079 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (2021790)<br>| &nbsp;&nbsp; (2248956)<br>|
| Series II | &nbsp;&nbsp; (8240725)<br>| &nbsp;&nbsp; (6372860)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (10262515)<br>| &nbsp;&nbsp; (8621816)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (1707334)<br>| &nbsp;&nbsp; (1399567)<br>|
| Series II | &nbsp;&nbsp; (112353583)<br>| &nbsp;&nbsp; 9013164 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (114060917)<br>| &nbsp;&nbsp; 7613597 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (115358323)<br>| &nbsp;&nbsp; 10017860 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 152150246 | &nbsp;&nbsp; 142132386 |
| End of year | &nbsp;&nbsp; $36791923 | &nbsp;&nbsp; $152150246 |

---

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

**12**

**Invesco V.I. High Yield Fund**

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**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $4.77 | $0.31 | $0.01 | $0.32 | $(0.35)<br>| $4.74 | 6.73<br> %<br>| $31556 | 0.90<br> %<br>| 0.90<br> %<br>| 6.33<br> %<br>| 191<br> %<br>|
| Year ended 12/31/24 | 4.69 | 0.32 | 0.04 | 0.36 | (0.28)<br>| 4.77 | 7.73 | 33329 | 0.91 | 0.91 | 6.56 | 134 |
| Year ended 12/31/23 | 4.50 | 0.31 | 0.13 | 0.44 | (0.25)<br>| 4.69 | 10.18 | 34106 | 0.88 | 0.88 | 6.58 | 151 |
| Year ended 12/31/22 | 5.23 | 0.23 | (0.73)<br>| (0.50)<br>| (0.23)<br>| 4.50 | (9.55)<br>| 46466 | 0.86 | 0.86 | 4.92 | 89 |
| Year ended 12/31/21 | 5.26 | 0.20 | 0.03 | 0.23 | (0.26)<br>| 5.23 | 4.38 | 40989 | 0.94 | 0.94 | 3.83 | 103 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 4.70 | 0.29 | 0.02 | 0.31 | (0.34)<br>| 4.67 | 6.58 | 5236 | 1.15 | 1.15 | 6.08 | 191 |
| Year ended 12/31/24 | 4.63 | 0.30 | 0.04 | 0.34 | (0.27)<br>| 4.70 | 7.37 | 118821 | 1.16 | 1.16 | 6.31 | 134 |
| Year ended 12/31/23 | 4.45 | 0.29 | 0.13 | 0.42 | (0.24)<br>| 4.63 | 9.77 | 108026 | 1.13 | 1.13 | 6.33 | 151 |
| Year ended 12/31/22 | 5.16 | 0.22 | (0.72)<br>| (0.50)<br>| (0.21)<br>| 4.45 | (9.55)<br>| 99637 | 1.11 | 1.11 | 4.67 | 89 |
| Year ended 12/31/21 | 5.20 | 0.19 | 0.02 | 0.21 | (0.25)<br>| 5.16 | 4.00 | 113869 | 1.19 | 1.19 | 3.58 | 103 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**13**

**Invesco V.I. High Yield Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

**14**

**Invesco V.I. High Yield Fund**

------

other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **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.

**K.** **Lower-Rated Securities** – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., "junk bonds". Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims.

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by

**15**

**Invesco V.I. High Yield Fund**

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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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

**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 net asset value ("NAV") per share 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

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**Invesco V.I. High Yield Fund**

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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.

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 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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 2025, if any, 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.** **Bank Loan Risk** — 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.

**Q.** **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".

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

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**Invesco V.I. High Yield Fund**

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Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% |
| Next $300 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 1.50% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $4,578.

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, 2025, Invesco was paid $21,626 for accounting and fund administrative services and was reimbursed $196,393 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's

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**Invesco V.I. High Yield Fund**

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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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29965521 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29965521 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2352536 | &nbsp;&nbsp;&nbsp;&nbsp; 186059 | &nbsp;&nbsp;&nbsp;&nbsp; 2538595 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1519536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1519536 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 488025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 488025 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 40864 | &nbsp;&nbsp;&nbsp;&nbsp; 399631 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 440509 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1304540 | &nbsp;&nbsp;&nbsp;&nbsp; 1716962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3021502 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1833429 | &nbsp;&nbsp;&nbsp;&nbsp; 35954186 | &nbsp;&nbsp;&nbsp;&nbsp; 186073 | &nbsp;&nbsp;&nbsp;&nbsp; 37973688 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49634 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32539)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17095 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1833429 | &nbsp;&nbsp;&nbsp;&nbsp; $35971281 | &nbsp;&nbsp;&nbsp;&nbsp; $186073 | &nbsp;&nbsp;&nbsp;&nbsp; $37990783 |

---

\* 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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $49634 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $49634 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(32539)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(32539)<br>|

---

**19**

**Invesco V.I. High Yield Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(24456)<br>| &nbsp;&nbsp;&nbsp; $(24456)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(24456)<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 43131 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 43131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43131 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (748)<br>| &nbsp;&nbsp;&nbsp; (748)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (748)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5207)<br>| &nbsp;&nbsp;&nbsp; (5207)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5207)<br>|
| Royal Bank of Scotland PLC | &nbsp;&nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4132 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 2371 | &nbsp;&nbsp;&nbsp; (1828)<br>| &nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 543 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (300)<br>|
| Total | &nbsp;&nbsp;&nbsp; $49634 | &nbsp;&nbsp;&nbsp; $(32539)<br>| &nbsp;&nbsp;&nbsp; $17095 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17095 |

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(186373)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(186373)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (146717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (33211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (179928)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (40219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (40219)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 12903 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp;&nbsp; 15506 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(133814)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(226592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(30608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(391014)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $4250283 | &nbsp;&nbsp;&nbsp;&nbsp; $4500000 |

---

**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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $10262515 | &nbsp;&nbsp;&nbsp;&nbsp; $8621816 |

---

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

**20**

**Invesco V.I. High Yield Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $8041799 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 763151 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 1770 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (31531)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (38179128)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 66195862 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $36791923 |

---

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 derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $8246456 | &nbsp;&nbsp;&nbsp;&nbsp; $29932672 | &nbsp;&nbsp;&nbsp;&nbsp; $38179128 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $230,805,764 and $343,268,421, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1015419 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (252268)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $763151 |

---

Cost of investments for tax purposes is $37,227,632.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions and amortization and accretion on debt securities, on December 31, 2025, undistributed net investment income was increased by $50,090 and undistributed net realized gain (loss) was decreased by $50,090. 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** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 5092052 | &nbsp;&nbsp;&nbsp; $24619444 | &nbsp;&nbsp;&nbsp; 3378878 | &nbsp;&nbsp;&nbsp; $16141544 |
| Series II | &nbsp;&nbsp;&nbsp; 2240884 | &nbsp;&nbsp;&nbsp; 10742948 | &nbsp;&nbsp;&nbsp; 2871640 | &nbsp;&nbsp;&nbsp; 13645590 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 429255 | &nbsp;&nbsp;&nbsp; 2021790 | &nbsp;&nbsp;&nbsp; 474463 | &nbsp;&nbsp;&nbsp; 2248956 |
| Series II | &nbsp;&nbsp;&nbsp; 1776018 | &nbsp;&nbsp;&nbsp; 8240725 | &nbsp;&nbsp;&nbsp; 1361722 | &nbsp;&nbsp;&nbsp; 6372860 |

---

**21**

**Invesco V.I. High Yield Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (5853949)<br>| &nbsp;&nbsp;&nbsp; $(28348568)<br>| &nbsp;&nbsp;&nbsp; (4141510)<br>| &nbsp;&nbsp;&nbsp; $(19790067)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (28153432)<br>| &nbsp;&nbsp;&nbsp; (131337256)<br>| &nbsp;&nbsp;&nbsp; (2315854)<br>| &nbsp;&nbsp;&nbsp; (11005286)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (24469172)<br>| &nbsp;&nbsp;&nbsp; $(114060917)<br>| &nbsp;&nbsp;&nbsp; 1629339 | &nbsp;&nbsp;&nbsp; $7613597 |

---

<sup>(a)</sup> 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.

**22**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers, agent banks and portfolio company investees; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**23**

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 1.26% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 83.21% |

---

\*

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

**24**

**Invesco V.I. High Yield Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**25**

**Invesco V.I. High Yield Fund**

------

![](imga21439ca1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. International Growth Fund**

Effective August 22, 2025, Invesco Oppenheimer V.I. International Growth Fund was renamed Invesco V.I. International Growth Fund.

------

---

| | |
|:---|:---|
| [2](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_SOI-Continued-719_1) | Schedule of Investments |
| [4](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_FS-Continued-719_1) | Financial Statements |
| [6](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_FS-Continued-719_3) | Financial Highlights |
| [7](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_NTF-Continued-719_1) | Notes to Financial Statements |
| [14](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_ARS-Continued-719_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_TI-Continued-719_1) | Tax Information |
| [16](#xx_b3c520a8-7f90-40a3-b54a-a3a5c3436705_OIRSR-Continued-719_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIIGR-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.55%** | **Common Stocks & Other Equity Interests–99.55%** | **Common Stocks & Other Equity Interests–99.55%** |
| **Belgium–1.20%** | **Belgium–1.20%** | **Belgium–1.20%** |
| Anheuser-Busch InBev S.A./N.V. | 58494 | &nbsp;&nbsp; $3754202 |
| **Brazil–0.30%** | **Brazil–0.30%** | **Brazil–0.30%** |
| MercadoLibre, Inc.<sup>(a)</sup>  | 465 | &nbsp;&nbsp; 936631 |
| **Canada–5.73%** | **Canada–5.73%** | **Canada–5.73%** |
| Alimentation Couche-Tard, Inc. | 73780 | &nbsp;&nbsp; 4029397 |
| Dollarama, Inc. | 62057 | &nbsp;&nbsp; 9274979 |
| Shopify, Inc., Class A<sup>(a)</sup>  | 28932 | &nbsp;&nbsp; 4657184 |
|  |  | &nbsp;&nbsp; 17961560 |
| **China–7.42%** | **China–7.42%** | **China–7.42%** |
| Alibaba Group Holding Ltd., ADR<sup>(b)</sup>  | 63093 | &nbsp;&nbsp; 9248172 |
| Contemporary Amperex Technology <br> Co. Ltd. | 36100 | &nbsp;&nbsp; 2347924 |
| Tencent Holdings Ltd. | 151800 | &nbsp;&nbsp; 11649668 |
|  |  | &nbsp;&nbsp; 23245764 |
| **Denmark–1.08%** | **Denmark–1.08%** | **Denmark–1.08%** |
| Orsted A/S<sup>(a)(c)</sup>  | 176861 | &nbsp;&nbsp; 3376164 |
| **France–13.33%** | **France–13.33%** | **France–13.33%** |
| Airbus SE | 23892 | &nbsp;&nbsp; 5548290 |
| EssilorLuxottica S.A. | 9176 | &nbsp;&nbsp; 2901431 |
| Hermes International S.C.A. | 1959 | &nbsp;&nbsp; 4863902 |
| L'Oreal S.A. | 6855 | &nbsp;&nbsp; 2942959 |
| LVMH Moet Hennessy Louis Vuitton SE | 8411 | &nbsp;&nbsp; 6339671 |
| Sartorius Stedim Biotech | 35777 | &nbsp;&nbsp; 8787599 |
| Schneider Electric SE | 17901 | &nbsp;&nbsp; 4897270 |
| Societe Generale S.A. | 68051 | &nbsp;&nbsp; 5478376 |
|  |  | &nbsp;&nbsp; 41759498 |
| **Germany–4.80%** | **Germany–4.80%** | **Germany–4.80%** |
| Allianz SE | 7601 | &nbsp;&nbsp; 3514529 |
| SAP SE | 16608 | &nbsp;&nbsp; 4035221 |
| Siemens AG | 26683 | &nbsp;&nbsp; 7473278 |
|  |  | &nbsp;&nbsp; 15023028 |
| **Guernsey–0.99%** | **Guernsey–0.99%** | **Guernsey–0.99%** |
| Super Group (SGHC) Ltd.<sup>(b)</sup>  | 258767 | &nbsp;&nbsp; 3092266 |
| **India–6.05%** | **India–6.05%** | **India–6.05%** |
| Dr Lal PathLabs Ltd.<sup>(c)</sup>  | 312542 | &nbsp;&nbsp; 5153362 |
| ICICI Bank Ltd. | 313433 | &nbsp;&nbsp; 4691019 |
| Reliance Industries Ltd. | 521249 | &nbsp;&nbsp; 9121136 |
|  |  | &nbsp;&nbsp; 18965517 |
| **Italy–2.59%** | **Italy–2.59%** | **Italy–2.59%** |
| FinecoBank Banca Fineco S.p.A. | 187701 | &nbsp;&nbsp; 4863249 |
| Ryanair Holdings PLC | 94310 | &nbsp;&nbsp; 3251580 |
|  |  | &nbsp;&nbsp; 8114829 |
| **Japan–9.21%** | **Japan–9.21%** | **Japan–9.21%** |
| Daikin Industries Ltd. | 33500 | &nbsp;&nbsp; 4284376 |
| Hitachi Ltd. | 172200 | &nbsp;&nbsp; 5400461 |
| Hoya Corp. | 37293 | &nbsp;&nbsp; 5656214 |
| Keyence Corp. | 9624 | &nbsp;&nbsp; 3481239 |
| Mitsubishi UFJ Financial Group, Inc. | 321100 | &nbsp;&nbsp; 5096201 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
| Nintendo Co. Ltd. | 43500 | &nbsp;&nbsp; $2936881 |
| OBIC Business Consultants Co. Ltd. | 37300 | &nbsp;&nbsp; 2013339 |
|  |  | &nbsp;&nbsp; 28868711 |
| **Netherlands–4.94%** | **Netherlands–4.94%** | **Netherlands–4.94%** |
| argenx SE, ADR<sup>(a)</sup>  | 2499 | &nbsp;&nbsp; 2101534 |
| ASML Holding N.V. | 6830 | &nbsp;&nbsp; 7359463 |
| Universal Music Group N.V. | 230747 | &nbsp;&nbsp; 6015536 |
|  |  | &nbsp;&nbsp; 15476533 |
| **South Korea–1.02%** | **South Korea–1.02%** | **South Korea–1.02%** |
| Samsung Electronics Co. Ltd. | 38273 | &nbsp;&nbsp; 3207847 |
| **Spain–1.25%** | **Spain–1.25%** | **Spain–1.25%** |
| Banco Santander S.A. | 333254 | &nbsp;&nbsp; 3922562 |
| **Switzerland–5.04%** | **Switzerland–5.04%** | **Switzerland–5.04%** |
| Lonza Group AG | 10274 | &nbsp;&nbsp; 6926933 |
| Sika AG | 16418 | &nbsp;&nbsp; 3333271 |
| Straumann Holding AG | 47214 | &nbsp;&nbsp; 5514778 |
|  |  | &nbsp;&nbsp; 15774982 |
| **Taiwan–5.88%** | **Taiwan–5.88%** | **Taiwan–5.88%** |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 375000 | &nbsp;&nbsp; 18433971 |
| **United Kingdom–14.30%** | **United Kingdom–14.30%** | **United Kingdom–14.30%** |
| AstraZeneca PLC | 48099 | &nbsp;&nbsp; 8901167 |
| BAE Systems PLC | 365235 | &nbsp;&nbsp; 8405905 |
| Compass Group PLC | 182158 | &nbsp;&nbsp; 5771688 |
| Flutter Entertainment PLC<sup>(a)</sup>  | 15510 | &nbsp;&nbsp; 3350532 |
| HSBC Holdings PLC | 301085 | &nbsp;&nbsp; 4737853 |
| RELX PLC | 89695 | &nbsp;&nbsp; 3613526 |
| Rightmove PLC | 450812 | &nbsp;&nbsp; 3149691 |
| RS Group PLC | 450371 | &nbsp;&nbsp; 3775975 |
| Trainline PLC<sup>(a)(c)</sup>  | 1042695 | &nbsp;&nbsp; 3091399 |
|  |  | &nbsp;&nbsp; 44797736 |
| **United States–14.42%** | **United States–14.42%** | **United States–14.42%** |
| Accenture PLC, Class A | 15594 | &nbsp;&nbsp; 4183870 |
| ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | 4726 | &nbsp;&nbsp; 516599 |
| Booking Holdings, Inc. | 854 | &nbsp;&nbsp; 4573452 |
| EPAM Systems, Inc.<sup>(a)</sup>  | 48640 | &nbsp;&nbsp; 9965363 |
| Experian PLC | 124250 | &nbsp;&nbsp; 5602005 |
| Ferguson Enterprises, Inc. | 23675 | &nbsp;&nbsp; 5249017 |
| Illumina, Inc.<sup>(a)</sup>  | 44162 | &nbsp;&nbsp; 5792288 |
| ResMed, Inc.<sup>(b)</sup>  | 38591 | &nbsp;&nbsp; 9295414 |
|  |  | &nbsp;&nbsp; 45178008 |
| Total Common Stocks & Other Equity Interests <br> (Cost $210,183,689) | Total Common Stocks & Other Equity Interests <br> (Cost $210,183,689) | &nbsp;&nbsp; 311889809 |
| **Money Market Funds–0.89%** | **Money Market Funds–0.89%** | **Money Market Funds–0.89%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 972109 | &nbsp;&nbsp; 972109 |

---

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

**2**

**Invesco V.I. International Growth Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 1805346 | &nbsp;&nbsp; $1805346 |
| Total Money Market Funds (Cost $2,777,455) | Total Money Market Funds (Cost $2,777,455) | Total Money Market Funds (Cost $2,777,455) | &nbsp;&nbsp; 2777455 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.44% <br> (Cost $212,961,144)<br>|  |  | &nbsp;&nbsp; 314667264 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–8.07%** | **Money Market Funds–8.07%** | **Money Market Funds–8.07%** | **Money Market Funds–8.07%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 7023178 | &nbsp;&nbsp; 7023178 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 18256940 | &nbsp;&nbsp; $18262417 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,285,595) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,285,595) | &nbsp;&nbsp; 25285595 |
| TOTAL INVESTMENTS IN SECURITIES—108.51% <br> (Cost $238,246,739) | TOTAL INVESTMENTS IN SECURITIES—108.51% <br> (Cost $238,246,739) | &nbsp;&nbsp; 339952859 |
| OTHER ASSETS LESS LIABILITIES–(8.51)% | OTHER ASSETS LESS LIABILITIES–(8.51)% | &nbsp;&nbsp; (26667520)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $313285339 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> 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, 2025 was $11,620,925, which represented 3.71% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1705471 | &nbsp;&nbsp; $38790543 | &nbsp;&nbsp; $(39523905) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $972109 | &nbsp;&nbsp; $55251 |
| Invesco Treasury Portfolio, Institutional Class | 3167303 | &nbsp;&nbsp; 72039579 | &nbsp;&nbsp; (73401536) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1805346 | &nbsp;&nbsp; 101616 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1928275 | &nbsp;&nbsp; 135292646 | &nbsp;&nbsp; (130197743) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7023178 | &nbsp;&nbsp; 168,366\* |
| Invesco Private Prime Fund | 5070042 | &nbsp;&nbsp; 239772397 | &nbsp;&nbsp; (226579819) | &nbsp;&nbsp; - | (203) | &nbsp;&nbsp; 18262417 | &nbsp;&nbsp; 459,882\* |
| Total | $11871091 | &nbsp;&nbsp; $485895165 | &nbsp;&nbsp; $(469703003) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(203) | &nbsp;&nbsp; $28063050 | &nbsp;&nbsp; $785115 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. International Growth Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $210,183,689)\*<br>| &nbsp;&nbsp; $311889809 |
| Investments in affiliated money market funds, at value <br> (Cost $28,063,050)<br>| &nbsp;&nbsp; 28063050 |
| Cash | &nbsp;&nbsp; 500000 |
| Foreign currencies, at value (Cost $22,092) | &nbsp;&nbsp; 22068 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 75877 |
| Fund shares sold | &nbsp;&nbsp; 14373 |
| Dividends | &nbsp;&nbsp; 423720 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 51758 |
| Other assets | &nbsp;&nbsp; 35 |
| Total assets | &nbsp;&nbsp; 341040690 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1315940 |
| Accrued foreign taxes | &nbsp;&nbsp; 895097 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 25285595 |
| Accrued fees to affiliates | &nbsp;&nbsp; 164258 |
| Accrued other operating expenses | &nbsp;&nbsp; 42703 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 51758 |
| Total liabilities | &nbsp;&nbsp; 27755351 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $313285339 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $154907443 |
| Distributable earnings | &nbsp;&nbsp; 158377896 |
|  | &nbsp;&nbsp; $313285339 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $170742658 |
| Series II | &nbsp;&nbsp; $142542681 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 88230580 |
| Series II | &nbsp;&nbsp; 68865573 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $1.94 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $2.07 |

---

\* At December 31, 2025, securities with an aggregate value of $19,409,555 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $375,191) | &nbsp;&nbsp; $4386665 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $43,986)<br>| &nbsp;&nbsp; 200853 |
| Total investment income | &nbsp;&nbsp; 4587518 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3007539 |
| Administrative services fees | &nbsp;&nbsp; 510900 |
| Custodian fees | &nbsp;&nbsp; 34229 |
| Distribution fees - Series II | &nbsp;&nbsp; 353788 |
| Transfer agent fees | &nbsp;&nbsp; 15366 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23994 |
| Reports to shareholders | &nbsp;&nbsp; 10839 |
| Professional services fees | &nbsp;&nbsp; 65156 |
| Other | &nbsp;&nbsp; 4736 |
| Total expenses | &nbsp;&nbsp; 4026547 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (563964)<br>|
| Net expenses | &nbsp;&nbsp; 3462583 |
| Net investment income | &nbsp;&nbsp; 1124935 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 59426775 |
| Affiliated investment securities | &nbsp;&nbsp; (203)<br>|
| Foreign currencies | &nbsp;&nbsp; 64243 |
| Forward foreign currency contracts | &nbsp;&nbsp; (5000)<br>|
|  | &nbsp;&nbsp; 59485815 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $183,436)<br>| &nbsp;&nbsp; (14738499)<br>|
| Foreign currencies | &nbsp;&nbsp; 29537 |
|  | &nbsp;&nbsp; (14708962)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 44776853 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $45901788 |

---

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

**4**

**Invesco V.I. International Growth Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1124935 | &nbsp;&nbsp; $798135 |
| Net realized gain | &nbsp;&nbsp; 59485815 | &nbsp;&nbsp; 28380021 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (14708962)<br>| &nbsp;&nbsp; (33425466)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 45901788 | &nbsp;&nbsp; (4247310)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (16264026)<br>| &nbsp;&nbsp; (13137309)<br>|
| Series II | &nbsp;&nbsp; (12464612)<br>| &nbsp;&nbsp; (9866891)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (28728638)<br>| &nbsp;&nbsp; (23004200)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (6901798)<br>| &nbsp;&nbsp; (5015291)<br>|
| Series II | &nbsp;&nbsp; (3729613)<br>| &nbsp;&nbsp; (6541517)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10631411)<br>| &nbsp;&nbsp; (11556808)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 6541739 | &nbsp;&nbsp; (38808318)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 306743600 | &nbsp;&nbsp; 345551918 |
| End of year | &nbsp;&nbsp; $313285339 | &nbsp;&nbsp; $306743600 |

---

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

**5**

**Invesco V.I. International Growth Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $1.84 | $0.01 | $0.29 | $0.30 | $(0.01)<br>| $(0.19)<br>| $(0.20)<br>| $1.94 | 16.32<br> %<br>| &nbsp;&nbsp; $170743 | 1.00<br> %<br>| 1.18<br> %<br>| 0.47<br> %<br>| 56<br> %<br>|
| Year ended 12/31/24 | 2.02 | 0.01 | (0.04)<br>| (0.03)<br>| (0.01)<br>| (0.14)<br>| (0.15)<br>| 1.84 | (1.67)<br>| &nbsp;&nbsp; 168492 | 1.00 | 1.18 | 0.35 | 18 |
| Year ended 12/31/23 | 1.68 | 0.01 | 0.34 | 0.35 | (0.01)<br>|  | (0.01)<br>| 2.02 | 21.06 | &nbsp;&nbsp; 188898 | 1.00 | 1.17 | 0.35 | 15 |
| Year ended 12/31/22 | 2.92 | 0.01 | (0.83)<br>| (0.82)<br>|  | (0.42)<br>| (0.42)<br>| 1.68 | (27.13)<br>| &nbsp;&nbsp; 167154 | 1.00 | 1.18 | 0.51 | 26 |
| Year ended 12/31/21 | 2.91 | (0.00)<br>| 0.30 | 0.30 |  | (0.29)<br>| (0.29)<br>| 2.92 | 10.22 | &nbsp;&nbsp; 235425 | 1.00 | 1.13 | (0.16)<br>| 22 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 1.96 | 0.00 | 0.30 | 0.30 | (0.00)<br>| (0.19)<br>| (0.19)<br>| 2.07 | 15.53 | &nbsp;&nbsp; 142543 | 1.25 | 1.43 | 0.22 | 56 |
| Year ended 12/31/24 | 2.14 | 0.00 | (0.03)<br>| (0.03)<br>| (0.01)<br>| (0.14)<br>| (0.15)<br>| 1.96 | (1.81)<br>| &nbsp;&nbsp; 138252 | 1.25 | 1.43 | 0.10 | 18 |
| Year ended 12/31/23 | 1.78 | 0.00 | 0.37 | 0.37 | (0.01)<br>|  | (0.01)<br>| 2.14 | 20.64 | &nbsp;&nbsp; 156654 | 1.25 | 1.42 | 0.10 | 15 |
| Year ended 12/31/22 | 3.06 | 0.01 | (0.87)<br>| (0.86)<br>|  | (0.42)<br>| (0.42)<br>| 1.78 | (27.17)<br>| &nbsp;&nbsp; 147359 | 1.25 | 1.43 | 0.26 | 26 |
| Year ended 12/31/21 | 3.04 | (0.01)<br>| 0.32 | 0.31 |  | (0.29)<br>| (0.29)<br>| 3.06 | 10.12 | &nbsp;&nbsp; 208901 | 1.25 | 1.38 | (0.41)<br>| 22 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. International Growth Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. International Growth Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. International Growth Fund**

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $1,547 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **Other Risks** - Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

**9**

**Invesco V.I. International Growth Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.820% |

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\* 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, 2025, the effective advisory fee rate incurred by the Fund was 0.97%.

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

The Adviser has contractually agreed, through at least April 30, 2027, 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 and Series II shares to 1.00% and 1.25%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $563,964.

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, 2025, Invesco was paid $44,117 for accounting and fund administrative services and was reimbursed $466,783 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

**10**

**Invesco V.I. International Growth Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3754202 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3754202 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 936631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936631 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 17961560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17961560 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 9248172 | &nbsp;&nbsp;&nbsp;&nbsp; 13997592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23245764 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3376164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3376164 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41759498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41759498 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15023028 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15023028 |
| Guernsey | &nbsp;&nbsp;&nbsp;&nbsp; 3092266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3092266 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18965517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18965517 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8114829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8114829 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28868711 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28868711 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 2101534 | &nbsp;&nbsp;&nbsp;&nbsp; 13374999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15476533 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3207847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3207847 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3922562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3922562 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15774982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15774982 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18433971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18433971 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44797736 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44797736 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 34326986 | &nbsp;&nbsp;&nbsp;&nbsp; 10851022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45178008 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2777455 | &nbsp;&nbsp;&nbsp;&nbsp; 25285595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28063050 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $70444604 | &nbsp;&nbsp;&nbsp;&nbsp; $269508255 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $339952859 |

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**NOTE 4—Derivative Investments**

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

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

**Effect of Derivative Investments for the year ended December 31, 2025**

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

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(5000)<br>|

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $992849 |

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**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.

**11**

**Invesco V.I. International Growth Fund**

------

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1089401 | &nbsp;&nbsp;&nbsp;&nbsp; $1798631 |
| Long-term capital gain | &nbsp;&nbsp; 27639237 | &nbsp;&nbsp;&nbsp;&nbsp; 21205569 |
| Total distributions | &nbsp;&nbsp; $28728638 | &nbsp;&nbsp;&nbsp;&nbsp; $23004200 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $2264513 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 56611707 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 99528991 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 13897 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (41212)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 154907443 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $313285339 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $172,494,865 and $206,216,493, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $106162949 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6633958)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $99528991 |

---

Cost of investments for tax purposes is $240,423,868.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2025, undistributed net investment income was increased by $64,244 and undistributed net realized gain was decreased by $64,244. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 6662248 | &nbsp;&nbsp;&nbsp; $13065243 | &nbsp;&nbsp;&nbsp; 6124414 | &nbsp;&nbsp;&nbsp; $12441442 |
| Series II | &nbsp;&nbsp;&nbsp; 4924854 | &nbsp;&nbsp;&nbsp; 10335101 | &nbsp;&nbsp;&nbsp; 5423611 | &nbsp;&nbsp;&nbsp; 11708030 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 8383518 | &nbsp;&nbsp;&nbsp; 16264026 | &nbsp;&nbsp;&nbsp; 6771809 | &nbsp;&nbsp;&nbsp; 13137309 |
| Series II | &nbsp;&nbsp;&nbsp; 6021552 | &nbsp;&nbsp;&nbsp; 12464612 | &nbsp;&nbsp;&nbsp; 4789753 | &nbsp;&nbsp;&nbsp; 9866891 |

---

**12**

**Invesco V.I. International Growth Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (18266657)<br>| &nbsp;&nbsp;&nbsp; $(36231067)<br>| &nbsp;&nbsp;&nbsp; (14996466)<br>| &nbsp;&nbsp;&nbsp; $(30594042)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (12657585)<br>| &nbsp;&nbsp;&nbsp; (26529326)<br>| &nbsp;&nbsp;&nbsp; (12927381)<br>| &nbsp;&nbsp;&nbsp; (28116438)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (4932070)<br>| &nbsp;&nbsp;&nbsp; $(10631411)<br>| &nbsp;&nbsp;&nbsp; (4814260)<br>| &nbsp;&nbsp;&nbsp; $(11556808)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% 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.

**13**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**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 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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $27639237 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 8.09% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. International Growth Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. International Growth Fund**

------

![](img93d77a8d1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

---

| | |
|:---|:---|
| [2](#xx_2d543326-5759-4177-a72e-b7c25de4a538_SOI-Continued-720_1) | Schedule of Investments |
| [5](#xx_2d543326-5759-4177-a72e-b7c25de4a538_FS-Continued-720_1) | Financial Statements |
| [7](#xx_2d543326-5759-4177-a72e-b7c25de4a538_FS-Continued-720_3) | Financial Highlights |
| [8](#xx_2d543326-5759-4177-a72e-b7c25de4a538_NTF-Continued-720_1) | Notes to Financial Statements |
| [14](#xx_2d543326-5759-4177-a72e-b7c25de4a538_ARS-Continued-720_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_2d543326-5759-4177-a72e-b7c25de4a538_TI-Continued-720_1) | Tax Information |
| [16](#xx_2d543326-5759-4177-a72e-b7c25de4a538_OIRSR-Continued-720_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIMST-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.74%** | **Common Stocks & Other Equity Interests–99.74%** | **Common Stocks & Other Equity Interests–99.74%** |
| **Aerospace & Defense–2.76%** | **Aerospace & Defense–2.76%** | **Aerospace & Defense–2.76%** |
| Airbus SE (France) | 12584 | &nbsp;&nbsp; $2922304 |
| Boeing Co. (The)<sup>(b)</sup>  | 23285 | &nbsp;&nbsp; 5055639 |
| General Electric Co. | 23121 | &nbsp;&nbsp; 7121962 |
|  |  | &nbsp;&nbsp; 15099905 |
| **Application Software–1.38%** | **Application Software–1.38%** | **Application Software–1.38%** |
| HubSpot, Inc.<sup>(b)</sup>  | 4243 | &nbsp;&nbsp; 1702716 |
| Intuit, Inc. | 8827 | &nbsp;&nbsp; 5847181 |
|  |  | &nbsp;&nbsp; 7549897 |
| **Asset Management & Custody Banks–0.79%** | **Asset Management & Custody Banks–0.79%** | **Asset Management & Custody Banks–0.79%** |
| KKR & Co., Inc., Class A | 33847 | &nbsp;&nbsp; 4314815 |
| **Automobile Manufacturers–1.21%** | **Automobile Manufacturers–1.21%** | **Automobile Manufacturers–1.21%** |
| Tesla, Inc.<sup>(b)</sup>  | 14649 | &nbsp;&nbsp; 6587948 |
| **Biotechnology–1.47%** | **Biotechnology–1.47%** | **Biotechnology–1.47%** |
| AbbVie, Inc. | 35166 | &nbsp;&nbsp; 8035079 |
| **Broadline Retail–4.65%** | **Broadline Retail–4.65%** | **Broadline Retail–4.65%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 110213 | &nbsp;&nbsp; 25439365 |
| **Building Products–0.61%** | **Building Products–0.61%** | **Building Products–0.61%** |
| Johnson Controls International PLC | 27985 | &nbsp;&nbsp; 3351204 |
| **Construction Materials–0.66%** | **Construction Materials–0.66%** | **Construction Materials–0.66%** |
| CRH PLC | 28835 | &nbsp;&nbsp; 3598608 |
| **Consumer Finance–2.12%** | **Consumer Finance–2.12%** | **Consumer Finance–2.12%** |
| American Express Co. | 18913 | &nbsp;&nbsp; 6996864 |
| Capital One Financial Corp. | 18983 | &nbsp;&nbsp; 4600720 |
|  |  | &nbsp;&nbsp; 11597584 |
| **Consumer Staples Merchandise Retail–2.18%** | **Consumer Staples Merchandise Retail–2.18%** | **Consumer Staples Merchandise Retail–2.18%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup>  | 24151 | &nbsp;&nbsp; 2174314 |
| Walmart, Inc. | 87607 | &nbsp;&nbsp; 9760296 |
|  |  | &nbsp;&nbsp; 11934610 |
| **Diversified Banks–2.97%** | **Diversified Banks–2.97%** | **Diversified Banks–2.97%** |
| JPMorgan Chase & Co. | 50457 | &nbsp;&nbsp; 16258254 |
| **Diversified Financial Services–1.03%** | **Diversified Financial Services–1.03%** | **Diversified Financial Services–1.03%** |
| Equitable Holdings, Inc. | 118344 | &nbsp;&nbsp; 5639092 |
| **Electric Utilities–1.41%** | **Electric Utilities–1.41%** | **Electric Utilities–1.41%** |
| Constellation Energy Corp. | 6001 | &nbsp;&nbsp; 2119973 |
| PPL Corp. | 160221 | &nbsp;&nbsp; 5610940 |
|  |  | &nbsp;&nbsp; 7730913 |
| **Electrical Components & Equipment–1.30%** | **Electrical Components & Equipment–1.30%** | **Electrical Components & Equipment–1.30%** |
| Emerson Electric Co. | 10855 | &nbsp;&nbsp; 1440676 |
| Hubbell, Inc. | 12755 | &nbsp;&nbsp; 5664623 |
|  |  | &nbsp;&nbsp; 7105299 |
| **Environmental & Facilities Services–0.62%** | **Environmental & Facilities Services–0.62%** | **Environmental & Facilities Services–0.62%** |
| Republic Services, Inc.<sup>(c)</sup>  | 16018 | &nbsp;&nbsp; 3394695 |
| **Fertilizers & Agricultural Chemicals–0.59%** | **Fertilizers & Agricultural Chemicals–0.59%** | **Fertilizers & Agricultural Chemicals–0.59%** |
| Corteva, Inc. | 47955 | &nbsp;&nbsp; 3214424 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Gas Utilities–1.19%** | **Gas Utilities–1.19%** | **Gas Utilities–1.19%** |
| Atmos Energy Corp. | 38679 | &nbsp;&nbsp; $6483761 |
| **Health Care Distributors–0.97%** | **Health Care Distributors–0.97%** | **Health Care Distributors–0.97%** |
| Cencora, Inc. | 15739 | &nbsp;&nbsp; 5315847 |
| **Health Care Equipment–2.61%** | **Health Care Equipment–2.61%** | **Health Care Equipment–2.61%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 62943 | &nbsp;&nbsp; 6001615 |
| Medtronic PLC | 86137 | &nbsp;&nbsp; 8274320 |
|  |  | &nbsp;&nbsp; 14275935 |
| **Health Care Facilities–0.62%** | **Health Care Facilities–0.62%** | **Health Care Facilities–0.62%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 16950 | &nbsp;&nbsp; 3368304 |
| **Health Care REITs–0.57%** | **Health Care REITs–0.57%** | **Health Care REITs–0.57%** |
| Welltower, Inc. | 16798 | &nbsp;&nbsp; 3117877 |
| **Health Care Services–1.06%** | **Health Care Services–1.06%** | **Health Care Services–1.06%** |
| CVS Health Corp. | 72951 | &nbsp;&nbsp; 5789391 |
| **Health Care Supplies–0.63%** | **Health Care Supplies–0.63%** | **Health Care Supplies–0.63%** |
| Medline Inc., Class A<sup>(b)</sup>  | 82252 | &nbsp;&nbsp; 3454584 |
| **Homebuilding–0.52%** | **Homebuilding–0.52%** | **Homebuilding–0.52%** |
| D.R. Horton, Inc. | 19644 | &nbsp;&nbsp; 2829325 |
| **Hotels, Resorts & Cruise Lines–0.98%** | **Hotels, Resorts & Cruise Lines–0.98%** | **Hotels, Resorts & Cruise Lines–0.98%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 19150 | &nbsp;&nbsp; 5341318 |
| **Industrial Gases–0.85%** | **Industrial Gases–0.85%** | **Industrial Gases–0.85%** |
| Linde PLC | 10869 | &nbsp;&nbsp; 4634433 |
| **Industrial Machinery & Supplies & Components–1.77%** | **Industrial Machinery & Supplies & Components–1.77%** | **Industrial Machinery & Supplies & Components–1.77%** |
| Otis Worldwide Corp. | 44909 | &nbsp;&nbsp; 3922801 |
| Parker-Hannifin Corp. | 6561 | &nbsp;&nbsp; 5766857 |
|  |  | &nbsp;&nbsp; 9689658 |
| **Industrial REITs–1.01%** | **Industrial REITs–1.01%** | **Industrial REITs–1.01%** |
| Prologis, Inc. | 43360 | &nbsp;&nbsp; 5535338 |
| **Insurance Brokers–0.61%** | **Insurance Brokers–0.61%** | **Insurance Brokers–0.61%** |
| Arthur J. Gallagher & Co. | 12943 | &nbsp;&nbsp; 3349519 |
| **Integrated Oil & Gas–1.83%** | **Integrated Oil & Gas–1.83%** | **Integrated Oil & Gas–1.83%** |
| Chevron Corp. | 45090 | &nbsp;&nbsp; 6872167 |
| Suncor Energy, Inc. (Canada) | 71049 | &nbsp;&nbsp; 3151733 |
|  |  | &nbsp;&nbsp; 10023900 |
| **Interactive Media & Services–10.98%** | **Interactive Media & Services–10.98%** | **Interactive Media & Services–10.98%** |
| Alphabet, Inc., Class A | 120269 | &nbsp;&nbsp; 37644197 |
| Meta Platforms, Inc., Class A | 33844 | &nbsp;&nbsp; 22340086 |
|  |  | &nbsp;&nbsp; 59984283 |
| **Internet Services & Infrastructure–0.49%** | **Internet Services & Infrastructure–0.49%** | **Internet Services & Infrastructure–0.49%** |
| MongoDB, Inc.<sup>(b)</sup>  | 6324 | &nbsp;&nbsp; 2654120 |
| **Investment Banking & Brokerage–1.86%** | **Investment Banking & Brokerage–1.86%** | **Investment Banking & Brokerage–1.86%** |
| Charles Schwab Corp. (The) | 101598 | &nbsp;&nbsp; 10150656 |
| **Life Sciences Tools & Services–0.69%** | **Life Sciences Tools & Services–0.69%** | **Life Sciences Tools & Services–0.69%** |
| Lonza Group AG (Switzerland) | 5571 | &nbsp;&nbsp; 3756078 |

---

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

**2**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–1.44%** | **Movies & Entertainment–1.44%** | **Movies & Entertainment–1.44%** |
| Walt Disney Co. (The) | 68966 | &nbsp;&nbsp; $7846262 |
| **Multi-Utilities–0.53%** | **Multi-Utilities–0.53%** | **Multi-Utilities–0.53%** |
| Ameren Corp. | 29146 | &nbsp;&nbsp; 2910520 |
| **Oil & Gas Storage & Transportation–0.69%** | **Oil & Gas Storage & Transportation–0.69%** | **Oil & Gas Storage & Transportation–0.69%** |
| Cheniere Energy, Inc. | 19366 | &nbsp;&nbsp; 3764557 |
| **Passenger Ground Transportation–1.33%** | **Passenger Ground Transportation–1.33%** | **Passenger Ground Transportation–1.33%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 88681 | &nbsp;&nbsp; 7246124 |
| **Personal Care Products–0.64%** | **Personal Care Products–0.64%** | **Personal Care Products–0.64%** |
| Estee Lauder Cos., Inc. (The), Class A | 33490 | &nbsp;&nbsp; 3507073 |
| **Pharmaceuticals–2.15%** | **Pharmaceuticals–2.15%** | **Pharmaceuticals–2.15%** |
| AstraZeneca PLC, ADR (United Kingdom) | 10750 | &nbsp;&nbsp; 988248 |
| Eli Lilly and Co. | 10005 | &nbsp;&nbsp; 10752173 |
|  |  | &nbsp;&nbsp; 11740421 |
| **Property & Casualty Insurance–1.00%** | **Property & Casualty Insurance–1.00%** | **Property & Casualty Insurance–1.00%** |
| American International Group, Inc. | 63740 | &nbsp;&nbsp; 5452957 |
| **Restaurants–1.21%** | **Restaurants–1.21%** | **Restaurants–1.21%** |
| Yum! Brands, Inc. | 43886 | &nbsp;&nbsp; 6639074 |
| **Semiconductor Materials & Equipment–1.33%** | **Semiconductor Materials & Equipment–1.33%** | **Semiconductor Materials & Equipment–1.33%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 6776 | &nbsp;&nbsp; 7249371 |
| **Semiconductors–13.17%** | **Semiconductors–13.17%** | **Semiconductors–13.17%** |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup>  | 13269 | &nbsp;&nbsp; 1450434 |
| Broadcom, Inc. | 52520 | &nbsp;&nbsp; 18177172 |
| NVIDIA Corp. | 260202 | &nbsp;&nbsp; 48527673 |
| Texas Instruments, Inc. | 21950 | &nbsp;&nbsp; 3808106 |
|  |  | &nbsp;&nbsp; 71963385 |
| **Soft Drinks & Non-alcoholic Beverages–1.24%** | **Soft Drinks & Non-alcoholic Beverages–1.24%** | **Soft Drinks & Non-alcoholic Beverages–1.24%** |
| Coca-Cola Co. (The) | 96770 | &nbsp;&nbsp; 6765191 |
| **Specialty Chemicals–0.44%** | **Specialty Chemicals–0.44%** | **Specialty Chemicals–0.44%** |
| DuPont de Nemours, Inc. | 59690 | &nbsp;&nbsp; 2399538 |
| **Systems Software–8.58%** | **Systems Software–8.58%** | **Systems Software–8.58%** |
| Microsoft Corp. | 86868 | &nbsp;&nbsp; 42011102 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 31745 | &nbsp;&nbsp; $4863017 |
|  |  |  | &nbsp;&nbsp; 46874119 |
| **Technology Hardware, Storage & Peripherals–6.55%** | **Technology Hardware, Storage & Peripherals–6.55%** | **Technology Hardware, Storage & Peripherals–6.55%** | **Technology Hardware, Storage & Peripherals–6.55%** |
| Apple, Inc. | Apple, Inc. | 131612 | &nbsp;&nbsp; 35780038 |
| **Telecom Tower REITs–0.44%** | **Telecom Tower REITs–0.44%** | **Telecom Tower REITs–0.44%** | **Telecom Tower REITs–0.44%** |
| American Tower Corp. | American Tower Corp. | 13776 | &nbsp;&nbsp; 2418652 |
| **Tobacco–2.08%** | **Tobacco–2.08%** | **Tobacco–2.08%** | **Tobacco–2.08%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 70786 | &nbsp;&nbsp; 11354074 |
| **Transaction & Payment Processing Services–1.93%** | **Transaction & Payment Processing Services–1.93%** | **Transaction & Payment Processing Services–1.93%** | **Transaction & Payment Processing Services–1.93%** |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 18508 | &nbsp;&nbsp; 10565847 |
| Total Common Stocks & Other Equity Interests <br> (Cost $295,765,022) | Total Common Stocks & Other Equity Interests <br> (Cost $295,765,022) | Total Common Stocks & Other Equity Interests <br> (Cost $295,765,022) | &nbsp;&nbsp; 545083222 |
| **Money Market Funds–0.13%** | **Money Market Funds–0.13%** | **Money Market Funds–0.13%** | **Money Market Funds–0.13%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 251138 | &nbsp;&nbsp; 251138 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(d)(e)</sup>  | 466400 | &nbsp;&nbsp; 466400 |
| Total Money Market Funds (Cost $717,538) | Total Money Market Funds (Cost $717,538) | Total Money Market Funds (Cost $717,538) | &nbsp;&nbsp; 717538 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-99.87% (Cost $296,482,560)<br>|  |  | &nbsp;&nbsp; 545800760 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 851434 | &nbsp;&nbsp; 851434 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 2213189 | &nbsp;&nbsp; 2213853 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,065,287) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,065,287) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,065,287) | &nbsp;&nbsp; 3065287 |
| TOTAL INVESTMENTS IN SECURITIES–100.43% <br> (Cost $299,547,847) | TOTAL INVESTMENTS IN SECURITIES–100.43% <br> (Cost $299,547,847) | TOTAL INVESTMENTS IN SECURITIES–100.43% <br> (Cost $299,547,847) | &nbsp;&nbsp; 548866047 |
| OTHER ASSETS LESS LIABILITIES—(0.43)% | OTHER ASSETS LESS LIABILITIES—(0.43)% | OTHER ASSETS LESS LIABILITIES—(0.43)% | &nbsp;&nbsp; (2338987)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $546527060 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1612411 | &nbsp;&nbsp; $49216378 | &nbsp;&nbsp; $(50577651) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $251138 | &nbsp;&nbsp; $47981 |
| Invesco Treasury Portfolio, Institutional Class | 2994479 | &nbsp;&nbsp; 91401845 | &nbsp;&nbsp; (93929924) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 466400 | &nbsp;&nbsp; 88285 |

---

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

**3**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **December 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $939637 | &nbsp;&nbsp; $168385978 | &nbsp;&nbsp; $(168474181) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $851434 | &nbsp;&nbsp; $173,516\* |
| Invesco Private Prime Fund | 2491576 | &nbsp;&nbsp; 376266666 | &nbsp;&nbsp; (376544149) | &nbsp;&nbsp; - | (240) | &nbsp;&nbsp; 2213853 | &nbsp;&nbsp; 464,610\* |
| Total | $8038103 | &nbsp;&nbsp; $685270867 | &nbsp;&nbsp; $(689525905) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(240) | &nbsp;&nbsp; $3782825 | &nbsp;&nbsp; $774392 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $295,765,022)\*<br>| &nbsp;&nbsp; $545083222 |
| Investments in affiliated money market funds, at value <br> (Cost $3,782,825)<br>| &nbsp;&nbsp; 3782825 |
| Cash | &nbsp;&nbsp; 750079 |
| Cash collateral from securities on loan | &nbsp;&nbsp; 3463485 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 19445 |
| Dividends | &nbsp;&nbsp; 397848 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 151381 |
| Total assets | &nbsp;&nbsp; 553648285 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 75133 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6528772 |
| Accrued fees to affiliates | &nbsp;&nbsp; 322831 |
| Accrued other operating expenses | &nbsp;&nbsp; 43108 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 151381 |
| Total liabilities | &nbsp;&nbsp; 7121225 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $546527060 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $164339525 |
| Distributable earnings | &nbsp;&nbsp; 382187535 |
|  | &nbsp;&nbsp; $546527060 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $170636932 |
| Series II | &nbsp;&nbsp; $375890128 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 7702588 |
| Series II | &nbsp;&nbsp; 17526696 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $22.15 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.45 |

---

\* At December 31, 2025, securities with an aggregate value of $6,323,694 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $77,132) | &nbsp;&nbsp; $8244311 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $29,293)<br>| &nbsp;&nbsp; 165559 |
| Total investment income | &nbsp;&nbsp; 8409870 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5168449 |
| Administrative services fees | &nbsp;&nbsp; 1092871 |
| Custodian fees | &nbsp;&nbsp; 8887 |
| Distribution fees - Series II | &nbsp;&nbsp; 985352 |
| Transfer agent fees | &nbsp;&nbsp; 39979 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 27451 |
| Reports to shareholders | &nbsp;&nbsp; 10215 |
| Professional services fees | &nbsp;&nbsp; 52762 |
| Other | &nbsp;&nbsp; 7888 |
| Total expenses | &nbsp;&nbsp; 7393854 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (456039)<br>|
| Net expenses | &nbsp;&nbsp; 6937815 |
| Net investment income | &nbsp;&nbsp; 1472055 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 139308123 |
| Affiliated investment securities | &nbsp;&nbsp; (240)<br>|
| Foreign currencies | &nbsp;&nbsp; 5376 |
|  | &nbsp;&nbsp; 139313259 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (30529216)<br>|
| Foreign currencies | &nbsp;&nbsp; 4112 |
|  | &nbsp;&nbsp; (30525104)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 108788155 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $110260210 |

---

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

**5**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1472055 | &nbsp;&nbsp; $2986783 |
| Net realized gain | &nbsp;&nbsp; 139313259 | &nbsp;&nbsp; 47610051 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (30525104)<br>| &nbsp;&nbsp; 102656147 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 110260210 | &nbsp;&nbsp; 153252981 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (24964424)<br>| &nbsp;&nbsp; (36859506)<br>|
| Series II | &nbsp;&nbsp; (25736955)<br>| &nbsp;&nbsp; (41185034)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (50701379)<br>| &nbsp;&nbsp; (78044540)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (236869649)<br>| &nbsp;&nbsp; (6675941)<br>|
| Series II | &nbsp;&nbsp; (61962521)<br>| &nbsp;&nbsp; 49608254 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (298832170)<br>| &nbsp;&nbsp; 42932313 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (239273339)<br>| &nbsp;&nbsp; 118140754 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 785800399 | &nbsp;&nbsp; 667659645 |
| End of year | &nbsp;&nbsp; $546527060 | &nbsp;&nbsp; $785800399 |

---

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

**6**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $20.41 | $0.07 | $3.17 | $3.24 | $(0.12)<br>| $(1.38)<br>| $(1.50)<br>| $22.15 | 15.93<br> %<br>| &nbsp;&nbsp; $170637 | 0.80<br> %<br>| 0.86<br> %<br>| 0.33<br> %<br>| 46<br> %<br>|
| Year ended 12/31/24 | 18.22 | 0.11 | 4.20 | 4.31 |  | (2.12)<br>| (2.12)<br>| 20.41 | 23.65 | &nbsp;&nbsp; 379900 | 0.80 | 0.87 | 0.53 | 50 |
| Year ended 12/31/23 | 16.12 | 0.12 | 3.40 | 3.52 | (0.16)<br>| (1.26)<br>| (1.42)<br>| 18.22 | 23.22 | &nbsp;&nbsp; 344992 | 0.80 | 0.87 | 0.66 | 63 |
| Year ended 12/31/22 | 35.83 | 0.20 | (7.70)<br>| (7.50)<br>| (0.46)<br>| (11.75)<br>| (12.21)<br>| 16.12 | (20.13)<br>| &nbsp;&nbsp; 312361 | 0.80 | 0.86 | 0.74 | 58 |
| Year ended 12/31/21 | 29.91 | 0.25 | 7.93 | 8.18 | (0.25)<br>| (2.01)<br>| (2.26)<br>| 35.83 | 27.57 | &nbsp;&nbsp; 428274 | 0.79 | 0.79 | 0.73 | 55 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 19.81 | 0.02 | 3.07 | 3.09 | (0.07)<br>| (1.38)<br>| (1.45)<br>| 21.45 | 15.64 | &nbsp;&nbsp; 375890 | 1.05 | 1.11 | 0.08 | 46 |
| Year ended 12/31/24 | 17.77 | 0.06 | 4.10 | 4.16 |  | (2.12)<br>| (2.12)<br>| 19.81 | 23.39 | &nbsp;&nbsp; 405901 | 1.05 | 1.12 | 0.28 | 50 |
| Year ended 12/31/23 | 15.74 | 0.07 | 3.31 | 3.38 | (0.09)<br>| (1.26)<br>| (1.35)<br>| 17.77 | 22.83 | &nbsp;&nbsp; 322668 | 1.05 | 1.12 | 0.41 | 63 |
| Year ended 12/31/22 | 35.28 | 0.13 | (7.58)<br>| (7.45)<br>| (0.34)<br>| (11.75)<br>| (12.09)<br>| 15.74 | (20.31)<br>| &nbsp;&nbsp; 384741 | 1.05 | 1.11 | 0.49 | 58 |
| Year ended 12/31/21 | 29.49 | 0.16 | 7.82 | 7.98 | (0.18)<br>| (2.01)<br>| (2.19)<br>| 35.28 | 27.28 | &nbsp;&nbsp; 592530 | 1.04 | 1.04 | 0.48 | 55 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $2,380 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| Up to $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |

---

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

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

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

The Adviser has contractually agreed, through at least April 30, 2027, 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 and Series II shares to 0.80% and 1.05%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement

**10**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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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, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $456,039.

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, 2025, Invesco was paid $105,455 for accounting and fund administrative services and was reimbursed $987,416 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $13,512 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $538404840 | &nbsp;&nbsp;&nbsp;&nbsp; $6678382 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $545083222 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 717538 | &nbsp;&nbsp;&nbsp;&nbsp; 3065287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3782825 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $539122378 | &nbsp;&nbsp;&nbsp;&nbsp; $9743669 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $548866047 |

---

**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

**11**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $11619596 | &nbsp;&nbsp;&nbsp;&nbsp; $10782518 |
| Long-term capital gain | &nbsp;&nbsp; 39081783 | &nbsp;&nbsp;&nbsp;&nbsp; 67262022 |
| Total distributions | &nbsp;&nbsp; $50701379 | &nbsp;&nbsp;&nbsp;&nbsp; $78044540 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $14758170 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 122599706 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 244964776 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 3786 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (138903)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 164339525 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $546527060 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $336,372,465 and $678,107,336, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $248239573 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3274797)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $244964776 |

---

Cost of investments for tax purposes is $303,901,271.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2025, undistributed net investment income was increased by $5,376 and undistributed net realized gain was decreased by $5,376. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 258400 | &nbsp;&nbsp;&nbsp; $5522799 | &nbsp;&nbsp;&nbsp; 329367 | &nbsp;&nbsp;&nbsp; $6827535 |
| Series II | &nbsp;&nbsp;&nbsp; 1323972 | &nbsp;&nbsp;&nbsp; 26181725 | &nbsp;&nbsp;&nbsp; 4691085 | &nbsp;&nbsp;&nbsp; 96860077 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1134231 | &nbsp;&nbsp;&nbsp; 24964424 | &nbsp;&nbsp;&nbsp; 1802421 | &nbsp;&nbsp;&nbsp; 36859506 |
| Series II | &nbsp;&nbsp;&nbsp; 1207174 | &nbsp;&nbsp;&nbsp; 25736955 | &nbsp;&nbsp;&nbsp; 2073768 | &nbsp;&nbsp;&nbsp; 41185032 |

---

**12**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (12303523)<br>| &nbsp;&nbsp;&nbsp; $(267356872)<br>| &nbsp;&nbsp;&nbsp; (2453913)<br>| &nbsp;&nbsp;&nbsp; $(50362982)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (5496159)<br>| &nbsp;&nbsp;&nbsp; (113881201)<br>| &nbsp;&nbsp;&nbsp; (4426174)<br>| &nbsp;&nbsp;&nbsp; (88436855)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (13875905)<br>| &nbsp;&nbsp;&nbsp; $(298832170)<br>| &nbsp;&nbsp;&nbsp; 2016554 | &nbsp;&nbsp;&nbsp; $42932313 |

---

<sup>(a)</sup> 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.

**13**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**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. 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 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $39081783 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 72.06% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

![](img394df4a31.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | |
|:---|:---|
| [2](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_SOI-Continued-80_1) | Schedule of Investments |
| [5](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_FS-Continued-80_1) | Financial Statements |
| [7](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_FS-Continued-80_3) | Financial Highlights |
| [8](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_NTF-Continued-80_1) | Notes to Financial Statements |
| [14](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_ARS-Continued-80_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_TI-Continued-80_1) | Tax Information |
| [16](#xx_0bf14266-532e-4867-bb6a-774ae8d0cf36_OIRSR-Continued-80_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIMCCE-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.07%** | **Common Stocks & Other Equity Interests–99.07%** | **Common Stocks & Other Equity Interests–99.07%** |
| **Aerospace & Defense–5.81%** | **Aerospace & Defense–5.81%** | **Aerospace & Defense–5.81%** |
| AeroVironment, Inc.<sup>(b)</sup>  | 4691 | &nbsp;&nbsp; $1134706 |
| ATI, Inc.<sup>(b)</sup>  | 17439 | &nbsp;&nbsp; 2001300 |
| Curtiss-Wright Corp. | 3658 | &nbsp;&nbsp; 2016546 |
| Howmet Aerospace, Inc. | 13161 | &nbsp;&nbsp; 2698268 |
| StandardAero, Inc.<sup>(b)</sup>  | 43768 | &nbsp;&nbsp; 1255266 |
|  |  | &nbsp;&nbsp; 9106086 |
| **Agricultural & Farm Machinery–0.84%** | **Agricultural & Farm Machinery–0.84%** | **Agricultural & Farm Machinery–0.84%** |
| AGCO Corp. | 12608 | &nbsp;&nbsp; 1315267 |
| **Apparel Retail–1.41%** | **Apparel Retail–1.41%** | **Apparel Retail–1.41%** |
| Burlington Stores, Inc.<sup>(b)</sup>  | 7655 | &nbsp;&nbsp; 2211147 |
| **Application Software–3.70%** | **Application Software–3.70%** | **Application Software–3.70%** |
| Datadog, Inc., Class A<sup>(b)</sup>  | 11597 | &nbsp;&nbsp; 1577076 |
| HubSpot, Inc.<sup>(b)</sup>  | 4236 | &nbsp;&nbsp; 1699907 |
| Samsara, Inc., Class A<sup>(b)</sup>  | 24551 | &nbsp;&nbsp; 870333 |
| Unity Software, Inc.<sup>(b)</sup>  | 37588 | &nbsp;&nbsp; 1660262 |
|  |  | &nbsp;&nbsp; 5807578 |
| **Asset Management & Custody Banks–0.88%** | **Asset Management & Custody Banks–0.88%** | **Asset Management & Custody Banks–0.88%** |
| Carlyle Group, Inc. (The) | 23418 | &nbsp;&nbsp; 1384238 |
| **Automotive Parts & Equipment–0.60%** | **Automotive Parts & Equipment–0.60%** | **Automotive Parts & Equipment–0.60%** |
| Visteon Corp.<sup>(c)</sup>  | 9808 | &nbsp;&nbsp; 932741 |
| **Automotive Retail–0.82%** | **Automotive Retail–0.82%** | **Automotive Retail–0.82%** |
| AutoNation, Inc.<sup>(b)</sup>  | 6236 | &nbsp;&nbsp; 1287609 |
| **Biotechnology–3.80%** | **Biotechnology–3.80%** | **Biotechnology–3.80%** |
| Abivax S.A., ADR (France)<sup>(b)(c)</sup>  | 7114 | &nbsp;&nbsp; 959359 |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 60133 | &nbsp;&nbsp; 1096826 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 15647 | &nbsp;&nbsp; 1196839 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup>  | 13295 | &nbsp;&nbsp; 1051767 |
| Natera, Inc.<sup>(b)</sup>  | 7222 | &nbsp;&nbsp; 1654488 |
|  |  | &nbsp;&nbsp; 5959279 |
| **Building Products–2.65%** | **Building Products–2.65%** | **Building Products–2.65%** |
| A.O. Smith Corp. | 20686 | &nbsp;&nbsp; 1383480 |
| Johnson Controls International PLC | 12124 | &nbsp;&nbsp; 1451849 |
| Lennox International, Inc. | 2725 | &nbsp;&nbsp; 1323205 |
|  |  | &nbsp;&nbsp; 4158534 |
| **Communications Equipment–0.63%** | **Communications Equipment–0.63%** | **Communications Equipment–0.63%** |
| Motorola Solutions, Inc. | 2582 | &nbsp;&nbsp; 989732 |
| **Construction & Engineering–0.62%** | **Construction & Engineering–0.62%** | **Construction & Engineering–0.62%** |
| WillScot Holdings Corp.<sup>(c)</sup>  | 51630 | &nbsp;&nbsp; 972193 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.04%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.04%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.04%** |
| Allison Transmission Holdings, Inc. | 16640 | &nbsp;&nbsp; 1629056 |
| **Construction Materials–1.06%** | **Construction Materials–1.06%** | **Construction Materials–1.06%** |
| Vulcan Materials Co. | 5844 | &nbsp;&nbsp; 1666826 |
| **Consumer Staples Merchandise Retail–0.97%** | **Consumer Staples Merchandise Retail–0.97%** | **Consumer Staples Merchandise Retail–0.97%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)(c)</sup>  | 16968 | &nbsp;&nbsp; 1527629 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Data Center REITs–1.14%** | **Data Center REITs–1.14%** | **Data Center REITs–1.14%** |
| Digital Realty Trust, Inc. | 11549 | &nbsp;&nbsp; $1786746 |
| **Diversified Banks–1.04%** | **Diversified Banks–1.04%** | **Diversified Banks–1.04%** |
| Fifth Third Bancorp<sup>(c)</sup>  | 34981 | &nbsp;&nbsp; 1637461 |
| **Diversified Financial Services–1.26%** | **Diversified Financial Services–1.26%** | **Diversified Financial Services–1.26%** |
| Equitable Holdings, Inc. | 41523 | &nbsp;&nbsp; 1978571 |
| **Electric Utilities–1.50%** | **Electric Utilities–1.50%** | **Electric Utilities–1.50%** |
| PPL Corp. | 67359 | &nbsp;&nbsp; 2358912 |
| **Electrical Components & Equipment–3.74%** | **Electrical Components & Equipment–3.74%** | **Electrical Components & Equipment–3.74%** |
| Hubbell, Inc. | 4320 | &nbsp;&nbsp; 1918555 |
| Rockwell Automation, Inc. | 5512 | &nbsp;&nbsp; 2144554 |
| Vertiv Holdings Co., Class A | 11102 | &nbsp;&nbsp; 1798635 |
|  |  | &nbsp;&nbsp; 5861744 |
| **Electronic Equipment & Instruments–1.18%** | **Electronic Equipment & Instruments–1.18%** | **Electronic Equipment & Instruments–1.18%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 9110 | &nbsp;&nbsp; 1851061 |
| **Environmental & Facilities Services–1.05%** | **Environmental & Facilities Services–1.05%** | **Environmental & Facilities Services–1.05%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 16815 | &nbsp;&nbsp; 1646861 |
| **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** |
| Corteva, Inc. | 27010 | &nbsp;&nbsp; 1810480 |
| **Financial Exchanges & Data–1.50%** | **Financial Exchanges & Data–1.50%** | **Financial Exchanges & Data–1.50%** |
| Bullish (Cayman Islands)<sup>(b)(c)</sup>  | 15326 | &nbsp;&nbsp; 580396 |
| Cboe Global Markets, Inc. | 7085 | &nbsp;&nbsp; 1778335 |
|  |  | &nbsp;&nbsp; 2358731 |
| **Food Distributors–1.42%** | **Food Distributors–1.42%** | **Food Distributors–1.42%** |
| Sysco Corp. | 30194 | &nbsp;&nbsp; 2224996 |
| **Health Care Distributors–1.29%** | **Health Care Distributors–1.29%** | **Health Care Distributors–1.29%** |
| Cencora, Inc. | 6007 | &nbsp;&nbsp; 2028864 |
| **Health Care Facilities–2.02%** | **Health Care Facilities–2.02%** | **Health Care Facilities–2.02%** |
| Encompass Health Corp. | 14797 | &nbsp;&nbsp; 1570554 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 8039 | &nbsp;&nbsp; 1597510 |
|  |  | &nbsp;&nbsp; 3168064 |
| **Health Care REITs–1.42%** | **Health Care REITs–1.42%** | **Health Care REITs–1.42%** |
| American Healthcare REIT, Inc.<sup>(c)</sup>  | 47167 | &nbsp;&nbsp; 2219679 |
| **Health Care Services–1.04%** | **Health Care Services–1.04%** | **Health Care Services–1.04%** |
| Guardant Health, Inc.<sup>(b)</sup>  | 15949 | &nbsp;&nbsp; 1629031 |
| **Homebuilding–2.44%** | **Homebuilding–2.44%** | **Homebuilding–2.44%** |
| D.R. Horton, Inc. | 13437 | &nbsp;&nbsp; 1935331 |
| TopBuild Corp.<sup>(b)</sup>  | 4521 | &nbsp;&nbsp; 1886116 |
|  |  | &nbsp;&nbsp; 3821447 |
| **Hotels, Resorts & Cruise Lines–2.71%** | **Hotels, Resorts & Cruise Lines–2.71%** | **Hotels, Resorts & Cruise Lines–2.71%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 9751 | &nbsp;&nbsp; 2719749 |
| Wyndham Hotels & Resorts, Inc.<sup>(c)</sup>  | 20275 | &nbsp;&nbsp; 1531979 |
|  |  | &nbsp;&nbsp; 4251728 |
| **Human Resource & Employment Services–0.82%** | **Human Resource & Employment Services–0.82%** | **Human Resource & Employment Services–0.82%** |
| Korn Ferry<sup>(c)</sup>  | 19436 | &nbsp;&nbsp; 1283165 |

---

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

**2**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–0.96%** | **Independent Power Producers & Energy Traders–0.96%** | **Independent Power Producers & Energy Traders–0.96%** |
| Vistra Corp. | 9288 | &nbsp;&nbsp; $1498433 |
| **Industrial Machinery & Supplies & Components–3.25%** | **Industrial Machinery & Supplies & Components–3.25%** | **Industrial Machinery & Supplies & Components–3.25%** |
| ITT, Inc. | 7848 | &nbsp;&nbsp; 1361706 |
| Lincoln Electric Holdings, Inc.<sup>(c)</sup>  | 7588 | &nbsp;&nbsp; 1818388 |
| Xylem, Inc. | 14086 | &nbsp;&nbsp; 1918232 |
|  |  | &nbsp;&nbsp; 5098326 |
| **Industrial REITs–1.55%** | **Industrial REITs–1.55%** | **Industrial REITs–1.55%** |
| First Industrial Realty Trust, Inc. | 42358 | &nbsp;&nbsp; 2425843 |
| **Insurance Brokers–1.16%** | **Insurance Brokers–1.16%** | **Insurance Brokers–1.16%** |
| Arthur J. Gallagher & Co. | 6999 | &nbsp;&nbsp; 1811271 |
| **Interactive Home Entertainment–2.07%** | **Interactive Home Entertainment–2.07%** | **Interactive Home Entertainment–2.07%** |
| Electronic Arts, Inc. | 7817 | &nbsp;&nbsp; 1597248 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 6433 | &nbsp;&nbsp; 1647041 |
|  |  | &nbsp;&nbsp; 3244289 |
| **Internet Services & Infrastructure–3.04%** | **Internet Services & Infrastructure–3.04%** | **Internet Services & Infrastructure–3.04%** |
| MongoDB, Inc.<sup>(b)</sup>  | 7493 | &nbsp;&nbsp; 3144737 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 7410 | &nbsp;&nbsp; 1625458 |
|  |  | &nbsp;&nbsp; 4770195 |
| **Investment Banking & Brokerage–1.76%** | **Investment Banking & Brokerage–1.76%** | **Investment Banking & Brokerage–1.76%** |
| Raymond James Financial, Inc. | 17206 | &nbsp;&nbsp; 2763111 |
| **IT Consulting & Other Services–0.72%** | **IT Consulting & Other Services–0.72%** | **IT Consulting & Other Services–0.72%** |
| Amdocs Ltd.<sup>(c)</sup>  | 14073 | &nbsp;&nbsp; 1133017 |
| **Life Sciences Tools & Services–2.40%** | **Life Sciences Tools & Services–2.40%** | **Life Sciences Tools & Services–2.40%** |
| Lonza Group AG (Switzerland) | 1798 | &nbsp;&nbsp; 1212247 |
| Repligen Corp.<sup>(b)(c)</sup>  | 8839 | &nbsp;&nbsp; 1448359 |
| Waters Corp.<sup>(b)</sup>  | 2916 | &nbsp;&nbsp; 1107584 |
|  |  | &nbsp;&nbsp; 3768190 |
| **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** |
| Silgan Holdings, Inc.<sup>(c)</sup>  | 19989 | &nbsp;&nbsp; 806956 |
| **Multi-Family Residential REITs–0.87%** | **Multi-Family Residential REITs–0.87%** | **Multi-Family Residential REITs–0.87%** |
| AvalonBay Communities, Inc.<sup>(c)</sup>  | 7557 | &nbsp;&nbsp; 1370160 |
| **Multi-Utilities–2.77%** | **Multi-Utilities–2.77%** | **Multi-Utilities–2.77%** |
| Ameren Corp. | 21489 | &nbsp;&nbsp; 2145892 |
| CMS Energy Corp. | 31355 | &nbsp;&nbsp; 2192655 |
|  |  | &nbsp;&nbsp; 4338547 |
| **Oil & Gas Exploration & Production–2.44%** | **Oil & Gas Exploration & Production–2.44%** | **Oil & Gas Exploration & Production–2.44%** |
| Expand Energy Corp. | 14434 | &nbsp;&nbsp; 1592936 |
| Permian Resources Corp.<sup>(c)</sup>  | 159040 | &nbsp;&nbsp; 2231331 |
|  |  | &nbsp;&nbsp; 3824267 |
| **Oil & Gas Refining & Marketing–0.68%** | **Oil & Gas Refining & Marketing–0.68%** | **Oil & Gas Refining & Marketing–0.68%** |
| Valero Energy Corp. | 6527 | &nbsp;&nbsp; 1062530 |
| **Oil & Gas Storage & Transportation–2.50%** | **Oil & Gas Storage & Transportation–2.50%** | **Oil & Gas Storage & Transportation–2.50%** |
| Cheniere Energy, Inc. | 10345 | &nbsp;&nbsp; 2010964 |
| Williams Cos., Inc. (The) | 31687 | &nbsp;&nbsp; 1904706 |
|  |  | &nbsp;&nbsp; 3915670 |
| **Other Specialized REITs–0.60%** | **Other Specialized REITs–0.60%** | **Other Specialized REITs–0.60%** |
| Lamar Advertising Co., Class A<sup>(c)</sup>  | 7381 | &nbsp;&nbsp; 934287 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Other Specialty Retail–0.95%** | **Other Specialty Retail–0.95%** | **Other Specialty Retail–0.95%** | **Other Specialty Retail–0.95%** |
| Tractor Supply Co. | Tractor Supply Co. | 29787 | &nbsp;&nbsp; $1489648 |
| **Packaged Foods & Meats–0.75%** | **Packaged Foods & Meats–0.75%** | **Packaged Foods & Meats–0.75%** | **Packaged Foods & Meats–0.75%** |
| McCormick & Co., Inc. | McCormick & Co., Inc. | 17267 | &nbsp;&nbsp; 1176055 |
| **Personal Care Products–1.06%** | **Personal Care Products–1.06%** | **Personal Care Products–1.06%** | **Personal Care Products–1.06%** |
| Estee Lauder Cos., Inc. (The), Class A | Estee Lauder Cos., Inc. (The), Class A | 15866 | &nbsp;&nbsp; 1661487 |
| **Property & Casualty Insurance–2.18%** | **Property & Casualty Insurance–2.18%** | **Property & Casualty Insurance–2.18%** | **Property & Casualty Insurance–2.18%** |
| American International Group, Inc. | American International Group, Inc. | 14496 | &nbsp;&nbsp; 1240133 |
| Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | 15817 | &nbsp;&nbsp; 2179582 |
|  |  |  | &nbsp;&nbsp; 3419715 |
| **Regional Banks–3.74%** | **Regional Banks–3.74%** | **Regional Banks–3.74%** | **Regional Banks–3.74%** |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 27021 | &nbsp;&nbsp; 1578297 |
| M&T Bank Corp. | M&T Bank Corp. | 9754 | &nbsp;&nbsp; 1965236 |
| Wintrust Financial Corp.<sup>(c)</sup>  | Wintrust Financial Corp.<sup>(c)</sup>  | 16587 | &nbsp;&nbsp; 2319194 |
|  |  |  | &nbsp;&nbsp; 5862727 |
| **Reinsurance–0.93%** | **Reinsurance–0.93%** | **Reinsurance–0.93%** | **Reinsurance–0.93%** |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | 7135 | &nbsp;&nbsp; 1451687 |
| **Research & Consulting Services–1.03%** | **Research & Consulting Services–1.03%** | **Research & Consulting Services–1.03%** | **Research & Consulting Services–1.03%** |
| TransUnion<sup>(c)</sup>  | TransUnion<sup>(c)</sup>  | 18833 | &nbsp;&nbsp; 1614930 |
| **Restaurants–2.15%** | **Restaurants–2.15%** | **Restaurants–2.15%** | **Restaurants–2.15%** |
| Domino's Pizza, Inc.<sup>(c)</sup>  | Domino's Pizza, Inc.<sup>(c)</sup>  | 3182 | &nbsp;&nbsp; 1326321 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | 13475 | &nbsp;&nbsp; 2038498 |
|  |  |  | &nbsp;&nbsp; 3364819 |
| **Retail REITs–1.31%** | **Retail REITs–1.31%** | **Retail REITs–1.31%** | **Retail REITs–1.31%** |
| Brixmor Property Group, Inc.<sup>(c)</sup>  | Brixmor Property Group, Inc.<sup>(c)</sup>  | 78088 | &nbsp;&nbsp; 2047467 |
| **Semiconductors–3.15%** | **Semiconductors–3.15%** | **Semiconductors–3.15%** | **Semiconductors–3.15%** |
| Astera Labs, Inc.<sup>(b)</sup>  | Astera Labs, Inc.<sup>(b)</sup>  | 11193 | &nbsp;&nbsp; 1862067 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 13955 | &nbsp;&nbsp; 1185896 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | 29658 | &nbsp;&nbsp; 1889808 |
|  |  |  | &nbsp;&nbsp; 4937771 |
| **Single-Family Residential REITs–0.95%** | **Single-Family Residential REITs–0.95%** | **Single-Family Residential REITs–0.95%** | **Single-Family Residential REITs–0.95%** |
| American Homes 4 Rent, Class A | American Homes 4 Rent, Class A | 46609 | &nbsp;&nbsp; 1496149 |
| **Specialty Chemicals–2.02%** | **Specialty Chemicals–2.02%** | **Specialty Chemicals–2.02%** | **Specialty Chemicals–2.02%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | 34354 | &nbsp;&nbsp; 1381031 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | 26408 | &nbsp;&nbsp; 1779635 |
|  |  |  | &nbsp;&nbsp; 3160666 |
| Total Common Stocks & Other Equity Interests <br> (Cost $111,914,181) | Total Common Stocks & Other Equity Interests <br> (Cost $111,914,181) | Total Common Stocks & Other Equity Interests <br> (Cost $111,914,181) | &nbsp;&nbsp; 155313669 |
| **Money Market Funds–0.94%** | **Money Market Funds–0.94%** | **Money Market Funds–0.94%** | **Money Market Funds–0.94%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 513607 | &nbsp;&nbsp; 513607 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 953825 | &nbsp;&nbsp; 953825 |
| Total Money Market Funds (Cost $1,467,432) | Total Money Market Funds (Cost $1,467,432) | Total Money Market Funds (Cost $1,467,432) | &nbsp;&nbsp; 1467432 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.01% <br> (Cost $113,381,613)<br>|  |  | &nbsp;&nbsp; 156781101 |

---

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

**3**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–12.05%** | **Money Market Funds–12.05%** | **Money Market Funds–12.05%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 5253081 | &nbsp;&nbsp; $5253081 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 13635667 | &nbsp;&nbsp; 13639757 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,892,838) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,892,838) | &nbsp;&nbsp; 18892838 |
| TOTAL INVESTMENTS IN SECURITIES–112.06% <br> (Cost $132,274,451) | TOTAL INVESTMENTS IN SECURITIES–112.06% <br> (Cost $132,274,451) | &nbsp;&nbsp; 175673939 |
| OTHER ASSETS LESS LIABILITIES—(12.06)% | OTHER ASSETS LESS LIABILITIES—(12.06)% | &nbsp;&nbsp; (18899506)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $156774433 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $631958 | &nbsp;&nbsp; $14111521 | &nbsp;&nbsp; $(14229872) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $513607 | &nbsp;&nbsp; $25427 |
| Invesco Treasury Portfolio, Institutional Class | 1173576 | &nbsp;&nbsp; 26207111 | &nbsp;&nbsp; (26426862) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 953825 | &nbsp;&nbsp; 46772 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9820599 | &nbsp;&nbsp; 132864209 | &nbsp;&nbsp; (137431727) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5253081 | &nbsp;&nbsp; 392,229\* |
| Invesco Private Prime Fund | 25593248 | &nbsp;&nbsp; 270766034 | &nbsp;&nbsp; (282720923) | &nbsp;&nbsp; - | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 13639757 | &nbsp;&nbsp; 1,042,159\* |
| Total | $37219381 | &nbsp;&nbsp; $443948875 | &nbsp;&nbsp; $(460809384) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1398 | &nbsp;&nbsp; $20360270 | &nbsp;&nbsp; $1506587 |

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Statement of Assets and Liabilities**

*December 31, 2025* 

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| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $111,914,181)\*<br>| &nbsp;&nbsp; $155313669 |
| Investments in affiliated money market funds, at value <br> (Cost $20,360,270)<br>| &nbsp;&nbsp; 20360270 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 10915 |
| Dividends | &nbsp;&nbsp; 178736 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 102748 |
| Other assets | &nbsp;&nbsp; 3577 |
| Total assets | &nbsp;&nbsp; 175969915 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 76330 |
| Amount due custodian | &nbsp;&nbsp; 1500 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 18892838 |
| Accrued fees to affiliates | &nbsp;&nbsp; 86077 |
| Accrued other operating expenses | &nbsp;&nbsp; 32825 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 105912 |
| Total liabilities | &nbsp;&nbsp; 19195482 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $156774433 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $83050522 |
| Distributable earnings | &nbsp;&nbsp; 73723911 |
|  | &nbsp;&nbsp; $156774433 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $113895248 |
| Series II | &nbsp;&nbsp; $42879185 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 10345233 |
| Series II | &nbsp;&nbsp; 4083364 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $11.01 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $10.50 |

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\* At December 31, 2025, securities with an aggregate value of $16,142,372 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

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| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,022) | &nbsp;&nbsp; $2639004 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $42,258)<br>| &nbsp;&nbsp; 114457 |
| Total investment income | &nbsp;&nbsp; 2753461 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1442464 |
| Administrative services fees | &nbsp;&nbsp; 328319 |
| Custodian fees | &nbsp;&nbsp; 2547 |
| Distribution fees - Series II | &nbsp;&nbsp; 208282 |
| Transfer agent fees | &nbsp;&nbsp; 10609 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23245 |
| Reports to shareholders | &nbsp;&nbsp; 10579 |
| Professional services fees | &nbsp;&nbsp; 53301 |
| Other | &nbsp;&nbsp; 2131 |
| Total expenses | &nbsp;&nbsp; 2081477 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (1967)<br>|
| Net expenses | &nbsp;&nbsp; 2079510 |
| Net investment income | &nbsp;&nbsp; 673951 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 30509256 |
| Affiliated investment securities | &nbsp;&nbsp; 1398 |
| Foreign currencies | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp; 30510708 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (13516827)<br>|
| Foreign currencies | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp; (13516566)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 16994142 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $17668093 |

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

**5**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $673951 | &nbsp;&nbsp; $445995 |
| Net realized gain | &nbsp;&nbsp; 30510708 | &nbsp;&nbsp; 20012278 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (13516566)<br>| &nbsp;&nbsp; 12054595 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 17668093 | &nbsp;&nbsp; 32512868 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (11186480)<br>| &nbsp;&nbsp; (3231280)<br>|
| Series II | &nbsp;&nbsp; (9460610)<br>| &nbsp;&nbsp; (2368195)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (20647090)<br>| &nbsp;&nbsp; (5599475)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (4959123)<br>| &nbsp;&nbsp; (13836037)<br>|
| Series II | &nbsp;&nbsp; (48740722)<br>| &nbsp;&nbsp; (2589662)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (53699845)<br>| &nbsp;&nbsp; (16425699)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (56678842)<br>| &nbsp;&nbsp; 10487694 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 213453275 | &nbsp;&nbsp; 202965581 |
| End of year | &nbsp;&nbsp; $156774433 | &nbsp;&nbsp; $213453275 |

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

**6**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Financial Highlights**

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $11.16 | $0.05 | $0.97 | $1.02 | $(0.04)<br>| $(1.13)<br>| $(1.17)<br>| $11.01 | 9.19<br> %<br>| &nbsp;&nbsp; $113895 | 0.94<br> %<br>| 0.94<br> %<br>| 0.44<br> %<br>| 45<br> %<br>|
| Year ended 12/31/24 | 9.79 | 0.03 | 1.64 | 1.67 | (0.04)<br>| (0.26)<br>| (0.30)<br>| 11.16 | 17.07 | &nbsp;&nbsp; 119877 | 0.95 | 0.95 | 0.32 | 41 |
| Year ended 12/31/23 | 8.58 | 0.04 | 1.20 | 1.24 | (0.03)<br>|  | (0.03)<br>| 9.79 | 14.47 | &nbsp;&nbsp; 117983 | 0.94 | 0.94 | 0.39 | 34 |
| Year ended 12/31/22 | 12.97 | 0.06 | (1.97)<br>| (1.91)<br>| (0.04)<br>| (2.44)<br>| (2.48)<br>| 8.58 | (14.26)<br>| &nbsp;&nbsp; 116146 | 0.93 | 0.93 | 0.51 | 60 |
| Year ended 12/31/21 | 10.57 | 0.00 | 2.46 | 2.46 | (0.06)<br>|  | (0.06)<br>| 12.97 | 23.24 | &nbsp;&nbsp; 155200 | 0.93 | 0.93 | 0.01 | 58 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 10.69 | 0.02 | 0.93 | 0.95 | (0.01)<br>| (1.13)<br>| (1.14)<br>| 10.50 | 8.96 | &nbsp;&nbsp; 42879 | 1.19 | 1.19 | 0.19 | 45 |
| Year ended 12/31/24 | 9.39 | 0.01 | 1.56 | 1.57 | (0.01)<br>| (0.26)<br>| (0.27)<br>| 10.69 | 16.79 | &nbsp;&nbsp; 93576 | 1.20 | 1.20 | 0.07 | 41 |
| Year ended 12/31/23 | 8.23 | 0.01 | 1.15 | 1.16 | (0.00)<br>|  |  | 9.39 | 14.14 | &nbsp;&nbsp; 84983 | 1.19 | 1.19 | 0.14 | 34 |
| Year ended 12/31/22 | 12.55 | 0.03 | (1.90)<br>| (1.87)<br>| (0.01)<br>| (2.44)<br>| (2.45)<br>| 8.23 | (14.45)<br>| &nbsp;&nbsp; 77988 | 1.18 | 1.18 | 0.26 | 60 |
| Year ended 12/31/21 | 10.24 | (0.03)<br>| 2.37 | 2.34 | (0.03)<br>|  | (0.03)<br>| 12.55 | 22.86 | &nbsp;&nbsp; 99770 | 1.18 | 1.18 | (0.24)<br>| 58 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> (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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "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

**9**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $4,060 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.725% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.675% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |

---

For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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

**10**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $1,967.

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, 2025, Invesco was paid $30,029 for accounting and fund administrative services and was reimbursed $298,290 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $19,582 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $154101422 | &nbsp;&nbsp;&nbsp;&nbsp; $1212247 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $155313669 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1467432 | &nbsp;&nbsp;&nbsp;&nbsp; 18892838 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20360270 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $155568854 | &nbsp;&nbsp;&nbsp;&nbsp; $20105085 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $175673939 |

---

**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

**11**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1721888 | &nbsp;&nbsp;&nbsp;&nbsp; $506417 |
| Long-term capital gain | &nbsp;&nbsp; 18925202 | &nbsp;&nbsp;&nbsp;&nbsp; 5093058 |
| Total distributions | &nbsp;&nbsp; $20647090 | &nbsp;&nbsp;&nbsp;&nbsp; $5599475 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $5269360 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 25578558 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 42932063 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (56323)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 83050522 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $156774433 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $87,594,462 and $161,041,540, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $46438113 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3506050)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $42932063 |

---

Cost of investments for tax purposes is $132,741,876.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of REITs, on December 31, 2025, undistributed net investment income was increased by $54, undistributed net realized gain was decreased by $3,993 and shares of beneficial interest was increased by $3,939. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 249535 | &nbsp;&nbsp;&nbsp; $2744032 | &nbsp;&nbsp;&nbsp; 275949 | &nbsp;&nbsp;&nbsp; $2933343 |
| Series II | &nbsp;&nbsp;&nbsp; 1109221 | &nbsp;&nbsp;&nbsp; 12145657 | &nbsp;&nbsp;&nbsp; 1087158 | &nbsp;&nbsp;&nbsp; 11189873 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1022530 | &nbsp;&nbsp;&nbsp; 11186480 | &nbsp;&nbsp;&nbsp; 291632 | &nbsp;&nbsp;&nbsp; 3231280 |
| Series II | &nbsp;&nbsp;&nbsp; 906189 | &nbsp;&nbsp;&nbsp; 9460610 | &nbsp;&nbsp;&nbsp; 222784 | &nbsp;&nbsp;&nbsp; 2368195 |

---

**12**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1670906)<br>| &nbsp;&nbsp;&nbsp; $(18889635)<br>| &nbsp;&nbsp;&nbsp; (1877177)<br>| &nbsp;&nbsp;&nbsp; $(20000660)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (6683222)<br>| &nbsp;&nbsp;&nbsp; (70346989)<br>| &nbsp;&nbsp;&nbsp; (1604766)<br>| &nbsp;&nbsp;&nbsp; (16147730)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5066653)<br>| &nbsp;&nbsp;&nbsp; $(53699845)<br>| &nbsp;&nbsp;&nbsp; (1604420)<br>| &nbsp;&nbsp;&nbsp; $(16425699)<br>|

---

<sup>(a)</sup> 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.

**13**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**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. Main Street Mid Cap 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. Main Street Mid 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $18925202 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 82.19% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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![](imgb1b6bc771.jpg)

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**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | |
|:---|:---|
| [2](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_SOI-Continued-721_1) | Schedule of Investments |
| [5](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_FS-Continued-721_1) | Financial Statements |
| [7](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_FS-Continued-721_3) | Financial Highlights |
| [8](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_NTF-Continued-721_1) | Notes to Financial Statements |
| [14](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_ARS-Continued-721_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_TI-Continued-721_1) | Tax Information |
| [16](#xx_92eb0849-f1bc-4ec3-9324-9a39a2dfbbfd_OIRSR-Continued-721_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIMSS-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.69%** | **Common Stocks & Other Equity Interests–97.69%** | **Common Stocks & Other Equity Interests–97.69%** |
| **Aerospace & Defense–2.80%** | **Aerospace & Defense–2.80%** | **Aerospace & Defense–2.80%** |
| AAR Corp.<sup>(b)</sup>  | 160144 | &nbsp;&nbsp; $13258322 |
| AeroVironment, Inc.<sup>(b)</sup>  | 29854 | &nbsp;&nbsp; 7221384 |
| ATI, Inc.<sup>(b)</sup>  | 117629 | &nbsp;&nbsp; 13499104 |
|  |  | &nbsp;&nbsp; 33978810 |
| **Agricultural & Farm Machinery–0.75%** | **Agricultural & Farm Machinery–0.75%** | **Agricultural & Farm Machinery–0.75%** |
| AGCO Corp. | 87474 | &nbsp;&nbsp; 9125287 |
| **Air Freight & Logistics–1.46%** | **Air Freight & Logistics–1.46%** | **Air Freight & Logistics–1.46%** |
| Hub Group, Inc., Class A | 416488 | &nbsp;&nbsp; 17746554 |
| **Application Software–0.97%** | **Application Software–0.97%** | **Application Software–0.97%** |
| Unity Software, Inc.<sup>(b)</sup>  | 265252 | &nbsp;&nbsp; 11716181 |
| **Asset Management & Custody Banks–0.94%** | **Asset Management & Custody Banks–0.94%** | **Asset Management & Custody Banks–0.94%** |
| Federated Hermes, Inc., Class B<sup>(c)</sup>  | 218433 | &nbsp;&nbsp; 11373806 |
| **Automotive Parts & Equipment–2.43%** | **Automotive Parts & Equipment–2.43%** | **Automotive Parts & Equipment–2.43%** |
| Dorman Products, Inc.<sup>(b)</sup>  | 119625 | &nbsp;&nbsp; 14736604 |
| Visteon Corp. | 154900 | &nbsp;&nbsp; 14730990 |
|  |  | &nbsp;&nbsp; 29467594 |
| **Automotive Retail–1.48%** | **Automotive Retail–1.48%** | **Automotive Retail–1.48%** |
| AutoNation, Inc.<sup>(b)</sup>  | 87097 | &nbsp;&nbsp; 17983789 |
| **Biotechnology–4.64%** | **Biotechnology–4.64%** | **Biotechnology–4.64%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 1209126 | &nbsp;&nbsp; 22054458 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 260612 | &nbsp;&nbsp; 19934212 |
| Soleno Therapeutics, Inc.<sup>(b)(c)</sup>  | 120783 | &nbsp;&nbsp; 5592253 |
| Twist Bioscience Corp.<sup>(b)(c)</sup>  | 271914 | &nbsp;&nbsp; 8625112 |
|  |  | &nbsp;&nbsp; 56206035 |
| **Building Products–2.41%** | **Building Products–2.41%** | **Building Products–2.41%** |
| Hayward Holdings, Inc.<sup>(b)</sup>  | 630172 | &nbsp;&nbsp; 9736157 |
| Zurn Elkay Water Solutions Corp. | 418110 | &nbsp;&nbsp; 19437934 |
|  |  | &nbsp;&nbsp; 29174091 |
| **Commercial & Residential Mortgage Finance–2.03%** | **Commercial & Residential Mortgage Finance–2.03%** | **Commercial & Residential Mortgage Finance–2.03%** |
| PennyMac Financial Services, Inc. | 186912 | &nbsp;&nbsp; 24642478 |
| **Construction & Engineering–0.56%** | **Construction & Engineering–0.56%** | **Construction & Engineering–0.56%** |
| WillScot Holdings Corp.<sup>(c)</sup>  | 359690 | &nbsp;&nbsp; 6772963 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **3.27%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.27%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.27%** |
| Allison Transmission Holdings, Inc. | 125816 | &nbsp;&nbsp; 12317386 |
| Atmus Filtration Technologies, Inc. | 302271 | &nbsp;&nbsp; 15690888 |
| Federal Signal Corp. | 106937 | &nbsp;&nbsp; 11612289 |
|  |  | &nbsp;&nbsp; 39620563 |
| **Construction Materials–0.48%** | **Construction Materials–0.48%** | **Construction Materials–0.48%** |
| Eagle Materials, Inc. | 27870 | &nbsp;&nbsp; 5760172 |
| **Diversified Banks–0.87%** | **Diversified Banks–0.87%** | **Diversified Banks–0.87%** |
| Bank of N.T. Butterfield & Son Ltd. <br> (The) (Bermuda) | 211949 | &nbsp;&nbsp; 10559299 |
| **Diversified Metals & Mining–0.49%** | **Diversified Metals & Mining–0.49%** | **Diversified Metals & Mining–0.49%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 116567 | &nbsp;&nbsp; 5888965 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified REITs–1.55%** | **Diversified REITs–1.55%** | **Diversified REITs–1.55%** |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup>  | 634558 | &nbsp;&nbsp; $18820990 |
| **Education Services–1.15%** | **Education Services–1.15%** | **Education Services–1.15%** |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup>  | 61877 | &nbsp;&nbsp; 6274328 |
| Stride, Inc.<sup>(b)(c)</sup>  | 117535 | &nbsp;&nbsp; 7631547 |
|  |  | &nbsp;&nbsp; 13905875 |
| **Electric Utilities–0.82%** | **Electric Utilities–0.82%** | **Electric Utilities–0.82%** |
| Portland General Electric Co. | 207843 | &nbsp;&nbsp; 9974386 |
| **Electronic Components–1.36%** | **Electronic Components–1.36%** | **Electronic Components–1.36%** |
| Belden, Inc.<sup>(c)</sup>  | 141187 | &nbsp;&nbsp; 16455345 |
| **Electronic Equipment & Instruments–2.83%** | **Electronic Equipment & Instruments–2.83%** | **Electronic Equipment & Instruments–2.83%** |
| Badger Meter, Inc. | 50630 | &nbsp;&nbsp; 8830378 |
| Itron, Inc.<sup>(b)</sup>  | 140510 | &nbsp;&nbsp; 13047758 |
| Ralliant Corp. | 243393 | &nbsp;&nbsp; 12391138 |
|  |  | &nbsp;&nbsp; 34269274 |
| **Electronic Manufacturing Services–1.31%** | **Electronic Manufacturing Services–1.31%** | **Electronic Manufacturing Services–1.31%** |
| Sanmina Corp.<sup>(b)</sup>  | 105884 | &nbsp;&nbsp; 15890012 |
| **Environmental & Facilities Services–1.50%** | **Environmental & Facilities Services–1.50%** | **Environmental & Facilities Services–1.50%** |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 186115 | &nbsp;&nbsp; 18228103 |
| **Financial Exchanges & Data–1.02%** | **Financial Exchanges & Data–1.02%** | **Financial Exchanges & Data–1.02%** |
| Bullish (Cayman Islands)<sup>(b)(c)</sup>  | 159442 | &nbsp;&nbsp; 6038069 |
| Miami International Holdings, Inc.<sup>(b)(c)</sup>  | 142885 | &nbsp;&nbsp; 6341236 |
|  |  | &nbsp;&nbsp; 12379305 |
| **Footwear–1.44%** | **Footwear–1.44%** | **Footwear–1.44%** |
| Steven Madden Ltd.<sup>(c)</sup>  | 418801 | &nbsp;&nbsp; 17438874 |
| **Gas Utilities–0.82%** | **Gas Utilities–0.82%** | **Gas Utilities–0.82%** |
| Chesapeake Utilities Corp. | 79467 | &nbsp;&nbsp; 9914303 |
| **Gold–0.51%** | **Gold–0.51%** | **Gold–0.51%** |
| Coeur Mining, Inc.<sup>(b)</sup>  | 349385 | &nbsp;&nbsp; 6229535 |
| **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** |
| Artivion, Inc.<sup>(b)</sup>  | 162011 | &nbsp;&nbsp; 7389322 |
| **Health Care Facilities–0.90%** | **Health Care Facilities–0.90%** | **Health Care Facilities–0.90%** |
| Encompass Health Corp. | 102367 | &nbsp;&nbsp; 10865233 |
| **Health Care REITs–2.06%** | **Health Care REITs–2.06%** | **Health Care REITs–2.06%** |
| American Healthcare REIT, Inc.<sup>(c)</sup>  | 529506 | &nbsp;&nbsp; 24918552 |
| **Health Care Services–4.51%** | **Health Care Services–4.51%** | **Health Care Services–4.51%** |
| Addus HomeCare Corp.<sup>(b)(c)</sup>  | 72105 | &nbsp;&nbsp; 7743356 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 546879 | &nbsp;&nbsp; 20480618 |
| Guardant Health, Inc.<sup>(b)</sup>  | 200286 | &nbsp;&nbsp; 20457212 |
| Lumexa Imaging Holdings, Inc.<sup>(b)</sup>  | 324518 | &nbsp;&nbsp; 6003583 |
|  |  | &nbsp;&nbsp; 54684769 |
| **Heavy Electrical Equipment–0.77%** | **Heavy Electrical Equipment–0.77%** | **Heavy Electrical Equipment–0.77%** |
| Bloom Energy Corp., Class A<sup>(b)</sup>  | 106957 | &nbsp;&nbsp; 9293494 |
| **Homebuilding–2.14%** | **Homebuilding–2.14%** | **Homebuilding–2.14%** |
| Champion Homes, Inc.<sup>(b)</sup>  | 163536 | &nbsp;&nbsp; 13818792 |

---

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

**2**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Homebuilding–(continued)** | **Homebuilding–(continued)** | **Homebuilding–(continued)** |
| KB Home<sup>(c)</sup>  | 215875 | &nbsp;&nbsp; $12177509 |
|  |  | &nbsp;&nbsp; 25996301 |
| **Hotels, Resorts & Cruise Lines–0.93%** | **Hotels, Resorts & Cruise Lines–0.93%** | **Hotels, Resorts & Cruise Lines–0.93%** |
| Wyndham Hotels & Resorts, Inc. | 149542 | &nbsp;&nbsp; 11299393 |
| **Human Resource & Employment Services–1.88%** | **Human Resource & Employment Services–1.88%** | **Human Resource & Employment Services–1.88%** |
| Korn Ferry | 137622 | &nbsp;&nbsp; 9085804 |
| Upwork, Inc.<sup>(b)(c)</sup>  | 690107 | &nbsp;&nbsp; 13677921 |
|  |  | &nbsp;&nbsp; 22763725 |
| **Industrial Machinery & Supplies & Components–4.29%** | **Industrial Machinery & Supplies & Components–4.29%** | **Industrial Machinery & Supplies & Components–4.29%** |
| Enpro, Inc.<sup>(c)</sup>  | 99961 | &nbsp;&nbsp; 21404649 |
| ESAB Corp. | 154838 | &nbsp;&nbsp; 17298501 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 619867 | &nbsp;&nbsp; 13308545 |
|  |  | &nbsp;&nbsp; 52011695 |
| **Industrial REITs–1.29%** | **Industrial REITs–1.29%** | **Industrial REITs–1.29%** |
| Terreno Realty Corp.<sup>(c)</sup>  | 266360 | &nbsp;&nbsp; 15637996 |
| **Investment Banking & Brokerage–1.77%** | **Investment Banking & Brokerage–1.77%** | **Investment Banking & Brokerage–1.77%** |
| BGC Group, Inc., Class A | 1249449 | &nbsp;&nbsp; 11157580 |
| Stifel Financial Corp. | 82342 | &nbsp;&nbsp; 10310865 |
|  |  | &nbsp;&nbsp; 21468445 |
| **IT Consulting & Other Services–1.28%** | **IT Consulting & Other Services–1.28%** | **IT Consulting & Other Services–1.28%** |
| ASGN, Inc.<sup>(b)</sup>  | 321469 | &nbsp;&nbsp; 15485162 |
| **Leisure Facilities–0.69%** | **Leisure Facilities–0.69%** | **Leisure Facilities–0.69%** |
| Life Time Group Holdings, Inc.<sup>(b)</sup>  | 313830 | &nbsp;&nbsp; 8341601 |
| **Life Sciences Tools & Services–2.59%** | **Life Sciences Tools & Services–2.59%** | **Life Sciences Tools & Services–2.59%** |
| Adaptive Biotechnologies Corp.<sup>(b)</sup>  | 481207 | &nbsp;&nbsp; 7814802 |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 464081 | &nbsp;&nbsp; 11221478 |
| Repligen Corp.<sup>(b)</sup>  | 75199 | &nbsp;&nbsp; 12322108 |
|  |  | &nbsp;&nbsp; 31358388 |
| **Metal, Glass & Plastic Containers–1.03%** | **Metal, Glass & Plastic Containers–1.03%** | **Metal, Glass & Plastic Containers–1.03%** |
| Silgan Holdings, Inc.<sup>(c)</sup>  | 310042 | &nbsp;&nbsp; 12516396 |
| **Oil & Gas Drilling–1.60%** | **Oil & Gas Drilling–1.60%** | **Oil & Gas Drilling–1.60%** |
| Helmerich & Payne, Inc. | 678054 | &nbsp;&nbsp; 19446589 |
| **Oil & Gas Equipment & Services–1.43%** | **Oil & Gas Equipment & Services–1.43%** | **Oil & Gas Equipment & Services–1.43%** |
| Kodiak Gas Services, Inc. | 464666 | &nbsp;&nbsp; 17378508 |
| **Oil & Gas Exploration & Production–1.23%** | **Oil & Gas Exploration & Production–1.23%** | **Oil & Gas Exploration & Production–1.23%** |
| Northern Oil and Gas, Inc.<sup>(c)</sup>  | 693305 | &nbsp;&nbsp; 14885258 |
| **Other Specialized REITs–1.46%** | **Other Specialized REITs–1.46%** | **Other Specialized REITs–1.46%** |
| Outfront Media, Inc. | 736865 | &nbsp;&nbsp; 17758446 |
| **Personal Care Products–0.53%** | **Personal Care Products–0.53%** | **Personal Care Products–0.53%** |
| Interparfums, Inc. | 75279 | &nbsp;&nbsp; 6385918 |
| **Pharmaceuticals–2.00%** | **Pharmaceuticals–2.00%** | **Pharmaceuticals–2.00%** |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup>  | 152291 | &nbsp;&nbsp; 7051073 |
| Nektar Therapeutics<sup>(b)</sup>  | 92678 | &nbsp;&nbsp; 3918426 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup>  | 162338 | &nbsp;&nbsp; 13292236 |
|  |  | &nbsp;&nbsp; 24261735 |
| **Property & Casualty Insurance–1.64%** | **Property & Casualty Insurance–1.64%** | **Property & Casualty Insurance–1.64%** |
| Definity Financial Corp. (Canada) | 160173 | &nbsp;&nbsp; 8860832 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | 215171 | &nbsp;&nbsp; $10997390 |
|  |  |  | &nbsp;&nbsp; 19858222 |
| **Regional Banks–10.31%** | **Regional Banks–10.31%** | **Regional Banks–10.31%** | **Regional Banks–10.31%** |
| Ameris Bancorp<sup>(c)</sup>  | Ameris Bancorp<sup>(c)</sup>  | 122608 | &nbsp;&nbsp; 9106096 |
| Banc of California, Inc. | Banc of California, Inc. | 793094 | &nbsp;&nbsp; 15298783 |
| Cathay General Bancorp | Cathay General Bancorp | 327762 | &nbsp;&nbsp; 15860403 |
| Columbia Banking System, Inc. | Columbia Banking System, Inc. | 759360 | &nbsp;&nbsp; 21224112 |
| OceanFirst Financial Corp. | OceanFirst Financial Corp. | 424338 | &nbsp;&nbsp; 7616867 |
| United Community Banks, Inc. | United Community Banks, Inc. | 302988 | &nbsp;&nbsp; 9459285 |
| Webster Financial Corp. | Webster Financial Corp. | 252810 | &nbsp;&nbsp; 15911862 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | 142903 | &nbsp;&nbsp; 19980698 |
| WSFS Financial Corp. | WSFS Financial Corp. | 190272 | &nbsp;&nbsp; 10510625 |
|  |  |  | &nbsp;&nbsp; 124968731 |
| **Restaurants–1.29%** | **Restaurants–1.29%** | **Restaurants–1.29%** | **Restaurants–1.29%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 310306 | &nbsp;&nbsp; 15664247 |
| **Semiconductor Materials & Equipment–0.85%** | **Semiconductor Materials & Equipment–0.85%** | **Semiconductor Materials & Equipment–0.85%** | **Semiconductor Materials & Equipment–0.85%** |
| MKS, Inc. | MKS, Inc. | 64648 | &nbsp;&nbsp; 10330750 |
| **Semiconductors–6.13%** | **Semiconductors–6.13%** | **Semiconductors–6.13%** | **Semiconductors–6.13%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | 542689 | &nbsp;&nbsp; 14316136 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 73571 | &nbsp;&nbsp; 10586131 |
| Lattice Semiconductor Corp.<sup>(b)</sup>  | Lattice Semiconductor Corp.<sup>(b)</sup>  | 215991 | &nbsp;&nbsp; 15892618 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 87847 | &nbsp;&nbsp; 15046434 |
| Rambus, Inc.<sup>(b)</sup>  | Rambus, Inc.<sup>(b)</sup>  | 65955 | &nbsp;&nbsp; 6060605 |
| Silicon Laboratories, Inc.<sup>(b)</sup>  | Silicon Laboratories, Inc.<sup>(b)</sup>  | 94785 | &nbsp;&nbsp; 12388399 |
|  |  |  | &nbsp;&nbsp; 74290323 |
| **Steel–1.35%** | **Steel–1.35%** | **Steel–1.35%** | **Steel–1.35%** |
| Commercial Metals Co. | Commercial Metals Co. | 236027 | &nbsp;&nbsp; 16337789 |
| **Transaction & Payment Processing Services–1.24%** | **Transaction & Payment Processing Services–1.24%** | **Transaction & Payment Processing Services–1.24%** | **Transaction & Payment Processing Services–1.24%** |
| Marqeta, Inc., Class A<sup>(b)(c)</sup>  | Marqeta, Inc., Class A<sup>(b)(c)</sup>  | 1665562 | &nbsp;&nbsp; 7911419 |
| Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | 224328 | &nbsp;&nbsp; 7086522 |
|  |  |  | &nbsp;&nbsp; 14997941 |
| Total Common Stocks & Other Equity Interests <br> (Cost $923,125,026) | Total Common Stocks & Other Equity Interests <br> (Cost $923,125,026) | Total Common Stocks & Other Equity Interests <br> (Cost $923,125,026) | &nbsp;&nbsp; 1184117518 |
| **Money Market Funds–1.34%** | **Money Market Funds–1.34%** | **Money Market Funds–1.34%** | **Money Market Funds–1.34%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 5697523 | &nbsp;&nbsp; 5697523 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 10576946 | &nbsp;&nbsp; 10576946 |
| Total Money Market Funds (Cost $16,274,469) | Total Money Market Funds (Cost $16,274,469) | Total Money Market Funds (Cost $16,274,469) | &nbsp;&nbsp; 16274469 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.03% <br> (Cost $939,399,495)<br>|  |  | &nbsp;&nbsp; 1200391987 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–11.61%** | **Money Market Funds–11.61%** | **Money Market Funds–11.61%** | **Money Market Funds–11.61%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 39177197 | &nbsp;&nbsp; 39177197 |

---

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

**3**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 3.88%<sup>(d)(e)(f)</sup>  | 101597486 | &nbsp;&nbsp; $101627965 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $140,805,162) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $140,805,162) | &nbsp;&nbsp; 140805162 |
| TOTAL INVESTMENTS IN SECURITIES–110.64% <br> (Cost $1,080,204,657) | TOTAL INVESTMENTS IN SECURITIES–110.64% <br> (Cost $1,080,204,657) | &nbsp;&nbsp; 1341197149 |
| OTHER ASSETS LESS LIABILITIES—(10.64)% | OTHER ASSETS LESS LIABILITIES—(10.64)% | &nbsp;&nbsp; (129030022)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1212167127 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $5818076 | &nbsp;&nbsp; $130055850 | &nbsp;&nbsp; $(130176403) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5697523 | &nbsp;&nbsp; $258082 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 10800832 | &nbsp;&nbsp; 241532294 | &nbsp;&nbsp; (241756180) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10576946 | &nbsp;&nbsp; 474509 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 76835293 | &nbsp;&nbsp; 467307542 | &nbsp;&nbsp; (504965638) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 39177197 | &nbsp;&nbsp; 2,307,143\* |
| Invesco Private Prime Fund | 200053567 | &nbsp;&nbsp; 943574743 | &nbsp;&nbsp; (1042003992) | &nbsp;&nbsp; - | &nbsp;&nbsp; 3647 | &nbsp;&nbsp; 101627965 | &nbsp;&nbsp; 6,221,030\* |
| Total | $293507768 | &nbsp;&nbsp; $1782470429 | &nbsp;&nbsp; $(1918902213) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3647 | &nbsp;&nbsp; $157079631 | &nbsp;&nbsp; $9260764 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $923,125,026)\*<br>| &nbsp;&nbsp; $1184117518 |
| Investments in affiliated money market funds, at value <br> (Cost $157,079,631)<br>| &nbsp;&nbsp; 157079631 |
| Cash | &nbsp;&nbsp; 1166731 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 10025233 |
| Fund shares sold | &nbsp;&nbsp; 332732 |
| Dividends | &nbsp;&nbsp; 1303696 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 76541 |
| Total assets | &nbsp;&nbsp; 1354102082 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 298913 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 140805162 |
| Accrued fees to affiliates | &nbsp;&nbsp; 711342 |
| Accrued other operating expenses | &nbsp;&nbsp; 42997 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 76541 |
| Total liabilities | &nbsp;&nbsp; 141934955 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1212167127 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $882093311 |
| Distributable earnings | &nbsp;&nbsp; 330073816 |
|  | &nbsp;&nbsp; $1212167127 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $404601522 |
| Series II | &nbsp;&nbsp; $807565605 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 14174976 |
| Series II | &nbsp;&nbsp; 29142006 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $28.54 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $27.71 |

---

\* At December 31, 2025, securities with an aggregate value of $134,237,970 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $18,282) | &nbsp;&nbsp; $13664121 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $306,192)<br>| &nbsp;&nbsp; 1038783 |
| Total investment income | &nbsp;&nbsp; 14702904 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6997626 |
| Administrative services fees | &nbsp;&nbsp; 1728635 |
| Custodian fees | &nbsp;&nbsp; 7755 |
| Distribution fees - Series II | &nbsp;&nbsp; 1913782 |
| Transfer agent fees | &nbsp;&nbsp; 52703 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 28925 |
| Reports to shareholders | &nbsp;&nbsp; 10265 |
| Professional services fees | &nbsp;&nbsp; 54064 |
| Other | &nbsp;&nbsp; 10101 |
| Total expenses | &nbsp;&nbsp; 10803856 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (20173)<br>|
| Net expenses | &nbsp;&nbsp; 10783683 |
| Net investment income | &nbsp;&nbsp; 3919221 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 71436403 |
| Affiliated investment securities | &nbsp;&nbsp; 3647 |
| Foreign currencies | &nbsp;&nbsp; 4264 |
|  | &nbsp;&nbsp; 71444314 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 15634100 |
| Foreign currencies | &nbsp;&nbsp; (68)<br>|
|  | &nbsp;&nbsp; 15634032 |
| Net realized and unrealized gain | &nbsp;&nbsp; 87078346 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $90997567 |

---

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

**5**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3919221 | &nbsp;&nbsp; $3278375 |
| Net realized gain | &nbsp;&nbsp; 71444314 | &nbsp;&nbsp; 112187615 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 15634032 | &nbsp;&nbsp; (10412221)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 90997567 | &nbsp;&nbsp; 105053769 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (34568195)<br>| &nbsp;&nbsp; (7337261)<br>|
| Series II | &nbsp;&nbsp; (82196193)<br>| &nbsp;&nbsp; (27012158)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (116764388)<br>| &nbsp;&nbsp; (34349419)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 199469713 | &nbsp;&nbsp; 23344941 |
| Series II | &nbsp;&nbsp; 68896787 | &nbsp;&nbsp; 35263594 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 268366500 | &nbsp;&nbsp; 58608535 |
| Net increase in net assets | &nbsp;&nbsp; 242599679 | &nbsp;&nbsp; 129312885 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 969567448 | &nbsp;&nbsp; 840254563 |
| End of year | &nbsp;&nbsp; $1212167127 | &nbsp;&nbsp; $969567448 |

---

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

**6**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $29.25 | $0.16 | $2.32 | $2.48 | $(0.14)<br>| $(3.05)<br>| $(3.19)<br>| $28.54 | 8.70<br> %<br>| &nbsp;&nbsp; $404602 | 0.84<br> %<br>| 0.84<br> %<br>| 0.56<br> %<br>| 50<br> %<br>|
| Year ended 12/31/24 | 26.91 | 0.16 | 3.24 | 3.40 |  | (1.06)<br>| (1.06)<br>| 29.25 | 12.69 | &nbsp;&nbsp; 213154 | 0.87 | 0.87 | 0.56 | 42 |
| Year ended 12/31/23 | 23.08 | 0.11 | 4.01 | 4.12 | (0.29)<br>|  | (0.29)<br>| 26.91 | 18.13 | &nbsp;&nbsp; 174202 | 0.88 | 0.88 | 0.44 | 42 |
| Year ended 12/31/22 | 31.47 | 0.11 | (5.12)<br>| (5.01)<br>| (0.15)<br>| (3.23)<br>| (3.38)<br>| 23.08 | (15.83)<br>| &nbsp;&nbsp; 142703 | 0.84 | 0.87 | 0.41 | 32 |
| Year ended 12/31/21 | 27.42 | 0.01 | 6.19 | 6.20 | (0.12)<br>| (2.03)<br>| (2.15)<br>| 31.47 | 22.55 | &nbsp;&nbsp; 158060 | 0.80 | 0.84 | 0.03 | 32 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 28.49 | 0.09 | 2.25 | 2.34 | (0.07)<br>| (3.05)<br>| (3.12)<br>| 27.71 | 8.44 | &nbsp;&nbsp; 807566 | 1.09 | 1.09 | 0.31 | 50 |
| Year ended 12/31/24 | 26.30 | 0.09 | 3.16 | 3.25 |  | (1.06)<br>| (1.06)<br>| 28.49 | 12.41 | &nbsp;&nbsp; 756414 | 1.12 | 1.12 | 0.31 | 42 |
| Year ended 12/31/23 | 22.56 | 0.05 | 3.92 | 3.97 | (0.23)<br>|  | (0.23)<br>| 26.30 | 17.82 | &nbsp;&nbsp; 666053 | 1.13 | 1.13 | 0.19 | 42 |
| Year ended 12/31/22 | 30.83 | 0.04 | (5.01)<br>| (4.97)<br>| (0.07)<br>| (3.23)<br>| (3.30)<br>| 22.56 | (16.04)<br>| &nbsp;&nbsp; 562756 | 1.09 | 1.12 | 0.16 | 32 |
| Year ended 12/31/21 | 26.91 | (0.07)<br>| 6.08 | 6.01 | (0.06)<br>| (2.03)<br>| (2.09)<br>| 30.83 | 22.26 | &nbsp;&nbsp; 709699 | 1.05 | 1.09 | (0.22)<br>| 32 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "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

**9**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $22,400 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |

---

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

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.66%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**10**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $20,173.

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, 2025, Invesco was paid $149,266 for accounting and fund administrative services and was reimbursed $1,579,369 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $45,800 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1184117518 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1184117518 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 16274469 | &nbsp;&nbsp;&nbsp;&nbsp; 140805162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157079631 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1200391987 | &nbsp;&nbsp;&nbsp;&nbsp; $140805162 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1341197149 |

---

**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

**11**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $11945766 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Long-term capital gain | &nbsp;&nbsp; 104818622 | &nbsp;&nbsp;&nbsp;&nbsp; 34349419 |
| Total distributions | &nbsp;&nbsp; $116764388 | &nbsp;&nbsp;&nbsp;&nbsp; $34349419 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $6695943 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 64721379 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 258720932 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (64438)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 882093311 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1212167127 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $664,469,138 and $518,565,260, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $297234038 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (38513106)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $258720932 |

---

Cost of investments for tax purposes is $1,082,476,217.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of REITs and foreign currency transactions, on December 31, 2025, undistributed net investment income was increased by $4,264 and undistributed net realized gain was decreased by $4,264. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 6953921 | &nbsp;&nbsp;&nbsp; $203064296 | &nbsp;&nbsp;&nbsp; 1570250 | &nbsp;&nbsp;&nbsp; $45007834 |
| Series II | &nbsp;&nbsp;&nbsp; 3107885 | &nbsp;&nbsp;&nbsp; 87500012 | &nbsp;&nbsp;&nbsp; 4097751 | &nbsp;&nbsp;&nbsp; 115174331 |

---

**12**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1235461 | &nbsp;&nbsp;&nbsp; $34568195 | &nbsp;&nbsp;&nbsp; 254324 | &nbsp;&nbsp;&nbsp; $7337261 |
| Series II | &nbsp;&nbsp;&nbsp; 3024142 | &nbsp;&nbsp;&nbsp; 82196193 | &nbsp;&nbsp;&nbsp; 960603 | &nbsp;&nbsp;&nbsp; 27012156 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1301609)<br>| &nbsp;&nbsp;&nbsp; (38162778)<br>| &nbsp;&nbsp;&nbsp; (1011610)<br>| &nbsp;&nbsp;&nbsp; (29000154)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (3537892)<br>| &nbsp;&nbsp;&nbsp; (100799418)<br>| &nbsp;&nbsp;&nbsp; (3836222)<br>| &nbsp;&nbsp;&nbsp; (106922893)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 9481908 | &nbsp;&nbsp;&nbsp; $268366500 | &nbsp;&nbsp;&nbsp; 2035096 | &nbsp;&nbsp;&nbsp; $58608535 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% 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.

**13**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**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. 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 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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $104818622 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 50.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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![](img09149e3b1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

---

| | |
|:---|:---|
| [2](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_SOI-Continued-864_1) | Schedule of Investments |
| [3](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_FS-Continued-864_1) | Financial Statements |
| [5](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_FS-Continued-864_3) | Financial Highlights |
| [6](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_NTF-Continued-864_1) | Notes to Financial Statements |
| [12](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_ARS-Continued-864_1) | Report of Independent Registered Public Accounting Firm |
| [13](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_TI-Continued-864_1) | Tax Information |
| [14](#xx_bceb3f5e-417d-493b-89ab-34e7bdfe9286_OIRSR-Continued-864_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500D-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–1.88%** | **Money Market Funds–1.88%** | **Money Market Funds–1.88%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.68%<sup>(a)(b)</sup>  | 364677 | &nbsp;&nbsp; $364677 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(a)(b)</sup>  | 677172 | &nbsp;&nbsp; 677172 |
| Total Money Market Funds (Cost $1,041,849) | Total Money Market Funds (Cost $1,041,849) | &nbsp;&nbsp; 1041849 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–101.10%** | **Options Purchased–101.10%** |
| (Cost $56,031,806)<sup>(c)</sup>  | &nbsp;&nbsp; $56031806 |
| TOTAL INVESTMENTS IN SECURITIES–102.98% <br> (Cost $57,073,655) | &nbsp;&nbsp; 57073655 |
| OTHER ASSETS LESS LIABILITIES—(2.98)% | &nbsp;&nbsp; (1651363)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $55422292 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $993772 | &nbsp;&nbsp; $10460773 | &nbsp;&nbsp; $(11089868) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $364677 | &nbsp;&nbsp; $28653 |
| Invesco Treasury Portfolio, Institutional Class | 1845270 | &nbsp;&nbsp; 19427150 | &nbsp;&nbsp; (20595248) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 677172 | &nbsp;&nbsp; 52718 |
| Total | $2839042 | &nbsp;&nbsp; $29887923 | &nbsp;&nbsp; $(31685116) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1041849 | &nbsp;&nbsp; $81371 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | 12/31/2026 | &nbsp;&nbsp;&nbsp; 805 | USD | 20.54 | USD | 1653470 | &nbsp;&nbsp;&nbsp; $52970903 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | 12/31/2026 | &nbsp;&nbsp;&nbsp; 805 | USD | 684.55 | USD | 55106275 | &nbsp;&nbsp;&nbsp; 3060903 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $56031806 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 12/31/2026 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; USD | 779.91 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 62782755 | &nbsp;&nbsp; $(1000322)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 12/31/2026 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; USD | 616.10 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 49596050 | &nbsp;&nbsp; (1744142)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  | &nbsp;&nbsp; $(2744464)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

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

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $56,031,806)<br>| &nbsp;&nbsp; $56031806 |
| Investments in affiliated money market funds, at value <br> (Cost $1,041,849)<br>| &nbsp;&nbsp; 1041849 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 58964977 |
| Dividends | &nbsp;&nbsp; 3202 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 17399 |
| Total assets | &nbsp;&nbsp; 116059233 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,744,464)<br>| &nbsp;&nbsp; 2744464 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 57751526 |
| Fund shares reacquired | &nbsp;&nbsp; 26291 |
| Accrued fees to affiliates | &nbsp;&nbsp; 32557 |
| Accrued other operating expenses | &nbsp;&nbsp; 64704 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 17399 |
| Total liabilities | &nbsp;&nbsp; 60636941 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $55422292 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $49311574 |
| Distributable earnings | &nbsp;&nbsp; 6110718 |
|  | &nbsp;&nbsp; $55422292 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $999720 |
| Series II | &nbsp;&nbsp; $54422572 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 81216 |
| Series II | &nbsp;&nbsp; 4526266 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $12.31 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $12.02 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $81371 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 220321 |
| Administrative services fees | &nbsp;&nbsp; 85945 |
| Custodian fees | &nbsp;&nbsp; 2210 |
| Distribution fees - Series II | &nbsp;&nbsp; 128857 |
| Transfer agent fees | &nbsp;&nbsp; 2584 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22076 |
| Licensing fees | &nbsp;&nbsp; 26230 |
| Reports to shareholders | &nbsp;&nbsp; 11997 |
| Professional services fees | &nbsp;&nbsp; 49509 |
| Other | &nbsp;&nbsp; 344 |
| Total expenses | &nbsp;&nbsp; 550073 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (56170)<br>|
| Net expenses | &nbsp;&nbsp; 493903 |
| Net investment income (loss) | &nbsp;&nbsp; (412532)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6191598 |
| Options written | &nbsp;&nbsp; 401743 |
|  | &nbsp;&nbsp; 6593341 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (102848)<br>|
| Options written | &nbsp;&nbsp; 43318 |
|  | &nbsp;&nbsp; (59530)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 6533811 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $6121279 |

---

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

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(412532)<br>| &nbsp;&nbsp; $(233244)<br>|
| Net realized gain | &nbsp;&nbsp; 6593341 | &nbsp;&nbsp; 4131055 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (59530)<br>| &nbsp;&nbsp; 57354 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6121279 | &nbsp;&nbsp; 3955165 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (68135)<br>| &nbsp;&nbsp; (16641)<br>|
| Series II | &nbsp;&nbsp; (3890455)<br>| &nbsp;&nbsp; (1114574)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (3958590)<br>| &nbsp;&nbsp; (1131215)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 420397 | &nbsp;&nbsp; 167333 |
| Series II | &nbsp;&nbsp; 18514785 | &nbsp;&nbsp; 12170007 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 18935182 | &nbsp;&nbsp; 12337340 |
| Net increase in net assets | &nbsp;&nbsp; 21097871 | &nbsp;&nbsp; 15161290 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 34324421 | &nbsp;&nbsp; 19163131 |
| End of year | &nbsp;&nbsp; $55422292 | &nbsp;&nbsp; $34324421 |

---

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

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $11.63 | $(0.06)<br>| $1.63 | $1.57 | $(0.89)<br>| $12.31 | 13.81<br> %<br>| $1000 | 0.70<br> %<br>| 0.80<br> %<br>| (0.54)%<br>| 0<br> %<br>|
| Year ended 12/31/24 | 10.48 | (0.06)<br>| 1.61 | 1.55 | (0.40)<br>| 11.63 | 14.89 | 560 | 0.70 | 0.92 | (0.51)<br>| 0 |
| Year ended 12/31/23 | 8.96 | (0.05)<br>| 1.68 | 1.63 | (0.11)<br>| 10.48 | 18.17 | 359 | 0.70 | 1.03 | (0.53)<br>| 0 |
| Year ended 12/31/22 | 10.00 | (0.06)<br>| (0.98)<br>| (1.04)<br>|  | 8.96 | (10.40)<br>| 477 | 0.70 | 1.90 | (0.64)<br>| 0 |
| Period ended 12/31/21<sup>(d)</sup> <br>| 10.00 | (0.00)<br>|  | (0.00)<br>|  | 10.00 |  | 1000 | 0.70 <br><sup>(e)</sup><br>| 643.01 <br><sup>(e)</sup><br>| (0.70 )<sup>(e)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 11.54 | (0.09)<br>| 1.46 | 1.37 | (0.89)<br>| 12.02 | 12.08 | 54423 | 0.95 | 1.05 | (0.79)<br>| 0 |
| Year ended 12/31/24 | 10.50 | (0.08)<br>| 1.52 | 1.44 | (0.40)<br>| 11.54 | 13.82 | 33765 | 0.95 | 1.17 | (0.76)<br>| 0 |
| Year ended 12/31/23 | 8.93 | (0.08)<br>| 1.76 | 1.68 | (0.11)<br>| 10.50 | 18.80 | 18804 | 0.95 | 1.28 | (0.78)<br>| 0 |
| Year ended 12/31/22 | 10.00 | (0.08)<br>| (0.99)<br>| (1.07)<br>|  | 8.93 | (10.70)<br>| 8748 | 0.95 | 2.15 | (0.89)<br>| 0 |
| Period ended 12/31/21<sup>(d)</sup> <br>| 10.00 | (0.00)<br>|  | (0.00)<br>|  | 10.00 |  | 1000 | 0.95 <br><sup>(e)</sup><br>| 643.26 <br><sup>(e)</sup><br>| (0.95 )<sup>(e)</sup><br>| 0 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Commencement date of December 31, 2021.

<sup>(e)</sup> Annualized.

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

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December (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 seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **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.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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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, 2027, 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 and Series II shares to 0.70% and 0.95%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $56,170.

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, 2025, Invesco was paid $7,340 for accounting and fund administrative services and was reimbursed $78,605 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1041849 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1041849 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56031806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56031806 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1041849 | &nbsp;&nbsp;&nbsp;&nbsp; 56031806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57073655 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2744464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2744464)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1041849 | &nbsp;&nbsp;&nbsp;&nbsp; $53287342 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $54329191 |

---

\* Options written are shown at value.

**NOTE 4—Derivative Investments**

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

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**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $56031806 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (56031806)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(2744464)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2744464 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $6191598 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 401743 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (102848)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 43318 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $6533811 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $52588179 | &nbsp;&nbsp;&nbsp;&nbsp; $103650610 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp;&nbsp; 1714 |

---

**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. Obligations under the deferred compensation plan 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.

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**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1445158 | &nbsp;&nbsp;&nbsp;&nbsp; $565187 |
| Long-term capital gain | &nbsp;&nbsp; 2513432 | &nbsp;&nbsp;&nbsp;&nbsp; 566028 |
| Total distributions | &nbsp;&nbsp; $3958590 | &nbsp;&nbsp;&nbsp;&nbsp; $1131215 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $2202898 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 3918966 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (11146)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 49311574 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $55422292 |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $409,529 and undistributed net realized gain was decreased by $409,529. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 73457 | &nbsp;&nbsp;&nbsp; $877618 | &nbsp;&nbsp;&nbsp; 51754 | &nbsp;&nbsp;&nbsp; $578535 |
| Series II | &nbsp;&nbsp;&nbsp; 2330298 | &nbsp;&nbsp;&nbsp; 27302662 | &nbsp;&nbsp;&nbsp; 1536664 | &nbsp;&nbsp;&nbsp; 16743221 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 5641 | &nbsp;&nbsp;&nbsp; 67069 | &nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp; 16160 |
| Series II | &nbsp;&nbsp;&nbsp; 330457 | &nbsp;&nbsp;&nbsp; 3889482 | &nbsp;&nbsp;&nbsp; 98248 | &nbsp;&nbsp;&nbsp; 1114136 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (46036)<br>| &nbsp;&nbsp;&nbsp; (524290)<br>| &nbsp;&nbsp;&nbsp; (39234)<br>| &nbsp;&nbsp;&nbsp; (427362)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1060585)<br>| &nbsp;&nbsp;&nbsp; (12677359)<br>| &nbsp;&nbsp;&nbsp; (500361)<br>| &nbsp;&nbsp;&nbsp; (5687350)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1633232 | &nbsp;&nbsp;&nbsp; $18935182 | &nbsp;&nbsp;&nbsp; 1148486 | &nbsp;&nbsp;&nbsp; $12337340 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 99% 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.

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**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 Buffer Fund - December

**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 Buffer Fund - December (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period December 31, 2021 (commencement date) through December 31, 2021 (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, 2025, 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, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period December 31, 2021 (commencement date) through December 31, 2021 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, 2025 by correspondence with the transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $2513432 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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![](imgc18add181.jpg)

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**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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---

| | |
|:---|:---|
| [2](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_SOI-Continued-885_1) | Schedule of Investments |
| [3](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_FS-Continued-885_1) | Financial Statements |
| [5](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_FS-Continued-885_3) | Financial Highlights |
| [6](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_NTF-Continued-885_1) | Notes to Financial Statements |
| [13](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_ARS-Continued-885_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_TI-Continued-885_1) | Tax Information |
| [15](#xx_96ef9db9-34d0-4f1b-8c45-5d50cf0b1e57_OIRSR-Continued-885_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500J-NCSR

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**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–2.97%** | **Money Market Funds–2.97%** | **Money Market Funds–2.97%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.68%<sup>(a)(b)</sup>  | 637370 | &nbsp;&nbsp; $637370 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(a)(b)</sup>  | 1183688 | &nbsp;&nbsp; 1183688 |
| Total Money Market Funds (Cost $1,821,058) | Total Money Market Funds (Cost $1,821,058) | &nbsp;&nbsp; 1821058 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–101.67%** | **Options Purchased–101.67%** |
| (Cost $58,119,564)<sup>(c)</sup>  | &nbsp;&nbsp; $62328738 |
| TOTAL INVESTMENTS IN SECURITIES–104.64% <br> (Cost $59,940,622) | &nbsp;&nbsp; 64149796 |
| OTHER ASSETS LESS LIABILITIES—(4.64)% | &nbsp;&nbsp; (2842049)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $61307747 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $663268 | &nbsp;&nbsp; $8481714 | &nbsp;&nbsp; $(8507612) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $637370 | &nbsp;&nbsp; $27578 |
| Invesco Treasury Portfolio, Institutional Class | 1231782 | &nbsp;&nbsp; 15751755 | &nbsp;&nbsp; (15799849) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1183688 | &nbsp;&nbsp; 50741 |
| Total | $1895050 | &nbsp;&nbsp; $24233469 | &nbsp;&nbsp; $(24307461) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1821058 | &nbsp;&nbsp; $78319 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | 06/30/2026 | &nbsp;&nbsp;&nbsp; 922 | USD | 18.62 | USD | 1716764 | &nbsp;&nbsp;&nbsp; $61235432 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | 06/30/2026 | &nbsp;&nbsp;&nbsp; 922 | USD | 620.50 | USD | 57210100 | &nbsp;&nbsp;&nbsp; 1093306 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $62328738 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp; 922 | &nbsp;&nbsp; USD | 703.96 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 64905112 | &nbsp;&nbsp; $(2196841)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp; 922 | &nbsp;&nbsp; USD | 558.45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 51489090 | &nbsp;&nbsp; (541327)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  | &nbsp;&nbsp; $(2738168)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

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

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $58,119,564)<br>| &nbsp;&nbsp; $62328738 |
| Investments in affiliated money market funds, at value <br> (Cost $1,821,058)<br>| &nbsp;&nbsp; 1821058 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 4872 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 14913 |
| Total assets | &nbsp;&nbsp; 64169581 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,807,295)<br>| &nbsp;&nbsp; 2738168 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 8726 |
| Accrued fees to affiliates | &nbsp;&nbsp; 35200 |
| Accrued other operating expenses | &nbsp;&nbsp; 64827 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 14913 |
| Total liabilities | &nbsp;&nbsp; 2861834 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $61307747 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $55044845 |
| Distributable earnings | &nbsp;&nbsp; 6262902 |
|  | &nbsp;&nbsp; $61307747 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $1790219 |
| Series II | &nbsp;&nbsp; $59517528 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 131924 |
| Series II | &nbsp;&nbsp; 4431070 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $13.57 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $13.43 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $78319 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 215684 |
| Administrative services fees | &nbsp;&nbsp; 84312 |
| Custodian fees | &nbsp;&nbsp; 3194 |
| Distribution fees - Series II | &nbsp;&nbsp; 124271 |
| Transfer agent fees | &nbsp;&nbsp; 2552 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22061 |
| Licensing fees | &nbsp;&nbsp; 18751 |
| Reports to shareholders | &nbsp;&nbsp; 11819 |
| Professional services fees | &nbsp;&nbsp; 48865 |
| Other | &nbsp;&nbsp; 364 |
| Total expenses | &nbsp;&nbsp; 531873 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (50252)<br>|
| Net expenses | &nbsp;&nbsp; 481621 |
| Net investment income (loss) | &nbsp;&nbsp; (403302)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4102243 |
| Options written | &nbsp;&nbsp; 1167116 |
|  | &nbsp;&nbsp; 5269359 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1675978 |
| Options written | &nbsp;&nbsp; (60233)<br>|
|  | &nbsp;&nbsp; 1615745 |
| Net realized and unrealized gain | &nbsp;&nbsp; 6885104 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $6481802 |

---

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

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(403302)<br>| &nbsp;&nbsp; $(251644)<br>|
| Net realized gain | &nbsp;&nbsp; 5269359 | &nbsp;&nbsp; 3576103 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 1615745 | &nbsp;&nbsp; 986909 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6481802 | &nbsp;&nbsp; 4311368 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (134025)<br>| &nbsp;&nbsp; (86814)<br>|
| Series II | &nbsp;&nbsp; (4274526)<br>| &nbsp;&nbsp; (2356500)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (4408551)<br>| &nbsp;&nbsp; (2443314)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 132129 | &nbsp;&nbsp; (96818)<br>|
| Series II | &nbsp;&nbsp; 15250850 | &nbsp;&nbsp; 13921905 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 15382979 | &nbsp;&nbsp; 13825087 |
| Net increase in net assets | &nbsp;&nbsp; 17456230 | &nbsp;&nbsp; 15693141 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 43851517 | &nbsp;&nbsp; 28158376 |
| End of year | &nbsp;&nbsp; $61307747 | &nbsp;&nbsp; $43851517 |

---

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

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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**Financial Highlights**

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $12.88 | $(0.07)<br>| $1.81 | $1.74 | $(1.05)<br>| $13.57 | 13.65<br> %<br>| $1790 | 0.70<br> %<br>| 0.79<br> %<br>| (0.55)%<br>| 0<br> %<br>|
| Year ended 12/31/24 | 11.96 | (0.06)<br>| 1.73 | 1.67 | (0.75)<br>| 12.88 | 14.03 | 1580 | 0.70 | 0.90 | (0.50)<br>| 0 |
| Year ended 12/31/23 | 10.18 | (0.05)<br>| 2.00 | 1.95 | (0.17)<br>| 11.96 | 19.20 | 1565 | 0.70 | 1.03 | (0.47)<br>| 0 |
| Period ended 12/31/22<sup>(d)</sup> <br>| 10.00 | (0.03)<br>| 0.29 | 0.26 | (0.08)<br>| 10.18 | 2.56 | 1018 | 0.70 <br><sup>(e)</sup><br>| 2.52 <br><sup>(e)</sup><br>| (0.59 )<sup>(e)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 12.79 | (0.11)<br>| 1.80 | 1.69 | (1.05)<br>| 13.43 | 13.35 | 59518 | 0.95 | 1.04 | (0.80)<br>| 0 |
| Year ended 12/31/24 | 11.91 | (0.09)<br>| 1.72 | 1.63 | (0.75)<br>| 12.79 | 13.76 | 42271 | 0.95 | 1.15 | (0.75)<br>| 0 |
| Year ended 12/31/23 | 10.16 | (0.08)<br>| 2.00 | 1.92 | (0.17)<br>| 11.91 | 18.95 | 26594 | 0.95 | 1.28 | (0.72)<br>| 0 |
| Period ended 12/31/22<sup>(d)</sup> <br>| 10.00 | (0.04)<br>| 0.28 | 0.24 | (0.08)<br>| 10.16 | 2.36 | 9321 | 0.95 <br><sup>(e)</sup><br>| 2.77 <br><sup>(e)</sup><br>| (0.84 )<sup>(e)</sup><br>| 0 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Commencement date of June 30, 2022.

<sup>(e)</sup> Annualized.

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

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June (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 seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **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.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

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For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

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**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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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, 2027, 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 and Series II shares to 0.70% and 0.95%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $50,252.

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, 2025, Invesco was paid $7,348 for accounting and fund administrative services and was reimbursed $76,964 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1821058 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1821058 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62328738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62328738 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1821058 | &nbsp;&nbsp;&nbsp;&nbsp; 62328738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64149796 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2738168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2738168)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1821058 | &nbsp;&nbsp;&nbsp;&nbsp; $59590570 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61411628 |

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\* Options written are shown at value.

**NOTE 4—Derivative Investments**

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

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**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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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, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62328738 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (62328738)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(2738168)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2738168 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2025**

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

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $4102243 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 1167116 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1675978 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (60233)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $6885104 |

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<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $50894966 | &nbsp;&nbsp;&nbsp;&nbsp; $100791462 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp; 1667 |

---

**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. Obligations under the deferred compensation plan 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.

**10**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1605361 | &nbsp;&nbsp;&nbsp;&nbsp; $1011274 |
| Long-term capital gain | &nbsp;&nbsp; 2803190 | &nbsp;&nbsp;&nbsp;&nbsp; 1432040 |
| Total distributions | &nbsp;&nbsp; $4408551 | &nbsp;&nbsp;&nbsp;&nbsp; $2443314 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $2275784 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 3996670 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (9554)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 55044845 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $61307747 |

---

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 derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the year ended December 31, 2025. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2877342 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2877340)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

Cost of investments for tax purposes is $61,411,626.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $400,241 and undistributed net realized gain was decreased by $400,241. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 19681 | &nbsp;&nbsp;&nbsp; $266358 | &nbsp;&nbsp;&nbsp; 18914 | &nbsp;&nbsp;&nbsp; $246115 |
| Series II | &nbsp;&nbsp;&nbsp; 1680004 | &nbsp;&nbsp;&nbsp; 22746284 | &nbsp;&nbsp;&nbsp; 1731319 | &nbsp;&nbsp;&nbsp; 22216557 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 9961 | &nbsp;&nbsp;&nbsp; 132974 | &nbsp;&nbsp;&nbsp; 6771 | &nbsp;&nbsp;&nbsp; 86065 |
| Series II | &nbsp;&nbsp;&nbsp; 323258 | &nbsp;&nbsp;&nbsp; 4273476 | &nbsp;&nbsp;&nbsp; 186668 | &nbsp;&nbsp;&nbsp; 2355752 |

---

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (20378)<br>| &nbsp;&nbsp;&nbsp; $(267203)<br>| &nbsp;&nbsp;&nbsp; (33846)<br>| &nbsp;&nbsp;&nbsp; $(428998)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (877366)<br>| &nbsp;&nbsp;&nbsp; (11768910)<br>| &nbsp;&nbsp;&nbsp; (846091)<br>| &nbsp;&nbsp;&nbsp; (10650404)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1135160 | &nbsp;&nbsp;&nbsp; $15382979 | &nbsp;&nbsp;&nbsp; 1063735 | &nbsp;&nbsp;&nbsp; $13825087 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% 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.

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**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 Buffer Fund - June

**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 Buffer Fund - June (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period June 30, 2022 (commencement date) through December 31, 2022 (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, 2025, 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, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period June 30, 2022 (commencement date) through December 31, 2022 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, 2025 by correspondence with the transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $2803190 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

![](imge054020e1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

---

| | |
|:---|:---|
| [2](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_SOI-Continued-877_1) | Schedule of Investments |
| [3](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_FS-Continued-877_1) | Financial Statements |
| [5](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_FS-Continued-877_3) | Financial Highlights |
| [6](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_NTF-Continued-877_1) | Notes to Financial Statements |
| [13](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_ARS-Continued-877_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_TI-Continued-877_1) | Tax Information |
| [15](#xx_6c11c7ab-4165-4d2c-8481-f230c4538bd1_OIRSR-Continued-877_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500M-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–1.05%** | **Money Market Funds–1.05%** | **Money Market Funds–1.05%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.68%<sup>(a)(b)</sup>  | 175507 | &nbsp;&nbsp; $175507 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(a)(b)</sup>  | 350793 | &nbsp;&nbsp; 350793 |
| Total Money Market Funds (Cost $526,300) | Total Money Market Funds (Cost $526,300) | &nbsp;&nbsp; 526300 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–108.64%** | **Options Purchased–108.64%** |
| (Cost $46,289,230)<sup>(c)</sup>  | &nbsp;&nbsp; $54573960 |
| TOTAL INVESTMENTS IN SECURITIES–109.69% <br> (Cost $46,815,530) | &nbsp;&nbsp; 55100260 |
| OTHER ASSETS LESS LIABILITIES—(9.69)% | &nbsp;&nbsp; (4868203)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $50232057 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $239823 | &nbsp;&nbsp; $10039754 | &nbsp;&nbsp; $(10104070) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $175507 | &nbsp;&nbsp; $21053 |
| Invesco Treasury Portfolio, Institutional Class | 516386 | &nbsp;&nbsp; 18645258 | &nbsp;&nbsp; (18810851) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 350793 | &nbsp;&nbsp; 40242 |
| Total | $756209 | &nbsp;&nbsp; $28685012 | &nbsp;&nbsp; $(28914921) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $526300 | &nbsp;&nbsp; $61295 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | 03/31/2026 | &nbsp;&nbsp;&nbsp; 816 | USD | 16.84 | USD | 1374144 | &nbsp;&nbsp;&nbsp; $54403726 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | 03/31/2026 | &nbsp;&nbsp;&nbsp; 816 | USD | 561.19 | USD | 45793104 | &nbsp;&nbsp;&nbsp; 170234 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $54573960 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; 816 | &nbsp;&nbsp; USD | 639.20 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 52158720 | &nbsp;&nbsp; $(4665873)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; 816 | &nbsp;&nbsp; USD | 505.07 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 41213712 | &nbsp;&nbsp; (89907)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  | &nbsp;&nbsp; $(4755780)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

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

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $46,289,230)<br>| &nbsp;&nbsp; $54573960 |
| Investments in affiliated money market funds, at value <br> (Cost $526,300)<br>| &nbsp;&nbsp; 526300 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 2286 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 16150 |
| Total assets | &nbsp;&nbsp; 55118696 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,580,855)<br>| &nbsp;&nbsp; 4755780 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 14609 |
| Accrued fees to affiliates | &nbsp;&nbsp; 29791 |
| Accrued other operating expenses | &nbsp;&nbsp; 70309 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 16150 |
| Total liabilities | &nbsp;&nbsp; 4886639 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $50232057 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $46330508 |
| Distributable earnings | &nbsp;&nbsp; 3901549 |
|  | &nbsp;&nbsp; $50232057 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $533394 |
| Series II | &nbsp;&nbsp; $49698663 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 46523 |
| Series II | &nbsp;&nbsp; 4382417 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $11.47 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $11.34 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $61295 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 193277 |
| Administrative services fees | &nbsp;&nbsp; 75451 |
| Custodian fees | &nbsp;&nbsp; 1912 |
| Distribution fees - Series II | &nbsp;&nbsp; 114097 |
| Transfer agent fees | &nbsp;&nbsp; 2322 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22053 |
| Licensing fees | &nbsp;&nbsp; 22563 |
| Reports to shareholders | &nbsp;&nbsp; 11824 |
| Professional services fees | &nbsp;&nbsp; 49415 |
| Other | &nbsp;&nbsp; 398 |
| Total expenses | &nbsp;&nbsp; 493312 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (58763)<br>|
| Net expenses | &nbsp;&nbsp; 434549 |
| Net investment income (loss) | &nbsp;&nbsp; (373254)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 971202 |
| Options written | &nbsp;&nbsp; 820401 |
|  | &nbsp;&nbsp; 1791603 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5270483 |
| Options written | &nbsp;&nbsp; (2683163)<br>|
|  | &nbsp;&nbsp; 2587320 |
| Net realized and unrealized gain | &nbsp;&nbsp; 4378923 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $4005669 |

---

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

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(373254)<br>| &nbsp;&nbsp; $(224131)<br>|
| Net realized gain | &nbsp;&nbsp; 1791603 | &nbsp;&nbsp; 3158723 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 2587320 | &nbsp;&nbsp; 896485 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4005669 | &nbsp;&nbsp; 3831077 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (40179)<br>| &nbsp;&nbsp; (4946)<br>|
| Series II | &nbsp;&nbsp; (3794024)<br>| &nbsp;&nbsp; (1974514)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (3834203)<br>| &nbsp;&nbsp; (1979460)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 438755 | &nbsp;&nbsp; 61827 |
| Series II | &nbsp;&nbsp; 14205202 | &nbsp;&nbsp; 12873754 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 14643957 | &nbsp;&nbsp; 12935581 |
| Net increase in net assets | &nbsp;&nbsp; 14815423 | &nbsp;&nbsp; 14787198 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 35416634 | &nbsp;&nbsp; 20629436 |
| End of year | &nbsp;&nbsp; $50232057 | &nbsp;&nbsp; $35416634 |

---

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

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $11.51 | $(0.07)<br>| $0.93 | $0.86 | $(0.90)<br>| $11.47 | 7.64<br> %<br>| $533 | 0.70<br> %<br>| 0.82<br> %<br>| (0.57)%<br>| 0<br> %<br>|
| Year ended 12/31/24 | 10.76 | (0.06)<br>| 1.48 | 1.42 | (0.67)<br>| 11.51 | 13.28 | 89 | 0.70 | 0.94 | (0.52)<br>| 0 |
| Year ended 12/31/23 | 9.20 | (0.05)<br>| 1.94 | 1.89 | (0.33)<br>| 10.76 | 20.54 | 16 | 0.70 | 0.91 | (0.54)<br>| 0 |
| Period ended 12/31/22<sup>(d)</sup> <br>| 10.00 | (0.04)<br>| (0.76)<br>| (0.80)<br>|  | 9.20 | (8.00)<br>| 920 | 0.70 <br><sup>(e)</sup><br>| 1.96 <br><sup>(e)</sup><br>| (0.64 )<sup>(e)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 11.43 | (0.09)<br>| 0.90 | 0.81 | (0.90)<br>| 11.34 | 7.25 | 49699 | 0.95 | 1.07 | (0.82)<br>| 0 |
| Year ended 12/31/24 | 10.71 | (0.09)<br>| 1.48 | 1.39 | (0.67)<br>| 11.43 | 13.06 | 35327 | 0.95 | 1.19 | (0.77)<br>| 0 |
| Year ended 12/31/23 | 9.18 | (0.08)<br>| 1.94 | 1.86 | (0.33)<br>| 10.71 | 20.25 | 20613 | 0.95 | 1.16 | (0.79)<br>| 0 |
| Period ended 12/31/22<sup>(d)</sup> <br>| 10.00 | (0.06)<br>| (0.76)<br>| (0.82)<br>|  | 9.18 | (8.20)<br>| 10142 | 0.95 <br><sup>(e)</sup><br>| 2.21 <br><sup>(e)</sup><br>| (0.89 )<sup>(e)</sup><br>| 0 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Commencement date of March 31, 2022.

<sup>(e)</sup> Annualized.

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

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March (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 seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **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.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

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For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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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, 2027, 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 and Series II shares to 0.70% and 0.95%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $58,763.

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, 2025, Invesco was paid $6,483 for accounting and fund administrative services and was reimbursed $68,968 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $526300 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $526300 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54573960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54573960 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 526300 | &nbsp;&nbsp;&nbsp;&nbsp; 54573960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55100260 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4755780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4755780)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $526300 | &nbsp;&nbsp;&nbsp;&nbsp; $49818180 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $50344480 |

---

\* Options written are shown at value.

**NOTE 4—Derivative Investments**

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

**9**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $54573960 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (54573960)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(4755780)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 4755780 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $971202 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 820401 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5270483 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (2683163)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $4378923 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) of unaffiliated investment securities.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $44453937 | &nbsp;&nbsp;&nbsp;&nbsp; $88112837 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |

---

**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. Obligations under the deferred compensation plan 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.

**10**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1804056 | &nbsp;&nbsp;&nbsp;&nbsp; $989285 |
| Long-term capital gain | &nbsp;&nbsp; 2030147 | &nbsp;&nbsp;&nbsp;&nbsp; 990175 |
| Total distributions | &nbsp;&nbsp; $3834203 | &nbsp;&nbsp;&nbsp;&nbsp; $1979460 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $1335722 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 2576171 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (10344)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 46330508 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $50232057 |

---

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 derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the year ended December 31, 2025. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $5982782 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5982782)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

Cost of investments for tax purposes is $50,344,480.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $370,228 and undistributed net realized gain (loss) was decreased by $370,228. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 42584 | &nbsp;&nbsp;&nbsp; $483945 | &nbsp;&nbsp;&nbsp; 15901 | &nbsp;&nbsp;&nbsp; $172798 |
| Series II | &nbsp;&nbsp;&nbsp; 2076172 | &nbsp;&nbsp;&nbsp; 23105154 | &nbsp;&nbsp;&nbsp; 1989555 | &nbsp;&nbsp;&nbsp; 21904350 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 3442 | &nbsp;&nbsp;&nbsp; 38823 | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 3944 |
| Series II | &nbsp;&nbsp;&nbsp; 339845 | &nbsp;&nbsp;&nbsp; 3792668 | &nbsp;&nbsp;&nbsp; 175267 | &nbsp;&nbsp;&nbsp; 1973512 |

---

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (7251)<br>| &nbsp;&nbsp;&nbsp; $(84013)<br>| &nbsp;&nbsp;&nbsp; (10001)<br>| &nbsp;&nbsp;&nbsp; $(114915)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1124450)<br>| &nbsp;&nbsp;&nbsp; (12692620)<br>| &nbsp;&nbsp;&nbsp; (998267)<br>| &nbsp;&nbsp;&nbsp; (11004108)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1330342 | &nbsp;&nbsp;&nbsp; $14643957 | &nbsp;&nbsp;&nbsp; 1172803 | &nbsp;&nbsp;&nbsp; $12935581 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 99% 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.

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**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 Buffer Fund - March

**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 Buffer Fund - March (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period March 31, 2022 (commencement date) through December 31, 2022 (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, 2025, 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, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period March 31, 2022 (commencement date) through December 31, 2022 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, 2025 by correspondence with the transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $2030147 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

![](img0ed315f21.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

---

| | |
|:---|:---|
| [2](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_SOI-Continued-839_1) | Schedule of Investments |
| [3](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_FS-Continued-839_1) | Financial Statements |
| [5](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_FS-Continued-839_3) | Financial Highlights |
| [6](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_NTF-Continued-839_1) | Notes to Financial Statements |
| [13](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_ARS-Continued-839_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_TI-Continued-839_1) | Tax Information |
| [15](#xx_e749b47b-1248-445e-a0bb-9d2f324fd299_OIRSR-Continued-839_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500S-NCSR

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–5.03%** | **Money Market Funds–5.03%** | **Money Market Funds–5.03%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.68%<sup>(a)(b)</sup>  | 1344783 | &nbsp;&nbsp; $1344783 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(a)(b)</sup>  | 2497455 | &nbsp;&nbsp; 2497455 |
| Total Money Market Funds (Cost $3,842,238) | Total Money Market Funds (Cost $3,842,238) | &nbsp;&nbsp; 3842238 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–98.80%** | **Options Purchased–98.80%** |
| (Cost $74,172,557)<sup>(c)</sup>  | &nbsp;&nbsp; $75374361 |
| TOTAL INVESTMENTS IN SECURITIES–103.83% <br> (Cost $78,014,795) | &nbsp;&nbsp; 79216599 |
| OTHER ASSETS LESS LIABILITIES—(3.83)% | &nbsp;&nbsp; (2924178)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $76292421 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $844918 | &nbsp;&nbsp; $11143972 | &nbsp;&nbsp; $(10644107) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1344783 | &nbsp;&nbsp; $31159 |
| Invesco Treasury Portfolio, Institutional Class | 1569139 | &nbsp;&nbsp; 20695948 | &nbsp;&nbsp; (19767632) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2497455 | &nbsp;&nbsp; 57250 |
| Total | $2414057 | &nbsp;&nbsp; $31839920 | &nbsp;&nbsp; $(30411739) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3842238 | &nbsp;&nbsp; $88409 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | 09/30/2026 | &nbsp;&nbsp;&nbsp; 1092 | USD | 20.07 | USD | 2191644 | &nbsp;&nbsp;&nbsp; $72310198 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | 09/30/2026 | &nbsp;&nbsp;&nbsp; 1092 | USD | 668.85 | USD | 73038420 | &nbsp;&nbsp;&nbsp; 3064163 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $75374361 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 09/30/2026 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; USD | 761.49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 83154708 | &nbsp;&nbsp; $(1184528)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 09/30/2026 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; USD | 601.97 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 65735124 | &nbsp;&nbsp; (1628237)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  | &nbsp;&nbsp; $(2812765)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

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

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $74,172,557)<br>| &nbsp;&nbsp; $75374361 |
| Investments in affiliated money market funds, at value <br> (Cost $3,842,238)<br>| &nbsp;&nbsp; 3842238 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 11265 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 18898 |
| Total assets | &nbsp;&nbsp; 79246762 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $3,407,215)<br>| &nbsp;&nbsp; 2812765 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 12121 |
| Accrued fees to affiliates | &nbsp;&nbsp; 40984 |
| Accrued other operating expenses | &nbsp;&nbsp; 69573 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 18898 |
| Total liabilities | &nbsp;&nbsp; 2954341 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $76292421 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $69718223 |
| Distributable earnings | &nbsp;&nbsp; 6574198 |
|  | &nbsp;&nbsp; $76292421 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $1437418 |
| Series II | &nbsp;&nbsp; $74855003 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 118558 |
| Series II | &nbsp;&nbsp; 6243147 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $12.12 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $11.99 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $88409 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 240731 |
| Administrative services fees | &nbsp;&nbsp; 93776 |
| Custodian fees | &nbsp;&nbsp; 1908 |
| Distribution fees - Series II | &nbsp;&nbsp; 141409 |
| Transfer agent fees | &nbsp;&nbsp; 2755 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22105 |
| Licensing fees | &nbsp;&nbsp; 25160 |
| Reports to shareholders | &nbsp;&nbsp; 12278 |
| Professional services fees | &nbsp;&nbsp; 48907 |
| Other | &nbsp;&nbsp; 392 |
| Total expenses | &nbsp;&nbsp; 589421 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (49164)<br>|
| Net expenses | &nbsp;&nbsp; 540257 |
| Net investment income (loss) | &nbsp;&nbsp; (451848)<br>|
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5667963 |
| Options written | &nbsp;&nbsp; 637508 |
|  | &nbsp;&nbsp; 6305471 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 677833 |
| Options written | &nbsp;&nbsp; 53229 |
|  | &nbsp;&nbsp; 731062 |
| Net realized and unrealized gain | &nbsp;&nbsp; 7036533 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $6584685 |

---

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

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(451848)<br>| &nbsp;&nbsp; $(300384)<br>|
| Net realized gain | &nbsp;&nbsp; 6305471 | &nbsp;&nbsp; 5180381 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 731062 | &nbsp;&nbsp; (1176384)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6584685 | &nbsp;&nbsp; 3703613 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (70497)<br>| &nbsp;&nbsp; (27750)<br>|
| Series II | &nbsp;&nbsp; (3597971)<br>| &nbsp;&nbsp; (2540381)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (3668468)<br>| &nbsp;&nbsp; (2568131)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 895897 | &nbsp;&nbsp; 65529 |
| Series II | &nbsp;&nbsp; 19239889 | &nbsp;&nbsp; 16418857 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 20135786 | &nbsp;&nbsp; 16484386 |
| Net increase in net assets | &nbsp;&nbsp; 23052003 | &nbsp;&nbsp; 17619868 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 53240418 | &nbsp;&nbsp; 35620550 |
| End of year | &nbsp;&nbsp; $76292421 | &nbsp;&nbsp; $53240418 |

---

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

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $11.35 | $(0.06)<br>| $1.50 | $1.44 | $(0.67)<br>| $12.12 | 12.78<br> %<br>| $1437 | 0.70<br> %<br>| 0.78<br> %<br>| (0.55)%<br>| 0<br> %<br>|
| Year ended 12/31/24 | 10.86 | (0.06)<br>| 1.19 | 1.13 | (0.64)<br>| 11.35 | 10.44 | 518 | 0.70 | 0.86 | (0.52)<br>| 0 |
| Year ended 12/31/23 | 9.27 | (0.05)<br>| 1.92 | 1.87 | (0.28)<br>| 10.86 | 20.20 | 433 | 0.70 | 0.84 | (0.51)<br>| 0 |
| Year ended 12/31/22 | 10.29 | (0.06)<br>| (0.92)<br>| (0.98)<br>| (0.04)<br>| 9.27 | (9.53)<br>| 1311 | 0.70 | 1.60 | (0.63)<br>| 0 |
| Period ended 12/31/21<sup>(d)</sup> <br>| 10.00 | (0.02)<br>| 0.60 | 0.58 | (0.29)<br>| 10.29 | 5.84 | 1048 | 0.70 <br><sup>(e)</sup><br>| 7.68 <br><sup>(e)</sup><br>| (0.70 )<sup>(e)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 11.25 | (0.09)<br>| 1.50 | 1.41 | (0.67)<br>| 11.99 | 12.63 | 74855 | 0.95 | 1.03 | (0.80)<br>| 0 |
| Year ended 12/31/24 | 10.80 | (0.09)<br>| 1.18 | 1.09 | (0.64)<br>| 11.25 | 10.12 | 52722 | 0.95 | 1.11 | (0.77)<br>| 0 |
| Year ended 12/31/23 | 9.24 | (0.08)<br>| 1.92 | 1.84 | (0.28)<br>| 10.80 | 19.93 | 35188 | 0.95 | 1.09 | (0.76)<br>| 0 |
| Year ended 12/31/22 | 10.29 | (0.08)<br>| (0.93)<br>| (1.01)<br>| (0.04)<br>| 9.24 | (9.82)<br>| 13418 | 0.95 | 1.85 | (0.88)<br>| 0 |
| Period ended 12/31/21<sup>(d)</sup> <br>| 10.00 | (0.02)<br>| 0.60 | 0.58 | (0.29)<br>| 10.29 | 5.84 | 5332 | 0.95 <br><sup>(e)</sup><br>| 7.93 <br><sup>(e)</sup><br>| (0.95 )<sup>(e)</sup><br>| 0 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Commencement date of September 30, 2021.

<sup>(e)</sup> Annualized.

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

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September (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 seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **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.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

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, 2027, 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 and Series II shares to 0.70% and 0.95%, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $49,164.

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, 2025, Invesco was paid $7,894 for accounting and fund administrative services and was reimbursed $85,882 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, 2025, 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, 2025, 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $3842238 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3842238 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75374361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75374361 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 3842238 | &nbsp;&nbsp;&nbsp;&nbsp; 75374361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79216599 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2812765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2812765)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3842238 | &nbsp;&nbsp;&nbsp;&nbsp; $72561596 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $76403834 |

---

\* Options written are shown at value.

**NOTE 4—Derivative Investments**

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

**9**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $75374361 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (75374361)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(2812765)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2812765 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $5667963 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 637508 |
| Change in Net Unrealized Appreciation: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 677833 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 53229 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $7036533 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $57721858 | &nbsp;&nbsp;&nbsp;&nbsp; $113853452 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp;&nbsp; 1837 |

---

**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. Obligations under the deferred compensation plan 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.

**10**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1285031 | &nbsp;&nbsp;&nbsp;&nbsp; $1284066 |
| Long-term capital gain | &nbsp;&nbsp; 2383437 | &nbsp;&nbsp;&nbsp;&nbsp; 1284065 |
| Total distributions | &nbsp;&nbsp; $3668468 | &nbsp;&nbsp;&nbsp;&nbsp; $2568131 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $2365080 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 4221222 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (12104)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 69718223 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $76292421 |

---

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 derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the year ended December 31, 2025. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1012152 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1012152)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

Cost of investments for tax purposes is $76,403,834.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $448,893 and undistributed net realized gain was decreased by $448,893. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 75318 | &nbsp;&nbsp;&nbsp; $922923 | &nbsp;&nbsp;&nbsp; 4342 | &nbsp;&nbsp;&nbsp; $48968 |
| Series II | &nbsp;&nbsp;&nbsp; 2135592 | &nbsp;&nbsp;&nbsp; 25764849 | &nbsp;&nbsp;&nbsp; 2274130 | &nbsp;&nbsp;&nbsp; 26201615 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 5820 | &nbsp;&nbsp;&nbsp; 69491 | &nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp; 26796 |
| Series II | &nbsp;&nbsp;&nbsp; 304569 | &nbsp;&nbsp;&nbsp; 3596965 | &nbsp;&nbsp;&nbsp; 228366 | &nbsp;&nbsp;&nbsp; 2539427 |

---

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (8240)<br>| &nbsp;&nbsp;&nbsp; $(96517)<br>| &nbsp;&nbsp;&nbsp; (903)<br>| &nbsp;&nbsp;&nbsp; $(10235)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (882551)<br>| &nbsp;&nbsp;&nbsp; (10121925)<br>| &nbsp;&nbsp;&nbsp; (1073584)<br>| &nbsp;&nbsp;&nbsp; (12322185)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1630508 | &nbsp;&nbsp;&nbsp; $20135786 | &nbsp;&nbsp;&nbsp; 1434741 | &nbsp;&nbsp;&nbsp; $16484386 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% 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.

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**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 Buffer Fund - September

**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 Buffer Fund - September (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period September 30, 2021 (commencement date) through December 31, 2021 (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, 2025, 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, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period September 30, 2021 (commencement date) through December 31, 2021 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, 2025 by correspondence with the transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $2383437 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

![](imgebc65ee31.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Small Cap Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_SOI-Continued-83_1) | Schedule of Investments |
| [5](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_FS-Continued-83_1) | Financial Statements |
| [7](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_FS-Continued-83_3) | Financial Highlights |
| [8](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_NTF-Continued-83_1) | Notes to Financial Statements |
| [14](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_ARS-Continued-83_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_TI-Continued-83_1) | Tax Information |
| [16](#xx_2a031f97-83ce-451b-a28a-a1f6605a3087_OIRSR-Continued-83_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISCE-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.49%** | **Common Stocks & Other Equity Interests–97.49%** | **Common Stocks & Other Equity Interests–97.49%** |
| **Aerospace & Defense–5.89%** | **Aerospace & Defense–5.89%** | **Aerospace & Defense–5.89%** |
| AeroVironment, Inc.<sup>(b)</sup>  | 9559 | &nbsp;&nbsp; $2312226 |
| ATI, Inc.<sup>(b)</sup>  | 28485 | &nbsp;&nbsp; 3268939 |
| Carpenter Technology Corp. | 5736 | &nbsp;&nbsp; 1805922 |
| Karman Holdings, Inc.<sup>(b)(c)</sup>  | 31583 | &nbsp;&nbsp; 2310928 |
|  |  | &nbsp;&nbsp; 9698015 |
| **Apparel Retail–1.59%** | **Apparel Retail–1.59%** | **Apparel Retail–1.59%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup>  | 20741 | &nbsp;&nbsp; 2610670 |
| **Apparel, Accessories & Luxury Goods–0.91%** | **Apparel, Accessories & Luxury Goods–0.91%** | **Apparel, Accessories & Luxury Goods–0.91%** |
| Kontoor Brands, Inc.<sup>(c)</sup>  | 24412 | &nbsp;&nbsp; 1491329 |
| **Application Software–0.96%** | **Application Software–0.96%** | **Application Software–0.96%** |
| AppFolio, Inc., Class A<sup>(b)</sup>  | 6796 | &nbsp;&nbsp; 1581089 |
| **Asset Management & Custody Banks–1.66%** | **Asset Management & Custody Banks–1.66%** | **Asset Management & Custody Banks–1.66%** |
| Galaxy Digital, Inc.<sup>(b)</sup>  | 43338 | &nbsp;&nbsp; 969038 |
| StepStone Group, Inc., Class A | 27504 | &nbsp;&nbsp; 1764931 |
|  |  | &nbsp;&nbsp; 2733969 |
| **Automotive Parts & Equipment–1.13%** | **Automotive Parts & Equipment–1.13%** | **Automotive Parts & Equipment–1.13%** |
| Patrick Industries, Inc.<sup>(c)</sup>  | 17081 | &nbsp;&nbsp; 1852093 |
| **Biotechnology–4.44%** | **Biotechnology–4.44%** | **Biotechnology–4.44%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 87881 | &nbsp;&nbsp; 1602950 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 8989 | &nbsp;&nbsp; 1916814 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 27018 | &nbsp;&nbsp; 2066607 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 25618 | &nbsp;&nbsp; 1724091 |
|  |  | &nbsp;&nbsp; 7310462 |
| **Broadline Retail–0.95%** | **Broadline Retail–0.95%** | **Broadline Retail–0.95%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 14292 | &nbsp;&nbsp; 1566546 |
| **Building Products–0.54%** | **Building Products–0.54%** | **Building Products–0.54%** |
| Griffon Corp. | 11971 | &nbsp;&nbsp; 881664 |
| **Cargo Ground Transportation–1.54%** | **Cargo Ground Transportation–1.54%** | **Cargo Ground Transportation–1.54%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 18684 | &nbsp;&nbsp; 2539342 |
| **Coal & Consumable Fuels–0.60%** | **Coal & Consumable Fuels–0.60%** | **Coal & Consumable Fuels–0.60%** |
| NexGen Energy Ltd. (Canada)<sup>(b)</sup>  | 107736 | &nbsp;&nbsp; 991371 |
| **Commercial & Residential Mortgage Finance–1.72%** | **Commercial & Residential Mortgage Finance–1.72%** | **Commercial & Residential Mortgage Finance–1.72%** |
| PennyMac Financial Services, Inc. | 21427 | &nbsp;&nbsp; 2824936 |
| **Communications Equipment–0.97%** | **Communications Equipment–0.97%** | **Communications Equipment–0.97%** |
| Viavi Solutions, Inc.<sup>(b)</sup>  | 89975 | &nbsp;&nbsp; 1603355 |
| **Construction & Engineering–1.28%** | **Construction & Engineering–1.28%** | **Construction & Engineering–1.28%** |
| IES Holdings, Inc.<sup>(b)</sup>  | 5416 | &nbsp;&nbsp; 2106932 |
| **Consumer Finance–1.13%** | **Consumer Finance–1.13%** | **Consumer Finance–1.13%** |
| Dave, Inc.<sup>(b)</sup>  | 8389 | &nbsp;&nbsp; 1857409 |
| **Data Center REITs–0.36%** | **Data Center REITs–0.36%** | **Data Center REITs–0.36%** |
| Fermi, Inc.<sup>(b)(c)</sup>  | 73718 | &nbsp;&nbsp; 589744 |
| **Diversified Metals & Mining–1.13%** | **Diversified Metals & Mining–1.13%** | **Diversified Metals & Mining–1.13%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 36925 | &nbsp;&nbsp; 1865451 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified Support Services–2.07%** | **Diversified Support Services–2.07%** | **Diversified Support Services–2.07%** |
| OPENLANE, Inc.<sup>(b)</sup>  | 57642 | &nbsp;&nbsp; $1716579 |
| VSE Corp.<sup>(c)</sup>  | 9754 | &nbsp;&nbsp; 1685198 |
|  |  | &nbsp;&nbsp; 3401777 |
| **Electronic Components–0.97%** | **Electronic Components–0.97%** | **Electronic Components–0.97%** |
| Littelfuse, Inc. | 6340 | &nbsp;&nbsp; 1603513 |
| **Electronic Equipment & Instruments–1.57%** | **Electronic Equipment & Instruments–1.57%** | **Electronic Equipment & Instruments–1.57%** |
| Advanced Energy Industries, Inc. | 12312 | &nbsp;&nbsp; 2577763 |
| **Electronic Manufacturing Services–4.21%** | **Electronic Manufacturing Services–4.21%** | **Electronic Manufacturing Services–4.21%** |
| Flex Ltd.<sup>(b)</sup>  | 51889 | &nbsp;&nbsp; 3135133 |
| Sanmina Corp.<sup>(b)</sup>  | 25249 | &nbsp;&nbsp; 3789118 |
|  |  | &nbsp;&nbsp; 6924251 |
| **Environmental & Facilities Services–1.47%** | **Environmental & Facilities Services–1.47%** | **Environmental & Facilities Services–1.47%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 24683 | &nbsp;&nbsp; 2417453 |
| **Financial Exchanges & Data–2.01%** | **Financial Exchanges & Data–2.01%** | **Financial Exchanges & Data–2.01%** |
| Bullish (Cayman Islands)<sup>(b)(c)</sup>  | 29020 | &nbsp;&nbsp; 1098987 |
| Miami International Holdings, Inc.<sup>(b)(c)</sup>  | 49763 | &nbsp;&nbsp; 2208482 |
|  |  | &nbsp;&nbsp; 3307469 |
| **Food Distributors–0.95%** | **Food Distributors–0.95%** | **Food Distributors–0.95%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup>  | 25052 | &nbsp;&nbsp; 1561491 |
| **Health Care Equipment–0.78%** | **Health Care Equipment–0.78%** | **Health Care Equipment–0.78%** |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup>  | 13928 | &nbsp;&nbsp; 1284579 |
| **Health Care Facilities–1.48%** | **Health Care Facilities–1.48%** | **Health Care Facilities–1.48%** |
| Encompass Health Corp. | 22987 | &nbsp;&nbsp; 2439840 |
| **Health Care Services–4.60%** | **Health Care Services–4.60%** | **Health Care Services–4.60%** |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 105492 | &nbsp;&nbsp; 3950676 |
| Guardant Health, Inc.<sup>(b)</sup>  | 35487 | &nbsp;&nbsp; 3624642 |
|  |  | &nbsp;&nbsp; 7575318 |
| **Homebuilding–0.93%** | **Homebuilding–0.93%** | **Homebuilding–0.93%** |
| M/I Homes, Inc.<sup>(b)</sup>  | 11987 | &nbsp;&nbsp; 1533737 |
| **Hotels, Resorts & Cruise Lines–1.67%** | **Hotels, Resorts & Cruise Lines–1.67%** | **Hotels, Resorts & Cruise Lines–1.67%** |
| Travel + Leisure Co. | 39064 | &nbsp;&nbsp; 2755184 |
| **Household Products–0.73%** | **Household Products–0.73%** | **Household Products–0.73%** |
| WD-40 Co. | 6103 | &nbsp;&nbsp; 1201680 |
| **Independent Power Producers & Energy Traders–1.85%** | **Independent Power Producers & Energy Traders–1.85%** | **Independent Power Producers & Energy Traders–1.85%** |
| Talen Energy Corp.<sup>(b)</sup>  | 8143 | &nbsp;&nbsp; 3052322 |
| **Industrial Machinery & Supplies & Components–4.95%** | **Industrial Machinery & Supplies & Components–4.95%** | **Industrial Machinery & Supplies & Components–4.95%** |
| Crane Co. | 9219 | &nbsp;&nbsp; 1700260 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 70450 | &nbsp;&nbsp; 1512562 |
| ITT, Inc. | 19275 | &nbsp;&nbsp; 3344405 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 7938 | &nbsp;&nbsp; 1588076 |
|  |  | &nbsp;&nbsp; 8145303 |
| **Industrial REITs–2.03%** | **Industrial REITs–2.03%** | **Industrial REITs–2.03%** |
| EastGroup Properties, Inc. | 9962 | &nbsp;&nbsp; 1774631 |
| STAG Industrial, Inc.<sup>(c)</sup>  | 42489 | &nbsp;&nbsp; 1561895 |
|  |  | &nbsp;&nbsp; 3336526 |

---

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

**2**

**Invesco V.I. Small Cap Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investment Banking & Brokerage–5.39%** | **Investment Banking & Brokerage–5.39%** | **Investment Banking & Brokerage–5.39%** |
| Piper Sandler Cos. | 11219 | &nbsp;&nbsp; $3811207 |
| Stifel Financial Corp. | 25306 | &nbsp;&nbsp; 3168817 |
| Virtu Financial, Inc., Class A<sup>(c)</sup>  | 56514 | &nbsp;&nbsp; 1883046 |
|  |  | &nbsp;&nbsp; 8863070 |
| **Leisure Products–1.09%** | **Leisure Products–1.09%** | **Leisure Products–1.09%** |
| Acushnet Holdings Corp. | 22367 | &nbsp;&nbsp; 1785334 |
| **Life Sciences Tools & Services–3.21%** | **Life Sciences Tools & Services–3.21%** | **Life Sciences Tools & Services–3.21%** |
| ICON PLC<sup>(b)</sup>  | 9887 | &nbsp;&nbsp; 1801609 |
| Repligen Corp.<sup>(b)</sup>  | 11523 | &nbsp;&nbsp; 1888159 |
| Stevanato Group S.p.A. (Italy) | 79596 | &nbsp;&nbsp; 1601471 |
|  |  | &nbsp;&nbsp; 5291239 |
| **Oil & Gas Exploration & Production–1.04%** | **Oil & Gas Exploration & Production–1.04%** | **Oil & Gas Exploration & Production–1.04%** |
| Range Resources Corp. | 48457 | &nbsp;&nbsp; 1708594 |
| **Oil & Gas Storage & Transportation–1.08%** | **Oil & Gas Storage & Transportation–1.08%** | **Oil & Gas Storage & Transportation–1.08%** |
| DT Midstream, Inc.<sup>(b)</sup>  | 14870 | &nbsp;&nbsp; 1779642 |
| **Pharmaceuticals–1.73%** | **Pharmaceuticals–1.73%** | **Pharmaceuticals–1.73%** |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 9633 | &nbsp;&nbsp; 1759371 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup>  | 17746 | &nbsp;&nbsp; 1094751 |
|  |  | &nbsp;&nbsp; 2854122 |
| **Property & Casualty Insurance–1.09%** | **Property & Casualty Insurance–1.09%** | **Property & Casualty Insurance–1.09%** |
| Skyward Specialty Insurance Group, Inc.<sup>(b)</sup>  | 35142 | &nbsp;&nbsp; 1796108 |
| **Real Estate Services–1.10%** | **Real Estate Services–1.10%** | **Real Estate Services–1.10%** |
| Newmark Group, Inc., Class A | 104232 | &nbsp;&nbsp; 1807383 |
| **Regional Banks–7.32%** | **Regional Banks–7.32%** | **Regional Banks–7.32%** |
| Banc of California, Inc. | 160615 | &nbsp;&nbsp; 3098263 |
| Bancorp, Inc. (The)<sup>(b)</sup>  | 53295 | &nbsp;&nbsp; 3598478 |
| SouthState Bank Corp. | 26422 | &nbsp;&nbsp; 2486575 |
| Western Alliance Bancorporation | 34128 | &nbsp;&nbsp; 2869141 |
|  |  | &nbsp;&nbsp; 12052457 |
| **Research & Consulting Services–1.57%** | **Research & Consulting Services–1.57%** | **Research & Consulting Services–1.57%** |
| Huron Consulting Group, Inc.<sup>(b)</sup>  | 14922 | &nbsp;&nbsp; 2580163 |
| **Restaurants–0.98%** | **Restaurants–0.98%** | **Restaurants–0.98%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 31935 | &nbsp;&nbsp; 1612079 |
| **Semiconductor Materials & Equipment–1.77%** | **Semiconductor Materials & Equipment–1.77%** | **Semiconductor Materials & Equipment–1.77%** |
| MKS, Inc. | 18236 | &nbsp;&nbsp; 2914113 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–5.79%** | **Semiconductors–5.79%** | **Semiconductors–5.79%** | **Semiconductors–5.79%** |
| Impinj, Inc.<sup>(b)(c)</sup>  | Impinj, Inc.<sup>(b)(c)</sup>  | 15228 | &nbsp;&nbsp; $2649824 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 21371 | &nbsp;&nbsp; 3660425 |
| Rambus, Inc.<sup>(b)</sup>  | Rambus, Inc.<sup>(b)</sup>  | 16685 | &nbsp;&nbsp; 1533185 |
| Silicon Laboratories, Inc.<sup>(b)</sup>  | Silicon Laboratories, Inc.<sup>(b)</sup>  | 12962 | &nbsp;&nbsp; 1694133 |
|  |  |  | &nbsp;&nbsp; 9537567 |
| **Specialized Consumer Services–1.19%** | **Specialized Consumer Services–1.19%** | **Specialized Consumer Services–1.19%** | **Specialized Consumer Services–1.19%** |
| Frontdoor, Inc.<sup>(b)</sup>  | Frontdoor, Inc.<sup>(b)</sup>  | 33954 | &nbsp;&nbsp; 1958806 |
| **Specialty Chemicals–1.04%** | **Specialty Chemicals–1.04%** | **Specialty Chemicals–1.04%** | **Specialty Chemicals–1.04%** |
| Perimeter Solutions, Inc.<sup>(b)</sup>  | Perimeter Solutions, Inc.<sup>(b)</sup>  | 62445 | &nbsp;&nbsp; 1719111 |
| **Trading Companies & Distributors–3.03%** | **Trading Companies & Distributors–3.03%** | **Trading Companies & Distributors–3.03%** | **Trading Companies & Distributors–3.03%** |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 11253 | &nbsp;&nbsp; 2889433 |
| WESCO International, Inc. | WESCO International, Inc. | 8587 | &nbsp;&nbsp; 2100724 |
|  |  |  | &nbsp;&nbsp; 4990157 |
| Total Common Stocks & Other Equity Interests <br> (Cost $113,709,092) | Total Common Stocks & Other Equity Interests <br> (Cost $113,709,092) | Total Common Stocks & Other Equity Interests <br> (Cost $113,709,092) | &nbsp;&nbsp; 160472528 |
| **Money Market Funds–2.55%** | **Money Market Funds–2.55%** | **Money Market Funds–2.55%** | **Money Market Funds–2.55%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 1466305 | &nbsp;&nbsp; 1466305 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 2723738 | &nbsp;&nbsp; 2723738 |
| Total Money Market Funds (Cost $4,190,043) | Total Money Market Funds (Cost $4,190,043) | Total Money Market Funds (Cost $4,190,043) | &nbsp;&nbsp; 4190043 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.04% <br> (Cost $117,899,135)<br>|  |  | &nbsp;&nbsp; 164662571 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–14.09%** | **Money Market Funds–14.09%** | **Money Market Funds–14.09%** | **Money Market Funds–14.09%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 6442925 | &nbsp;&nbsp; 6442925 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 16746948 | &nbsp;&nbsp; 16751972 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,194,897) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,194,897) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,194,897) | &nbsp;&nbsp; 23194897 |
| TOTAL INVESTMENTS IN SECURITIES–114.13% <br> (Cost $141,094,032) | TOTAL INVESTMENTS IN SECURITIES–114.13% <br> (Cost $141,094,032) | TOTAL INVESTMENTS IN SECURITIES–114.13% <br> (Cost $141,094,032) | &nbsp;&nbsp; 187857468 |
| OTHER ASSETS LESS LIABILITIES—(14.13)% | OTHER ASSETS LESS LIABILITIES—(14.13)% | OTHER ASSETS LESS LIABILITIES—(14.13)% | &nbsp;&nbsp; (23257642)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $164599826 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco V.I. Small Cap Equity Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $790218 | &nbsp;&nbsp; $21990101 | &nbsp;&nbsp; $(21314014) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1466305 | &nbsp;&nbsp; $84292 |
| Invesco Treasury Portfolio, Institutional Class | 1468147 | &nbsp;&nbsp; 40838758 | &nbsp;&nbsp; (39583167) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2723738 | &nbsp;&nbsp; 155118 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9931121 | &nbsp;&nbsp; 114040187 | &nbsp;&nbsp; (117528383) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6442925 | &nbsp;&nbsp; 380,682\* |
| Invesco Private Prime Fund | 25850724 | &nbsp;&nbsp; 242642474 | &nbsp;&nbsp; (251742788) | &nbsp;&nbsp; - | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 16751972 | &nbsp;&nbsp; 1,023,004\* |
| Total | $38040210 | &nbsp;&nbsp; $419511520 | &nbsp;&nbsp; $(430168352) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1562 | &nbsp;&nbsp; $27384940 | &nbsp;&nbsp; $1643096 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Small Cap Equity Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $113,709,092)\*<br>| &nbsp;&nbsp; $160472528 |
| Investments in affiliated money market funds, at value <br> (Cost $27,384,940)<br>| &nbsp;&nbsp; 27384940 |
| Cash | &nbsp;&nbsp; 2312 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 27479 |
| Dividends | &nbsp;&nbsp; 78868 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 64816 |
| Total assets | &nbsp;&nbsp; 188030943 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 40360 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 23194897 |
| Accrued fees to affiliates | &nbsp;&nbsp; 89969 |
| Accrued other operating expenses | &nbsp;&nbsp; 38046 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 67845 |
| Total liabilities | &nbsp;&nbsp; 23431117 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $164599826 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $77247917 |
| Distributable earnings | &nbsp;&nbsp; 87351909 |
|  | &nbsp;&nbsp; $164599826 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $109595665 |
| Series II | &nbsp;&nbsp; $55004161 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 5462046 |
| Series II | &nbsp;&nbsp; 3085748 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $20.06 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $17.83 |

---

\* At December 31, 2025, securities with an aggregate value of $22,457,401 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $3,976) | &nbsp;&nbsp; $1617002 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $70,356)<br>| &nbsp;&nbsp; 309766 |
| Total investment income | &nbsp;&nbsp; 1926768 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1620187 |
| Administrative services fees | &nbsp;&nbsp; 357689 |
| Custodian fees | &nbsp;&nbsp; 4214 |
| Distribution fees - Series II | &nbsp;&nbsp; 269902 |
| Transfer agent fees | &nbsp;&nbsp; 11598 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23383 |
| Reports to shareholders | &nbsp;&nbsp; 10515 |
| Professional services fees | &nbsp;&nbsp; 49455 |
| Other | &nbsp;&nbsp; 2310 |
| Total expenses | &nbsp;&nbsp; 2349253 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (6528)<br>|
| Net expenses | &nbsp;&nbsp; 2342725 |
| Net investment income (loss) | &nbsp;&nbsp; (415957)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 41495889 |
| Affiliated investment securities | &nbsp;&nbsp; 1562 |
| Foreign currencies | &nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp; 41497535 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (20666822)<br>|
| Foreign currencies | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp; (20666578)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 20830957 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $20415000 |

---

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

**5**

**Invesco V.I. Small Cap Equity Fund**

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**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(415957)<br>| &nbsp;&nbsp; $(103696)<br>|
| Net realized gain | &nbsp;&nbsp; 41497535 | &nbsp;&nbsp; 10730652 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (20666578)<br>| &nbsp;&nbsp; 26511792 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 20415000 | &nbsp;&nbsp; 37138748 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (4786795)<br>| &nbsp;&nbsp; (5135616)<br>|
| Series II | &nbsp;&nbsp; (5972080)<br>| &nbsp;&nbsp; (5973043)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (10758875)<br>| &nbsp;&nbsp; (11108659)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (6229916)<br>| &nbsp;&nbsp; (6962178)<br>|
| Series II | &nbsp;&nbsp; (73050850)<br>| &nbsp;&nbsp; (390576)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (79280766)<br>| &nbsp;&nbsp; (7352754)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (69624641)<br>| &nbsp;&nbsp; 18677335 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 234224467 | &nbsp;&nbsp; 215547132 |
| End of year | &nbsp;&nbsp; $164599826 | &nbsp;&nbsp; $234224467 |

---

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

**6**

**Invesco V.I. Small Cap Equity Fund**

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**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $19.37 | $(0.01)<br>| $1.59 | $1.58 | $— | $(0.89)<br>| $(0.89)<br>| $20.06 | 8.05<br> %<br>| &nbsp;&nbsp; $109596 | 0.96<br> %<br>| 0.96<br> %<br>| (0.07)%<br>| 58<br> %<br>|
| Year ended 12/31/24 | 17.20 | 0.02 | 3.07 | 3.09 | (0.03)<br>| (0.89)<br>| (0.92)<br>| 19.37 | 18.09 | &nbsp;&nbsp; 112039 | 0.97 | 0.97 | 0.08 | 50 |
| Year ended 12/31/23 | 15.06 | 0.03 | 2.42 | 2.45 |  | (0.31)<br>| (0.31)<br>| 17.20 | 16.57 | &nbsp;&nbsp; 105838 | 0.95 | 0.95 | 0.18 | 43 |
| Year ended 12/31/22 | 23.49 | 0.03 | (4.85)<br>| (4.82)<br>|  | (3.61)<br>| (3.61)<br>| 15.06 | (20.51)<br>| &nbsp;&nbsp; 100267 | 0.95 | 0.95 | 0.14 | 33 |
| Year ended 12/31/21 | 20.62 | 0.01 | 4.19 | 4.20 | (0.04)<br>| (1.29)<br>| (1.33)<br>| 23.49 | 20.41 | &nbsp;&nbsp; 142095 | 0.95 | 0.95 | 0.04 | 21 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 17.34 | (0.06)<br>| 1.44 | 1.38 |  | (0.89)<br>| (0.89)<br>| 17.83 | 7.83 | &nbsp;&nbsp; 55004 | 1.21 | 1.21 | (0.32)<br>| 58 |
| Year ended 12/31/24 | 15.49 | (0.03)<br>| 2.77 | 2.74 |  | (0.89)<br>| (0.89)<br>| 17.34 | 17.85 | &nbsp;&nbsp; 122185 | 1.22 | 1.22 | (0.17)<br>| 50 |
| Year ended 12/31/23 | 13.63 | (0.01)<br>| 2.18 | 2.17 |  | (0.31)<br>| (0.31)<br>| 15.49 | 16.26 | &nbsp;&nbsp; 109709 | 1.20 | 1.20 | (0.07)<br>| 43 |
| Year ended 12/31/22 | 21.75 | (0.02)<br>| (4.49)<br>| (4.51)<br>|  | (3.61)<br>| (3.61)<br>| 13.63 | (20.73)<br>| &nbsp;&nbsp; 93808 | 1.20 | 1.20 | (0.11)<br>| 33 |
| Year ended 12/31/21 | 19.19 | (0.04)<br>| 3.89 | 3.85 | (0.00)<br>| (1.29)<br>| (1.29)<br>| 21.75 | 20.09 | &nbsp;&nbsp; 127285 | 1.20 | 1.20 | (0.21)<br>| 21 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**7**

**Invesco V.I. Small Cap Equity Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Small Cap Equity Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "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

**9**

**Invesco V.I. Small Cap Equity Fund**

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $4,547 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.745% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.715% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.685% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.655% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.640% |

---

For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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).

**10**

**Invesco V.I. Small Cap Equity Fund**

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The Adviser has agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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 fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $6,528.

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, 2025, Invesco was paid $32,860 for accounting and fund administrative services and was reimbursed $324,829 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $33,060 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $160472528 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $160472528 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4190043 | &nbsp;&nbsp;&nbsp;&nbsp; 23194897 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27384940 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $164662571 | &nbsp;&nbsp;&nbsp;&nbsp; $23194897 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $187857468 |

---

**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

**11**

**Invesco V.I. Small Cap Equity Fund**

------

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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $140914 |
| Long-term capital gain | &nbsp;&nbsp; 10758875 | &nbsp;&nbsp;&nbsp;&nbsp; 10967745 |
| Total distributions | &nbsp;&nbsp; $10758875 | &nbsp;&nbsp;&nbsp;&nbsp; $11108659 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $40903129 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 46487732 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (38952)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 77247917 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $164599826 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $121,857,890 and $214,203,467, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $51609605 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5121873)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $46487732 |

---

Cost of investments for tax purposes is $141,369,736.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $279,011, undistributed net realized gain was decreased by $27,731 and shares of beneficial interest was decreased by $251,280. This reclassification had no effect on the net assets of the Fund.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 534920 | &nbsp;&nbsp;&nbsp; $10405315 | &nbsp;&nbsp;&nbsp; 498107 | &nbsp;&nbsp;&nbsp; $9230976 |
| Series II | &nbsp;&nbsp;&nbsp; 1010436 | &nbsp;&nbsp;&nbsp; 17569086 | &nbsp;&nbsp;&nbsp; 947288 | &nbsp;&nbsp;&nbsp; 16139455 |

---

**12**

**Invesco V.I. Small Cap Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 232256 | &nbsp;&nbsp;&nbsp; $4786795 | &nbsp;&nbsp;&nbsp; 273462 | &nbsp;&nbsp;&nbsp; $5135616 |
| Series II | &nbsp;&nbsp;&nbsp; 325987 | &nbsp;&nbsp;&nbsp; 5972080 | &nbsp;&nbsp;&nbsp; 355115 | &nbsp;&nbsp;&nbsp; 5973043 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1089888)<br>| &nbsp;&nbsp;&nbsp; (21422026)<br>| &nbsp;&nbsp;&nbsp; (1141698)<br>| &nbsp;&nbsp;&nbsp; (21328770)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (5297211)<br>| &nbsp;&nbsp;&nbsp; (96592016)<br>| &nbsp;&nbsp;&nbsp; (1336266)<br>| &nbsp;&nbsp;&nbsp; (22503074)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (4283500)<br>| &nbsp;&nbsp;&nbsp; $(79280766)<br>| &nbsp;&nbsp;&nbsp; (403992)<br>| &nbsp;&nbsp;&nbsp; $(7352754)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 68% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**14**

**Invesco V.I. Small Cap Equity Fund**

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**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $10758875 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco V.I. Small Cap Equity Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco V.I. Small Cap Equity Fund**

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![](imgbcffed851.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. Technology Fund**

------

---

| | |
|:---|:---|
| [2](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_SOI-Continued_1) | Schedule of Investments |
| [4](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_FS-Continued-84_1) | Financial Statements |
| [6](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_FS-Continued-84_3) | Financial Highlights |
| [7](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_NTF-Continued-84_1) | Notes to Financial Statements |
| [13](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_ARS-Continued-84_1) | Report of Independent Registered Public Accounting Firm |
| [14](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_TI-Continued-84_1) | Tax Information |
| [15](#xx_4abeeba7-cc9e-48b6-ae28-e22a0c970cf6_OIRSR-Continued-84_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

I-VITEC-NCSR

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.64%** | **Common Stocks & Other Equity Interests–97.64%** | **Common Stocks & Other Equity Interests–97.64%** |
| **Aerospace & Defense–5.40%** | **Aerospace & Defense–5.40%** | **Aerospace & Defense–5.40%** |
| AeroVironment, Inc.<sup>(b)</sup>  | 6307 | &nbsp;&nbsp; $1525600 |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 2162 | &nbsp;&nbsp; 1227865 |
| Curtiss-Wright Corp. | 4314 | &nbsp;&nbsp; 2378178 |
| General Electric Co. | 8077 | &nbsp;&nbsp; 2487958 |
| Karman Holdings, Inc.<sup>(b)(c)</sup>  | 36662 | &nbsp;&nbsp; 2682559 |
| Rocket Lab Corp.<sup>(b)(c)</sup>  | 38948 | &nbsp;&nbsp; 2717012 |
|  |  | &nbsp;&nbsp; 13019172 |
| **Application Software–4.53%** | **Application Software–4.53%** | **Application Software–4.53%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 6732 | &nbsp;&nbsp; 4536156 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 27898 | &nbsp;&nbsp; 3793849 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 14643 | &nbsp;&nbsp; 2602793 |
|  |  | &nbsp;&nbsp; 10932798 |
| **Automobile Manufacturers–1.04%** | **Automobile Manufacturers–1.04%** | **Automobile Manufacturers–1.04%** |
| Tesla, Inc.<sup>(b)</sup>  | 5598 | &nbsp;&nbsp; 2517533 |
| **Broadline Retail–2.99%** | **Broadline Retail–2.99%** | **Broadline Retail–2.99%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 31245 | &nbsp;&nbsp; 7211971 |
| **Communications Equipment–4.11%** | **Communications Equipment–4.11%** | **Communications Equipment–4.11%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 34507 | &nbsp;&nbsp; 4521452 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 14670 | &nbsp;&nbsp; 5407215 |
|  |  | &nbsp;&nbsp; 9928667 |
| **Construction & Engineering–1.20%** | **Construction & Engineering–1.20%** | **Construction & Engineering–1.20%** |
| Comfort Systems USA, Inc. | 3113 | &nbsp;&nbsp; 2905332 |
| **Diversified Metals & Mining–0.85%** | **Diversified Metals & Mining–0.85%** | **Diversified Metals & Mining–0.85%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 40617 | &nbsp;&nbsp; 2051971 |
| **Electric Utilities–0.98%** | **Electric Utilities–0.98%** | **Electric Utilities–0.98%** |
| Constellation Energy Corp. | 6671 | &nbsp;&nbsp; 2356664 |
| **Electrical Components & Equipment–0.90%** | **Electrical Components & Equipment–0.90%** | **Electrical Components & Equipment–0.90%** |
| Vertiv Holdings Co., Class A | 13350 | &nbsp;&nbsp; 2162833 |
| **Electronic Components–2.71%** | **Electronic Components–2.71%** | **Electronic Components–2.71%** |
| Amphenol Corp., Class A | 34134 | &nbsp;&nbsp; 4612869 |
| Coherent Corp.<sup>(b)</sup>  | 10488 | &nbsp;&nbsp; 1935770 |
|  |  | &nbsp;&nbsp; 6548639 |
| **Electronic Equipment & Instruments–1.33%** | **Electronic Equipment & Instruments–1.33%** | **Electronic Equipment & Instruments–1.33%** |
| Advanced Energy Industries, Inc.<sup>(c)</sup>  | 15382 | &nbsp;&nbsp; 3220529 |
| **Electronic Manufacturing Services–3.18%** | **Electronic Manufacturing Services–3.18%** | **Electronic Manufacturing Services–3.18%** |
| Flex Ltd.<sup>(b)</sup>  | 61769 | &nbsp;&nbsp; 3732083 |
| TTM Technologies, Inc.<sup>(b)</sup>  | 56987 | &nbsp;&nbsp; 3932103 |
|  |  | &nbsp;&nbsp; 7664186 |
| **Heavy Electrical Equipment–1.57%** | **Heavy Electrical Equipment–1.57%** | **Heavy Electrical Equipment–1.57%** |
| Bloom Energy Corp., Class A<sup>(b)</sup>  | 16781 | &nbsp;&nbsp; 1458101 |
| GE Vernova, Inc. | 3572 | &nbsp;&nbsp; 2334552 |
|  |  | &nbsp;&nbsp; 3792653 |
| **Interactive Media & Services–8.82%** | **Interactive Media & Services–8.82%** | **Interactive Media & Services–8.82%** |
| Alphabet, Inc., Class A | 40824 | &nbsp;&nbsp; 12777912 |
| Meta Platforms, Inc., Class A | 7348 | &nbsp;&nbsp; 4850341 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** |
| Reddit, Inc., Class A<sup>(b)</sup>  | 15895 | &nbsp;&nbsp; $3653784 |
|  |  | &nbsp;&nbsp; 21282037 |
| **Internet Services & Infrastructure–8.45%** | **Internet Services & Infrastructure–8.45%** | **Internet Services & Infrastructure–8.45%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 18633 | &nbsp;&nbsp; 3673496 |
| MongoDB, Inc.<sup>(b)</sup>  | 15753 | &nbsp;&nbsp; 6611377 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 33234 | &nbsp;&nbsp; 5349677 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 21637 | &nbsp;&nbsp; 4746292 |
|  |  | &nbsp;&nbsp; 20380842 |
| **Investment Banking & Brokerage–0.97%** | **Investment Banking & Brokerage–0.97%** | **Investment Banking & Brokerage–0.97%** |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 20711 | &nbsp;&nbsp; 2342414 |
| **Semiconductor Materials & Equipment–8.01%** | **Semiconductor Materials & Equipment–8.01%** | **Semiconductor Materials & Equipment–8.01%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 3791 | &nbsp;&nbsp; 4055839 |
| Lam Research Corp. | 38502 | &nbsp;&nbsp; 6590773 |
| Nova Ltd. (Israel)<sup>(b)</sup>  | 11507 | &nbsp;&nbsp; 3778784 |
| Teradyne, Inc. | 25288 | &nbsp;&nbsp; 4894745 |
|  |  | &nbsp;&nbsp; 19320141 |
| **Semiconductors–29.31%** | **Semiconductors–29.31%** | **Semiconductors–29.31%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 28400 | &nbsp;&nbsp; 6082144 |
| Broadcom, Inc. | 33930 | &nbsp;&nbsp; 11743173 |
| Impinj, Inc.<sup>(b)</sup>  | 20875 | &nbsp;&nbsp; 3632459 |
| Lattice Semiconductor Corp.<sup>(b)</sup>  | 60655 | &nbsp;&nbsp; 4462995 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 29422 | &nbsp;&nbsp; 5039400 |
| Monolithic Power Systems, Inc.<sup>(c)</sup>  | 4869 | &nbsp;&nbsp; 4413067 |
| NVIDIA Corp. | 104678 | &nbsp;&nbsp; 19522447 |
| Rambus, Inc.<sup>(b)</sup>  | 23581 | &nbsp;&nbsp; 2166858 |
| SiTime Corp.<sup>(b)</sup>  | 11793 | &nbsp;&nbsp; 4165170 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 31178 | &nbsp;&nbsp; 9474682 |
|  |  | &nbsp;&nbsp; 70702395 |
| **Systems Software–6.15%** | **Systems Software–6.15%** | **Systems Software–6.15%** |
| JFrog Ltd.<sup>(b)</sup>  | 37944 | &nbsp;&nbsp; 2369982 |
| Microsoft Corp. | 22518 | &nbsp;&nbsp; 10890155 |
| Zscaler, Inc.<sup>(b)</sup>  | 7017 | &nbsp;&nbsp; 1578264 |
|  |  | &nbsp;&nbsp; 14838401 |
| **Technology Hardware, Storage & Peripherals–5.14%** | **Technology Hardware, Storage & Peripherals–5.14%** | **Technology Hardware, Storage & Peripherals–5.14%** |
| Apple, Inc. | 32550 | &nbsp;&nbsp; 8849043 |
| Western Digital Corp. | 20584 | &nbsp;&nbsp; 3546006 |
|  |  | &nbsp;&nbsp; 12395049 |
| Total Common Stocks & Other Equity Interests <br> (Cost $154,375,007) | Total Common Stocks & Other Equity Interests <br> (Cost $154,375,007) | &nbsp;&nbsp; 235574227 |
| **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 2050297 | &nbsp;&nbsp; 2050297 |

---

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

**2**

**Invesco V.I. Technology Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 3807694 | &nbsp;&nbsp; $3807694 |
| Total Money Market Funds (Cost $5,857,991) | Total Money Market Funds (Cost $5,857,991) | Total Money Market Funds (Cost $5,857,991) | &nbsp;&nbsp; 5857991 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.07% <br> (Cost $160,232,998)<br>|  |  | &nbsp;&nbsp; 241432218 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–7.71%** | **Money Market Funds–7.71%** | **Money Market Funds–7.71%** | **Money Market Funds–7.71%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 5171087 | &nbsp;&nbsp; 5171087 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 13420605 | &nbsp;&nbsp; $13424631 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,595,718) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,595,718) | &nbsp;&nbsp; 18595718 |
| TOTAL INVESTMENTS IN SECURITIES–107.78% <br> (Cost $178,828,716) | TOTAL INVESTMENTS IN SECURITIES–107.78% <br> (Cost $178,828,716) | &nbsp;&nbsp; 260027936 |
| OTHER ASSETS LESS LIABILITIES—(7.78)% | OTHER ASSETS LESS LIABILITIES—(7.78)% | &nbsp;&nbsp; (18778663)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $241249273 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $699723 | &nbsp;&nbsp; $31394924 | &nbsp;&nbsp; $(30044350) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2050297 | &nbsp;&nbsp; $42221 |
| Invesco Treasury Portfolio, Institutional Class | 1299604 | &nbsp;&nbsp; 58304859 | &nbsp;&nbsp; (55796769) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3807694 | &nbsp;&nbsp; 77662 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2779762 | &nbsp;&nbsp; 89377381 | &nbsp;&nbsp; (86986056) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5171087 | &nbsp;&nbsp; 101,333\* |
| Invesco Private Prime Fund | 7285610 | &nbsp;&nbsp; 211142012 | &nbsp;&nbsp; (205002742) | &nbsp;&nbsp; - | (249) | &nbsp;&nbsp; 13424631 | &nbsp;&nbsp; 271,034\* |
| Total | $12064699 | &nbsp;&nbsp; $390219176 | &nbsp;&nbsp; $(377829917) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(249) | &nbsp;&nbsp; $24453709 | &nbsp;&nbsp; $492250 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco V.I. Technology Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $154,375,007)\*<br>| &nbsp;&nbsp; $235574227 |
| Investments in affiliated money market funds, at value <br> (Cost $24,453,709)<br>| &nbsp;&nbsp; 24453709 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 13571 |
| Dividends | &nbsp;&nbsp; 78482 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 53587 |
| Total assets | &nbsp;&nbsp; 260173576 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 107847 |
| Amount due custodian | &nbsp;&nbsp; 16976 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 18595718 |
| Accrued fees to affiliates | &nbsp;&nbsp; 109180 |
| Accrued other operating expenses | &nbsp;&nbsp; 37968 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 56614 |
| Total liabilities | &nbsp;&nbsp; 18924303 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $241249273 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $113797061 |
| Distributable earnings | &nbsp;&nbsp; 127452212 |
|  | &nbsp;&nbsp; $241249273 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $218393660 |
| Series II | &nbsp;&nbsp; $22855613 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 8502472 |
| Series II | &nbsp;&nbsp; 1074043 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $25.69 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.28 |

---

\* At December 31, 2025, securities with an aggregate value of $17,979,225 were on loan to brokers. 

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $27,099) | &nbsp;&nbsp; $734797 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $18,729)<br>| &nbsp;&nbsp; 138612 |
| Total investment income | &nbsp;&nbsp; 873409 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1659553 |
| Administrative services fees | &nbsp;&nbsp; 362939 |
| Custodian fees | &nbsp;&nbsp; 2976 |
| Distribution fees - Series II | &nbsp;&nbsp; 50858 |
| Transfer agent fees | &nbsp;&nbsp; 10897 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23255 |
| Reports to shareholders | &nbsp;&nbsp; 10434 |
| Professional services fees | &nbsp;&nbsp; 49452 |
| Other | &nbsp;&nbsp; 1847 |
| Total expenses | &nbsp;&nbsp; 2172211 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (3196)<br>|
| Net expenses | &nbsp;&nbsp; 2169015 |
| Net investment income (loss) | &nbsp;&nbsp; (1295606)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 49010012 |
| Affiliated investment securities | &nbsp;&nbsp; (249)<br>|
| Foreign currencies | &nbsp;&nbsp; 1586 |
|  | &nbsp;&nbsp; 49011349 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (6811434)<br>|
| Foreign currencies | &nbsp;&nbsp; 1391 |
|  | &nbsp;&nbsp; (6810043)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 42201306 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $40905700 |

---

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

**4**

**Invesco V.I. Technology Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1295606)<br>| &nbsp;&nbsp; $(1116678)<br>|
| Net realized gain | &nbsp;&nbsp; 49011349 | &nbsp;&nbsp; 26511062 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (6810043)<br>| &nbsp;&nbsp; 31131075 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 40905700 | &nbsp;&nbsp; 56525459 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (22941533)<br>| &nbsp;&nbsp; (7913477)<br>|
| Series II | &nbsp;&nbsp; (2851834)<br>| &nbsp;&nbsp; (871214)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (25793367)<br>| &nbsp;&nbsp; (8784691)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 2952756 | &nbsp;&nbsp; 9179611 |
| Series II | &nbsp;&nbsp; 2641491 | &nbsp;&nbsp; 2425852 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 5594247 | &nbsp;&nbsp; 11605463 |
| Net increase in net assets | &nbsp;&nbsp; 20706580 | &nbsp;&nbsp; 59346231 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 220542693 | &nbsp;&nbsp; 161196462 |
| End of year | &nbsp;&nbsp; $241249273 | &nbsp;&nbsp; $220542693 |

---

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

**5**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $23.80 | $(0.14)<br>| $5.03 | $4.89 | $(3.00)<br>| $25.69 | 20.47<br> %<br>| $218394 | 0.96<br> %<br>| 0.96<br> %<br>| (0.57)%<br>| 160<br> %<br>|
| Year ended 12/31/24 | 18.50 | (0.12)<br>| 6.39 | 6.27 | (0.97)<br>| 23.80 | 34.27 | 201291 | 0.98 | 0.98 | (0.57)<br>| 109 |
| Year ended 12/31/23 | 12.59 | (0.06)<br>| 5.97 | 5.91 |  | 18.50 | 46.94 | 148139 | 0.98 | 0.98 | (0.36)<br>| 137 |
| Year ended 12/31/22 | 38.08 | (0.10)<br>| (14.84)<br>| (14.94)<br>| (10.55)<br>| 12.59 | (39.95)<br>| 104076 | 0.98 | 0.98 | (0.42)<br>| 104 |
| Year ended 12/31/21 | 36.55 | (0.27)<br>| 5.62 | 5.35 | (3.82)<br>| 38.08 | 14.41 | 185270 | 0.98 | 0.98 | (0.68)<br>| 90 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 20.19 | (0.17)<br>| 4.26 | 4.09 | (3.00)<br>| 21.28 | 20.16 | 22856 | 1.21 | 1.21 | (0.82)<br>| 160 |
| Year ended 12/31/24 | 15.86 | (0.15)<br>| 5.45 | 5.30 | (0.97)<br>| 20.19 | 33.86 | 19251 | 1.23 | 1.23 | (0.82)<br>| 109 |
| Year ended 12/31/23 | 10.81 | (0.08)<br>| 5.13 | 5.05 |  | 15.86 | 46.72 | 13057 | 1.23 | 1.23 | (0.61)<br>| 137 |
| Year ended 12/31/22 | 35.20 | (0.15)<br>| (13.69)<br>| (13.84)<br>| (10.55)<br>| 10.81 | (40.11)<br>| 7339 | 1.23 | 1.23 | (0.67)<br>| 104 |
| Year ended 12/31/21 | 34.13 | (0.34)<br>| 5.23 | 4.89 | (3.82)<br>| 35.20 | 14.08 | 13061 | 1.23 | 1.23 | (0.93)<br>| 90 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

**6**

**Invesco V.I. Technology Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**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 ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. Technology Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Technology Fund**

------

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $1,437 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.** **Other Risks** - The Fund's investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

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

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 the Adviser. 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the year ended December 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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).

**9**

**Invesco V.I. Technology Fund**

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The Adviser has agreed, for an indefinite period, 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 and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $3,196.

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, 2025, Invesco was paid $31,810 for accounting and fund administrative services and was reimbursed $331,129 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, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2025, the Fund incurred $12,189 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser's 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, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $235574227 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $235574227 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5857991 | &nbsp;&nbsp;&nbsp;&nbsp; 18595718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24453709 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $241432218 | &nbsp;&nbsp;&nbsp;&nbsp; $18595718 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $260027936 |

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**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.

**10**

**Invesco V.I. Technology Fund**

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**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** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $725775 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Long-term capital gain | &nbsp;&nbsp; 25067592 | &nbsp;&nbsp;&nbsp;&nbsp; 8784691 |
| Total distributions | &nbsp;&nbsp; $25793367 | &nbsp;&nbsp;&nbsp;&nbsp; $8784691 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $11276564 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 35477155 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 80730767 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 1217 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (33491)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 113797061 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $241249273 |

---

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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $351,045,749 and $376,407,925, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $83595352 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2864585)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $80730767 |

---

Cost of investments for tax purposes is $179,297,169.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2025, undistributed net investment income (loss) was increased by $1,296,313 and undistributed net realized gain was decreased by $1,296,313. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 9—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1098628 | &nbsp;&nbsp;&nbsp; $26784818 | &nbsp;&nbsp;&nbsp; 2211339 | &nbsp;&nbsp;&nbsp; $46647519 |
| Series II | &nbsp;&nbsp;&nbsp; 220191 | &nbsp;&nbsp;&nbsp; 4555603 | &nbsp;&nbsp;&nbsp; 253832 | &nbsp;&nbsp;&nbsp; 4661500 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 887487 | &nbsp;&nbsp;&nbsp; 22941533 | &nbsp;&nbsp;&nbsp; 356302 | &nbsp;&nbsp;&nbsp; 7913477 |
| Series II | &nbsp;&nbsp;&nbsp; 133139 | &nbsp;&nbsp;&nbsp; 2851834 | &nbsp;&nbsp;&nbsp; 46218 | &nbsp;&nbsp;&nbsp; 871214 |

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**11**

**Invesco V.I. Technology Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1941316)<br>| &nbsp;&nbsp;&nbsp; $(46773595)<br>| &nbsp;&nbsp;&nbsp; (2115340)<br>| &nbsp;&nbsp;&nbsp; $(45381385)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (232721)<br>| &nbsp;&nbsp;&nbsp; (4765946)<br>| &nbsp;&nbsp;&nbsp; (170077)<br>| &nbsp;&nbsp;&nbsp; (3106862)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 165408 | &nbsp;&nbsp;&nbsp; $5594247 | &nbsp;&nbsp;&nbsp; 582274 | &nbsp;&nbsp;&nbsp; $11605463 |

---

<sup>(a)</sup> 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.

**12**

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 13, 2026

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.

**13**

**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 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 their fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $25067592 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 67.71% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**14**

**Invesco V.I. Technology Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco V.I. Technology Fund**

------

![](imga2b56f621.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | |
|:---|:---|
| [2](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_SOI-Continued-734_1) | Schedule of Investments |
| [5](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_FS-Continued-734_1) | Financial Statements |
| [7](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_FS-Continued-734_3) | Financial Highlights |
| [8](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_NTF-Continued-734_1) | Notes to Financial Statements |
| [12](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_RIR-Continued-734_1) | Report of Independent Registered Public Accounting Firm |
| [13](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_TI-Continued-734_1) | Tax Information |
| [14](#xx_b9acd51f-78bd-48d4-a456-047d2d8e5e04_OIRSR-Continued-734_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIGMKT-NCSR

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities-25.10%** | **U.S. Treasury Securities-25.10%** | **U.S. Treasury Securities-25.10%** | **U.S. Treasury Securities-25.10%** | **U.S. Treasury Securities-25.10%** | **U.S. Treasury Securities-25.10%** |
| **U.S. Treasury Bills-20.77%**<sup>(a)</sup> | **U.S. Treasury Bills-20.77%**<sup>(a)</sup> | **U.S. Treasury Bills-20.77%**<sup>(a)</sup> | **U.S. Treasury Bills-20.77%**<sup>(a)</sup> | **U.S. Treasury Bills-20.77%**<sup>(a)</sup> | **U.S. Treasury Bills-20.77%**<sup>(a)</sup> |
| U.S. Treasury Bills | 3.64% | 01/29/2026 |  | $6000 | &nbsp;&nbsp; $5983083 |
| U.S. Treasury Bills | 3.79% | 02/03/2026 |  | 3000 | &nbsp;&nbsp; 2989678 |
| U.S. Treasury Bills | 4.06% | 02/05/2026 |  | 3000 | &nbsp;&nbsp; 2988392 |
| U.S. Treasury Bills | 4.05% | 02/12/2026 |  | 4000 | &nbsp;&nbsp; 3981473 |
| U.S. Treasury Bills | 3.77% | 02/24/2026 |  | 4000 | &nbsp;&nbsp; 3977674 |
| U.S. Treasury Bills | 3.99% | 02/26/2026 |  | 3000 | &nbsp;&nbsp; 2981744 |
| U.S. Treasury Bills | 3.74% | 03/03/2026 |  | 3000 | &nbsp;&nbsp; 2981230 |
| U.S. Treasury Bills | 3.70%-3.96% | 03/05/2026 |  | 6000 | &nbsp;&nbsp; 5960389 |
| U.S. Treasury Bills | 3.76% | 03/31/2026 |  | 2500 | &nbsp;&nbsp; 2477021 |
| U.S. Treasury Bills | 3.69% | 04/07/2026 |  | 5000 | &nbsp;&nbsp; 4951367 |
| U.S. Treasury Bills | 3.65% | 04/14/2026 |  | 3000 | &nbsp;&nbsp; 2969014 |
| U.S. Treasury Bills | 4.09% | 04/16/2026 |  | 500 | &nbsp;&nbsp; 494254 |
| U.S. Treasury Bills | 3.60% | 04/28/2026 |  | 3000 | &nbsp;&nbsp; 2965324 |
| U.S. Treasury Bills | 3.64% | 06/04/2026 |  | 1000 | &nbsp;&nbsp; 984700 |
| U.S. Treasury Bills | 4.12% | 07/09/2026 |  | 1500 | &nbsp;&nbsp; 1468775 |
| U.S. Treasury Bills | 3.89%-3.92% | 08/06/2026 |  | 2250 | &nbsp;&nbsp; 2198954 |
|  |  |  |  |  | &nbsp;&nbsp; 50353072 |
| **U.S. Treasury Floating Rate Notes-1.24%** | **U.S. Treasury Floating Rate Notes-1.24%** | **U.S. Treasury Floating Rate Notes-1.24%** | **U.S. Treasury Floating Rate Notes-1.24%** | **U.S. Treasury Floating Rate Notes-1.24%** | **U.S. Treasury Floating Rate Notes-1.24%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.10%)<sup>(b)</sup> <br>| 3.70% | 01/31/2027 |  | 3000 | &nbsp;&nbsp; 2999824 |
| **U.S. Treasury Notes-3.09%** | **U.S. Treasury Notes-3.09%** | **U.S. Treasury Notes-3.09%** | **U.S. Treasury Notes-3.09%** | **U.S. Treasury Notes-3.09%** | **U.S. Treasury Notes-3.09%** |
| U.S. Treasury Notes | 0.75% | 04/30/2026 |  | 1500 | &nbsp;&nbsp; 1484327 |
| U.S. Treasury Notes | 4.13% | 06/15/2026 |  | 1000 | &nbsp;&nbsp; 1000205 |
| U.S. Treasury Notes | 4.63% | 06/30/2026 |  | 3500 | &nbsp;&nbsp; 3507739 |
| U.S. Treasury Notes | 4.50% | 07/15/2026 |  | 1500 | &nbsp;&nbsp; 1504639 |
|  |  |  |  |  | &nbsp;&nbsp; 7496910 |
| Total U.S. Treasury Securities (Cost $60,849,806) | Total U.S. Treasury Securities (Cost $60,849,806) | Total U.S. Treasury Securities (Cost $60,849,806) | Total U.S. Treasury Securities (Cost $60,849,806) |  | &nbsp;&nbsp; 60849806 |
| **U.S. Government Sponsored Agency Securities-21.86%** | **U.S. Government Sponsored Agency Securities-21.86%** | **U.S. Government Sponsored Agency Securities-21.86%** | **U.S. Government Sponsored Agency Securities-21.86%** | **U.S. Government Sponsored Agency Securities-21.86%** | **U.S. Government Sponsored Agency Securities-21.86%** |
| **Federal Farm Credit Bank (FFCB)-19.39%** | **Federal Farm Credit Bank (FFCB)-19.39%** | **Federal Farm Credit Bank (FFCB)-19.39%** | **Federal Farm Credit Bank (FFCB)-19.39%** | **Federal Farm Credit Bank (FFCB)-19.39%** | **Federal Farm Credit Bank (FFCB)-19.39%** |
| Federal Farm Credit Bank (1 mo. EFFR + 0.06%)<sup>(b)</sup> <br>| 3.70% | 01/16/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 3.80% | 02/02/2026 |  | 2500 | &nbsp;&nbsp; 2500000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 3.80% | 02/12/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.02%)<sup>(b)</sup> <br>| 3.73% | 03/26/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 3.81% | 06/03/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 08/26/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 09/09/2026 |  | 250 | &nbsp;&nbsp; 250000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.05%)<sup>(b)</sup> <br>| 3.69% | 09/17/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 10/15/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 11/23/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 12/02/2026 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 3.84% | 01/27/2027 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 3.84% | 02/03/2027 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(b)</sup> <br>| 3.83% | 02/10/2027 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 3.79% | 03/11/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 3.78% | 03/26/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 3.82% | 05/13/2027 |  | 3500 | &nbsp;&nbsp; 3500000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 3.82% | 05/14/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 3.78% | 07/09/2027 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 3.80% | 09/28/2027 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 10/01/2027 |  | 250 | &nbsp;&nbsp; 250000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 3.79% | 10/08/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 3.84% | 10/22/2027 |  | 500 | &nbsp;&nbsp; 500000 |

---

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

**2**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 3.79% | 11/23/2027 |  | $3000 | &nbsp;&nbsp; $3000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 3.81% | 12/01/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  |  | &nbsp;&nbsp; 47000000 |
| **Federal Home Loan Bank (FHLB)-2.47%** | **Federal Home Loan Bank (FHLB)-2.47%** | **Federal Home Loan Bank (FHLB)-2.47%** | **Federal Home Loan Bank (FHLB)-2.47%** | **Federal Home Loan Bank (FHLB)-2.47%** | **Federal Home Loan Bank (FHLB)-2.47%** |
| Federal Home Loan Bank<sup>(a)</sup> <br>| 3.95% | 02/05/2026 |  | 1500 | &nbsp;&nbsp; 1494240 |
| Federal Home Loan Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 3.84% | 02/09/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Bank (SOFR + 0.02%)<sup>(b)</sup> <br>| 3.73% | 06/18/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 09/24/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  |  | &nbsp;&nbsp; 5994240 |
| Total U.S. Government Sponsored Agency Securities (Cost $52,994,240) | Total U.S. Government Sponsored Agency Securities (Cost $52,994,240) | Total U.S. Government Sponsored Agency Securities (Cost $52,994,240) | Total U.S. Government Sponsored Agency Securities (Cost $52,994,240) |  | &nbsp;&nbsp; 52994240 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.92%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.92%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.92%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.92%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.92%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.92%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-1.03%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.03%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.03%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.03%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.03%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.03%** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.10%)<sup>(b)</sup> <br>| 3.81% | 02/09/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 09/04/2026 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 10/29/2026 |  | 500 | &nbsp;&nbsp; 500000 |
|  |  |  |  |  | &nbsp;&nbsp; 2500000 |
| **Federal National Mortgage Association (FNMA)-2.89%** | **Federal National Mortgage Association (FNMA)-2.89%** | **Federal National Mortgage Association (FNMA)-2.89%** | **Federal National Mortgage Association (FNMA)-2.89%** | **Federal National Mortgage Association (FNMA)-2.89%** | **Federal National Mortgage Association (FNMA)-2.89%** |
| Federal National Mortgage Association<sup>(a)</sup> <br>| 3.68% | 01/30/2026 |  | 3000 | &nbsp;&nbsp; 2991107 |
| Federal National Mortgage Association (SOFR + 0.10%)<sup>(b)</sup> <br>| 3.81% | 06/18/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 3.85% | 10/23/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal National Mortgage Association (SOFR + 0.26%)<sup>(b)</sup> <br>| 3.97% | 11/05/2027 |  | 1500 | &nbsp;&nbsp; 1503754 |
|  |  |  |  |  | &nbsp;&nbsp; 6994861 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $9,494,861) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $9,494,861) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $9,494,861) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $9,494,861) |  | &nbsp;&nbsp; 9494861 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-50.88% <br>(Cost $123,338,907) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-50.88% <br>(Cost $123,338,907) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-50.88% <br>(Cost $123,338,907) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-50.88% <br>(Cost $123,338,907) |  | &nbsp;&nbsp; 123338907 |
|  |  |  | &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-48.96%**<sup>(c)</sup>  | **Repurchase Agreements-48.96%**<sup>(c)</sup>  | **Repurchase Agreements-48.96%**<sup>(c)</sup>  | **Repurchase Agreements-48.96%**<sup>(c)</sup>  | **Repurchase Agreements-48.96%**<sup>(c)</sup>  | **Repurchase Agreements-48.96%**<sup>(c)</sup>  |
| Bank of Montreal, joint term agreement dated 12/04/2025, aggregate maturing value of <br> $501,732,500 (collateralized by agency mortgage-backed securities valued at <br> $510,000,000; 2.00% - 6.50%; 03/01/2037 - 03/01/2063)<sup>(d)</sup> <br>| 3.78% | 01/07/2026 |  | 1003465 | &nbsp;&nbsp; 1000000 |
| Bank of Nova Scotia, joint agreement dated 12/31/2025, aggregate maturing value of <br> $800,170,222 (collateralized by agency mortgage-backed securities valued at <br> $816,000,000; 3.00% - 5.50%; 05/20/2051 - 12/20/2054)<br>| 3.83% | 01/02/2026 |  | 15003192 | &nbsp;&nbsp; 15000000 |
| BMO Capital Markets Corp., joint term agreement dated 12/31/2025, aggregate <br> maturing value of $1,505,468,750 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $1,530,000,019; 1.38% - 7.00%; <br> 09/15/2027 - 02/16/2068)<sup>(d)</sup> <br>| 3.75% | 02/04/2026 |  | 10036458 | &nbsp;&nbsp; 10000000 |
| BNP Paribas Securities Corp., joint term agreement dated 07/10/2025, aggregate <br> maturing value of $2,500,529,167 (collateralized by agency mortgage-backed <br> securities and U.S. government sponsored agency obligations valued at <br> $2,550,000,001; 0.01% - 8.00%; 02/25/2026 - 10/20/2065)<sup>(d)(e)</sup> <br>| 3.81% | 01/02/2026 |  | 5001058 | &nbsp;&nbsp; 5000000 |
| BofA Securities, Inc., joint term agreement dated 07/28/2025, aggregate maturing value <br> of $1,750,370,417 (collateralized by U.S. Treasury obligations valued at <br> $1,785,000,438; 0.50% - 4.63%; 02/15/2027 - 11/15/2054)<sup>(d)(e)</sup> <br>| 3.81% | 01/02/2026 |  | 5001058 | &nbsp;&nbsp; 5000000 |
| BofA Securities, Inc., joint term agreement dated 09/11/2025, aggregate maturing value <br> of $515,520,833 (collateralized by U.S. Treasury obligations valued at <br> $510,000,052; 1.13% - 4.38%; 11/30/2028 - 11/15/2052)<br>| 3.75% | 07/07/2026 |  | 2062083 | &nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Inc., joint term agreement dated 09/04/2025, aggregate <br> maturing value of $50,754,799 (collateralized by agency mortgage-backed securities <br> valued at $49,980,003; 3.50% - 5.27%; 09/25/2055 - 12/25/2055)<br>| 3.86% | 08/05/2026 |  | 2071624 | &nbsp;&nbsp; 2000000 |
| Credit Agricole Corporate & Investment Bank, joint term agreement dated 10/20/2025, <br> aggregate maturing value of $20,296,250 (collateralized by U.S. Treasury obligations <br> valued at $20,702,321; 4.25%; 01/15/2028)<br>| 3.95% | 03/04/2026 |  | 4059250 | &nbsp;&nbsp; 4000000 |
| RBC Dominion Securities Inc., joint term agreement dated 10/27/2025, aggregate <br> maturing value of $15,440,213 (collateralized by U.S. Treasury obligations valued at <br> $15,410,257; 0.00% - 4.63%; 02/28/2026 - 08/15/2051)<sup>(d)</sup> <br>| 3.87% | 07/27/2026 |  | 3088043 | &nbsp;&nbsp; 3000000 |

---

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

**3**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| RBC Dominion Securities Inc., joint term agreement dated 10/27/2025, aggregate <br> maturing value of $733,694,825 (collateralized by U.S. Treasury obligations valued at <br> $732,498,154; 0.00% - 5.00%; 02/05/2026 - 02/15/2054)<sup>(d)</sup> <br>| 3.87% | 07/24/2026 |  | $3087075 | &nbsp;&nbsp; $3000000 |
| RBC Dominion Securities Inc., joint term agreement dated 12/04/2025, aggregate <br> maturing value of $2,035,573,333 (collateralized by agency mortgage-backed <br> securities, a U.S. government sponsored agency obligation and U.S. Treasury <br> obligations valued at $2,045,839,021; 0.00% - 7.00%; 09/30/2026 - <br> 07/15/2066)<sup>(d)</sup> <br>| 3.68% | 05/28/2026 |  | 5088933 | &nbsp;&nbsp; 5000000 |
| Royal Bank of Canada, joint term agreement dated 09/29/2025, aggregate maturing <br> value of $2,075,086,640 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $2,065,834,721; 0.00% - 7.00%; 02/19/2026 <br> - 03/01/2063)<sup>(d)</sup> <br>| 3.69% | 09/01/2026 |  | 5172200 | &nbsp;&nbsp; 5000000 |
| Royal Bank of Canada, joint term agreement dated 12/03/2025, aggregate maturing <br> value of $3,060,833,333 (collateralized by U.S. Treasury obligations valued at <br> $3,068,997,659; 0.50% - 4.88%; 01/15/2026 - 02/15/2055)<sup>(d)</sup> <br>| 3.65% | 06/22/2026 |  | 5101389 | &nbsp;&nbsp; 5000000 |
| Standard Chartered Bank, joint agreement dated 12/31/2025, aggregate maturing value <br> of $3,250,691,528 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $3,315,705,361; 0.00% - 6.50%; 01/15/2026 <br> - 08/20/2055)<br>| 3.83% | 01/02/2026 |  | 15003192 | &nbsp;&nbsp; 15000000 |
| Sumitomo Mitsui Banking Corp., joint agreement dated 12/31/2025, aggregate maturing <br> value of $5,301,133,611 (collateralized by agency mortgage-backed securities <br> valued at $5,418,738,896; 2.00% - 6.50%; 10/20/2042 - 12/20/2055)<br>| 3.85% | 01/02/2026 |  | 13698511 | &nbsp;&nbsp; 13695582 |
| TD Securities (USA) LLC, joint term agreement dated 12/31/2025, aggregate maturing <br> value of $480,352,800 (collateralized by agency mortgage-backed securities valued <br> at $489,600,001; 4.72% - 5.22%; 05/20/2054 - 12/20/2055)<br>| 3.78% | 01/07/2026 |  | 25018375 | &nbsp;&nbsp; 25000000 |
| Total Repurchase Agreements (Cost $118,695,582) | Total Repurchase Agreements (Cost $118,695,582) | Total Repurchase Agreements (Cost $118,695,582) | Total Repurchase Agreements (Cost $118,695,582) |  | &nbsp;&nbsp; 118695582 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-99.84% (Cost $242,034,489) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-99.84% (Cost $242,034,489) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-99.84% (Cost $242,034,489) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-99.84% (Cost $242,034,489) |  | &nbsp;&nbsp; 242034489 |
| OTHER ASSETS LESS LIABILITIES-0.16% | OTHER ASSETS LESS LIABILITIES-0.16% | OTHER ASSETS LESS LIABILITIES-0.16% | OTHER ASSETS LESS LIABILITIES-0.16% |  | &nbsp;&nbsp; 386280 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $242420769 |

---

Investment Abbreviations:

EFFR -Effective Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

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

<sup>(b)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(c)</sup> Principal amount equals value at period end. See Note 1J.

<sup>(d)</sup> The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.

<sup>(e)</sup> Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

<sup>(f)</sup> Also represents cost for federal income tax purposes.

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

**4**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Statement of Assets and Liabilities**

*December 31, 2025* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value and cost<br>| &nbsp;&nbsp; $123338907 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 118695582 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 46098 |
| Interest | &nbsp;&nbsp; 661627 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 10324 |
| Other assets | &nbsp;&nbsp; 418 |
| Total assets | &nbsp;&nbsp; 242752956 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 74607 |
| Dividends | &nbsp;&nbsp; 60 |
| Accrued fees to affiliates | &nbsp;&nbsp; 207929 |
| Accrued operating expenses | &nbsp;&nbsp; 39267 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 10324 |
| Total liabilities | &nbsp;&nbsp; 332187 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $242420769 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $242670427 |
| Distributable earnings (loss) | &nbsp;&nbsp; (249658)<br>|
|  | &nbsp;&nbsp; $242420769 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $242400778 |
| Series II | &nbsp;&nbsp; $19991 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Series I | &nbsp;&nbsp; 242513513 |
| Series II | &nbsp;&nbsp; 20000 |
| Series I: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |
| Series II: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |

---

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $21935503 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2194990 |
| Administrative services fees | &nbsp;&nbsp; 1055171 |
| Custodian fees | &nbsp;&nbsp; 18117 |
| Distribution fees - Series II | &nbsp;&nbsp; 51 |
| Transfer agent fees | &nbsp;&nbsp; 25223 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 27801 |
| Reports to shareholders | &nbsp;&nbsp; 12173 |
| Professional services fees | &nbsp;&nbsp; 53253 |
| Other | &nbsp;&nbsp; 6027 |
| Total expenses | &nbsp;&nbsp; 3392806 |
| Net investment income | &nbsp;&nbsp; 18542697 |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 25514 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $18568211 |

---

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

**5**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $18542697 | &nbsp;&nbsp; $13103238 |
| Net realized gain | &nbsp;&nbsp; 25514 | &nbsp;&nbsp; 10678 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 18568211 | &nbsp;&nbsp; 13113916 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (18542032)<br>| &nbsp;&nbsp; (13102492)<br>|
| Series II | &nbsp;&nbsp; (665)<br>| &nbsp;&nbsp; (746)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (18542697)<br>| &nbsp;&nbsp; (13103238)<br>|
| **Share transactions-net:** |  |  |
| Series I | &nbsp;&nbsp; (67244458)<br>| &nbsp;&nbsp; 12149615 |
| Series II | &nbsp;&nbsp; - | &nbsp;&nbsp; 10000 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (67244458)<br>| &nbsp;&nbsp; 12159615 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (67218944)<br>| &nbsp;&nbsp; 12170293 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 309639713 | &nbsp;&nbsp; 297469420 |
| End of year | &nbsp;&nbsp; $242420769 | &nbsp;&nbsp; $309639713 |

---

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

**6**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(realized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Year ended 12/31/25 | $1.00 | $0.04 | $0.00 | $0.04 | $(0.04)<br>| $1.00 | 3.64<br> %<br>| $242401 | 0.67<br> %<br>| 0.67<br> %<br>| 3.68<br> %<br>|
| Year ended 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.63 | 309620 | 0.69 | 0.69 | 4.54 |
| Year ended 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.53 | 297459 | 0.63 | 0.63 | 4.34 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.26 | 1818155 | 0.49 | 0.54 | 1.42 |
| Year ended 12/31/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 460685 | 0.10 | 0.52 | 0.00 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Year ended 12/31/25 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03)<br>| 1.00 | 3.39 | 20 | 0.92 | 0.92 | 3.43 |
| Year ended 12/31/24 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.38 | 20 | 0.94 | 0.94 | 4.29 |
| Year ended 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.28 | 10 | 0.88 | 0.88 | 4.09 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.10 | 10 | 0.65 | 0.79 | 1.25 |
| Year ended 12/31/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 10 | 0.10 | 0.77 | 0.00 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

**7**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to seek income consistent with stability of principal.

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

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

The Fund is a "government money market fund" as defined in Rule 2a-7 under the 1940 Act (the "Rule") and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to liquidity fee requirements at this time, as permitted by the Rule.

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 the Rule. 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.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is unreliable in the Adviser's judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**B.** **Securities Transactions and Investment Income** - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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. 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 settled shares.

**8**

**Invesco V.I. U.S. Government Money Portfolio**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **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 typically 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.

**K.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. 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** | &nbsp;&nbsp;&nbsp;&nbsp; **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 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, 2025, the effective advisory fees incurred by the Fund was 0.44%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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, 2025, Invesco was paid $219,545 for accounting and fund administrative services and was reimbursed $835,626 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon ("BNY") serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2025, 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, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

**9**

**Invesco V.I. U.S. Government Money Portfolio**

------

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. 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 Adviser's 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, 2025, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Trustees' and Officers' Fees and Benefits**

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

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY, 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** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2025 and December 31, 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2025 and December 31, 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2025 and December 31, 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $18542697 | &nbsp;&nbsp;&nbsp;&nbsp; $13103238 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; $(10324)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (239334)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 242670427 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $242420769 |

---

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

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

The Fund has a capital loss carryforward as of December 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $239334 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $239334 |

---

\* Capital loss carryforwards are 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—Reclassification of Permanent Differences**

Primarily as a result of distributions, on December 31, 2025, undistributed net investment income was increased by $40,318 and shares of beneficial interest was decreased by $40,318. This reclassification had no effect on the net assets of the Fund.

**10**

**Invesco V.I. U.S. Government Money Portfolio**

------

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025**<sup>(a)</sup>  | **2025**<sup>(a)</sup>  | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1514723651 | &nbsp;&nbsp;&nbsp; $1514723651 | &nbsp;&nbsp;&nbsp; 119027074 | &nbsp;&nbsp;&nbsp; $119027074 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10000 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 18542032 | &nbsp;&nbsp;&nbsp; 18542032 | &nbsp;&nbsp;&nbsp; 13102492 | &nbsp;&nbsp;&nbsp; 13102492 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1600510141)<br>| &nbsp;&nbsp;&nbsp; (1600510141)<br>| &nbsp;&nbsp;&nbsp; (119979951)<br>| &nbsp;&nbsp;&nbsp; (119979951)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (67244458)<br>| &nbsp;&nbsp;&nbsp; $(67244458)<br>| &nbsp;&nbsp;&nbsp; 12159615 | &nbsp;&nbsp;&nbsp; $12159615 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 90% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco V.I. U.S. Government Money Portfolio**

------

**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. U.S. Government Money Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. U.S. Government Money Portfolio (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 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 13, 2026

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.

**12**

**Invesco V.I. U.S. Government Money Portfolio**

------

**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, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 99.78% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 12.03% |

---

\*

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

**13**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**14**

**Invesco V.I. U.S. Government Money Portfolio**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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) <u>AIM Variable Insurance Funds (Invesco Variable Insurance Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: February 26, 2026

Pursuant to the requirements of the Securities 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: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: February 26, 2026

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: February 26, 2026

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: February 26, 2026  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: February 26, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; February 26, 2026</u> <u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>February 26, 2026</u> <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

------

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

------

• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

------

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

------

#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

------