# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0001193125-23-043097
**Filing Date:** 2023-2
**Character Count:** 5040043
**Document Hash:** a6acc96b777c7b305d2b44a8650e88de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-043097.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001193125-23-043097

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
- **CENTRAL INDEX KEY:** 0000896435
- **IRS NUMBER:** 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:** 23645719

**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. Conservative Balanced Fund (Series ID: S000064657)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209361 | Series I     |  |
| C000209362 | Series II    |  |

### 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 Oppenheimer 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. Nasdaq 100 Buffer Fund - September (Series ID: S000073042)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229827 | Series II    |  |
| C000229828 | Series I     |  |

### Invesco(R) V.I. Nasdaq 100 Buffer Fund - December (Series ID: S000073043)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229829 | Series I     |  |
| C000229830 | Series II    |  |

### Invesco(R) V.I. Nasdaq 100 Buffer Fund - March (Series ID: S000073044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229831 | Series I     |  |
| C000229832 | Series II    |  |

### Invesco(R) V.I. Nasdaq 100 Buffer Fund - June (Series ID: S000073045)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229833 | Series II    |  |
| C000229834 | 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    |  |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-07452** 

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## AIM Variable Insurance Funds

## (Invesco Variable Insurance Funds)
**(Exact name of registrant as specified in charter)** 

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**11 Greenway Plaza, Suite 1000 Houston, Texas 77046** 

**(Address of principal executive offices) (Zip code)** 

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

**(Name and address of agent for service)** 

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

**Date of fiscal year end: 12/31** 

**Date of reporting period: 12/31/22** 

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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 is as follows:

(b) Not applicable.

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![LOGO](g453264dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. American Franchise Fund** 

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. American Franchise Fund (the Fund) underperformed the Russell 1000 Growth Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. American Franchise Fund (the Fund) underperformed the Russell 1000 Growth Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -31.11 | % |
| &nbsp;&nbsp; Series II Shares | -31.30 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell 1000 Growth Index<sup>▼</sup> (Style-Specific Index) | -29.14 |  |
| &nbsp;&nbsp; Lipper VUF Large-Cap Growth Funds Index<sup>∎</sup> (Peer Group Index) | -34.12 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup> Lipper Inc. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given headwinds on all equities and especially those equities that are more growth-oriented, the Fund produced a negative return for the fiscal year. Performance relative to its peer group benchmark, the Lipper VUF Large-Cap Growth Funds Index, was positive; however, the Fund underperformed its style-specific benchmark, the Russell 1000 Growth Index. Relative underperformance to the Russell 1000 Growth Index was driven by stock selection in the information technology (IT) sector, as well as stock selection and underweight exposure to the consumer staples sector. Stock selection in the consumer discretionary and financials sectors also detracted. Stock selection and an overweight exposure in the energy sector, as well as stock selection in the communication services and materials sectors, were beneficial to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top individual detractors from an absolute perspective during the fiscal year included **Amazon.com** and **Alphabet** and the top relative detractor was **Farfetch**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com is the leading global e-commerce platform, positioned to become the leading aggregator of merchandise, content and services – an "everything on demand" platform. Amazon.com is also the

leading cloud infrastructure company, through its Amazon Web Services (AWS) division, poised to capture significant technology spending and has high profit margin opportunities in advertising and numerous other investments. The stock struggled for much of the fiscal year as investors waited for the previously strong comparison periods during the height of COVID-19 lockdowns to pass and as investor interest has waned for higher-growth, longer-duration stocks. Amazon.com also wrestled with excess capacity in terms of labor and warehouses, which we believed would be transitory and lessen the need for their typical ramp before the holiday season. Towards the end of the fiscal year, Amazon.com's third quarter earnings report showed slower than expected growth in their AWS division as well as weaker AWS margins given rising wage and energy costs. Amazon.com also lowered fourth quarter guidance that implied slowing retail into the holidays. We believed, and recent industry checks have shown, that their outlook may have been too conservative as consumption was strong during the holidays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Search engine and video sharing platform Alphabet has largely been resilient amid increasing macro-economic headwinds delivering better than feared earnings results. Nevertheless, there have been growing concerns surrounding the company including increasing advertising inventory as over-the-top streaming names such as Netflix and Disney+ (not a fund holding) rolled out ad-supported versions of their services. This has the potential to shift a portion of advertising budgets towards other platforms at the expense of Alphabet. Additionally, as companies contend with a slowing economy, many are scaling back advertising spending, which is Alphabet's primary source of revenue. Towards the end of the fiscal year, National Football League (NFL) and Google announced that they reached a multi-year agreement for YouTube TV to be the exclusive distributor for NFL Sunday Ticket. We believe Alphabet may have overpaid and therefore the company will need to make up the difference in ads or risk compressing margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farfetch is emerging as the leading global platform for online luxury goods aggregating 1,400+ luxury brands. During the fiscal year, Farfetch reached a long-waited agreement with Italian luxury titan Richemont (not a fund holding) for 47.5% of YOOX Net-A-Porter, Richemont's competing online business, which is expected to scale Farfetch's operations significantly. Unfortunately, the terms for the Richemont transaction were disappointing to investors with a lower expected take rate, or percentage of sales that Farfetch will collect for the online sales. We sold the stock towards the end of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top individual contributors on an absolute basis during the fiscal year included **Schlumberger, Occidental Petroleum** and **APA Corporation**.

**Invesco V.I. American Franchise Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy was the one bright spot among economic sectors for the fiscal year, returning double-digit returns overall. Schlumberger and Occidental Petroleum benefited from the tailwinds that lifted energy companies levered to oil and natural gas prices during the fiscal year. Both companies boosted their dividend during the fiscal year in an industry-wide trend of returning capital to shareholders. Occidental Petroleum also announced a $3 billion share buyback and additional plans to pay down its debt. This caught the eye of famed investor, Warren Buffett, who purchased a 15% stake in the company. Occidental Petroleum was sold from the portfolio during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation, commonly referred to as Apache, is a North American oil and gas producer and has benefited from several factors that have driven the price of oil and natural gas higher. Among them have been a resurgence in demand for oil as economies reopened following COVID-19 lockdowns, the willingness of OPEC (Organization of the Petroleum Exporting Countries) to temper its production capacity if oil prices fell too sharply, Russia cutting off supply of natural gas to Europe by shuttering its Nord Stream pipeline and China's dovish central bank taking stimulative measures to boost economic growth. APA Corporation also announced they struck oil and gas off the coast of Suriname, which was well received by investors. We exited our position in APA Corporation during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the close of the fiscal year, the largest overweight sector exposures included communication services, primarily video game developers which offer lower relative beta and are fairly recession-resistant, and health care, given the sector's defensive characteristics. IT is the largest underweight, primarily due to significant index exposure in Apple and to a lesser degree Microsoft, but we have also chosen to underweight higher valuation/high growth IT services stocks and semiconductors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe inflation has peaked and will continue to cool, especially as consumers and enterprises scale back in the face of tighter conditions. We expect the economy will slow and growth will become scarce. In our opinion, when broad economic growth becomes scarce, companies that can grow via their own fundamental merit, such as through disruption and market share shifts, tend to have an advantage. However, we believe tighter financial conditions, increased technology regulation and significant commodity constraints will be headwinds. As a result, we are cautious on cash flows and margin stability and continue to evaluate the likelihood for earnings revisions. Looking forward, we see compelling opportunities for secular growers at attractive valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longer term, we believe that change is the fuel for growth and portfolios, thus we generally seek "share-takers", companies that can gain market share through technology-enabled advantages in their business models and with offerings that benefit from the continued

disruptive shifts in enterprise and consumer behavior.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective November 28, 2022, Ron Zibelli joined the Invesco V.I. American Franchise Fund as lead portfolio manager. Erik Voss and Ido Cohen will remain portfolio managers, however, Erik announced his plans to retire on June 30, 2023.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

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**Portfolio manager(s):** 

Ido Cohen

Erik Voss

Ronald Zibelli - Lead

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

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

**Invesco V.I. American Franchise Fund**

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**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g453264dsp004.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (7/3/95) | 9.14 | % |
| &nbsp;&nbsp; 10 Years | 11.64 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.66 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -31.11 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/18/00) | 3.06 | % |
| &nbsp;&nbsp; 10 Years | 11.35 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.39 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -31.30 |  |

---

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

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

**of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

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

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

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

**Invesco V.I. American Franchise Fund**

------

**Supplemental Information** 

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

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **S&P 500 <sup>®</sup> Index** is an unmanaged index
considered representative of the US stock market.

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

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

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

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

**Invesco V.I. American Franchise Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 36.56% |
|  Health Care | 17.54 |
|  Consumer Discretionary | 13.73 |
|  Communication Services | 10.12 |
|  Industrials | 7.46 |
|  Consumer Staples | 3.81 |
|  Financials | 3.02 |
|  Energy | 2.81 |
|  Other Sectors, Each Less than 2% of Net Assets | 1.75 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.20 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Microsoft Corp. | 9.75% |
| 2. | Apple, Inc. | 5.39 |
| 3. | Amazon.com, Inc. | 5.36 |
| 4. | Alphabet, Inc., Class A | 4.52 |
| 5. | Visa, Inc., Class A | 4.18 |
| 6. | NVIDIA Corp. | 3.38 |
| 7. | UnitedHealth Group, Inc. | 3.06 |
| 8. | Bayer AG | 2.81 |
| 9. | AbbVie, Inc. | 1.68 |
| 10. | Teledyne Technologies, Inc. | 1.50 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. American Franchise Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.80%** | **Common Stocks & Other Equity Interests–96.80%** | **Common Stocks & Other Equity Interests–96.80%** |
|  **Advertising–0.54%** | **Advertising–0.54%** | **Advertising–0.54%** |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 67426 | $3022708 |
|  **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** |
|  Airbus SE (France) | 30524 | 3629373 |
|  Lockheed Martin Corp. | 16035 | 7800867 |
|  |  | 11430240 |
|  **Agricultural & Farm Machinery–1.39%** | **Agricultural & Farm Machinery–1.39%** | **Agricultural & Farm Machinery–1.39%** |
|  Deere & Co.<sup>(c)</sup>  | 18072 | 7748551 |
|  **Aluminum–0.51%** | **Aluminum–0.51%** | **Aluminum–0.51%** |
|  Alcoa Corp. | 62063 | 2822005 |
|  **Application Software–5.35%** | **Application Software–5.35%** | **Application Software–5.35%** |
|  HubSpot, Inc.<sup>(b)</sup>  | 3173 | 917410 |
|  Intuit, Inc. | 21443 | 8346044 |
|  Paycom Software, Inc.<sup>(b)</sup>  | 19698 | 6112486 |
|  Roper Technologies, Inc. | 9854 | 4257815 |
|  Synopsys, Inc.<sup>(b)</sup>  | 18856 | 6020532 |
|  Workday, Inc., Class A<sup>(b)(c)</sup>  | 25053 | 4192119 |
|  |  | 29846406 |
|  **Asset Management & Custody Banks–0.36%** | **Asset Management & Custody Banks–0.36%** | **Asset Management & Custody Banks–0.36%** |
|  KKR & Co., Inc., Class A<sup>(c)</sup>  | 42871 | 1990072 |
|  **Automobile Manufacturers–0.64%** | **Automobile Manufacturers–0.64%** | **Automobile Manufacturers–0.64%** |
|  General Motors Co. | 78106 | 2627486 |
|  Tesla, Inc.<sup>(b)</sup>  | 7826 | 964007 |
|  |  | 3591493 |
|  **Automotive Retail–1.01%** | **Automotive Retail–1.01%** | **Automotive Retail–1.01%** |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 6654 | 5616176 |
|  **Biotechnology–3.69%** | **Biotechnology–3.69%** | **Biotechnology–3.69%** |
|  AbbVie, Inc.<sup>(c)</sup>  | 57928 | 9361744 |
|  BioMarin Pharmaceutical, Inc.<sup>(b)</sup>  | 55728 | 5767291 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup>  | 19756 | 2359656 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 4351 | 3139203 |
|  |  | 20627894 |
|  **Casinos & Gaming–1.51%** | **Casinos & Gaming–1.51%** | **Casinos & Gaming–1.51%** |
|  Las Vegas Sands Corp.<sup>(b)(c)</sup>  | 121381 | 5834784 |
|  Penn Entertainment, Inc.<sup>(b)(c)</sup>  | 87561 | 2600562 |
|  |  | 8435346 |
|  **Construction Machinery & Heavy Trucks–0.48%** | **Construction Machinery & Heavy Trucks–0.48%** | **Construction Machinery & Heavy Trucks–0.48%** |
|  Caterpillar, Inc.<sup>(c)</sup>  | 11227 | 2689540 |
|  **Consumer Electronics–0.74%** | **Consumer Electronics–0.74%** | **Consumer Electronics–0.74%** |
|  Sony Group Corp. (Japan) | 54200 | 4133070 |
|  **Copper–0.50%** | **Copper–0.50%** | **Copper–0.50%** |
|  Freeport-McMoRan, Inc. | 73699 | 2800562 |
|  **Data Processing & Outsourced Services–4.52%** | **Data Processing & Outsourced Services–4.52%** | **Data Processing & Outsourced Services–4.52%** |
|  Fiserv, Inc.<sup>(b)</sup>  | 19029 | 1923261 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 112219 | 23314619 |
|  |  | 25237880 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Diversified Metals & Mining–0.54%** | **Diversified Metals & Mining–0.54%** | **Diversified Metals & Mining–0.54%** |
|  Glencore PLC (Australia) | 447946 | $2995314 |
|  **Diversified Support Services–0.52%** | **Diversified Support Services–0.52%** | **Diversified Support Services–0.52%** |
|  Cintas Corp.<sup>(c)</sup>  | 6453 | 2914304 |
|  **Electrical Components & Equipment–0.45%** | **Electrical Components & Equipment–0.45%** | **Electrical Components & Equipment–0.45%** |
|  Rockwell Automation, Inc.<sup>(c)</sup>  | 9760 | 2513883 |
|  **Electronic Equipment & Instruments–1.50%** | **Electronic Equipment & Instruments–1.50%** | **Electronic Equipment & Instruments–1.50%** |
|  Teledyne Technologies, Inc.<sup>(b)</sup>  | 20947 | 8376915 |
|  **Environmental & Facilities Services–0.79%** | **Environmental & Facilities Services–0.79%** | **Environmental & Facilities Services–0.79%** |
|  Republic Services, Inc. | 34376 | 4434160 |
|  **Financial Exchanges & Data–0.21%** | **Financial Exchanges & Data–0.21%** | **Financial Exchanges & Data–0.21%** |
|  S&P Global, Inc.<sup>(c)</sup>  | 3491 | 1169276 |
|  **Food Distributors–1.56%** | **Food Distributors–1.56%** | **Food Distributors–1.56%** |
|  Sysco Corp. | 44440 | 3397438 |
|  US Foods Holding Corp.<sup>(b)</sup>  | 156772 | 5333383 |
|  |  | 8730821 |
|  **Food Retail–0.38%** | **Food Retail–0.38%** | **Food Retail–0.38%** |
|  HelloFresh SE (Germany)<sup>(b)</sup>  | 96578 | 2117321 |
|  **General Merchandise Stores–1.28%** | **General Merchandise Stores–1.28%** | **General Merchandise Stores–1.28%** |
|  Dollar General Corp.<sup>(c)</sup>  | 8064 | 1985760 |
|  Target Corp. | 34607 | 5157827 |
|  |  | 7143587 |
|  **Health Care Distributors–0.96%** | **Health Care Distributors–0.96%** | **Health Care Distributors–0.96%** |
|  AmerisourceBergen Corp. | 15378 | 2548288 |
|  McKesson Corp. | 7421 | 2783766 |
|  |  | 5332054 |
|  **Health Care Equipment–2.21%** | **Health Care Equipment–2.21%** | **Health Care Equipment–2.21%** |
|  DexCom, Inc.<sup>(b)(c)</sup>  | 49818 | 5641390 |
|  Intuitive Surgical, Inc.<sup>(b)</sup>  | 25308 | 6715478 |
|  |  | 12356868 |
|  **Home Improvement Retail–1.26%** | **Home Improvement Retail–1.26%** | **Home Improvement Retail–1.26%** |
|  Lowe's Cos., Inc.<sup>(c)</sup>  | 35347 | 7042536 |
|  **Hotels, Resorts & Cruise Lines–0.87%** | **Hotels, Resorts & Cruise Lines–0.87%** | **Hotels, Resorts & Cruise Lines–0.87%** |
|  Booking Holdings, Inc.<sup>(b)</sup>  | 2413 | 4862871 |
|  **Hypermarkets & Super Centers–0.47%** | **Hypermarkets & Super Centers–0.47%** | **Hypermarkets & Super Centers–0.47%** |
|  Walmart, Inc. | 18325 | 2598302 |
|  **Insurance Brokers–0.78%** | **Insurance Brokers–0.78%** | **Insurance Brokers–0.78%** |
|  Aon PLC, Class A | 8247 | 2475255 |
|  Marsh & McLennan Cos., Inc. | 11375 | 1882335 |
|  |  | 4357590 |
|  **Integrated Oil & Gas–0.74%** | **Integrated Oil & Gas–0.74%** | **Integrated Oil & Gas–0.74%** |
|  Suncor Energy, Inc. (Canada) | 130688 | 4146730 |
|  **Interactive Home Entertainment–3.28%** | **Interactive Home Entertainment–3.28%** | **Interactive Home Entertainment–3.28%** |
|  Electronic Arts, Inc. | 46276 | 5654002 |
|  Nintendo Co. Ltd. (Japan) | 156000 | 6532594 |

---

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

**Invesco V.I. American Franchise Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Interactive Home Entertainment–(continued)** | **Interactive Home Entertainment–(continued)** | **Interactive Home Entertainment–(continued)** |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 58910 | 6134298 |
|  |  | 18320894 |
|  **Interactive Media & Services–4.86%** | **Interactive Media & Services–4.86%** | **Interactive Media & Services–4.86%** |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 286247 | 25255573 |
|  Kuaishou Technology (China)<sup>(b)(d)</sup>  | 206700 | 1853508 |
|  |  | 27109081 |
|  **Internet & Direct Marketing Retail–6.42%** | **Internet & Direct Marketing Retail–6.42%** | **Internet & Direct Marketing Retail–6.42%** |
|  Amazon.com, Inc.<sup>(b)</sup>  | 356186 | 29919624 |
|  JD.com, Inc., ADR (China) | 80396 | 4512627 |
|  MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 1675 | 1417452 |
|  |  | 35849703 |
|  **Internet Services & Infrastructure–0.55%** | **Internet Services & Infrastructure–0.55%** | **Internet Services & Infrastructure–0.55%** |
|  MongoDB, Inc.<sup>(b)(c)</sup>  | 7369 | 1450514 |
|  Snowflake, Inc., Class A<sup>(b)(c)</sup>  | 11148 | 1600184 |
|  |  | 3050698 |
|  **Life Sciences Tools & Services–2.70%** | **Life Sciences Tools & Services–2.70%** | **Life Sciences Tools & Services–2.70%** |
|  Danaher Corp. | 19737 | 5238595 |
|  Mettler-Toledo International, Inc.<sup>(b)</sup>  | 3010 | 4350804 |
|  Thermo Fisher Scientific, Inc.<sup>(c)</sup>  | 9960 | 5484872 |
|  |  | 15074271 |
|  **Managed Health Care–3.90%** | **Managed Health Care–3.90%** | **Managed Health Care–3.90%** |
|  Humana, Inc.<sup>(c)</sup>  | 9135 | 4678856 |
|  UnitedHealth Group, Inc. | 32190 | 17066494 |
|  |  | 21745350 |
|  **Movies & Entertainment–1.44%** | **Movies & Entertainment–1.44%** | **Movies & Entertainment–1.44%** |
|  Netflix, Inc.<sup>(b)(c)</sup>  | 27356 | 8066737 |
|  **Oil & Gas Equipment & Services–1.46%** | **Oil & Gas Equipment & Services–1.46%** | **Oil & Gas Equipment & Services–1.46%** |
|  Schlumberger Ltd. | 152900 | 8174034 |
|  **Oil & Gas Exploration & Production–0.61%** | **Oil & Gas Exploration & Production–0.61%** | **Oil & Gas Exploration & Production–0.61%** |
|  ConocoPhillips | 11149 | 1315582 |
|  Diamondback Energy, Inc. | 15301 | 2092871 |
|  |  | 3408453 |
|  **Pharmaceuticals–4.08%** | **Pharmaceuticals–4.08%** | **Pharmaceuticals–4.08%** |
|  Bayer AG (Germany) | 303444 | 15667566 |
|  Eli Lilly and Co. | 19381 | 7090345 |
|  |  | 22757911 |
|  **Property & Casualty Insurance–1.41%** | **Property & Casualty Insurance–1.41%** | **Property & Casualty Insurance–1.41%** |
|  Chubb Ltd. | 15784 | 3481950 |
|  Progressive Corp. (The) | 33756 | 4378491 |
|  |  | 7860441 |
|  **Regional Banks–0.26%** | **Regional Banks–0.26%** | **Regional Banks–0.26%** |
|  SVB Financial Group<sup>(b)(c)</sup>  | 6324 | 1455405 |
|  **Semiconductor Equipment–1.15%** | **Semiconductor Equipment–1.15%** | **Semiconductor Equipment–1.15%** |
|  ASML Holding N.V., New York Shares (Netherlands) | 4859 | 2654957 |
|  Enphase Energy, Inc.<sup>(b)(c)</sup>  | 14281 | 3783894 |
|  |  | 6438851 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors–6.67%** | **Semiconductors–6.67%** | **Semiconductors–6.67%** |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 107054 | $6933887 |
|  Marvell Technology, Inc. | 120870 | 4477025 |
|  Monolithic Power Systems, Inc.<sup>(c)</sup>  | 19588 | 6926513 |
|  NVIDIA Corp.<sup>(c)</sup>  | 129326 | 18899702 |
|  |  | 37237127 |
|  **Soft Drinks–1.40%** | **Soft Drinks–1.40%** | **Soft Drinks–1.40%** |
|  Monster Beverage Corp.<sup>(b)(c)</sup>  | 77176 | 7835679 |
|  **Specialized REITs–0.20%** | **Specialized REITs–0.20%** | **Specialized REITs–0.20%** |
|  Crown Castle, Inc. | 8404 | 1139919 |
|  **Systems Software–11.43%** | **Systems Software–11.43%** | **Systems Software–11.43%** |
|  Microsoft Corp. | 226948 | 54426669 |
|  Palo Alto Networks, Inc.<sup>(b)(c)</sup>  | 9969 | 1391074 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 20584 | 7992150 |
|  |  | 63809893 |
|  **Technology Hardware, Storage & Peripherals–5.39%** | **Technology Hardware, Storage & Peripherals–5.39%** | **Technology Hardware, Storage & Peripherals–5.39%** |
|  Apple, Inc. | 231518 | 30081134 |
|  **Trading Companies & Distributors–1.06%** | **Trading Companies & Distributors–1.06%** | **Trading Companies & Distributors–1.06%** |
|  Fastenal Co. | 59109 | 2797038 |
|  United Rentals, Inc.<sup>(b)(c)</sup>  | 8798 | 3126985 |
|  |  | 5924023 |
|  **Trucking–0.72%** | **Trucking–0.72%** | **Trucking–0.72%** |
|  Knight-Swift Transportation Holdings, Inc.<sup>(c)</sup>  | 64881 | 3400413 |
|  Uber Technologies, Inc.<sup>(b)</sup>  | 25322 | 626213 |
|  |  | 4026626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $410,332,157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $410,332,157) | 540450705 |
|  **Money Market Funds–2.37%** | **Money Market Funds–2.37%** | **Money Market Funds–2.37%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(e)(f)</sup>  | 4623993 | 4623993 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(e)(f)</sup>  | 3296757 | 3297746 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(e)(f)</sup>  | 5284563 | 5284563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $13,206,217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $13,206,217) | 13206302 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.17%<br>(Cost $423,538,374) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.17%<br>(Cost $423,538,374) | 553657007 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–17.72%** | **Money Market Funds–17.72%** | **Money Market Funds–17.72%** |
|  Invesco Private Government Fund,<br>4.28%<sup>(e)(f)(g)</sup>  | 27699594 | 27699594 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(e)(f)(g)</sup>  | 71206166 | 71227527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $98,924,218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $98,924,218) | 98927121 |
|  TOTAL INVESTMENTS IN SECURITIES–116.89%<br>(Cost $522,462,592) | TOTAL INVESTMENTS IN SECURITIES–116.89%<br>(Cost $522,462,592) | 652584128 |
|  OTHER ASSETS LESS LIABILITIES–(16.89)% | OTHER ASSETS LESS LIABILITIES–(16.89)% | (94296604) |
|  NET ASSETS–100.00% |  | $558287524 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

**Invesco V.I. American Franchise 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, 2022.

<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 value of this security at December 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $2868097 | $69562425 | $(67806529) | $- | $- | $4623993 | $38104 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 2048569 | 49687446 | (48437713) | 85 | (641) | 3297746 | 35895 |
|  Invesco Treasury Portfolio, Institutional Class | 3277826 | 79499913 | (77493176) | - | - | 5284563 | 53126 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 6515520 | 276862816 | (255678742) | - | - | 27699594 | 295,629\* |
|  Invesco Private Prime Fund | 15202880 | 671498707 | (615492816) | 2903 | 15853 | 71227527 | 812,237\* |
|  Total | $29912892 | $1147111307 | $(1064908976) | $2988 | $15212 | $112133423 | $1234991 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<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 1I.

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

**Invesco V.I. American Franchise Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $410,332,157)\* | $540450705 |
|  Investments in affiliated money market funds, at value (Cost $112,130,435) | 112133423 |
|  Cash | 1834 |
|  Cash collateral from securities on loan | 6196512 |
|  Foreign currencies, at value (Cost $7,928) | 8486 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2581808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2893520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 226045 |
|  Investment for trustee deferred compensation and retirement plans | 183406 |
|  Other assets | 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 664678956 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 596191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 135124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 105120730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 300276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 38758 |
|  Trustee deferred compensation and retirement plans | 196788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 106391432 |
|  Net assets applicable to shares outstanding | $558287524 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $424388759 |
|  Distributable earnings | 133898765 |
|  | $558287524 |
|  **Net Assets:** |  |
|  Series I | $371020089 |
|  Series II | $187267435 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 8661555 |
|  Series II | 4819825 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $42.84 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $38.85 |

---

\* At December 31, 2022, securities with an aggregate value of $102,963,332 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $167,723) | $5056789 |
|  Dividends from affiliated money market funds (includes net securities lending income of $67,664) | 194789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5251578 |
|  **Expenses:** |  |
|  Advisory fees | 4387939 |
|  Administrative services fees | 1072985 |
|  Custodian fees | 24684 |
|  Distribution fees - Series II | 518213 |
|  Transfer agent fees | 32793 |
|  Trustees' and officers' fees and benefits | 22255 |
|  Professional services fees | 43697 |
|  Other | (8879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6093687 |
|  Less: Fees waived | (9997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6083690 |
|  Net investment income (loss) | (832112) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | 12339038 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 15212 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (42179) |
|  | 12312071 |
|  Change in net unrealized appreciation (depreciation) of: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (271056878) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 2988 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (1385) |
|  | (271055275) |
|  Net realized and unrealized gain (loss) | (258743204) |
|  Net increase (decrease) in net assets resulting from operations | $(259575316) |

---

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

**Invesco V.I. American Franchise Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(832112) | $(4151457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 12312071 | 178910085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (271055275) | (78149194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (259575316) | 96609434 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (114653583) | (69405765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (60639319) | (32075893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (175292902) | (101481658) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 72092453 | (19513798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 74248097 | 41059309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 146340550 | 21545511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (288527668) | 16673287 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 846815192 | 830141905 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $558287524 | $846815192 |

---

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

**Invesco V.I. American Franchise Fund**

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover<sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $88.63 | $(0.03) | $(27.15) | $(27.18) | $– | $(18.61) | $(18.61) | $42.84 | (31.11)% | $371020 | 0.86% | 0.86% | (0.05)% | 108% |
|  Year ended 12/31/21 | 89.10 | (0.39) | 11.37 | 10.98 |  | (11.45) | (11.45) | 88.63 | 11.92 | 591907 | 0.86 | 0.86 | (0.41) | 68 |
|  Year ended 12/31/20 | 67.15 | (0.13) | 28.00 | 27.87 | (0.06) | (5.86) | (5.92) | 89.10 | 42.35 | 611334 | 0.86 | 0.86 | (0.18) | 54 |
|  Year ended 12/31/19 | 57.15 | 0.10 | 19.86 | 19.96 |  | (9.96) | (9.96) | 67.15 | 36.76 | 490366 | 0.86 | 0.87 | 0.15 | 40 |
|  Year ended 12/31/18 | 62.97 | (0.00) | (1.50) | (1.50) | – | (4.32) | (4.32) | 57.15 | (3.62) | 405192 | 0.88 | 0.88 | (0.00) | 42 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 83.04 | (0.18) | (25.40) | (25.58) |  | (18.61) | (18.61) | 38.85 | (31.30) | 187267 | 1.11 | 1.11 | (0.30) | 108 |
|  Year ended 12/31/21 | 84.31 | (0.59) | 10.77 | 10.18 |  | (11.45) | (11.45) | 83.04 | 11.65 | 254909 | 1.11 | 1.11 | (0.66) | 68 |
|  Year ended 12/31/20 | 63.90 | (0.31) | 26.58 | 26.27 |  | (5.86) | (5.86) | 84.31 | 41.99 | 218808 | 1.11 | 1.11 | (0.43) | 54 |
|  Year ended 12/31/19 | 54.90 | (0.07) | 19.03 | 18.96 |  | (9.96) | (9.96) | 63.90 | 36.43 | 162221 | 1.11 | 1.12 | (0.10) | 40 |
|  Year ended 12/31/18 | 60.79 | (0.16) | (1.41) | (1.57) | – | (4.32) | (4.32) | 54.90 | (3.88) | 133216 | 1.13 | 1.13 | (0.25) | 42 |

---

<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.

**Invesco V.I. American Franchise Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. American Franchise Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $4,668 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.

**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

**Invesco V.I. American Franchise Fund**

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **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.

**M.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.695% |
|  Next $250 million | 0.670% |
|  Next $500 million | 0.645% |
|  Next $550 million | 0.620% |
|  Next $3.45 billion | 0.600% |
|  Next $250 million | 0.595% |
|  Next $2.25 billion | 0.570% |
|  Next $2.5 billion | 0.545% |
|  Over $10 billion | 0.520% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.67%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $9,997.

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

**Invesco V.I. American Franchise Fund**

------

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, 2022, Invesco was paid $96,790 for accounting and fund administrative services and was reimbursed $976,195 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $21,495 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Common Stocks & Other Equity Interests | $503521959 | $36928746 | $– | $540450705 |
|  Money Market Funds | 13206302 | 98927121 | – | 112133423 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $516728261 | $135855867 | $– | $652584128 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 5–Cash Balances** 

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

**Invesco V.I. American Franchise Fund**

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**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, 2022 and 2021:</u>**

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $– | $&nbsp;&nbsp;&nbsp;&nbsp;19502461 |
|  Long-term capital gain | 175292902 | 81979197 |
|  Total distributions | $175292902 | $101481658 |

---

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

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed long-term capital gain | $14888970 |
|  Net unrealized appreciation – investments | 119150926 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (2172) |
|  Temporary book/tax differences | (138959) |
|  Shares of beneficial interest | 424388759 |
|  Total net assets | $558287524 |

---

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, 2022.

**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, 2022 was $702,370,808 and $743,036,811, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $140451279 |
|  Aggregate unrealized (depreciation) of investments | (21300353) |
|  Net unrealized appreciation of investments | $119150926 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $533,433,202.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $841,773, undistributed net realized gain was increased by $61,086 and shares of beneficial interest was decreased by $902,859. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 210704 | $13758489 | 183103 | $17299379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 510887 | 30534129 | 553978 | 49490468 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 2619456 | 114653573 | 759114 | 69405759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1526670 | 60639319 | 374237 | 32075893 |

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**Invesco V.I. American Franchise Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (846996) | $(56319609) | (1125267) | $(106218936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (287260) | (16925351) | (453921) | (40507052) |
|  Net increase in share activity | 3733461 | $146340550 | 291244 | $21545511 |

---

<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. 

**Invesco V.I. American Franchise 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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

**Invesco V.I. American Franchise Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $954.90 | $4.29 | $1020.82 | $4.43 | 0.87% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;953.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;1019.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.70 | 1.12 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. American Franchise Fund**

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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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $175292902 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. American Franchise Fund**

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**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

**Invesco V.I. American Franchise Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds**<br> **in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. American Franchise Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds**<br> **in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. American Franchise Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. American Franchise Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. American Franchise Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. American Franchise Fund**

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![LOGO](g464267dsp1a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. American Value Fund** 

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. American Value Fund (the Fund) outperformed the Russell Midcap Value Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. American Value Fund (the Fund) outperformed the Russell Midcap Value Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -2.61 | % |
| &nbsp;&nbsp; Series II Shares | -2.86 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell Midcap Value Index<sup>▼</sup> (Style-Specific Index) | -12.03 |  |
| &nbsp;&nbsp; Lipper VUF Mid Cap Value Funds Index<sup>∎</sup> (Peer Group Index) | -6.51 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup> Lipper Inc. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by

0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, we announced changes to the portfolio management team and process for the Fund. Effective March 10, 2022, Jonathan Edwards and Jonathan Mueller and their team took over management of the Fund. While the Fund's investment objective did not change, the investment process changed such that the Fund now uses a traditional intrinsic value approach in which the primary goal is to seek to create capital appreciation by maintaining a long-term investment horizon and investing in companies that are significantly undervalued on an absolute basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new team believes intrinsic value represents the fair economic worth of a business. Since their application of this strategy is highly disciplined and relatively unique, it is important to understand the benefits and limitations of the process. First, the investment strategy is intended to preserve your capital while growing it at above-market rates over the long term. Second, the Fund's investments have little in common with popular stock market indexes and most of our peers. And third, the Fund's short-term relative performance will naturally be different from stock market indexes and peers since we typi-

cally structure the portfolio significantly differently than these benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the Russell Midcap Value Index during the fiscal year. Stock selection in the health care and industrials sectors contributed the most to performance relative to the Russell Midcap Value Index. An overweight position in the energy sector and an avoidance of the real estate sector also helped relative returns. An underweight position in utilities and stock selection in consumer staples detracted the most from relative performance during the fiscal year. On an absolute basis, holdings within the energy and health care sectors made the largest contribution to overall returns, while holdings within financials and consumer discretionary sectors were the largest detractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drug manufacturer **Horizon Therapeutics** was the largest contributor to overall Fund performance during the fiscal year. Shares of the company rose after it was announced that the company would be acquired by Amgen (not a fund holding) for a significant premium. We sold our investment in Horizon Therapeutics after the announcement. Oil and gas exploration and production company **Pioneer Natural Resources** was also a top contributor to the Fund's absolute performance during the fiscal year. Shares of the company rose along with the energy sector in general for much of the fiscal year as they reported solid financial results with strong free cash flow and the return of capital to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care company **Fresenius Medical Care** was the largest detractor from the Fund's absolute performance during the fiscal year. The company is one of the largest providers of dialysis services and products in the world. Fresenius Medical Care shares fell due to worse-than-expected patient demand, destruction from COVID-19 and the company's inability to increase pricing to offset labor wage pressure. This resulted in a lower estimate of intrinsic value for the company and we reduced our position during the fiscal year. Industrial company **Vertiv Holdings** was also a large detractor from overall Fund performance during the fiscal year. Shares of the electrical equipment and parts company were negatively impacted by inflation and supply chain issues during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the single most important indicator of how the Fund is positioned for potential future success is not our recent investment results or popular statistical measures, but rather the difference between current market prices and the Fund's estimated intrinsic value – the aggregate business value of the portfolio based on our estimate of intrinsic value for each individual holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of the fiscal year, the difference between the market price and the estimated intrinsic value of the Fund was attractive, according to our estimation. While there is no assurance that market value will ever reflect our estimate of the Fund's intrinsic value, we believe the gap between price and estimated

**Invesco V.I. American Value Fund**

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intrinsic value may provide above-average capital appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will continue to work hard to protect and grow the Fund's estimated intrinsic value. Thank you for your investment in Invesco V.I. American Value Fund and for sharing our long-term investment perspective.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

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**Portfolio manager(s):** 

Jonathan Edwards

Jonathan Mueller

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

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

**Invesco V.I. American Value Fund**

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**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g464267g30r90.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (1/2/97) | 9.24 | % |
| &nbsp;&nbsp; 10 Years | 8.88 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.59 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -2.61 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (5/5/03) | 9.48 | % |
| &nbsp;&nbsp; 10 Years | 8.60 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.32 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -2.86 |  |

---

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

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

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

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

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

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

**Invesco V.I. American Value Fund**

------

**Supplemental Information** 

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

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

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

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

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

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

**Invesco V.I. American Value Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 25.75% |
|  Energy | 19.13 |
|  Health Care | 11.66 |
|  Materials | 10.26 |
|  Financials | 9.96 |
|  Consumer Discretionary | 6.43 |
|  Information Technology | 6.25 |
|  Consumer Staples | 4.88 |
|  Utilities | 2.18 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.50 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% |
| 2. | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| 3. | KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| 4. | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| 5. | Univar Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| 6. | Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| 7. | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| 8. | Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| 9. | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| 10. | Teck Resources Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. American Value Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.50%** | **Common Stocks & Other Equity Interests–96.50%** | **Common Stocks & Other Equity Interests–96.50%** |
|  **Aerospace & Defense–2.51%** | **Aerospace & Defense–2.51%** | **Aerospace & Defense–2.51%** |
|  BWX Technologies, Inc. | 75100 | $4361808 |
|  Huntington Ingalls Industries, Inc. | 16900 | 3898492 |
|  |  | 8260300 |
|  **Auto Parts & Equipment–1.62%** | **Auto Parts & Equipment–1.62%** | **Auto Parts & Equipment–1.62%** |
|  Dana, Inc. | 353400 | 5346942 |
|  **Casinos & Gaming–1.03%** | **Casinos & Gaming–1.03%** | **Casinos & Gaming–1.03%** |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 70500 | 3388935 |
|  **Construction & Engineering–6.06%** | **Construction & Engineering–6.06%** | **Construction & Engineering–6.06%** |
|  AECOM | 135600 | 11516508 |
|  HOCHTIEF AG (Germany) | 35800 | 2018973 |
|  MasTec, Inc.<sup>(b)</sup> | 75400 | 6433882 |
|  |  | 19969363 |
|  **Construction Machinery & Heavy Trucks–0.72%** | **Construction Machinery & Heavy Trucks–0.72%** | **Construction Machinery & Heavy Trucks–0.72%** |
|  Oshkosh Corp. | 27059 | 2386333 |
|  **Copper–2.08%** | **Copper–2.08%** | **Copper–2.08%** |
|  Freeport-McMoRan, Inc. | 180400 | 6855200 |
|  **Distributors–1.46%** | **Distributors–1.46%** | **Distributors–1.46%** |
|  LKQ Corp. | 90242 | 4819825 |
|  **Diversified Chemicals–1.75%** | **Diversified Chemicals–1.75%** | **Diversified Chemicals–1.75%** |
|  Huntsman Corp. | 210500 | 5784540 |
|  **Diversified Metals & Mining–2.24%** | **Diversified Metals & Mining–2.24%** | **Diversified Metals & Mining–2.24%** |
|  Teck Resources Ltd., Class B<br>(Canada)<sup>(c)</sup> | 195400 | 7390028 |
|  **Electric Utilities–0.62%** | **Electric Utilities–0.62%** | **Electric Utilities–0.62%** |
|  NRG Energy, Inc. | 64000 | 2036480 |
|  **Electrical Components & Equipment–1.78%** | **Electrical Components & Equipment–1.78%** | **Electrical Components & Equipment–1.78%** |
|  nVent Electric PLC | 100 | 3847 |
|  Vertiv Holdings Co. | 430296 | 5877843 |
|  |  | 5881690 |
|  **Electronic Manufacturing Services–4.84%** | **Electronic Manufacturing Services–4.84%** | **Electronic Manufacturing Services–4.84%** |
|  Flex Ltd.<sup>(b)</sup> | 403011 | 8648616 |
|  Jabil, Inc. | 107100 | 7304220 |
|  |  | 15952836 |
|  **Food Distributors–3.07%** | **Food Distributors–3.07%** | **Food Distributors–3.07%** |
|  Performance Food Group Co.<sup>(b)</sup> | 68417 | 3994869 |
|  US Foods Holding Corp.<sup>(b)</sup> | 179621 | 6110706 |
|  |  | 10105575 |
|  **Forest Products–0.00%** | **Forest Products–0.00%** | **Forest Products–0.00%** |
|  Louisiana-Pacific Corp. | 100 | 5920 |
|  **Gold–3.08%** | **Gold–3.08%** | **Gold–3.08%** |
|  Agnico Eagle Mines Ltd. (Canada) | 101500 | 5276985 |
|  Yamana Gold, Inc. (Brazil)<sup>(c)</sup> | 877600 | 4870680 |
|  |  | 10147665 |
|  **Health Care Distributors–1.08%** | **Health Care Distributors–1.08%** | **Health Care Distributors–1.08%** |
|  Henry Schein, Inc.<sup>(b)</sup> | 44700 | 3570189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Facilities–5.20%** | **Health Care Facilities–5.20%** | **Health Care Facilities–5.20%** |
|  Encompass Health Corp.<sup>(c)</sup> | 127924 | $7651134 |
|  Universal Health Services, Inc., Class B | 67394 | 9495141 |
|  |  | 17146275 |
|  **Health Care Services–2.18%** | **Health Care Services–2.18%** | **Health Care Services–2.18%** |
|  Cigna Corp. | 17900 | 5930986 |
|  Fresenius Medical Care AG & Co. KGaA (Germany) | 38400 | 1255994 |
|  |  | 7186980 |
|  **Hotels, Resorts & Cruise Lines–0.56%** | **Hotels, Resorts & Cruise Lines–0.56%** | **Hotels, Resorts & Cruise Lines–0.56%** |
|  Hilton Grand Vacations, Inc.<sup>(b)</sup> | 809 | 31179 |
|  Travel + Leisure Co. | 49641 | 1806932 |
|  |  | 1838111 |
|  **Household Products–1.81%** | **Household Products–1.81%** | **Household Products–1.81%** |
|  Spectrum Brands Holdings, Inc. | 98100 | 5976252 |
|  **Human Resource & Employment Services–1.19%** | **Human Resource & Employment Services–1.19%** | **Human Resource & Employment Services–1.19%** |
|  ManpowerGroup, Inc. | 46949 | 3906626 |
|  **Independent Power Producers & Energy Traders–1.56%** | **Independent Power Producers & Energy Traders–1.56%** | **Independent Power Producers & Energy Traders–1.56%** |
|  Vistra Corp. | 221000 | 5127200 |
|  **Industrial Machinery–1.21%** | **Industrial Machinery–1.21%** | **Industrial Machinery–1.21%** |
|  Crane Holdings Co. | 7714 | 774871 |
|  Timken Co. (The) | 45500 | 3215485 |
|  |  | 3990356 |
|  **Integrated Oil & Gas–3.51%** | **Integrated Oil & Gas–3.51%** | **Integrated Oil & Gas–3.51%** |
|  Cenovus Energy, Inc. (Canada)<sup>(c)</sup> | 278800 | 5411508 |
|  Shell PLC, ADR (Netherlands) | 108200 | 6161990 |
|  |  | 11573498 |
|  **Investment Banking & Brokerage–1.79%** | **Investment Banking & Brokerage–1.79%** | **Investment Banking & Brokerage–1.79%** |
|  Goldman Sachs Group, Inc. (The) | 17200 | 5906136 |
|  **Managed Health Care–3.20%** | **Managed Health Care–3.20%** | **Managed Health Care–3.20%** |
|  Centene Corp.<sup>(b)</sup> | 98738 | 8097504 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 7400 | 2443628 |
|  |  | 10541132 |
|  **Oil & Gas Exploration & Production–12.19%** | **Oil & Gas Exploration & Production–12.19%** | **Oil & Gas Exploration & Production–12.19%** |
|  APA Corp. | 194800 | 9093264 |
|  ARC Resources Ltd. (Canada) | 481200 | 6485894 |
|  Chord Energy Corp. | 16000 | 2188960 |
|  Diamondback Energy, Inc. | 39142 | 5353843 |
|  EQT Corp.<sup>(c)</sup> | 102000 | 3450660 |
|  Murphy Oil Corp. | 52200 | 2245122 |
|  Ovintiv, Inc. | 131600 | 6673436 |
|  Pioneer Natural Resources Co. | 7176 | 1638926 |
|  Southwestern Energy Co.<sup>(b)</sup> | 519300 | 3037905 |
|  |  | 40168010 |
|  **Oil & Gas Refining & Marketing–1.81%** | **Oil & Gas Refining & Marketing–1.81%** | **Oil & Gas Refining & Marketing–1.81%** |
|  Phillips 66 | 57300 | 5963784 |
|  **Oil & Gas Storage & Transportation–1.62%** | **Oil & Gas Storage & Transportation–1.62%** | **Oil & Gas Storage & Transportation–1.62%** |
|  New Fortress Energy, Inc.<sup>(c)</sup> | 126137 | 5350732 |

---

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

**Invesco V.I. American Value Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Other Diversified Financial Services–1.38%** | **Other Diversified Financial Services–1.38%** | **Other Diversified Financial Services–1.38%** |
|  Apollo Global Management, Inc. | 71373 | $4552884 |
|  **Paper Packaging–0.36%** | **Paper Packaging–0.36%** | **Paper Packaging–0.36%** |
|  Sealed Air Corp. | 24000 | 1197120 |
|  **Regional Banks–6.79%** | **Regional Banks–6.79%** | **Regional Banks–6.79%** |
|  Huntington Bancshares, Inc. | 551250 | 7772625 |
|  PacWest Bancorp | 83693 | 1920754 |
|  SVB Financial Group<sup>(b)</sup> | 19200 | 4418688 |
|  Webster Financial Corp. | 149000 | 7053660 |
|  Western Alliance Bancorporation | 20500 | 1220980 |
|  |  | 22386707 |
|  **Research & Consulting Services–6.41%** | **Research & Consulting Services–6.41%** | **Research & Consulting Services–6.41%** |
|  CACI International, Inc., Class A<sup>(b)</sup> | 21711 | 6526110 |
|  Jacobs Solutions, Inc. | 44200 | 5307094 |
|  KBR, Inc.<sup>(c)</sup> | 175900 | 9287520 |
|  Science Applications International Corp. | 200 | 22186 |
|  |  | 21142910 |
|  **Restaurants–1.76%** | **Restaurants–1.76%** | **Restaurants–1.76%** |
|  Restaurant Brands International, Inc. (Canada)<sup>(c)</sup> | 89500 | 5787965 |
|  **Semiconductor Equipment–0.75%** | **Semiconductor Equipment–0.75%** | **Semiconductor Equipment–0.75%** |
|  Applied Materials, Inc. | 6800 | 662184 |
|  Lam Research Corp. | 1500 | 630450 |
|  MKS Instruments, Inc. | 13900 | 1177747 |
|  |  | 2470381 |
|  **Semiconductors–0.66%** | **Semiconductors–0.66%** | **Semiconductors–0.66%** |
|  Skyworks Solutions, Inc. | 24000 | 2187120 |
|  **Silver–0.49%** | **Silver–0.49%** | **Silver–0.49%** |
|  Pan American Silver Corp. (Canada) | 98200 | 1604588 |
|  **Specialty Chemicals–0.26%** | **Specialty Chemicals–0.26%** | **Specialty Chemicals–0.26%** |
|  Axalta Coating Systems Ltd.<sup>(b)</sup> | 33000 | 840510 |
|  Element Solutions, Inc. | 100 | 1819 |
|  |  | 842329 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Thrifts & Mortgage Finance–0.00%** | **Thrifts & Mortgage Finance–0.00%** | **Thrifts & Mortgage Finance–0.00%** |
|  MGIC Investment Corp. | 100 | $1300 |
|  Radian Group, Inc. | 100 | 1907 |
|  |  | 3207 |
|  **Trading Companies & Distributors–5.87%** | **Trading Companies & Distributors–5.87%** | **Trading Companies & Distributors–5.87%** |
|  AerCap Holdings N.V. (Ireland)<sup>(b)</sup> | 500 | 29160 |
|  Air Lease Corp. | 179300 | 6888706 |
|  Univar Solutions, Inc.<sup>(b)</sup> | 284600 | 9050280 |
|  WESCO International, Inc.<sup>(b)</sup> | 26900 | 3367880 |
|  |  | 19336026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $305,183,947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $305,183,947) | 318088150 |
|  **Money Market Funds–3.78%** | **Money Market Funds–3.78%** | **Money Market Funds–3.78%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup> | 4352027 | 4352027 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 3150628 | 3151573 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 4973745 | 4973745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $12,476,403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $12,476,403) | 12477345 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.28%<br>(Cost $317,660,350) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.28%<br>(Cost $317,660,350) | 330565495 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–8.76%** |  |  |
|  Invesco Private Government Fund,<br>4.28%<sup>(d)(e)(f)</sup> | 8083555 | 8083555 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup> | 20780052 | 20786286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $28,868,818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $28,868,818) | 28869841 |
|  TOTAL INVESTMENTS IN SECURITIES–109.04%<br>(Cost $346,529,168) | TOTAL INVESTMENTS IN SECURITIES–109.04%<br>(Cost $346,529,168) | 359435336 |
|  OTHER ASSETS LESS LIABILITIES–(9.04)% | OTHER ASSETS LESS LIABILITIES–(9.04)% | (29806970) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $329628366 |

---

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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $2040738 | $57510933 | $(55199644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4352027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56448 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1500473 | 41079237 | (39428317) | &nbsp;&nbsp;&nbsp;&nbsp;1005 | (825) | 3151573 | 61002 |
|  Invesco Treasury Portfolio, Institutional Class | 2332272 | 65726780 | (63085307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | - | 4973745 | 91108 |

---

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

**Invesco V.I. American Value Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $2280527 | $130829428 | $(125026400) | $- | $- | $8083555 | $118,934\* |
|  Invesco Private Prime Fund | 5321230 | 298120323 | (282650248) | &nbsp;&nbsp;&nbsp;&nbsp;1023 | (6042) | 20786286 | 330,635\* |
|  Total | $13475240 | $593266701 | $(565389916) | $2028 | $(6867) | $41347186 | $658127 |

---

\* 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, 2022.

<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 1I.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | | | | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| |  | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| <br>**Settlement**<br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Currency Risk** | | | | | | |
|  01/09/2023 | Bank of America, N.A. | USD | 165513 | EUR | 155726 | $1243 |
|  **Currency Risk** |  |  |  |  |  |  |
|  01/09/2023 | Bank of America, N.A. | EUR | 3117399 | USD | 3244026 | (94177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $(92934) |

---

Abbreviations:

EUR – Euro

USD – U.S. Dollar

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

**Invesco V.I. American Value Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $305,183,947)\* | $318088150 |
|  Investments in affiliated money market funds, at value<br>(Cost $41,345,221) | 41347186 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 1243 |
|  Cash | 9574 |
|  Cash collateral from securities on loan | 1000524 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 194915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 381609 |
|  Investment for trustee deferred compensation and retirement plans | 98598 |
|  Other assets | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 361123677 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 94177 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 282954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 912252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian - foreign currency, at value<br>(Cost $567) | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 29869342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 176482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 46679 |
|  Trustee deferred compensation and retirement plans | 109708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 31495311 |
|  Net assets applicable to shares outstanding | $329628366 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $252509879 |
|  Distributable earnings | 77118487 |
|  | $329628366 |
|  **Net Assets:** |  |
|  Series I | $147247849 |
|  Series II | $182380517 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 9376726 |
|  Series II | 11779025 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $15.70 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $15.48 |

---

\* At December 31, 2022, securities with an aggregate value of $29,235,505 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $111,127) | $5831670 |
|  Dividends from affiliated money market funds (includes net securities lending income of $34,534) | 243092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6074762 |
|  **Expenses:** |  |
|  Advisory fees | 2247060 |
|  Administrative services fees | 536082 |
|  Custodian fees | 11497 |
|  Distribution fees - Series II | 443520 |
|  Transfer agent fees | 16026 |
|  Trustees' and officers' fees and benefits | 19575 |
|  Reports to shareholders | 6908 |
|  Professional services fees | 46904 |
|  Other | 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3332364 |
|  Less: Fees waived | (9623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3322741 |
|  Net investment income | 2752021 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (includes net gains from securities sold to affiliates of $291,305) | 72282551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (6867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (262244) |
|  | 72015012 |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (87395428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (92934) |
|  | (87485583) |
|  Net realized and unrealized gain (loss) | (15470571) |
|  Net increase (decrease) in net assets resulting from operations | $(12718550) |

---

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

**Invesco V.I. American Value Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2752021 | $1793644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 72015012 | 67400946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (87485583) | 88238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (12718550) | 69282828 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (28336845) | (682929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (31437954) | (483149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (59774799) | (1166078) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 19641104 | 64404681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 7694720 | 1191812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 27335824 | 65596493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (45157525) | 133713243 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 374785891 | 241072648 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $329628366 | $374785891 |

---

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

**Invesco V.I. American Value Fund**

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $20.13 | $0.18 | $(0.89) | $(0.71) | $(0.15) | $(3.57) | $(3.72) | $15.70 | (2.61)% | $147248 | 0.89% | 0.89% | 0.97% | 139% |
|  Year ended 12/31/21 | 15.80 | 0.13 | 4.28 | 4.41 | (0.08) |  | (0.08) | 20.13 | 27.95 | 160576 | 0.89 | 0.89 | 0.69 | 82 |
|  Year ended 12/31/20 | 15.92 | 0.10 | 0.04 | 0.14 | (0.13) | (0.13) | (0.26) | 15.80 | 1.12 | 73098 | 0.93 | 0.93 | 0.74 | 59 |
|  Year ended 12/31/19 | 13.86 | 0.12 | 3.24 | 3.36 | (0.11) | (1.19) | (1.30) | 15.92 | 25.03 | 84799 | 0.92 | 0.92 | 0.78 | 68 |
|  Year ended 12/31/18 | 18.38 | 0.10 | (1.87) | (1.77) | (0.09) | (2.66) | (2.75) | 13.86 | (12.65) | 77491 | 0.93 | 0.93 | 0.52 | 39 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 19.89 | 0.13 | (0.88) | (0.75) | (0.09) | (3.57) | (3.66) | 15.48 | (2.86) | 182381 | 1.14 | 1.14 | 0.72 | 139 |
|  Year ended 12/31/21 | 15.62 | 0.08 | 4.23 | 4.31 | (0.04) |  | (0.04) | 19.89 | 27.62 | 214210 | 1.14 | 1.14 | 0.44 | 82 |
|  Year ended 12/31/20 | 15.74 | 0.07 | 0.03 | 0.10 | (0.09) | (0.13) | (0.22) | 15.62 | 0.86 | 167974 | 1.18 | 1.18 | 0.49 | 59 |
|  Year ended 12/31/19 | 13.71 | 0.08 | 3.21 | 3.29 | (0.07) | (1.19) | (1.26) | 15.74 | 24.71 | 233890 | 1.17 | 1.17 | 0.53 | 68 |
|  Year ended 12/31/18 | 18.19 | 0.05 | (1.83) | (1.78) | (0.04) | (2.66) | (2.70) | 13.71 | (12.82) | 169036 | 1.18 | 1.18 | 0.27 | 39 |

---

<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.

**Invesco V.I. American Value Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. American Value Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $1,666 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.

**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

**Invesco V.I. American Value Fund**

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

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

**M.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.695% |
|  Next $250 million | 0.670% |
|  Next $500 million | 0.645% |
|  Next $1.5 billion | 0.620% |
|  Next $2.5 billion | 0.595% |
|  Next $2.5 billion | 0.570% |
|  Next $2.5 billion | 0.545% |
|  Over $10 billion | 0.520% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.69%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $9,623.

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, 2022, Invesco was paid $47,265 for accounting and fund administrative services and was reimbursed $488,817 for fees paid to insurance

**Invesco V.I. American Value Fund**

------

companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as

*Distribution fees.*

For the year ended December 31, 2022, the Fund incurred $6,638 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $314813183 | $3274967 | $– | $318088150 |
|  Money Market Funds | 12477345 | 28869841 | &nbsp;&nbsp;&nbsp;&nbsp;– | 41347186 |
|  **Total Investments in Securities** | 327290528 | 32144808 | &nbsp;&nbsp;&nbsp;&nbsp;– | 359435336 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;– | 1243 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1243 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;– | (94177) | &nbsp;&nbsp;&nbsp;&nbsp;– | (94177) |
|  **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp;– | (92934) | &nbsp;&nbsp;&nbsp;&nbsp;– | (92934) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $327290528 | $32051874 | $– | $359342402 |

---

\* 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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on forward foreign currency contracts outstanding | $1243 |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Assets subject to master netting agreements | $1243 |

---

**Invesco V.I. American Value Fund**

------

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(94177) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(94177) |

---

**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, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Collateral** | **Collateral** | |
| | | | | **(Received)/Pledged** | **(Received)/Pledged** | |
| <br>**Counterparty** | **Financial**<br>**Derivative**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** <br>**Forward Foreign**<br>**Currency Contracts** | **Financial**<br>**Derivative**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** <br>**Forward Foreign**<br>**Currency Contracts** | <br>**Net Value of**<br>**Derivatives** | **Non-Cash** | **Cash** |<br><br>**Net**<br>**Amount** |
|  Bank of America, N.A. | $1243 | $(94177) | $(92934) | $– | $– | $(92934) |

---

**Effect of Derivative Investments for the year ended December 31, 2022** 

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>&nbsp;&nbsp;&nbsp;&nbsp;**Statement of Operations** <br>**Currency**<br>**Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(262244) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (92934) |
|  Total | $(355178) |

---

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

---

| | |
|:---|:---|
|  | **Forward** |
|  | **Foreign Currency** |
|  | **Contracts** |
|  Average notional value | $4710026 |

---

**NOTE 5–Security Transactions with Affiliated Funds** 

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended December 31, 2022, the Fund engaged in securities purchases of $678,114 and securities sales of $1,666,647, which resulted in net realized gains of $291,305.

**NOTE 6–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 7–Cash Balances** 

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

**Invesco V.I. American Value Fund**

------

**NOTE 8–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $24285624 | $1166078 |
|  Long-term capital gain | 35489175 |  |
|  Total distributions | $59774799 | $1166078 |

---

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

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $1675619 |
|  Undistributed long-term capital gain | 64961743 |
|  Net unrealized appreciation – investments | 10559837 |
|  Net unrealized appreciation – foreign currencies | 1569 |
|  Temporary book/tax differences | (80281) |
|  Shares of beneficial interest | 252509879 |
|  Total net assets | $329628366 |

---

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, 2022.

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $440,654,821 and $476,345,258, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $30482762 |
|  Aggregate unrealized (depreciation) of investments | (19922925) |
|  Net unrealized appreciation of investments | $10559837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $348,782,565.

**NOTE 10–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2022, undistributed net investment income was decreased by $1,065,007 and undistributed net realized gain was increased by $1,065,007. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 985521 | $18760373 | 3261007 | $62388981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2538108 | 42947401 | 1763245 | 33017641 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1896710 | 28336845 | 34719 | 682929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2132833 | 31437954 | 24853 | 483149 |
|  **Issued in connection with acquisitions:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  | 1376056 | 26200106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II |  |  | 1031975 | 19411453 |

---

**Invesco V.I. American Value Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1483083) | $(27456114) | (1320648) | $(24867335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (3663295) | (66690635) | (2802008) | (51720431) |
|  Net increase in share activity | 2406794 | $27335824 | 3369199 | $65596493 |

---

<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 59% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

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

The pro forma results of operations for the year ended December 31, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the annual reporting period are as follows:

---

| | |
|:---|:---|
|  Net investment income | $1797953 |
|  Net realized/unrealized gains | (90164270) |
|  Change in net assets resulting from operations | $91962223 |

---

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 have been included in the Fund's Statement of Operations since May 1, 2021.

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

**Invesco V.I. American Value Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1140.40 | $4.75 | $1020.77 | $4.48 | 0.88% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1139.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;1019.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | 1.13 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. American Value Fund**

------

**Tax Information** 

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $35489175 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 23.39% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. American Value Fund**

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**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

**Invesco V.I. American Value Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler –1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. American Value Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. American Value Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. American Value Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. American Value Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. American Value Fund**

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![LOGO](g463645dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIIBRA-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Balanced-Risk Allocation Fund (the Fund) outperformed the Custom Invesco V.I. Balanced-Risk Allocation Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Balanced-Risk Allocation Fund (the Fund) outperformed the Custom Invesco V.I. Balanced-Risk Allocation Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -14.35 | % |
| &nbsp;&nbsp; Series II Shares | -14.52 |  |
| &nbsp;&nbsp; MSCI World Index<sup>▼</sup> (Broad Market Index) | -18.14 |  |
| &nbsp;&nbsp; Custom Invesco V.I. Balanced-Risk Allocation Index◾ (Style-Specific Index) | -15.72 |  |
| &nbsp;&nbsp; Lipper VUF Absolute Return Funds Classification Average<sup>◆</sup> (Peer Group) | 0.42 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; ◾Invesco, RIMES Technologies Corp.; <sup>◆</sup>Lipper Inc. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; ◾Invesco, RIMES Technologies Corp.; <sup>◆</sup>Lipper Inc. |  |

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**Market conditions and your Fund** 

For the fiscal year ended December 31, 2022, the Fund at NAV reported negative absolute performance as two of the macro factors in which the Fund invests (growth and defensive assets) detracted from Fund performance. The Fund invests in derivatives, such as swaps, futures and options, which are expected to correspond to the performance of the US and international fixed-income, equity and commodity markets. The strategic allocation portion of the investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our three macro factor allocations (growth, defensive and real return). Tactical adjustments to the Fund's portfolio are then made on a monthly basis to try and take advantage of short-term market dynamics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's strategic exposure to the real return macro factor, obtained through the use of swaps, futures and commodity-linked notes, was the largest contributor to performance, led by the energy sector. Higher energy prices were driven not only by tight supplies stemming from long-standing underinvestment and the additional pressures brought upon by Russia's invasion of Ukraine, but also on increased demand. Exposure to agriculture commodities also bolstered results as adverse weather impacted crops such as the soy complex and corn. Metals did not fare as well over the fiscal year. Concerns that the aggressive central bank hiking would plunge economies into recession led to demand destruction for industrial metals like aluminum and copper. Gold and silver prices also fell on a combination of a strong US dollar and higher real rates. Tactical shifts in commodities detracted from the Fund's absolute performance during the fiscal year with losses from positioning in energy and agriculture overshadowing gains from underweights in industrial metals and precious metals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's strategic exposure to the growth macro factor, obtained through the

use of swaps and futures, detracted from absolute results for the fiscal year, with five of the six markets in which the Fund invests delivering negative returns as a consequence of the resurgence of inflation and central bank efforts to combat the strong rise in prices in decades. Among the equity markets that the portfolio invests in, only the UK was able to post positive results as the sector make-up of that market had a higher exposure to sectors like energy that performed well in this environment. US large- and small-cap equities fell over the fiscal year as a result of aggressive hiking by the US Federal Reserve as well as a sector make-up that tilted toward growth-oriented sectors like technology that were relative underperformers. European equities fell on rate hikes and inflationary pressures as well as the war between Russia and Ukraine, which has raised fears of energy security and the follow through impact on economic activity. Emerging market equities were the lead detractor within the asset class largely on the poor performance of China. Tactical shifts during the fiscal year proved difficult as there was no persistent performance month-to-month, which made getting on the right side of the trend a challenge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's strategic exposure to the defensive macro factor, obtained through the use of swaps and futures, was the largest detractor from the Fund's absolute performance during the fiscal year due to a combination of strong inflation readings and aggressive actions by central banks. Japanese government bonds were the relative outperformers among the six bond markets in which the Fund invests due to the Bank of Japan's decision to keep interest rates unchanged. The other bond markets – Australia, Canada, Germany, the UK and the US – all generated losses as their respective central banks hiked interest rates to the highest levels in at least a decade as inflation remained well above target levels. Periods of high inflation and higher rates are damaging to bond returns as their fixed-coupon payments become less attractive and have a downward impact on prices. Tactical

positioning across government bonds contributed to the Fund's absolute performance during the fiscal year largely due to well-timed underweight positions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued investment in Invesco V.I. Balanced-Risk Allocation Fund. As always, we welcome your comments and questions.

------

**Portfolio manager(s):** 

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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

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

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

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g463645dsp003.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

3 Source: Lipper, Inc.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (1/23/09) | 6.63% |
| &nbsp;&nbsp; 10 Years | 3.54 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.19 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.35 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (1/23/09) | 6.37% |
| &nbsp;&nbsp; 10 Years | 3.29 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.94 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.52 |

---

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

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

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

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

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

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

------

**Supplemental Information** 

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

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

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

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

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

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

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

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

------

**Fund Information** 

**Target Risk Contribution and Notional Asset Weights as of December 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target**<br> **Risk**<br> **Contribution\*** | **Notional**<br> **Asset**<br> **Weights\*\*** |
|  Equities | 44.24% | 59.16% |
|  Fixed Income | 16.68 | 53.28 |
|  Commodities | 39.08 | 29.94 |
|  Total | 100.00% | 142.38% |

---

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

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

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

------

**Consolidated Schedule of Investments** 

*December 31, 2022* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
|  **U.S. Treasury Securities–11.86%<sup>(a)</sup>** |  |  |  |  |
|  **U.S. Treasury Bills–11.86%** |  |  |  |  |
|  U.S. Treasury Bills | 1.65% | 03/16/2023 | $39000 | $38676963 |
|  U.S. Treasury Bills | 3.60% | 05/25/2023 | 9800 | 9625799 |
|  U.S. Treasury Bills | 3.94% | 06/08/2023 | 10200 | 10000879 |
|  U.S. Treasury Bills | 4.07% | 06/15/2023 | 38500 | 37724758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $96,029,741) |  |  |  | 96028399 |
|  |  | **Expiration**<br> **Date** |  |  |
|  **Commodity-Linked Securities–4.66%** |  |  |  |  |
|  Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)<sup>(b)(c)</sup> |  | 12/26/2023 | 13140 | 14335835 |
|  Cargill, Inc., Commodity-Linked Notes, 1 mo. SOFR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)<sup>(b)(c)</sup> |  | 11/14/2023 | 21440 | 23421581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commodity-Linked Securities (Cost $34,580,000) |  |  |  | 37757416 |
|  |  |  | **Shares** |  |
|  **Money Market Funds–75.72%<sup>(d)</sup>** |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(e)</sup> |  |  | 172565155 | 172565155 |
|  Invesco Government Money Market Fund, Cash Reserve Shares, 3.91%<sup>(e)</sup> |  |  | 30163298 | 30163298 |
|  Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.22%<sup>(e)</sup> |  |  | 101216220 | 101216220 |
|  Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 4.24%<sup>(e)</sup> |  |  | 36783443 | 36783443 |
|  Invesco Treasury Obligations Portfolio, Institutional Class, 3.92%<sup>(e)</sup> |  |  | 171324067 | 171324067 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(e)</sup> |  |  | 84365155 | 84365155 |
|  Invesco V.I. Government Money Market Fund, Series I, 4.04%<sup>(e)</sup> |  |  | 16640310 | 16640310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $613,057,648) |  |  |  | 613057648 |
|  **Options Purchased–1.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,820,321)<sup>(f)</sup> |  |  |  | 10265984 |
|  TOTAL INVESTMENTS IN SECURITIES–93.51% (Cost $755,487,710) |  |  |  | 757109447 |
|  OTHER ASSETS LESS LIABILITIES–6.49% |  |  |  | 52577427 |
|  NET ASSETS–100.00% |  |  |  | $809686874 |

---

Investment Abbreviations:

EMTN – European Medium-Term Notes

SOFR – Secured Overnight Financing Rate

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

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

------

Notes to Consolidated Schedule of Investments:

<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> 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, 2022 was $37,757,416, which represented 4.66% of the Fund's Net Assets. 

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(e)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $221762138 | $541467591 | $(590664574) | $- | $- | $172565155 | $2830850 |
|  Invesco Government Money Market Fund, Cash Reserve Shares | 31293325 | 44117511 | (45247538) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 30163298 | 422880 |
|  Invesco Premier U.S. Government Money Portfolio, Institutional Class | 99254510 | 44671603 | (42709893) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 101216220 | 1779884 |
|  Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class | 49355914 | 517504445 | (530076916) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 36783443 | 538530 |
|  Invesco Treasury Obligations Portfolio, Institutional Class | 171324067 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 171324067 | 2575276 |
|  Invesco Treasury Portfolio, Institutional Class | 160648618 | 504741176 | (581024639) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 84365155 | 1455125 |
|  Invesco V.I. Government Money Market Fund, Series I | 16640310 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 16640310 | 220239 |
|  Total | $750278882 | $1652502326 | $(1789723560) | $- | $- | $613057648 | $9822784 |

---

<sup>(f)</sup> The table below details 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** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  EURO STOXX 50 Index | Put | 05/19/2023 | 55 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;3500.00 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62702 |
|  EURO STOXX 50 Index | Put | 06/16/2023 | 50 | EUR | 3600.00 | EUR | 1800000 | 82960 |
|  EURO STOXX 50 Index | Put | 07/21/2023 | 50 | EUR | 3400.00 | EUR | 1700000 | 62461 |
|  EURO STOXX 50 Index | Put | 08/18/2023 | 50 | EUR | 3500.00 | EUR | 1750000 | 83335 |
|  EURO STOXX 50 Index | Put | 09/15/2023 | 50 | EUR | 3350.00 | EUR | 1675000 | 69151 |
|  EURO STOXX 50 Index | Put | 10/20/2023 | 55 | EUR | 3200.00 | EUR | 1760000 | 65233 |
|  EURO STOXX 50 Index | Put | 03/17/2023 | 55 | EUR | 4150.00 | EUR | 2282500 | 223842 |
|  EURO STOXX 50 Index | Put | 01/20/2023 | 50 | EUR | 4000.00 | EUR | 2000000 | 120051 |
|  EURO STOXX 50 Index | Put | 02/17/2023 | 50 | EUR | 3600.00 | EUR | 1800000 | 26226 |
|  EURO STOXX 50 Index | Put | 04/21/2023 | 50 | EUR | 3700.00 | EUR | 1850000 | 72362 |
|  EURO STOXX 50 Index | Put | 11/17/2023 | 50 | EUR | 3500.00 | EUR | 1750000 | 102121 |
|  EURO STOXX 50 Index | Put | 12/15/2023 | 50 | EUR | 3875.00 | EUR | 1937500 | 184438 |
|  FTSE 100 Index | Put | 05/19/2023 | 23 | GBP | 7225.00 | GBP | 1661750 | 49773 |
|  FTSE 100 Index | Put | 06/16/2023 | 23 | GBP | 7375.00 | GBP | 1696250 | 70488 |
|  FTSE 100 Index | Put | 07/21/2023 | 25 | GBP | 6950.00 | GBP | 1737500 | 50020 |
|  FTSE 100 Index | Put | 08/18/2023 | 25 | GBP | 7200.00 | GBP | 1800000 | 74955 |
|  FTSE 100 Index | Put | 09/15/2023 | 25 | GBP | 7000.00 | GBP | 1750000 | 68003 |
|  FTSE 100 Index | Put | 10/20/2023 | 23 | GBP | 6800.00 | GBP | 1564000 | 56168 |
|  FTSE 100 Index | Put | 01/20/2023 | 23 | GBP | 7350.00 | GBP | 1690500 | 11400 |
|  FTSE 100 Index | Put | 02/17/2023 | 23 | GBP | 7175.00 | GBP | 1650250 | 14876 |
|  FTSE 100 Index | Put | 03/17/2023 | 23 | GBP | 7025.00 | GBP | 1615750 | 19047 |
|  FTSE 100 Index | Put | 04/21/2023 | 23 | GBP | 7250.00 | GBP | 1667500 | 42543 |

---

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

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased–(continued)** | **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** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  FTSE 100 Index | Put | 11/17/2023 | 23 | GBP | 7050.00 | GBP | 1621500 | $76466 |
|  FTSE 100 Index | Put | 12/15/2023 | 23 | GBP | 7450.00 | GBP | 1713500 | 121929 |
|  MSCI Emerging Markets Index | Put | 04/21/2023 | 33 | USD | 1110.00 | USD | 3663000 | 517605 |
|  MSCI Emerging Markets Index | Put | 05/19/2023 | 33 | USD | 1030.00 | USD | 3399000 | 309705 |
|  MSCI Emerging Markets Index | Put | 06/16/2023 | 33 | USD | 1030.00 | USD | 3399000 | 326370 |
|  MSCI Emerging Markets Index | Put | 07/21/2023 | 33 | USD | 975.00 | USD | 3217500 | 238920 |
|  MSCI Emerging Markets Index | Put | 08/18/2023 | 33 | USD | 970.00 | USD | 3201000 | 243045 |
|  MSCI Emerging Markets Index | Put | 09/15/2023 | 33 | USD | 950.00 | USD | 3135000 | 228030 |
|  MSCI Emerging Markets Index | Put | 10/20/2023 | 33 | USD | 850.00 | USD | 2805000 | 140250 |
|  MSCI Emerging Markets Index | Put | 12/15/2023 | 33 | USD | 970.00 | USD | 3201000 | 292380 |
|  MSCI Emerging Markets Index | Put | 01/20/2023 | 33 | USD | 1180.00 | USD | 3894000 | 741180 |
|  MSCI Emerging Markets Index | Put | 02/17/2023 | 33 | USD | 1170.00 | USD | 3861000 | 693660 |
|  MSCI Emerging Markets Index | Put | 03/17/2023 | 33 | USD | 1130.00 | USD | 3729000 | 559515 |
|  MSCI Emerging Markets Index | Put | 11/17/2023 | 33 | USD | 840.00 | USD | 2772000 | 140415 |
|  Nikkei 225 Index | Put | 06/09/2023 | 13 | JPY | 25500.00 | JPY | 331500000 | 121343 |
|  Nikkei 225 Index | Put | 06/09/2023 | 13 | JPY | 26000.00 | JPY | 338000000 | 140163 |
|  Nikkei 225 Index | Put | 09/08/2023 | 13 | JPY | 25750.00 | JPY | 334750000 | 168394 |
|  Nikkei 225 Index | Put | 09/08/2023 | 14 | JPY | 26500.00 | JPY | 371000000 | 220283 |
|  Nikkei 225 Index | Put | 09/08/2023 | 13 | JPY | 27750.00 | JPY | 360750000 | 278840 |
|  Nikkei 225 Index | Put | 12/08/2023 | 13 | JPY | 25000.00 | JPY | 325000000 | 169384 |
|  Nikkei 225 Index | Put | 03/10/2023 | 13 | JPY | 28500.00 | JPY | 370500000 | 249619 |
|  Nikkei 225 Index | Put | 03/10/2023 | 13 | JPY | 25500.00 | JPY | 331500000 | 64881 |
|  Nikkei 225 Index | Put | 03/10/2023 | 13 | JPY | 25750.00 | JPY | 334750000 | 73796 |
|  Nikkei 225 Index | Put | 06/09/2023 | 13 | JPY | 27250.00 | JPY | 354250000 | 208511 |
|  Nikkei 225 Index | Put | 12/08/2023 | 13 | JPY | 26250.00 | JPY | 341250000 | 226341 |
|  Nikkei 225 Index | Put | 12/08/2023 | 13 | JPY | 27000.00 | JPY | 351000000 | 267944 |
|  S&P 500 Index | Put | 05/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4075.00 | USD | 1630000 | 121860 |
|  S&P 500 Index | Put | 06/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4050.00 | USD | 1620000 | 122100 |
|  S&P 500 Index | Put | 08/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4100.00 | USD | 1640000 | 142900 |
|  S&P 500 Index | Put | 09/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 3900.00 | USD | 1560000 | 110920 |
|  S&P 500 Index | Put | 10/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 3625.00 | USD | 1450000 | 78260 |
|  S&P 500 Index | Put | 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4100.00 | USD | 1640000 | 157940 |
|  S&P 500 Index | Put | 01/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4650.00 | USD | 1860000 | 320960 |
|  S&P 500 Index | Put | 02/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4375.00 | USD | 1750000 | 208800 |
|  S&P 500 Index | Put | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4225.00 | USD | 1690000 | 153960 |
|  S&P 500 Index | Put | 04/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 4425.00 | USD | 1770000 | 222900 |
|  S&P 500 Index | Put | 07/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 3750.00 | USD | 1500000 | 77780 |
|  S&P 500 Index | Put | 11/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | USD | 3875.00 | USD | 1550000 | 116480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Index Options Purchased |  |  |  |  |  |  |  | $10265984 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts<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** | **Number of**<br> **Contracts** | **Expiration**<br> **Month** | **Notional**<br> **Value** | **Value** | **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
|  **Commodity Risk** |  |  |  |  |  |
|  Brent Crude | 196 | April-2023 | $16612960 | $(34107) | $(34107) |
|  Gasoline Reformulated Blendstock Oxygenate Blending | 176 | January-2023 | 18319594 | 2778933 | 2778933 |
|  Natural Gas | 119 | November-2023 | 5803630 | (992291) | (992291) |
|  New York Harbor Ultra-Low Sulfur Diesel | 125 | March-2023 | 16065525 | 849281 | 849281 |
|  Silver | 74 | March-2023 | 8894800 | 715363 | 715363 |
|  WTI Crude | 211 | June-2023 | 16844130 | 751908 | 751908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  | 4069087 | 4069087 |
|  **Equity Risk** |  |  |  |  |  |
|  E-Mini Russell 2000 Index | 700 | March-2023 | 61981500 | (1811122) | (1811122) |
|  E-Mini S&P 500 Index | 32 | March-2023 | 6177600 | (261865) | (261865) |
|  EURO STOXX 50 Index | 240 | March-2023 | 9723963 | (413057) | (413057) |
|  FTSE 100 Index | 108 | March-2023 | 9748103 | (9944) | (9944) |
|  MSCI Emerging Markets Index | 278 | March-2023 | 13335660 | (364049) | (364049) |
|  Nikkei 225 Index | 133 | March-2023 | 26429747 | (1675743) | (1675743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  | (4535780) | (4535780) |
|  **Interest Rate Risk** |  |  |  |  |  |
|  Australia 10 Year Bonds | 1038 | March-2023 | 81754677 | (4843222) | (4843222) |
|  Canada 10 Year Bonds | 1034 | March-2023 | 93586927 | (2114412) | (2114412) |
|  Euro-Bund | 625 | March-2023 | 88934282 | (5659608) | (5659608) |
|  Japan 10 year Bonds | 50 | March-2023 | 55417556 | (1032399) | (1032399) |
|  Long Gilt | 559 | March-2023 | 67512730 | (4025361) | (4025361) |
|  U.S. Treasury Long Bonds | 363 | March-2023 | 45499781 | (696449) | (696449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  | (18371451) | (18371451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $(18838144) | $(18838144) |

---

<sup>(a)</sup> Futures contracts collateralized by $37,244,500 cash held with Goldman Sachs & Co., the futures commission merchant. 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Reference Entity<sup>(c)</sup>** | **Fixed**<br> **Rate** | **Payment**<br> **Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)** | **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
|  Barclays Bank PLC | Receive | Barclays Commodity Strategy 1452 Excess Return Index | 0.26% | Monthly | 7700 | November–2023 | USD | 5260121 | $– | $43441 | $43441 |
|  Cargill, Inc. | Receive | Monthly Rebalance Commodity Excess Return Index | 0.44 | Monthly | 13270 | September–2023 | USD | 15852461 | &nbsp;&nbsp;&nbsp;&nbsp;– | 603294 | 603294 |
|  J.P. Morgan Chase Bank, N.A. | Receive | J.P. Morgan Contag Beta Gas Oil Excess Return Index | 0.25 | Monthly | 39200 | March–2023 | USD | 15195704 | &nbsp;&nbsp;&nbsp;&nbsp;– | 285172 | 285172 |
|  J.P. Morgan Chase Bank, N.A. | Receive | S&P GSCI Gold Index Excess Return | 0.09 | Monthly | 94500 | November–2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp;12186559 | &nbsp;&nbsp;&nbsp;&nbsp;– | 209752 | 209752 |
|  Merrill Lynch International | Receive | Merrill Lynch Gold Excess Return Index | 0.14 | Monthly | 37300 | November–2023 | USD | 7668246 | &nbsp;&nbsp;&nbsp;&nbsp;– | 0 | 0 |
|  Merrill Lynch International | Receive | MLCX Natural Gas Annual Excess Return Index | 0.25 | Monthly | 83700 | June–2023 | USD | 9746062 | &nbsp;&nbsp;&nbsp;&nbsp;– | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 1141659 | 1141659 |

---

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

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements<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** | **Reference Entity<sup>(c)</sup>** | **Fixed**<br> **Rate** | **Payment**<br> **Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)** | **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
|  Canadian Imperial Bank of Commerce | Receive | Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2 | 0.27% | Monthly | 168500 | August–2023 | USD | 17208854 | $– | $(25730) | $(25730) |
|  Macquarie Bank Ltd | Receive | Macquarie Aluminium Dynamic Selection Index | 0.30 | Monthly | 41000 | February–2023 | USD | 2308579 | &nbsp;&nbsp;&nbsp;&nbsp;– | (5752) | (5752) |
|  Morgan Stanley Capital Services LLC | Receive | S&P GSCI Aluminum Dynamic Index Excess Return | 0.30 | Monthly | 103700 | July–2023 | USD | 11589574 | &nbsp;&nbsp;&nbsp;&nbsp;– | (74488) | (74488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;– | (105970) | (105970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements |  |  |  |  |  | $– | $1035689 | $1035689 |

---

<sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $5,120,000. 

<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 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** | **Reference Entity** | **Floating**<br> **Rate**<br> **Index** | **Payment**<br> **Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco U.S. Large Cap Broad Price Momentum Total Return Index | SOFR +<br>0.360% | Monthly | 1250 | May–2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8936400 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34933 |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco U.S. Low Volatility Total Return Index | SOFR +<br>0.380% | Monthly | 1530 | May–2023 | USD | 9289273 |  | 39959 | 39959 |
|  J.P. Morgan Chase Bank, N.A. | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.560% | Monthly | 2600 | May–2023 | USD | 4661358 |  | 15522 | 15522 |
|  J.P. Morgan Chase Bank, N.A. | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.630% | Monthly | 399 | August–2023 | USD | 711249 |  | 6472 | 6472 |
|  J.P. Morgan Chase Bank, N.A. | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.630% | Monthly | 70 | August–2023 | USD | 124781 |  | 1135 | 1135 |
|  J.P. Morgan Chase Bank, N.A. | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.700% | Monthly | 1200 | January–2023 | USD | 2151396 |  | 7164 | 7164 |
|  J.P. Morgan Chase Bank, N.A. | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.790% | Monthly | 2626 | January–2023 | USD | 4707971 |  | 15677 | 15677 |
|  Merrill Lynch International | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.590% | Monthly | 4505 | July–2023 | USD | 8043858 |  | 59737 | 59737 |

---

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

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements<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** | **Reference Entity** | **Floating**<br> **Rate**<br> **Index** | **Payment**<br> **Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Merrill Lynch International | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR +<br>0.620% | Monthly | 2300 | May–2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123509 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13731 |
|  Merrill Lynch International | Receive | MSCI Emerging Markets Minimum Volatility Index | SOFR+<br>0.720% | Monthly | 3200 | March–2023 | USD | 5737056 |  | 19104 | 19104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Appreciation |  |  |  |  |  |  |  | 213434 | 213434 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
|  BNP Paribas S.A. | Receive | MSCI EMU Minimum Volatility Index | 1 month<br>EURIBOR -<br>0.400% | Monthly | 4300 | March–2023 | EUR | 12516354 | (2198) | (177903) | (175705) |
|  BNP Paribas S.A. | Receive | MSCI EMU Momentum Index | 1 Month<br>EURIBOR -<br>0.845% | Monthly | 2650 | June–2023 | EUR | 12782471 |  | (53766) | (53766) |
|  BNP Paribas S.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR -<br>0.400% | Monthly | 42193 | February–2023 | JPY | 113897050 |  | (13519) | (13519) |
|  BNP Paribas S.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR -<br>0.420% | Monthly | 35000 | January–2023 | JPY | 94480050 |  | (11214) | (11214) |
|  BNP Paribas S.A. | Receive | MSCI Japan Quality Index | TONAR -<br>0.330% | Monthly | 50799 | February–2023 | JPY | 139673882 |  | (75223) | (75223) |
|  Citibank, N.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR -<br>0.240% | Monthly | 65000 | February–2023 | JPY | 175462950 |  | (20826) | (20826) |
|  Citibank, N.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR -<br>0.420% | Monthly | 857948 | January–2023 | JPY | 2315970570 |  | (274891) | (274891) |
|  Citibank, N.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR-<br>0.175% | Monthly | 35000 | February–2023 | JPY | 93794400 | (2309) | (5990) | (3681) |
|  Citibank, N.A. | Receive | MSCI Japan Quality Index | TONAR-<br>0.075% | Monthly | 60000 | February–2023 | JPY | 165777000 | (4080) | (94978) | (90898) |
|  Goldman Sachs International | Receive | Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index | SOFR +<br>0.650% | Monthly | 790 | May–2023 | USD | 4911335 |  | (67128) | (67128) |
|  Goldman Sachs International | Receive | MSCI Japan Minimum Volatility Index | TONAR -<br>0.390% | Monthly | 234679 | January–2023 | JPY | 633499533 |  | (75192) | (75192) |
|  Goldman Sachs International | Receive | MSCI Japan Minimum Volatility Index | TONAR -<br>0.400% | Monthly | 60180 | February–2023 | JPY | 162451697 |  | (19282) | (19282) |
|  Goldman Sachs International | Receive | MSCI Japan Quality Index | TONAR -<br>0.300% | Monthly | 354891 | January–2023 | JPY | 975787000 | 52719 | (525522) | (578241) |
|  Goldman Sachs International | Receive | MSCI Japan Quality Index | TONAR -<br>0.310% | Monthly | 45000 | January–2023 | JPY | 123729300 |  | (66636) | (66636) |
|  Goldman Sachs International | Receive | MSCI Japan Quality Index | TONAR -<br>0.330% | Monthly | 730000 | January–2023 | JPY | 2007164200 |  | (1080985) | (1080985) |
|  Goldman Sachs International | Receive | MSCI Japan Quality Index | TONAR -<br>0.330% | Monthly | 69310 | February–2023 | JPY | 190570617 |  | (102634) | (102634) |

---

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements<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** | **Reference Entity** | **Floating**<br> **Rate**<br> **Index** | **Payment**<br> **Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index | SOFR +<br>0.560% | Monthly | 790 | May-2023 | USD 4,911,335 | $– | $(67128) | $(67128) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index | SOFR +<br>0.630% | Monthly | 1896 | July-2023 | USD 11,787,204 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161108) | (161108) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index | SOFR +<br>0.630% | Monthly | 1264 | July-2023 | USD 7,858,136 |  | (107405) | (107405) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index | SOFR+<br>0.680% | Monthly | 60 | January-2023 | USD 373,013 |  | (5098) | (5098) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA +<br>0.180% | Monthly | 433 | May-2023 | GBP 2,102,886 |  | (28654) | (28654) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA +<br>0.180% | Monthly | 1732 | May-2023 | GBP 8,411,545 |  | (114614) | (114614) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA +<br>0.180% | Monthly | 257 | May-2023 | GBP 1,499,443 |  | (6649) | (6649) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA +<br>0.180% | Monthly | 325 | May-2023 | GBP 1,896,183 |  | (8408) | (8408) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA +<br>0.180% | Monthly | 1298 | May-2023 | GBP 7,573,064 |  | (33579) | (33579) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA +<br>0.180% | Monthly | 182 | April-2023 | GBP 1,201,651 |  | (9020) | (9020) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA +<br>0.180% | Monthly | 220 | April-2023 | GBP 1,452,546 |  | (10904) | (10904) |

---

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements<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** | **Reference Entity** | **Floating**<br> **Rate**<br> **Index** | **Payment**<br> **Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA +<br>0.180% | Monthly | 548 | April-2023 | GBP 3,618,159 | $– | $(27160) | $(27160) |
|  J.P. Morgan Chase Bank, N.A. | Receive | Invesco US Large Cap Broad Quality Total Return Index | SOFR +<br>0.380% | Monthly | 1070 | May-2023 | USD 9,208,570 |  | (42772) | (42772) |
|  Merrill Lynch International | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA +<br>0.195% | Monthly | 85 | May-2023 | GBP 412,807 |  | (5625) | (5625) |
|  Merrill Lynch International | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA +<br>0.179% | Monthly | 548 | June-2023 | GBP 3,618,159 |  | (27159) | (27159) |
|  Merrill Lynch International | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA +<br>0.179% | Monthly | 182 | June-2023 | GBP 1,201,651 |  | (9020) | (9020) |
|  Merrill Lynch International | Receive | MSCI EMU Quality Volatility Index | 1 Month<br>EURIBOR -<br>0.250% | Monthly | 3300 | January-2023 | EUR 12,198,648 |  | (302861) | (302861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Depreciation |  |  |  |  | 44132 | (3632853) | (3676985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total – Total Return Swap Agreements |  |  |  |  | $44132 | $(3419419) | $(3463551) |

---

<sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $5,120,000. 

<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** |
| **Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index** |  |  |

---

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Coffee 'C' | 6.14% |
| Corn | 8.08 |
| Cotton No. 2 | 18.63 |
| Lean Hogs | 0.49 |
| Live Cattle | 0.88 |
| Soybean | 18.59 |
| Soybean Oil | 14.00 |
| Soymeal | 20.29 |
| Sugar No. 11 | 6.22 |
| Wheat | 6.68 |
| Total | 100% |

---

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

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

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components–(continued)** | **Reference Entity Components–(continued)** | **Reference Entity Components–(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Monthly Rebalance Commodity Excess Return Index** |  |  |

---

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Coffee 'C' | 6.14% |
| Corn | 8.08 |
| Cotton No. 2 | 18.63 |
| Lean Hogs | 0.49 |
| Live Castle | 0.88 |
| Soybean | 18.59 |
| Soybean Oil | 14.00 |
| Soymeal | 20.29 |
| Sugar No. 11 | 6.22 |
| Wheat | 6.68 |
| Total | 100% |

---

**Barclays Commodity Strategy 1452 Excess Return Index**

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Copper | 100% |

---

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

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Gas Oil | 100% |

---

**S&P GSCI Gold Index Excess Return**

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Gold | 100% |

---

**Merrill Lynch Gold Excess Return Index**

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Gold | 100% |

---

**MLCX Natural Gas Annual Excess Return Index**

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Natural Gas | 100% |

---

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

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Copper | 100% |

---

**Macquarie Aluminium Dynamic Selection Index**

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
| Aluminum | 100% |

---

**S&P GSCI Aluminum Dynamic Roll Index Excess Return**

---

| | |
|:---|:---|
| **Long Futures Contracts** | |
|  Aluminum | 100% |
| Total |  |

---

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

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

------

Abbreviations:

---

| | |
|:---|:---|
| EMU | –European Economic and Monetary Union |
| EUR | –Euro |
| EURIBOR | –Euro Interbank Offered Rate |
| 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.

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

------

**Consolidated Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $142,430,062) | $144051799 |
|  Investments in affiliated money market funds, at value (Cost $613,057,648) | 613057648 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps receivable – OTC | 289630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap agreements – OTC | 1355093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid on swap agreements – OTC | 44132 |
|  Deposits with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – exchange-traded futures contracts | 37244500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – OTC Derivatives | 5120000 |
|  Cash | 9544 |
|  Foreign currencies, at value (Cost $13,656,372) | 13828251 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 55890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2102513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 176 |
|  Investment for trustee deferred compensation and retirement plans | 77574 |
|  Other assets | 4480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 817241230 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable – futures contracts | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps payable – OTC | 2466307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on swap agreements–OTC | 3782955 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 434695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 698172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 80194 |
|  Trustee deferred compensation and retirement plans | 87186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7554356 |
|  Net assets applicable to shares outstanding | $809686874 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $911321760 |
|  Distributable earnings (loss) | (101634886) |
|  | $809686874 |
|  **Net Assets:** |  |
|  Series I | $41209224 |
|  Series II | $768477650 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 5061842 |
|  Series II | 96457468 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.14 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $7.97 |

---

**Consolidated Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $1973410 |
|  Dividends from affiliated money market funds (net of foreign withholding taxes of $40,469) | 9822784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11796194 |
|  **Expenses:** |  |
|  Advisory fees | 8244984 |
|  Administrative services fees | 1474764 |
|  Custodian fees | 135710 |
|  Distribution fees - Series II | 2124076 |
|  Transfer agent fees | 45367 |
|  Trustees' and officers' fees and benefits | 23606 |
|  Professional services fees | 64582 |
|  Other | (2171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12110918 |
|  Less: Fees waived | (3524197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8586721 |
|  Net investment income | 3209473 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 15164399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (2007922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (94275778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (25176752) |
|  | (106296053) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (1246438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 181200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (27035700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (10602908) |
|  | (38703846) |
|  Net realized and unrealized gain (loss) | (144999899) |
|  Net increase (decrease) in net assets resulting from operations | $(141790426) |

---

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

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

------

**Consolidated Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3209473 | $(9250996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (106296053) | 111543363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (38703846) | (14006322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (141790426) | 88286045 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (5147850) | (3189391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (90860026) | (57937140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (96007876) | (61126531) |
|  **Return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (21657) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (392053) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return of capital | (413710) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (96421586) | (61126531) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 3859050 | 1372815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 62668804 | (27784944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 66527854 | (26412129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (171684158) | 747385 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 981371032 | 980623647 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $809686874 | $981371032 |

---

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

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

------

**Consolidated Financial Highlights** 

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Return of**<br> **capital** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $10.76 | $0.06 | $(1.60) | $(1.54) | $(0.74) | $(0.34) | $(0.00) | $(1.08) | $8.14 | (14.35)% | $41209 | 0.73 %<sup>(d)</sup> | 1.12% | 0.59% | 140% |
|  Year ended 12/31/21 | 10.48 | (0.08) | 1.08 | 1.00 | (0.36) | (0.36) |  | (0.72) | 10.76 | 9.55 | 49456 | 0.71 | 1.11 | (0.69) | 107 |
|  Year ended 12/31/20 | 10.91 | (0.03) | 1.03 | 1.00 | (0.87) | (0.56) |  | (1.43) | 10.48 | 10.22 | 46853 | 0.66 <sup>(d)</sup> | 1.10 | (0.25) | 82 |
|  Year ended 12/31/19 | 9.47 | 0.14 | 1.30 | 1.44 |  |  |  |  | 10.91 | 15.21 | 45427 | 0.64 <sup>(d)</sup> | 1.10 | 1.38 | 94 |
|  Year ended 12/31/18 | 11.31 | 0.11 | (0.79) | (0.68) | (0.14) | (0.99) | (0.03) | (1.16) | 9.47 | (6.46) | 37450 | 0.65 <sup>(d)</sup> | 1.10 | 1.03 | 199 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 10.55 | 0.03 | (1.56) | (1.53) | (0.71) | (0.34) | (0.00) | (1.05) | 7.97 | (14.52) | 768478 | 0.98 <sup>(d)</sup> | 1.37 | 0.34 | 140 |
|  Year ended 12/31/21 | 10.29 | (0.10) | 1.05 | 0.95 | (0.33) | (0.36) |  | (0.69) | 10.55 | 9.26 | 931915 | 0.96 | 1.36 | (0.94) | 107 |
|  Year ended 12/31/20 | 10.73 | (0.05) | 1.01 | 0.96 | (0.84) | (0.56) |  | (1.40) | 10.29 | 9.99 | 933770 | 0.91 <sup>(d)</sup> | 1.35 | (0.50) | 82 |
|  Year ended 12/31/19 | 9.34 | 0.12 | 1.27 | 1.39 |  |  |  |  | 10.73 | 14.88 | 976477 | 0.89 <sup>(d)</sup> | 1.35 | 1.13 | 94 |
|  Year ended 12/31/18 | 11.17 | 0.08 | (0.78) | (0.70) | (0.11) | (0.99) | (0.03) | (1.13) | 9.34 | (6.71) | 968329 | 0.90 <sup>(d)</sup> | 1.35 | 0.78 | 199 |

---

<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 0.11%, 0.15%, 0.15% and 0.16% for the years ended December 31, 2022, 2020, 2019 and 2018, respectively. 

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

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

------

**Notes to Consolidated Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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.

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

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

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

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

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

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

**J.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar

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

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amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 financial 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.

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

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

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by "marking to market"on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these

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

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agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

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

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

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund's operations, universe of potential investment options, and return potential.

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.

**Q.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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:

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

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.92%.

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

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

Effective May 1, 2022, the Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.07% and excluding certain items discussed below) of Series I shares to 0.88% and Series II shares to 1.13% of the Fund's average daily net assets (the "expense limits"). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.15% and excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund

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

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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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $3,524,197.

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, 2022, Invesco was paid $131,850 for accounting and fund administrative services and was reimbursed $1,342,914 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, 2022, 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, 2022, 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:

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| | |
|:---|:---|
| 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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  U.S. Treasury Securities | $– | $96028399 | $– | $96028399 |
|  Commodity-Linked Securities |  | 37757416 | &nbsp;&nbsp;&nbsp;&nbsp;– | 37757416 |
|  Money Market Funds | 613057648 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 613057648 |
|  Options Purchased | 10265984 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 10265984 |
|  **Total Investments in Securities** | 623323632 | 133785815 | &nbsp;&nbsp;&nbsp;&nbsp;– | 757109447 |
|  **Other Investments – Assets\*** |  |  |  |  |
|  Futures Contracts | 5095485 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 5095485 |
|  Swap Agreements |  | 1355093 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1355093 |
|  | 5095485 | 1355093 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6450578 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | (23933629) |  | &nbsp;&nbsp;&nbsp;&nbsp;– | (23933629) |
|  Swap Agreements |  | (3782955) | &nbsp;&nbsp;&nbsp;&nbsp;– | (3782955) |
|  | (23933629) | (3782955) | &nbsp;&nbsp;&nbsp;&nbsp;– | (27716584) |
|  **Total Other Investments** | (18838144) | (2427862) | &nbsp;&nbsp;&nbsp;&nbsp;– | (21266006) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $604485488 | $131357953 | $– | $735843441 |

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\* Unrealized appreciation (depreciation).

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

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**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, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Value** | **Value** | **Value** |
| **Derivative Assets** | | **Commodity**<br> **Risk** | **Equity**<br> **Risk** | **Total** |
|  Unrealized appreciation on futures contracts –Exchange-Traded<sup>(a)</sup> |  | $5095485 | $– | $5095485 |
|  Unrealized appreciation on swap agreements – OTC |  | 1141659 | 213434 | 1355093 |
|  Options purchased, at value – Exchange-Traded<sup>(b)</sup> |  |  | 10265984 | 10265984 |
|  Total Derivative Assets |  | 6237144 | 10479418 | 16716562 |
|  Derivatives not subject to master netting agreements |  | (5095485) | (10265984) | (15361469) |
|  Total Derivative Assets subject to master netting agreements |  | $1141659 | $213434 | $1355093 |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | **Commodity**<br> **Risk** | **Equity**<br> **Risk** | **Interest**<br> **Rate Risk** | **Total** |
|  Unrealized depreciation on futures contracts –Exchange-Traded<sup>(a)</sup> | $(1026398) | $(4535780) | $(18371451) | $(23933629) |
|  Unrealized depreciation on swap agreements – OTC | (105970) | (3676985) |  | (3782955) |
|  Total Derivative Liabilities | (1132368) | (8212765) | (18371451) | (27716584) |
|  Derivatives not subject to master netting agreements | 1026398 | 4535780 | 18371451 | 23933629 |
|  Total Derivative Liabilities subject to master netting agreements | $(105970) | $(3676985) | $– | $(3782955) |

---

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

<sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial**<br>**Derivative**<br>**Assets** | **Financial**<br>**Derivative**<br>**Liabilities** | | **Collateral**<br>**(Received)/Pledged** | **Collateral**<br>**(Received)/Pledged** | |
| **Counterparty** | **Swap**<br> **Agreement**  | **Swap**<br> **Agreement**  | **Net Value of** <br> **Derivatives** | **Non-Cash** | **Cash** | **Net**<br> **Amount <sup>(a)</sup>** |
|  **Fund** |  |  |  |  |  |  |
|  Bank of America, N.A. | $92572 | $(396545) | $(303973) | $– | $– | $(303973) |
|  BNP Paribas S.A. | 565 | (339574) | (339009) | &nbsp;&nbsp;&nbsp;&nbsp;– | 90000 | (249009) |
|  Citibank, N.A. | 4556 | (390297) | (385741) | &nbsp;&nbsp;&nbsp;&nbsp;– | 385741 |  |
|  Goldman Sachs International | 5997 | (2001310) | (1995313) | &nbsp;&nbsp;&nbsp;&nbsp;– | 1710000 | (285313) |
|  J.P. Morgan Chase Bank, N.A. | 120978 | (804959) | (683981) | &nbsp;&nbsp;&nbsp;&nbsp;– | 490000 | (193981) |
| &nbsp;&nbsp; Subtotal - Fund | 224668 | (3932685) | (3708017) | &nbsp;&nbsp;&nbsp;&nbsp;– | 2675741 | (1032276) |
|  **Subsidiary** |  |  |  |  |  |  |
|  Barclays Bank PLC | 43441 | (627) | 42814 | &nbsp;&nbsp;&nbsp;&nbsp;– | (20000) | 22814 |
|  Canadian Imperial Bank of Commerce |  | (28228) | (28228) | &nbsp;&nbsp;&nbsp;&nbsp;– |  | (28228) |
|  Cargill, Inc. | 603294 | (4875) | 598419 | &nbsp;&nbsp;&nbsp;&nbsp;– | (410000) | 188419 |
|  J.P. Morgan Chase Bank, N.A. | 494924 | (1320) | 493604 | &nbsp;&nbsp;&nbsp;&nbsp;– | (380000) | 113604 |
|  Macquarie Bank Ltd. |  | (5826) | (5826) | &nbsp;&nbsp;&nbsp;&nbsp;– |  | (5826) |
|  Merrill Lynch International | 278396 | (2199714) | (1921318) | &nbsp;&nbsp;&nbsp;&nbsp;– | 1921318 |  |
|  Morgan Stanley and Co. International PLC |  | (74488) | (74488) | &nbsp;&nbsp;&nbsp;&nbsp;– |  | (74488) |
|  Morgan Stanley Capital Services LLC |  | (1499) | (1499) | &nbsp;&nbsp;&nbsp;&nbsp;– |  | (1499) |
| &nbsp;&nbsp; Subtotal – Subsidiary | 1420055 | (2316577) | (896522) | &nbsp;&nbsp;&nbsp;&nbsp;– | 1111318 | 214796 |
|  Total | 1644723 | (6249262) | (4604539) | &nbsp;&nbsp;&nbsp;&nbsp;– | 3787059 | (817480) |

---

<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.

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

------

**Effect of Derivative Investments for the year ended December 31, 2022** 

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;&nbsp;&nbsp;&nbsp;&nbsp;**Commodity** <br> **Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity** <br> **Risk** | **Interest**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rate Risk**  | **Total** |
|  Realized Gain (Loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $20250212 | $(38293099) | $(76232891) | $(94275778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> |  | 515718 |  | 515718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 8676003 | (34237337) | 384582 | (25176752) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1378432 | (6522848) | (21891284) | (27035700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> |  | 2438506 |  | 2438506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1561949) | (9040959) |  | (10602908) |
|  Total | $28742698 | $(85140019) | $(97739593) | $(154136914) |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Futures**<br> **Contracts** | **Index**<br> **Options**<br> **Purchased** | **Swap**<br> **Agreements** |
|  Average notional value | $846890586 | $159443867 | $359796537 |
|  Average contracts |  | 1652 |  |

---

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 6–Cash Balances** 

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

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $96007876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42646507 |
|  Long-term capital gain |  | 18480024 |
|  Return of capital | 413710 |  |
|  Total distributions | $96421586 | $61126531 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | |
|  | **2022** |
|  Net unrealized appreciation (depreciation) – investments | $(7103703) |
|  Net unrealized appreciation – foreign currencies | 192332 |
|  Temporary book/tax differences | (67183) |
|  Capital loss carryforward | (94656332) |
|  Shares of beneficial interest | 911321760 |
|  Total net assets | $809686874 |

---

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

------

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to 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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $42263015 | $52393317 | $94656332 |

---

\* 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, 2022 was $70,595,086 and $77,288,656, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $11286950 |
|  Aggregate unrealized (depreciation) of investments | (18390653) |
|  Net unrealized appreciation (depreciation) of investments | $(7103703) |

---

Cost of investments for tax purposes is $742,991,276.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses, income from the Subsidiary and derivative instruments, on December 31, 2022, undistributed net investment income was increased by $7,353,840, undistributed net realized gain (loss) was increased by $24,397,331 and shares of beneficial interest was decreased by $31,751,171. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 938009 | $9047060 | 369779 | $4089604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 11381221 | 110829904 | 4573534 | 49111175 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 631969 | 5169507 | 298353 | 3189392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 11392269 | 91252079 | 5523083 | 57937139 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1103489) | (10357517) | (544502) | (5906181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (14626721) | (139413179) | (12555988) | (134833258) |
|  Net increase (decrease) in share activity | 8613258 | $66527854 | (2335741) | $(26412129) |

---

<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. 

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

------

**Report of Independent Registered Public Accounting Firm** 

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

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco V.I. Balanced-Risk Allocation Fund 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, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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 14, 2023

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

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

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $960.00 | $3.66 | $1021.48 | $3.77 | 0.74% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;959.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;1020.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | 0.99 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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

------

**Tax Information** 

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

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

------

**Trustees and Officers** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

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

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

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair<br> (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. – 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis – 1950 Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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

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**Trustees and Officers–(continued)** 

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

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

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**Trustees and Officers–(continued)** 

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

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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

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![LOGO](g464271dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Capital Appreciation Fund** 

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Capital Appreciation Fund (the Fund) underperformed the Russell 1000 Growth Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Capital Appreciation Fund (the Fund) underperformed the Russell 1000 Growth Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -30.78 | % |
| &nbsp;&nbsp; Series II Shares | -30.96 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> | -18.11 |  |
| &nbsp;&nbsp; Russell 1000 Growth Index<sup>▼</sup> | -29.14 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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| | |
|:---|:---|
| <br>**Market conditions and your Fund**<br> Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in | October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, the Fund underperformed the Russell 1000 Growth Index during the fiscal year. Due to the challenging environment for fundamental bottom-up growth-oriented strategies, stock selection in information technology and financials detracted most from the Fund's relative performance. These results were partially offset by strong stock selection within the communication services sector.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the stock level, the largest contributor to Fund performance on an absolute basis was **Eli Lilly**. Eli Lilly, a large-cap pharmaceuticals company, benefited from the general outperformance of the pharmaceuticals industry this fiscal year as it is typically viewed as a defensive industry in down markets. The company also reported positive data for its drug Tirzepatide and received FDA (Food and Drug Administration) approval to use the drug for adults with type 2 diabetes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second largest individual contributor to Fund performance on an absolute basis was **Cheniere Energy**. Cheniere Energy is a US exporter of liquefied natural gas. Supplies from Russia to Europe fell due to the threat and then the onset of the Ukraine invasion, which has raised prices on fuel used to heat homes and generate electricity. The price surge has benefited Cheniere Energy.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The third largest individual contributor to Fund performance on an absolute basis was **UnitedHealth Group**, which owns and manages |

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health systems. The company provides employers products and resources to plan and administer employee benefit programs. Managed care as a group did very well in the first quarter of 2022 due to revenue being all US, able to pass on inflationary costs through premium increases and low correlation to gross domestic product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractor from absolute Fund performance during the fiscal year was **Amazon.com**. It is an online retailer that offers a wide range of products. Company products include books, music, computers, electronics and numerous other products. It fell along with other technology names as market sentiment continued to move away from growth names. In addition, it reported its first quarterly loss since 2015 and issued disappointing guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second largest individual detractor from absolute Fund performance during the fiscal year was **Alphabet**. The company through its subsidiaries, provides web-based search capabilities, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products. Weakness came with a disappointing first quarter of 2022 earnings report. In addition, it fell along with other technology names as market sentiment continued to move away from growth names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Microsoft** was the third largest individual detractor from absolute Fund performance. The stock sold off in September as inflation exceeded expectations and the Fed maintained its aggressive monetary stance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our long-term investment process remains the same. We seek dynamic companies with above-average, sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued conviction and investment in Invesco V.I. Capital Appreciation Fund.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

**Invesco V.I. Capital Appreciation Fund**

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**Portfolio manager(s):** 

Ash Shah

Ronald Zibelli, Jr. - Lead

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

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

**Invesco V.I. Capital Appreciation Fund**

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**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g464271dsp4.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (4/3/85) | 9.89 | % |
| &nbsp;&nbsp; 10 Years | 11.08 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.27 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.78 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/18/01) | 6.78 | % |
| &nbsp;&nbsp; 10 Years | 10.81 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.00 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.96 |  |

---

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

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

**deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

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

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

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

**Invesco V.I. Capital Appreciation Fund**

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**Supplemental Information** 

**Invesco V.I. Capital Appreciation Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

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**About indexes used in this report** 

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

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

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

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

**Invesco V.I. Capital Appreciation Fund**

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**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 36.40% |
|  Health Care | 18.88 |
|  Consumer Discretionary | 10.60 |
|  Industrials | 8.36 |
|  Communication Services | 7.16 |
|  Consumer Staples | 5.69 |
|  Financials | 3.46 |
|  Energy | 3.21 |
|  Materials | 2.02 |
|  Real Estate | 1.12 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.10 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | &nbsp;&nbsp; Microsoft Corp. | 8.34% |
| 2. | &nbsp;&nbsp; Apple, Inc. | 5.20 |
| 3. | &nbsp;&nbsp; UnitedHealth Group, Inc. | 4.68 |
| 4. | &nbsp;&nbsp; Alphabet, Inc., Class C | 3.60 |
| 5. | &nbsp;&nbsp; Mastercard, Inc., Class A | 3.37 |
| 6. | &nbsp;&nbsp; Eli Lilly and Co. | 2.91 |
| 7. | &nbsp;&nbsp; Amazon.com, Inc. | 2.70 |
| 8. | &nbsp;&nbsp; NVIDIA Corp. | 2.18 |
| 9. | &nbsp;&nbsp; Synopsys, Inc. | 2.00 |
| 10. | &nbsp;&nbsp; Cheniere Energy, Inc. | 1.76 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Capital Appreciation Fund**

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**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.90%** | **Common Stocks & Other Equity Interests–96.90%** | **Common Stocks & Other Equity Interests–96.90%** |
|  **Advertising–0.59%** |  |  |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 74121 | $3322844 |
|  **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** |
|  Northrop Grumman Corp. | 12579 | 6863228 |
|  **Agricultural & Farm Machinery–1.03%** | **Agricultural & Farm Machinery–1.03%** | **Agricultural & Farm Machinery–1.03%** |
|  Deere & Co.<sup>(c)</sup> | 13558 | 5813128 |
|  **Apparel Retail–0.53%** | **Apparel Retail–0.53%** | **Apparel Retail–0.53%** |
|  TJX Cos., Inc. (The) | 37737 | 3003865 |
|  **Apparel, Accessories & Luxury Goods–0.95%** | **Apparel, Accessories & Luxury Goods–0.95%** | **Apparel, Accessories & Luxury Goods–0.95%** |
|  lululemon athletica, inc.<sup>(b)</sup> | 16687 | 5346181 |
|  **Application Software–6.06%** | **Application Software–6.06%** | **Application Software–6.06%** |
|  Bill.com Holdings, Inc.<sup>(b)(c)</sup> | 20978 | 2285763 |
|  Intuit, Inc. | 11159 | 4343306 |
|  Paycom Software, Inc.<sup>(b)</sup> | 17965 | 5574719 |
|  Roper Technologies, Inc. | 18324 | 7917617 |
|  Synopsys, Inc.<sup>(b)</sup> | 35237 | 11250822 |
|  Workday, Inc., Class A<sup>(b)</sup> | 16555 | 2770148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34142375 |
|  **Automobile Manufacturers–0.52%** | **Automobile Manufacturers–0.52%** | **Automobile Manufacturers–0.52%** |
|  Tesla, Inc.<sup>(b)</sup> | 23737 | 2923924 |
|  **Automotive Retail–1.55%** | **Automotive Retail–1.55%** | **Automotive Retail–1.55%** |
|  AutoZone, Inc.<sup>(b)</sup> | 3542 | 8735210 |
|  **Biotechnology–3.10%** | **Biotechnology–3.10%** | **Biotechnology–3.10%** |
|  AbbVie, Inc. | 57313 | 9262354 |
|  Alnylam Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11683 | 2776465 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 18888 | 5454477 |
|  |  | 17493296 |
|  **Building Products–0.62%** | **Building Products–0.62%** | **Building Products–0.62%** |
|  Trane Technologies PLC | 20888 | 3511064 |
|  **Communications Equipment–1.44%** | **Communications Equipment–1.44%** | **Communications Equipment–1.44%** |
|  Motorola Solutions, Inc. | 31434 | 8100856 |
|  **Construction & Engineering–1.42%** | **Construction & Engineering–1.42%** | **Construction & Engineering–1.42%** |
|  Quanta Services, Inc. | 56250 | 8015625 |
|  **Data Processing & Outsourced Services–5.29%** | **Data Processing & Outsourced Services–5.29%** | **Data Processing & Outsourced Services–5.29%** |
|  Fiserv, Inc.<sup>(b)</sup> | 29247 | 2955994 |
|  Mastercard, Inc., Class A | 54620 | 18993013 |
|  Visa, Inc., Class A<sup>(c)</sup> | 37926 | 7879506 |
|  |  | 29828513 |
|  **Distributors–0.54%** | **Distributors–0.54%** | **Distributors–0.54%** |
|  Genuine Parts Co. | 17583 | 3050826 |
|  **Electrical Components & Equipment–0.76%** | **Electrical Components & Equipment–0.76%** | **Electrical Components & Equipment–0.76%** |
|  Hubbell, Inc.<sup>(c)</sup> | 18166 | 4263197 |
|  **Environmental & Facilities Services–1.62%** | **Environmental & Facilities Services–1.62%** | **Environmental & Facilities Services–1.62%** |
|  Waste Connections, Inc. | 68857 | 9127684 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Fertilizers & Agricultural Chemicals–0.43%** | **Fertilizers & Agricultural Chemicals–0.43%** | **Fertilizers & Agricultural Chemicals–0.43%** |
|  CF Industries Holdings, Inc. | 28675 | $2443110 |
|  **Financial Exchanges & Data–0.98%** | **Financial Exchanges & Data–0.98%** | **Financial Exchanges & Data–0.98%** |
|  S&P Global, Inc. | 16440 | 5506414 |
|  **General Merchandise Stores–1.01%** | **General Merchandise Stores–1.01%** | **General Merchandise Stores–1.01%** |
|  Dollar General Corp.<sup>(c)</sup> | 22999 | 5663504 |
|  **Health Care Distributors–0.92%** | **Health Care Distributors–0.92%** | **Health Care Distributors–0.92%** |
|  AmerisourceBergen Corp. | 31287 | 5184569 |
|  **Health Care Equipment–2.72%** | **Health Care Equipment–2.72%** | **Health Care Equipment–2.72%** |
|  DexCom, Inc.<sup>(b)</sup> | 62469 | 7073989 |
|  Insulet Corp.<sup>(b)</sup> | 9692 | 2853228 |
|  Intuitive Surgical, Inc.<sup>(b)</sup> | 20443 | 5424550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15351767 |
|  **Hotels, Resorts & Cruise Lines–0.86%** | **Hotels, Resorts & Cruise Lines–0.86%** | **Hotels, Resorts & Cruise Lines–0.86%** |
|  Marriott International, Inc., Class A | 32563 | 4848305 |
|  **Hypermarkets & Super Centers–1.01%** | **Hypermarkets & Super Centers–1.01%** | **Hypermarkets & Super Centers–1.01%** |
|  Costco Wholesale Corp. | 12443 | 5680230 |
|  **Industrial Gases–0.63%** | **Industrial Gases–0.63%** | **Industrial Gases–0.63%** |
|  Linde PLC (United Kingdom) | 10915 | 3560255 |
|  **Interactive Media & Services–4.13%** | **Interactive Media & Services–4.13%** | **Interactive Media & Services–4.13%** |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 228826 | 20303731 |
|  Pinterest, Inc., Class A<sup>(b)</sup> | 123406 | 2996298 |
|  |  | 23300029 |
|  **Internet & Direct Marketing Retail–2.70%** | **Internet & Direct Marketing Retail–2.70%** | **Internet & Direct Marketing Retail–2.70%** |
|  Amazon.com, Inc.<sup>(b)</sup> | 181177 | 15218868 |
|  **Investment Banking & Brokerage–0.74%** | **Investment Banking & Brokerage–0.74%** | **Investment Banking & Brokerage–0.74%** |
|  Goldman Sachs Group, Inc. (The) | 12198 | 4188549 |
|  **IT Consulting & Other Services–2.33%** | **IT Consulting & Other Services–2.33%** | **IT Consulting & Other Services–2.33%** |
|  Amdocs Ltd. | 53685 | 4879966 |
|  Gartner, Inc.<sup>(b)</sup> | 24564 | 8256943 |
|  |  | 13136909 |
|  **Life Sciences Tools & Services–2.52%** | **Life Sciences Tools & Services–2.52%** | **Life Sciences Tools & Services–2.52%** |
|  Danaher Corp. | 33868 | 8989244 |
|  Thermo Fisher Scientific, Inc. | 9446 | 5201818 |
|  |  | 14191062 |
|  **Managed Health Care–6.71%** | **Managed Health Care–6.71%** | **Managed Health Care–6.71%** |
|  Elevance Health, Inc. | 17243 | 8845142 |
|  Humana, Inc.<sup>(c)</sup> | 5123 | 2623949 |
|  UnitedHealth Group, Inc. | 49710 | 26355248 |
|  |  | 37824339 |
|  **Movies & Entertainment–0.96%** | **Movies & Entertainment–0.96%** | **Movies & Entertainment–0.96%** |
|  Netflix, Inc.<sup>(b)(c)</sup> | 18417 | 5430805 |
|  **Oil & Gas Equipment & Services–0.74%** | **Oil & Gas Equipment & Services–0.74%** | **Oil & Gas Equipment & Services–0.74%** |
|  Schlumberger Ltd. | 77875 | 4163198 |
|  **Oil & Gas Exploration & Production–0.72%** | **Oil & Gas Exploration & Production–0.72%** | **Oil & Gas Exploration & Production–0.72%** |
|  Diamondback Energy, Inc. | 8999 | 1230883 |

---

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

**Invesco V.I. Capital Appreciation Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
|  Pioneer Natural Resources Co. | 12316 | 2812851 |
|  |  | 4043734 |
|  **Oil & Gas Storage & Transportation–1.75%** | **Oil & Gas Storage & Transportation–1.75%** | **Oil & Gas Storage & Transportation–1.75%** |
|  Cheniere Energy, Inc. | 65903 | 9882814 |
|  **Packaged Foods & Meats–1.45%** | **Packaged Foods & Meats–1.45%** | **Packaged Foods & Meats–1.45%** |
|  Hershey Co. (The) | 35260 | 8165158 |
|  **Pharmaceuticals–2.91%** | **Pharmaceuticals–2.91%** | **Pharmaceuticals–2.91%** |
|  Eli Lilly and Co. | 44794 | 16387437 |
|  **Property & Casualty Insurance–1.74%** | **Property & Casualty Insurance–1.74%** | **Property & Casualty Insurance–1.74%** |
|  Chubb Ltd. | 13620 | 3004572 |
|  Progressive Corp. (The) | 52209 | 6772029 |
|  |  | 9776601 |
|  **Research & Consulting Services–0.73%** | **Research & Consulting Services–0.73%** | **Research & Consulting Services–0.73%** |
|  CoStar Group, Inc.<sup>(b)</sup> | 53526 | 4136489 |
|  **Restaurants–1.94%** | **Restaurants–1.94%** | **Restaurants–1.94%** |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 3603 | 4999127 |
|  McDonald's Corp. | 22525 | 5936013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10935140 |
|  **Semiconductor Equipment–1.10%** | **Semiconductor Equipment–1.10%** | **Semiconductor Equipment–1.10%** |
|  Enphase Energy, Inc.<sup>(b)</sup> | 23452 | 6213842 |
|  **Semiconductors–5.62%** | **Semiconductors–5.62%** | **Semiconductors–5.62%** |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 78854 | 5107374 |
|  First Solar, Inc.<sup>(b)</sup> | 27027 | 4048374 |
|  GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 45069 | 2428768 |
|  Monolithic Power Systems, Inc.<sup>(c)</sup> | 22075 | 7805941 |
|  NVIDIA Corp. | 84127 | 12294320 |
|  |  | 31684777 |
|  **Soft Drinks–3.23%** | **Soft Drinks–3.23%** | **Soft Drinks–3.23%** |
|  Monster Beverage Corp.<sup>(b)</sup> | 88823 | 9018199 |
|  PepsiCo, Inc. | 50858 | 9188006 |
|  |  | 18206205 |
|  **Specialized REITs–1.12%** | **Specialized REITs–1.12%** | **Specialized REITs–1.12%** |
|  SBA Communications Corp., Class A | 22519 | 6312301 |
|  **Specialty Chemicals–0.96%** | **Specialty Chemicals–0.96%** | **Specialty Chemicals–0.96%** |
|  Albemarle Corp. | 24998 | 5421066 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Systems Software–9.36%** | **Systems Software–9.36%** | **Systems Software–9.36%** |
|  Microsoft Corp. | 196059 | $47018869 |
|  Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 9863 | 1376283 |
|  ServiceNow, Inc.<sup>(b)</sup> | 11192 | 4345518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52740670 |
|  **Technology Hardware, Storage & Peripherals–5.20%** | **Technology Hardware, Storage & Peripherals–5.20%** | **Technology Hardware, Storage & Peripherals–5.20%** |
|  Apple, Inc. | 225371 | 29282454 |
|  **Trading Companies & Distributors–0.50%** | **Trading Companies & Distributors–0.50%** | **Trading Companies & Distributors–0.50%** |
|  United Rentals, Inc.<sup>(b)</sup> | 7972 | 2833408 |
|  **Trucking–0.46%** |  |  |
|  Uber Technologies, Inc.<sup>(b)</sup> | 103656 | 2563413 |
|  **Wireless Telecommunication Services–1.48%** | **Wireless Telecommunication Services–1.48%** | **Wireless Telecommunication Services–1.48%** |
|  T-Mobile US, Inc.<sup>(b)(c)</sup> | 59401 | 8316140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $434,765,739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $434,765,739) | 546135378 |
|  **Money Market Funds–2.49%** | **Money Market Funds–2.49%** | **Money Market Funds–2.49%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup> | 4921440 | 4921439 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 3514285 | 3515340 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 5624502 | 5624502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $14,061,281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $14,061,281) | 14061281 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.39%<br>(Cost $448,827,020) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.39%<br>(Cost $448,827,020) | 560196659 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–8.75%** | **Money Market Funds–8.75%** | **Money Market Funds–8.75%** |
|  Invesco Private Government Fund,<br>4.28%<sup>(d)(e)(f)</sup> | 13801216 | 13801216 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup> | 35478197 | 35488840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $49,288,571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $49,288,571) | 49290056 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–108.14%<br>(Cost $498,115,591) | TOTAL INVESTMENTS IN<br>SECURITIES–108.14%<br>(Cost $498,115,591) | 609486715 |
|  OTHER ASSETS LESS LIABILITIES–(8.14)% | OTHER ASSETS LESS LIABILITIES–(8.14)% | (45877440) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $563609275 |

---

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

**Invesco V.I. Capital Appreciation Fund**

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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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** |<br>**Realized**<br>**Gain** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $3798976 | $74094357 | $(72971894) | $- | $- | $4921439 | $69689 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 2713552 | 52924542 | (52123431) | - | 677 | 3515340 | 51378 |
|  Invesco Treasury Portfolio, Institutional Class | 4341686 | 84679265 | (83396449) | - | - | 5624502 | 77057 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 162935407 | (149134191) | - | - | 13801216 | 143,713\* |
|  Invesco Private Prime Fund | - | 420441851 | (384964961) | 1485 | 10465 | 35488840 | 389,855\* |
|  Total | $10854214 | $795075422 | $(742590926) | $1485 | $11142 | $63351337 | $731692 |

---

\* 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, 2022.

<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.

**Invesco V.I. Capital Appreciation Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $434,765,739)\* | $546135378 |
|  Investments in affiliated money market funds, at value (Cost $63,349,852) | 63351337 |
|  Cash | 2013023 |
|  Cash collateral from securities on loan | 2288276 |
|  Foreign currencies, at value (Cost $162) | 140 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1386834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 255475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 277008 |
|  Investment for trustee deferred compensation and retirement plans | 96757 |
|  Other assets | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 615807499 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 208967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 51576847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 276486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 35586 |
|  Trustee deferred compensation and retirement plans | 96757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 52198224 |
|  Net assets applicable to shares outstanding | $563609275 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $475928672 |
|  Distributable earnings | 87680603 |
|  | $563609275 |
|  **Net Assets:** |  |
|  Series I | $443995855 |
|  Series II | $119613420 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 12769203 |
|  Series II | 3617971 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $34.77 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $33.06 |

---

\* At December 31, 2022, securities with an aggregate value of $50,576,245 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $8,974) | $5296224 |
|  Dividends from affiliated money market funds (includes net securities lending income of $36,366) | 234490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5530714 |
|  **Expenses:** |  |
|  Advisory fees | 4674115 |
|  Administrative services fees | 1100018 |
|  Custodian fees | 17445 |
|  Distribution fees - Series II | 362140 |
|  Transfer agent fees | 34089 |
|  Trustees' and officers' fees and benefits | 22867 |
|  Reports to shareholders | 2082 |
|  Professional services fees | 42748 |
|  Other | 8007 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 6263511 |
|  Less: Fees waived | (568148) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 5695363 |
|  Net investment income (loss) | (164649) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (21275494) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 11142 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 932 |
|  | (21263420) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (246259012) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 1485 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (2826) |
|  | (246260353) |
|  Net realized and unrealized gain (loss) | (267523773) |
|  Net increase (decrease) in net assets resulting from operations | $(267688422) |

---

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

**Invesco V.I. Capital Appreciation Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(164649) | $(3562583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21263420) | 238990531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (246260353) | (55686365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (267688422) | 179741583 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (179766695) | (35407065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (49922936) | (12047935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (229689631) | (47455000) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 144085970 | (38987718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 4102175 | (22413761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 148188145 | (61401479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (349189908) | 70885104 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 912799183 | 841914079 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $563609275 | $912799183 |

---

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

**Invesco V.I. Capital Appreciation 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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $81.86 | $0.02 | $(24.48) | $(24.46) | $– | $(22.63) | $(22.63) | $34.77 | (30.78)% | $443996 | 0.80% | 0.88% | 0.03% | 73% |
|  Year ended 12/31/21 | 70.34 | (0.26) | 16.12 | 15.86 |  | (4.34) | (4.34) | 81.86 | 22.57 | 686517 | 0.80 | 0.84 | (0.34) | 91 |
|  Year ended 12/31/20 | 59.77 | (0.08) | 21.00 | 20.92 |  | (10.35) | (10.35) | 70.34 | 36.59 | 626304 | 0.80 | 0.88 | (0.12) | 37 |
|  Year ended 12/31/19 | 48.50 | 0.06 | 16.80 | 16.86 | (0.04) | (5.55) | (5.59) | 59.77 | 36.20 | 538247 | 0.80 | 0.88 | 0.10 | 73 |
|  Year ended 12/31/18 | 55.70 | 0.09 | (2.71) | (2.62) | (0.19) | (4.39) | (4.58) | 48.50 | (5.73) | 460708 | 0.80 | 0.85 | 0.16 | 27 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 79.58 | (0.12) | (23.77) | (23.89) |  | (22.63) | (22.63) | 33.06 | (30.96) | 119613 | 1.05 | 1.13 | (0.22) | 73 |
|  Year ended 12/31/21 | 68.64 | (0.45) | 15.73 | 15.28 |  | (4.34) | (4.34) | 79.58 | 22.28 | 226282 | 1.05 | 1.09 | (0.59) | 91 |
|  Year ended 12/31/20 | 58.67 | (0.23) | 20.55 | 20.32 |  | (10.35) | (10.35) | 68.64 | 36.24 | 215610 | 1.05 | 1.13 | (0.37) | 37 |
|  Year ended 12/31/19 | 47.78 | (0.08) | 16.52 | 16.44 |  | (5.55) | (5.55) | 58.67 | 35.84 | 200741 | 1.05 | 1.13 | (0.15) | 73 |
|  Year ended 12/31/18 | 54.89 | (0.05) | (2.67) | (2.72) | – | (4.39) | (4.39) | 47.78 | (5.96) | 141790 | 1.05 | 1.10 | (0.09) | 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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019 and 2018, respectively. 

<sup>(d)</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.

**Invesco V.I. Capital Appreciation Fund**

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**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Capital Appreciation Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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.** **Master Limited Partnerships** - The Fund invests in Master Limited Partnerships ("MLPs"). MLPs are publicly
traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Fund invests in MLPs engaged in, among other things, the transportation,
storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund's allocable share of income,
gains, losses, deductions, expenses, and tax credits recognized by each MLP.

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

The Fund is non-diversified and will invest in securities of fewer issues than if it were diversified.

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

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

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

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

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

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

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

**K.** **Securities Lending** - The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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

**Invesco V.I. Capital Appreciation Fund**

------

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 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, 2022, the Fund paid the Adviser $3,416 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.

**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 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.

**O.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Next $200 million | 0.600% |
|  Over $1 billion | 0.580% |

---

\* The advisory fee 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, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation

**Invesco V.I. Capital Appreciation Fund**

------

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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $568,148.

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, 2022, Invesco was paid $96,051 for accounting and fund administrative services and was reimbursed $1,003,967 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $8,474 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Common Stocks & Other Equity Interests | $546135378 | $– | $– | $546135378 |
|  Money Market Funds | 14061281 | 49290056 | &nbsp;&nbsp;&nbsp;&nbsp;– | 63351337 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $560196659 | $49290056 | $– | $609486715 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 5–Cash Balances** 

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

**Invesco V.I. Capital Appreciation Fund**

------

**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, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $29696026 | $– |
|  Long-term capital gain | 199993605 | 47455000 |
|  Total distributions | $229689631 | $47455000 |

---

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

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $109000890 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (2832) |
|  Temporary book/tax differences | (95198) |
|  Capital loss carryforward | (21222257) |
|  Shares of beneficial interest | 475928672 |
|  Total net assets | $563609275 |

---

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 has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $21222257 | $– | $21222257 |

---

\* 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, 2022 was $486,514,776 and $576,994,539, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $128315963 |
|  Aggregate unrealized (depreciation) of investments | (19315073) |
|  Net unrealized appreciation of investments | $109000890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $500,485,825.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of partnerships and distributions, on December 31, 2022, undistributed net investment income (loss) was increased by $2,237,948, undistributed net realized gain (loss) was decreased by $1,834,829 and shares of beneficial interest was decreased by $403,119. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 331753 | $19748578 | 209804 | $16035979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 162700 | 8595382 | 82230 | 6046853 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 5000464 | 179766695 | 433698 | 35407065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1459734 | 49922936 | 151756 | 12047930 |

---

**Invesco V.I. Capital Appreciation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (948989) | $(55429303) | (1161400) | $(90430762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (847998) | (54416143) | (531413) | (40508544) |
|  Net increase (decrease) in share activity | 5157664 | $148188145 | (815325) | $(61401479) |

---

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

**Invesco V.I. Capital Appreciation 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. Capital Appreciation Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Capital Appreciation Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Capital Appreciation Fund/VA (subsequently renamed Invesco V.I. Capital Appreciation Fund) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

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

**Invesco V.I. Capital Appreciation Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $960.50 | $3.95 | $1021.17 | $4.08 | 0.80% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;959.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;1019.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1.05 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Capital Appreciation 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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $199993605 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 11.66% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. Capital Appreciation Fund**

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**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

**Invesco V.I. Capital Appreciation Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds**<br> **in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Capital Appreciation Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds**<br> **in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Capital Appreciation Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Capital Appreciation Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Capital Appreciation Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Capital Appreciation Fund**

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![LOGO](g424768dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Comstock Fund** 

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Comstock Fund (the Fund) outperformed the Russell 1000 Value Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Comstock Fund (the Fund) outperformed the Russell 1000 Value Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | 1.12 | % |
| &nbsp;&nbsp; Series II Shares | 0.85 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> (Style-Specific Index) | -7.54 |  |
| &nbsp;&nbsp; Lipper VUF Large-Cap Value Funds Index<sup>∎</sup> (Peer Group Index) | -6.90 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup> Lipper Inc.<br>|  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jack-son Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the positive side, stock selection and a material overweight in energy was the largest contributor to the Fund's relative return during the fiscal year. Energy stocks were buoyed by rising oil prices driven by Russia's invasion of Ukraine and continued supply shortages. All of V.I. Comstock's holdings within the sector, including **Marathon Oil**, **Devon Energy** and **Pioneer Natural Resources**, were notable contributors to absolute and relative returns. We believe tailwinds for energy companies remain favorable due to limited supply, with no short-term solution. A material underweight in communication services also enhanced relative return, as the sector was the second worst returning sector for the fiscal year. Stock selection within healthcare also boosted relative returns. **Mc-Kesson** and **Elevance Health** (formerly Anthem) were the top performers. McKesson's stock outperformed as earnings and revenues handily beat expectations and early in the year management provided upbeat guidance for the rest of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the negative side, weak stock selection within information technology detracted from the Fund's relative performance during the fiscal year. Semiconductor firms **Qualcomm**

and **NXP Semiconductors** underperformed as the semiconductor industry generally underperformed due to slowing growth and demand, with supply chain issues exacerbating the problems. Having a material underweight in utilities also detracted from relative returns, as the sector was one of the few positive returning sectors for the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We used currency-forward contracts during the fiscal year to hedge currency exposure of non-US-based companies held in the portfolio. Derivatives were used solely for the purpose of hedging. The use of currency-forward contracts had a positive impact on the Fund's relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's notable overweight exposures were in the energy, industrials and healthcare sectors. It was also overweight in technology stocks, but to a lesser extent. The Fund is underweight in utilities, real estate, communication services and materials sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite recent fears of inflation, prompting the Fed to further raise rates, we remain cautiously optimistic about the longer-term outlook for the US and global economies. Ongoing market volatility continues to create attractive investment opportunities which enables us to continue to offer a highly differentiated opportunity from the broad market indices and peers.

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

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Devin Armstrong - Lead

Kevin Holt - Lead

James Warwick

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

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

**Invesco V.I. Comstock Fund**

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g424768dsp003.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee

future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (4/30/99) | 7.60 | % |
| &nbsp;&nbsp; 10 Years | 11.02 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.03 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.12 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/18/00) | 7.60 | % |
| &nbsp;&nbsp; 10 Years | 10.74 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.76 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 0.85 |  |

---

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

**will differ from the predecessor fund because of different expenses.** 

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

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

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

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

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

**Invesco V.I. Comstock Fund**

------

**Supplemental Information** 

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

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

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

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

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

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

**Invesco V.I. Comstock Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Financials | 20.90% |
|  Health Care | 19.70 |
|  Industrials | 13.39 |
|  Energy | 11.58 |
|  Information Technology | 9.85 |
|  Consumer Staples | 7.40 |
|  Consumer Discretionary | 6.31 |
|  Communication Services | 3.40 |
|  Materials | 3.39 |
|  Other Sectors, Each Less than 2% of Net Assets | 2.08 |
|  Money Market Funds Plus Other Assets Less Liabilities | 2.00 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Chevron Corp. | 2.95% |
| 2. | Philip Morris International, Inc. | 2.71 |
| 3. | Bank of America Corp. | 2.61 |
| 4. | American International Group, Inc. | 2.52 |
| 5. | Elevance Health, Inc. | 2.50 |
| 6. | Wells Fargo & Co. | 2.33 |
| 7. | Johnson Controls International PLC | 2.24 |
| 8. | Cisco Systems, Inc. | 2.09 |
| 9. | Caterpillar, Inc. | 1.97 |
| 10. | State Street Corp. | 1.97 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Comstock Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.00%** | **Common Stocks & Other Equity Interests–98.00%** | **Common Stocks & Other Equity Interests–98.00%** |
|  **Aerospace & Defense–0.98%** | **Aerospace & Defense–0.98%** | **Aerospace & Defense–0.98%** |
|  Textron, Inc. | 192236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13610309 |
|  **Air Freight & Logistics–1.67%** | **Air Freight & Logistics–1.67%** | **Air Freight & Logistics–1.67%** |
|  FedEx Corp. | 134040 | 23215728 |
|  **Apparel Retail–0.46%** |  |  |
|  Ross Stores, Inc. | 55579 | 6451055 |
|  **Apparel, Accessories & Luxury Goods–0.84%** | **Apparel, Accessories & Luxury Goods–0.84%** | **Apparel, Accessories & Luxury Goods–0.84%** |
|  Ralph Lauren Corp.<sup>(b)</sup> | 111041 | 11733702 |
|  **Asset Management & Custody Banks–1.97%** | **Asset Management & Custody Banks–1.97%** | **Asset Management & Custody Banks–1.97%** |
|  State Street Corp. | 353294 | 27405016 |
|  **Automobile Manufacturers–1.47%** | **Automobile Manufacturers–1.47%** | **Automobile Manufacturers–1.47%** |
|  General Motors Co. | 607592 | 20439395 |
|  **Building Products–2.24%** | **Building Products–2.24%** | **Building Products–2.24%** |
|  Johnson Controls International PLC | 486601 | 31142464 |
|  **Cable & Satellite–1.22%** | **Cable & Satellite–1.22%** | **Cable & Satellite–1.22%** |
|  Comcast Corp., Class A | 486360 | 17008009 |
|  **Casinos & Gaming–1.39%** | **Casinos & Gaming–1.39%** | **Casinos & Gaming–1.39%** |
|  Las Vegas Sands Corp.<sup>(c)</sup> | 401962 | 19322313 |
|  **Communications Equipment–2.88%** | **Communications Equipment–2.88%** | **Communications Equipment–2.88%** |
|  Cisco Systems, Inc. | 610262 | 29072882 |
|  F5, Inc.<sup>(c)</sup> | 76910 | 11037354 |
|  |  | 40110236 |
|  **Construction Machinery & Heavy Trucks–3.73%** | **Construction Machinery & Heavy Trucks–3.73%** | **Construction Machinery & Heavy Trucks–3.73%** |
|  Caterpillar, Inc. | 114507 | 27431297 |
|  Wabtec Corp. | 246039 | 24557152 |
|  |  | 51988449 |
|  **Diversified Banks–7.69%** | **Diversified Banks–7.69%** | **Diversified Banks–7.69%** |
|  Bank of America Corp. | 1098530 | 36383314 |
|  Citigroup, Inc. | 456091 | 20628996 |
|  JPMorgan Chase & Co. | 131571 | 17643671 |
|  Wells Fargo & Co. | 787160 | 32501836 |
|  |  | 107157817 |
|  **Diversified Chemicals–0.53%** | **Diversified Chemicals–0.53%** | **Diversified Chemicals–0.53%** |
|  BASF SE (Germany) | 149503 | 7421956 |
|  **Electric Utilities–0.50%** | **Electric Utilities–0.50%** | **Electric Utilities–0.50%** |
|  PPL Corp.<sup>(b)</sup> | 240352 | 7023085 |
|  **Electrical Components & Equipment–3.61%** | **Electrical Components & Equipment–3.61%** | **Electrical Components & Equipment–3.61%** |
|  Eaton Corp. PLC | 167096 | 26225717 |
|  Emerson Electric Co. | 249792 | 23995020 |
|  |  | 50220737 |
|  **Fertilizers & Agricultural Chemicals–1.47%** | **Fertilizers & Agricultural Chemicals–1.47%** | **Fertilizers & Agricultural Chemicals–1.47%** |
|  CF Industries Holdings, Inc. | 165674 | 14115425 |
|  Corteva, Inc. | 108188 | 6359290 |
|  |  | 20474715 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Health Care Distributors–2.46%** | **Health Care Distributors–2.46%** | **Health Care Distributors–2.46%** |
|  Henry Schein, Inc.<sup>(c)</sup> | 196611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15703320 |
|  McKesson Corp. | 49316 | 18499418 |
|  |  | 34202738 |
|  **Health Care Equipment–2.81%** | **Health Care Equipment–2.81%** | **Health Care Equipment–2.81%** |
|  Baxter International, Inc. | 149433 | 7616600 |
|  Becton, Dickinson and Co. | 67116 | 17067599 |
|  Medtronic PLC | 185213 | 14394754 |
|  |  | 39078953 |
|  **Health Care Facilities–2.37%** | **Health Care Facilities–2.37%** | **Health Care Facilities–2.37%** |
|  HCA Healthcare, Inc. | 73643 | 17671374 |
|  Universal Health Services, Inc., Class B | 109266 | 15394487 |
|  |  | 33065861 |
|  **Health Care Services–1.93%** | **Health Care Services–1.93%** | **Health Care Services–1.93%** |
|  CVS Health Corp. | 287976 | 26836483 |
|  **Health Care Supplies–0.40%** | **Health Care Supplies–0.40%** | **Health Care Supplies–0.40%** |
|  DENTSPLY SIRONA, Inc. | 174583 | 5558723 |
|  **Hotel & Resort REITs–0.54%** | **Hotel & Resort REITs–0.54%** | **Hotel & Resort REITs–0.54%** |
|  Host Hotels & Resorts, Inc.<sup>(b)</sup> | 471451 | 7566789 |
|  **Hotels, Resorts & Cruise Lines–1.81%** | **Hotels, Resorts & Cruise Lines–1.81%** | **Hotels, Resorts & Cruise Lines–1.81%** |
|  Booking Holdings, Inc.<sup>(c)</sup> | 12514 | 25219214 |
|  **Household Products–1.75%** | **Household Products–1.75%** | **Household Products–1.75%** |
|  Kimberly-Clark Corp. | 179431 | 24357758 |
|  **Industrial Conglomerates–1.16%** | **Industrial Conglomerates–1.16%** | **Industrial Conglomerates–1.16%** |
|  General Electric Co. | 192839 | 16157980 |
|  **Integrated Oil & Gas–5.70%** | **Integrated Oil & Gas–5.70%** | **Integrated Oil & Gas–5.70%** |
|  Chevron Corp. | 228596 | 41030697 |
|  Exxon Mobil Corp. | 112383 | 12395845 |
|  Suncor Energy, Inc. (Canada) | 817097 | 25926488 |
|  |  | 79353030 |
|  **Interactive Media & Services–1.01%** | **Interactive Media & Services–1.01%** | **Interactive Media & Services–1.01%** |
|  Meta Platforms, Inc., Class A<sup>(c)</sup> | 116535 | 14023822 |
|  **Internet & Direct Marketing Retail–0.34%** | **Internet & Direct Marketing Retail–0.34%** | **Internet & Direct Marketing Retail–0.34%** |
|  eBay, Inc.<sup>(b)</sup> | 115307 | 4781781 |
|  **Investment Banking & Brokerage–2.25%** | **Investment Banking & Brokerage–2.25%** | **Investment Banking & Brokerage–2.25%** |
|  Goldman Sachs Group, Inc. (The) | 55144 | 18935347 |
|  Morgan Stanley | 146261 | 12435110 |
|  |  | 31370457 |
|  **IT Consulting & Other Services–2.62%** | **IT Consulting & Other Services–2.62%** | **IT Consulting & Other Services–2.62%** |
|  Cognizant Technology Solutions Corp., Class A | 331314 | 18947848 |
|  DXC Technology Co.<sup>(c)</sup> | 663026 | 17570189 |
|  |  | 36518037 |
|  **Life & Health Insurance–1.17%** | **Life & Health Insurance–1.17%** | **Life & Health Insurance–1.17%** |
|  MetLife, Inc. | 224795 | 16268414 |
|  **Managed Health Care–3.46%** | **Managed Health Care–3.46%** | **Managed Health Care–3.46%** |
|  Elevance Health, Inc. | 67829 | 34794242 |

---

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

**Invesco V.I. Comstock Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** |
|  Humana, Inc.<sup>(b)</sup> | 26239 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13439354 |
|  |  |  | 48233596 |
|  **Multi-line Insurance–2.52%** | **Multi-line Insurance–2.52%** | **Multi-line Insurance–2.52%** | **Multi-line Insurance–2.52%** |
|  American International Group, Inc. | 555057 |  | 35101805 |
|  **Multi-Utilities–1.04%** |  |  |  |
|  Dominion Energy, Inc. | 236534 |  | 14504265 |
|  **Oil & Gas Exploration & Production–5.88%** | **Oil & Gas Exploration & Production–5.88%** | **Oil & Gas Exploration & Production–5.88%** | **Oil & Gas Exploration & Production–5.88%** |
|  ConocoPhillips | 191929 |  | 22647622 |
|  Devon Energy Corp. | 181698 |  | 11176244 |
|  Hess Corp.<sup>(b)</sup> | 136196 |  | 19315317 |
|  Marathon Oil Corp. | 601221 |  | 16275052 |
|  Pioneer Natural Resources Co. | 54779 |  | 12510976 |
|  |  |  | 81925211 |
|  **Packaged Foods & Meats–0.78%** | **Packaged Foods & Meats–0.78%** | **Packaged Foods & Meats–0.78%** | **Packaged Foods & Meats–0.78%** |
|  Kraft Heinz Co. (The)<sup>(b)</sup> | 267846 |  | 10904011 |
|  **Paper Packaging–1.39%** |  |  |  |
|  International Paper Co. | 559904 |  | 19389476 |
|  **Personal Products–0.99%** |  |  |  |
|  Haleon PLC<sup>(c)</sup> | 3462257 |  | 13848622 |
|  **Pharmaceuticals–6.27%** |  |  |  |
|  Bristol-Myers Squibb Co. | 224579 |  | 16158459 |
|  Johnson & Johnson | 136663 |  | 24141519 |
|  Merck & Co., Inc. | 220375 |  | 24450606 |
|  Sanofi, ADR (France) | 464836 |  | 22512008 |
|  |  |  | 87262592 |
|  **Property & Casualty Insurance–1.06%** | **Property & Casualty Insurance–1.06%** | **Property & Casualty Insurance–1.06%** | **Property & Casualty Insurance–1.06%** |
|  Allstate Corp. (The) | 108353 |  | 14692667 |
|  **Regional Banks–4.24%** |  |  |  |
|  Citizens Financial Group, Inc. | 444234 |  | 17489493 |
|  Fifth Third Bancorp | 434767 |  | 14264705 |
|  Huntington Bancshares, Inc. | 1120743 |  | 15802476 |
|  M&T Bank Corp. | 79689 |  | 11559686 |
|  |  |  | 59116360 |
|  **Semiconductors–2.98%** | **Semiconductors–2.98%** | **Semiconductors–2.98%** | **Semiconductors–2.98%** |
|  Intel Corp. | 236284 |  | 6244986 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
|  NXP Semiconductors N.V. (China) | 136497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21570621 |
|  QUALCOMM, Inc. | 124861 | 13727218 |
|  |  | 41542825 |
|  **Soft Drinks–1.17%** | **Soft Drinks–1.17%** | **Soft Drinks–1.17%** |
|  Coca-Cola Co. (The) | 255540 | 16254899 |
|  **Systems Software–1.37%** |  |  |
|  Microsoft Corp. | 79359 | 19031875 |
|  **Tobacco–2.71%** | **Tobacco–2.71%** | **Tobacco–2.71%** |
|  Philip Morris International, Inc. | 372655 | 37716413 |
|  **Wireless Telecommunication Services–1.17%** | **Wireless Telecommunication Services–1.17%** | **Wireless Telecommunication Services–1.17%** |
|  T-Mobile US, Inc.<sup>(c)</sup> | 116542 | 16315880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $951,798,905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $951,798,905) | 1364925523 |
|  **Money Market Funds–3.74%** | **Money Market Funds–3.74%** | **Money Market Funds–3.74%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(d)(e)</sup> | 18120893 | 18120893 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 13232158 | 13236127 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 20709592 | 20709592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $52,062,301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $52,062,301) | 52066612 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.74% (Cost $1,003,861,206) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.74% (Cost $1,003,861,206) | 1416992135 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–4.59%** | **Money Market Funds–4.59%** |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 17917689 | 17917689 |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 46060239 | 46074057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $63,988,766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $63,988,766) | 63991746 |
|  TOTAL INVESTMENTS IN <br>SECURITIES–106.33%<br>(Cost $1,067,849,972) | TOTAL INVESTMENTS IN <br>SECURITIES–106.33%<br>(Cost $1,067,849,972) | 1480983881 |
|  OTHER ASSETS LESS LIABILITIES–(6.33)% | OTHER ASSETS LESS LIABILITIES–(6.33)% | (88148651) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1392835230 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

**Invesco V.I. 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> All or a portion of this security was out on loan at December 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $12679687 | $98053244 | $(92612038) | $- | $- | $18120893 | $169775 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 9348262 | 70038031 | (66151456) | 4345 | (3055) | 13236127 | 182642 |
|  Invesco Treasury Portfolio, Institutional Class | 14491071 | 112060850 | (105842329) | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 20709592 | 264588 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 655872 | 292187643 | (274925826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | - | 17917689 | 188,597\* |
|  Invesco Private Prime Fund | 1530368 | 615867656 | (571315374) | 2980 | (11573) | 46074057 | 524,839\* |
|  Total | $38705260 | $1188207424 | $(1110847023) | $7325 | $(14628) | $116058358 | $1330441 |

---

\* 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, 2022.

<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 1I.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | **Contract to** | **Contract to** | **Contract to** | |
| | | | **Contract to** | **Contract to** | **Contract to** | |
| <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Currency Risk** | **Currency Risk** | | | | | |
|  01/13/2023  | Canadian Imperial Bank of Commerce | CAD | 494378 | USD | 366217 | $1075 |
|  01/13/2023 | Canadian Imperial Bank of Commerce | USD | 418168 | CAD | 570944 | 3525 |
|  01/13/2023 | Royal Bank of Canada | CAD | 745022 | USD | 550730 | 465 |
|  01/13/2023 | Royal Bank of Canada | GBP | 5558654 | USD | 6837425 | 115695 |
|  01/13/2023 | Royal Bank of Canada | USD | 335706 | CAD | 456353 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation |  |  |  |  | 122111 |
| **Currency Risk** | **Currency Risk** |  |  |  |  |  |
|  01/13/2023 | Canadian Imperial Bank of Commerce | CAD | 16497923 | USD | 12077985 | (107193) |
|  01/13/2023 | Deutsche Bank AG | CAD | 664786 | USD | 487111 | (3893) |
|  01/13/2023 | Goldman Sachs & Co. | EUR | 621064 | USD | 660750 | (4484) |
|  01/13/2023 | Royal Bank of Canada | EUR | 13115383 | USD | 13900706 | (147444) |
|  01/13/2023 | State Street Bank & Trust Co. | EUR | 337284 | USD | 358016 | (3255) |
|  01/13/2023 | State Street Bank & Trust Co. | GBP | 137625 | USD | 165750 | (671) |
|  01/13/2023 | State Street Bank & Trust Co. | USD | 175684 | GBP | 144550 | (889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  |  |  | (267829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $(145718) |

---

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

**Invesco V.I. Comstock Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $951,798,905)\* | $1364925523 |
|  Investments in affiliated money market funds, at value (Cost $116,051,067) | 116058358 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 122111 |
|  Foreign currencies, at value (Cost $411) | 409 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 226129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2778502 |
|  Investment for trustee deferred compensation and retirement plans | 150467 |
|  Other assets | 6479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1484267978 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 267829 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 26033918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 27206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 63988766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 897420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 4561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 47027 |
|  Trustee deferred compensation and retirement plans | 166021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 91432748 |
|  Net assets applicable to shares outstanding | $1392835230 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $823773350 |
|  Distributable earnings | 569061880 |
|  | $1392835230 |
|  **Net Assets:** |  |
|  Series I | $207442374 |
|  Series II | $1185392856 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 10199597 |
|  Series II | 58541817 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $20.34 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $20.25 |

---

\* At December 31, 2022, securities with an aggregate value of $62,877,557 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $375,105) | $35086664 |
|  Dividends from affiliated money market funds (includes net securities lending income of $58,399) | 675404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 35762068 |
|  **Expenses:** |  |
|  Advisory fees | 8207636 |
|  Administrative services fees | 2380270 |
|  Custodian fees | 46663 |
|  Distribution fees - Series II | 3096355 |
|  Transfer agent fees | 72028 |
|  Trustees' and officers' fees and benefits | 27458 |
|  Reports to shareholders | 6909 |
|  Professional services fees | 44144 |
|  Other | 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13885932 |
|  Less: Fees waived | (36867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 13849065 |
|  Net investment income | 21913003 |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 155308111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (14628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (48349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1529430 |
|  | 156774564 |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (171173806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 112482 |
|  | (171054427) |
|  Net realized and unrealized gain (loss) | (14279863) |
|  Net increase in net assets resulting from operations | $7633140 |

---

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

**Invesco V.I. Comstock Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $21913003 | $19609058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 156774564 | 111004656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (171054427) | 284252375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 7633140 | 414866089 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (9830221) | (3720325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (53625437) | (20542786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (63455658) | (24263111) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 2908463 | (23075037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (90232879) | (158052169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (87324416) | (181127206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (143146934) | 209475772 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1535982164 | 1326506392 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1392835230 | $1535982164 |

---

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

**Invesco V.I. Comstock Fund**

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average<br>net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net<br>assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $21.14 | $0.36 | $(0.16) | $0.20 | $(0.34) | $(0.66) | $(1.00) | $20.34 | 1.12% | $207442 | 0.75% | 0.75% | 1.72% | 21% |
|  Year ended 12/31/21 | 16.13 | 0.30 | 5.07 | 5.37 | (0.36) |  | (0.36) | 21.14 | 33.36 | 212550 | 0.74 | 0.74 | 1.53 | 16 |
|  Year ended 12/31/20 | 17.16 | 0.32 | (0.59) | (0.27) | (0.36) | (0.40) | (0.76) | 16.13 | (0.85) | 181594 | 0.75 | 0.75 | 2.24 | 38 |
|  Year ended 12/31/19 | 16.12 | 0.37 | 3.45 | 3.82 | (0.37) | (2.41) | (2.78) | 17.16 | 25.30 | 199521 | 0.74 | 0.74 | 2.09 | 21 |
|  Year ended 12/31/18 | 20.62 | 0.33 | (2.41) | (2.08) | (0.36) | (2.06) | (2.42) | 16.12 | (12.16) | 214084 | 0.75 | 0.75 | 1.63 | 19 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 21.05 | 0.31 | (0.16) | 0.15 | (0.29) | (0.66) | (0.95) | 20.25 | 0.85 | 1185393 | 1.00 | 1.00 | 1.47 | 21 |
|  Year ended 12/31/21 | 16.07 | 0.25 | 5.05 | 5.30 | (0.32) |  | (0.32) | 21.05 | 33.04 | 1323433 | 0.99 | 0.99 | 1.28 | 16 |
|  Year ended 12/31/20 | 17.09 | 0.28 | (0.58) | (0.30) | (0.32) | (0.40) | (0.72) | 16.07 | (1.09) | 1144913 | 1.00 | 1.00 | 1.99 | 38 |
|  Year ended 12/31/19 | 16.06 | 0.32 | 3.44 | 3.76 | (0.32) | (2.41) | (2.73) | 17.09 | 24.94 | 1240109 | 0.99 | 0.99 | 1.84 | 21 |
|  Year ended 12/31/18 | 20.54 | 0.28 | (2.40) | (2.12) | (0.30) | (2.06) | (2.36) | 16.06 | (12.37) | 1098666 | 1.00 | 1.00 | 1.38 | 19 |

---

<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.

**Invesco V.I. Comstock Fund** 

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Comstock Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $2,817 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.

**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

**Invesco V.I. Comstock Fund**

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.600% |
|  Next $500 million | 0.550% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.57%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $36,867.

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, 2022, Invesco was paid $211,331 for accounting and fund administrative services and was reimbursed $2,168,939 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, 2022, 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

**Invesco V.I. Comstock Fund**

------

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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees.*

For the year ended December 31, 2022, the Fund incurred $4,108 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Common Stocks & Other Equity Interests | $1343654945 | $21270578 | $– | $1364925523 |
|  Money Market Funds | 52066612 | 63991746 | – | 116058358 |
|  **Total Investments in Securities** | 1395721557 | 85262324 | – | 1480983881 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Forward Foreign Currency Contracts | – | 122111 | – | 122111 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts | – | (267829) | – | (267829) |
|  **Total Other Investments** | – | (145718) | – | (145718) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1395721557 | $85116606 | $– | $1480838163 |

---

\* 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, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** |  |  |
| **Derivative Assets** | **Currency**<br> **Risk** |  |  |
| **Derivative Assets** | **Currency**<br> **Risk** | Unrealized appreciation on forward foreign currency contracts outstanding | $122111 |
| **Derivative Assets** | **Currency**<br> **Risk** | Derivatives not subject to master netting agreements | – |
|  Total Derivative Assets subject to master netting agreements | $122111 |  |  |
|  | **Value** |  |  |
| **Derivative Liabilities** | **Currency**<br> **Risk** |  |  |
| **Derivative Liabilities** | **Currency**<br> **Risk** | Unrealized depreciation on forward foreign currency contracts outstanding | $(267829) |
| **Derivative Liabilities** | **Currency**<br> **Risk** | Derivatives not subject to master netting agreements | – |
|  Total Derivative Liabilities subject to master netting agreements | $(267829) |  |  |

---

**Invesco V.I. Comstock Fund**

------

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Financial**<br>**Derivative<br>Assets** | **Financial<br>Derivative<br>Liabilities** | | **Collateral<br>(Received)/<br>Pledged** | **Collateral<br>(Received)/<br>Pledged** | |
| <br>**Counterparty** | **Forward Foreign<br>Currency Contracts** | **Forward Foreign<br>Currency Contracts** |<br>**Net Value of<br>Derivatives** | **Non-Cash** | **Cash** |<br>**Net<br>Amount** |
|  Canadian Imperial Bank of Commerce | $4600 | $(107193) | $(102593) | $– | $– | $(102593) |
|  Deutsche Bank AG | – | (3893) | (3893) | – | – | (3893) |
|  Goldman Sachs & Co. | – | (4484) | (4484) | – | – | (4484) |
|  Royal Bank of Canada | 117511 | (147444) | (29933) | – | – | (29933) |
|  State Street Bank & Trust Co. | – | (4815) | (4815) | – | – | (4815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $122111 | $(267829) | $(145718) | $– | $– | $(145718) |

---

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
| | **Currency<br>Risk** |
|  Realized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $1529430 |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 112482 |
|  Total | $1641912 |

---

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

---

| | |
|:---|:---|
| | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $35332039 |

---

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 6–Cash Balances** 

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

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $34835478 | $24263111 |
|  Long-term capital gain | 28620180 | – |
|  Total distributions | $63455658 | $24263111 |

---

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

**Invesco V.I. Comstock Fund**

------

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $28734613 |
|  Undistributed long-term capital gain | 142865474 |
|  Net unrealized appreciation – investments | 397582205 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (2) |
|  Temporary book/tax differences | (120410) |
|  Shares of beneficial interest | 823773350 |
|  Total net assets | $1392835230 |

---

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, 2022.

**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, 2022 was $299,654,741 and $434,237,699, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $429568073 |
|  Aggregate unrealized (depreciation) of investments | (31985868) |
|  Net unrealized appreciation of investments | $397582205 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $1,083,255,958.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions and fair fund distributions, on December 31, 2022, undistributed net investment income was decreased by $43,232 and undistributed net realized gain was increased by $43,232. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 2131144 | $44854213 | 1134757 | $22239616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 6183886 | 129543546 | 3425435 | 67116132 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 500266 | 9830221 | 179726 | 3720325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2738786 | 53625437 | 996739 | 20542786 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (2484000) | (51775971) | (2519229) | (49034978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (13253029) | (273401862) | (12795370) | (245711087) |
|  Net increase (decrease) in share activity | (4182947) | $(87324416) | (9577942) | $(181127206) |

---

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own
59% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable
products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including
but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are
also owned beneficially.

**Invesco V.I. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

**Invesco V.I. Comstock Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense<br>Ratio** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I  | $1000.00 | $1092.40 | $3.90 | $1021.48 | $3.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1090.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;1020.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | 0.99 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Comstock Fund**

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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, 2022:

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| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $28620180 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 88.43% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Comstock Fund**

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**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

**Invesco V.I. Comstock Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler - 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman - 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. - 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis - 1950 Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Comstock Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel - 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort -1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Comstock Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Comstock Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Comstock Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E.<br> Atlanta, GA 30309 | 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Comstock Fund**

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![LOGO](g463941dsp001a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Conservative Balanced Fund** 

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

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

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

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

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

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Conservative Balanced Fund (the Fund) underperformed the Custom Invesco V.I. Conservative Balanced Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Conservative Balanced Fund (the Fund) underperformed the Custom Invesco V.I. Conservative Balanced Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -16.86 | % |
| &nbsp;&nbsp; Series II Shares | -17.02 |  |
| &nbsp;&nbsp; Russell 3000 Index<sup>▼</sup> | -19.21 |  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>▼</sup> | -14.68 |  |
| &nbsp;&nbsp; Custom Invesco V.I. Conservative Balanced Index<sup>∎</sup>  | -13.01 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Invesco, RIMES Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, stock selection in the information technology, industrials and communication services sectors were the largest contributors to Fund performance relative to the Russell 3000 Index. This was offset by weaker stock selection in the consumer discretionary and materials sectors and an underweight in the consumer staples sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual contributors to Fund performance during the fiscal year included **ExxonMobil**, **Eli Lilly** and **Chevron**. ExxonMobil and Chevron benefited from the outperformance of the energy sector, which experienced significant gains during the fiscal year despite a negative return for the overall equity market. This was partly due to rising oil and natural gas prices and a preference for more value-oriented segments of the market as rising interest rates negatively impacted higher-growth oriented companies. We exited our position in Chevron during the fiscal year. Eli Lilly reported strong results for an obesity drug and approval for its use for type 2 diabetes. Pharmaceutical companies were also viewed as a more defensive industry in a down equity market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from Fund performance during the fiscal year included **Amazon.com**, **Alphabet** and **Microsoft**. All three companies were negatively impacted by a sell-off in higher-growth technology companies as interest rates rose. This came after

very strong outperformance the prior two years as these companies were considered key beneficiaries of COVID-19-related trends which began to normalize. Additionally, Amazon.com reported elevated expenses in their e-commerce business due to inflation and operating inefficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco V.I Conservative Balanced Fund.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Michael Hyman

Magnus Krantz

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

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

**Invesco V.I. Conservative Balanced Fund**

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g463941dsp0004.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (2/9/87) | 6.54% |
| &nbsp;&nbsp; 10 Years | 5.26 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 3.29 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -16.86 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (5/1/02) | 3.62% |
| &nbsp;&nbsp; 10 Years | 4.99 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 3.04 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -17.02 |

---

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

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

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

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

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

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

**Invesco V.I. Conservative Balanced Fund**

------

**Supplemental Information** 

**Invesco V.I. Conservative Balanced Fund's investment objective is to seek total return.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **Russell 3000<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.

∎ The **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index considered representative of the US investment-grade,
fixed-rate bond market.

∎ The **Custom Invesco V.I. Conservative Balanced Index** is composed of 65% Bloomberg U.S. Aggregate Bond Index/ 35%
Russell 3000<sup>®</sup> Index.

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

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

**Invesco V.I. Conservative Balanced Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total net assets** |
|  Common Stocks & Other Equity Interests | 38.73% |
|  U.S. Dollar Denominated Bonds & Notes | 26.22 |
|  Asset-Backed Securities | 15.96 |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities | 14.22 |
|  U.S. Treasury Securities | 8.44 |
|  Security Types Each Less Than 1% of Portfolio | 0.90 |
|  Money Market Funds Plus Other Assets Less Liabilities | (4.47) |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp; Microsoft Corp. | 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp; Apple, Inc. | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp; Amazon.com, Inc. | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp; UnitedHealth Group, Inc. | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp; Mastercard, Inc., Class A | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | &nbsp;&nbsp; JPMorgan Chase & Co. | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp; Exxon Mobil Corp. | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp; Alphabet, Inc., Class A | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp; Prologis, Inc. | 0.80 |
| 10. | &nbsp;&nbsp; Meta Platforms, Inc., Class A | 0.75 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Conservative Balanced Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–38.73%** | **Common Stocks & Other Equity Interests–38.73%** | **Common Stocks & Other Equity Interests–38.73%** |
|  **Advertising–0.22%** |  |  |
|  Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10761 | $358449 |
|  **Aerospace & Defense–0.47%** |  |  |
|  Raytheon Technologies Corp. | 7609 | 767900 |
|  **Agricultural & Farm Machinery–0.50%** | **Agricultural & Farm Machinery–0.50%** | **Agricultural & Farm Machinery–0.50%** |
|  Deere & Co. | 1909 | 818503 |
|  **Air Freight & Logistics–0.58%** |  |  |
|  United Parcel Service, Inc., Class B | 5407 | 939953 |
|  **Apparel Retail–0.32%** |  |  |
|  Ross Stores, Inc. | 4460 | 517672 |
|  **Application Software–0.51%** |  |  |
|  Manhattan Associates, Inc.<sup>(b)</sup> | 1672 | 202981 |
|  Paylocity Holding Corp.<sup>(b)</sup> | 1024 | 198922 |
|  Synopsys, Inc.<sup>(b)</sup> | 1325 | 423059 |
|  |  | 824962 |
|  **Auto Parts & Equipment–0.10%** |  |  |
|  Mobileye Global, Inc., Class A<br>(Israel)<sup>(b)</sup> | 4596 | 161136 |
|  **Automobile Manufacturers–0.17%** |  |  |
|  Tesla, Inc.<sup>(b)</sup> | 2243 | 276293 |
|  **Automotive Retail–0.63%** |  |  |
|  AutoZone, Inc.<sup>(b)</sup> | 414 | 1020999 |
|  **Biotechnology–0.45%** |  |  |
|  Gilead Sciences, Inc. | 8586 | 737108 |
|  **Communications Equipment–0.53%** | **Communications Equipment–0.53%** | **Communications Equipment–0.53%** |
|  Motorola Solutions, Inc. | 3331 | 858432 |
|  **Construction Materials–0.51%** |  |  |
|  Vulcan Materials Co. | 4700 | 823017 |
|  **Consumer Finance–0.30%** |  |  |
|  Capital One Financial Corp. | 5237 | 486832 |
|  **Data Processing & Outsourced Services–1.22%** | **Data Processing & Outsourced Services–1.22%** | **Data Processing & Outsourced Services–1.22%** |
|  Mastercard, Inc., Class A | 5693 | 1979627 |
|  **Diversified Banks–1.17%** |  |  |
|  JPMorgan Chase & Co. | 14130 | 1894833 |
|  **Diversified Metals & Mining–0.19%** |  |  |
|  Compass Minerals International, Inc. | 7470 | 306270 |
|  **Electric Utilities–0.39%** |  |  |
|  Southern Co. (The) | 8842 | 631407 |
|  **Electrical Components & Equipment–0.75%** | **Electrical Components & Equipment–0.75%** | **Electrical Components & Equipment–0.75%** |
|  Hubbell, Inc. | 1764 | 413976 |
|  Regal Rexnord Corp. | 3691 | 442846 |
|  Rockwell Automation, Inc. | 1397 | 359825 |
|  |  | 1216647 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Environmental & Facilities Services–0.30%** | **Environmental & Facilities Services–0.30%** | **Environmental & Facilities Services–0.30%** |
|  Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677 | $487423 |
|  **Financial Exchanges & Data–0.50%** | **Financial Exchanges & Data–0.50%** | **Financial Exchanges & Data–0.50%** |
|  Intercontinental Exchange, Inc. | 7937 | 814257 |
|  **Gas Utilities–0.51%** |  |  |
|  ONE Gas, Inc. | 6008 | 454926 |
|  Suburban Propane Partners L.P. | 24731 | 375416 |
|  |  | 830342 |
|  **General Merchandise Stores–0.47%** | **General Merchandise Stores–0.47%** | **General Merchandise Stores–0.47%** |
|  Dollar General Corp.<sup>(c)</sup> | 3088 | 760420 |
|  **Health Care Equipment–0.63%** |  |  |
|  Boston Scientific Corp.<sup>(b)</sup> | 13489 | 624136 |
|  DexCom, Inc.<sup>(b)</sup> | 3537 | 400530 |
|  |  | 1024666 |
|  **Health Care Facilities–0.45%** |  |  |
|  HCA Healthcare, Inc. | 1864 | 447285 |
|  Tenet Healthcare Corp. | 5995 | 292496 |
|  |  | 739781 |
|  **Homebuilding–0.26%** |  |  |
|  D.R. Horton, Inc. | 4790 | 426981 |
|  **Hotels, Resorts & Cruise Lines–0.34%** | **Hotels, Resorts & Cruise Lines–0.34%** | **Hotels, Resorts & Cruise Lines–0.34%** |
|  Airbnb, Inc., Class A<sup>(b)</sup> | 2520 | 215460 |
|  Wyndham Hotels & Resorts, Inc. | 4687 | 334230 |
|  |  | 549690 |
|  **Household Products–0.70%** |  |  |
|  Procter & Gamble Co. (The) | 7546 | 1143672 |
|  **Human Resource & Employment Services–0.19%** | **Human Resource & Employment Services–0.19%** | **Human Resource & Employment Services–0.19%** |
|  Korn Ferry | 6201 | 313895 |
|  **Hypermarkets & Super Centers–0.61%** | **Hypermarkets & Super Centers–0.61%** | **Hypermarkets & Super Centers–0.61%** |
|  Walmart, Inc. | 6943 | 984448 |
|  **Industrial Conglomerates–0.38%** |  |  |
|  Honeywell International, Inc. | 2885 | 618255 |
|  **Industrial REITs–0.79%** |  |  |
|  Prologis, Inc. | 11459 | 1291773 |
|  **Insurance Brokers–0.45%** |  |  |
|  Arthur J. Gallagher & Co. | 3907 | 736626 |
|  **Integrated Oil & Gas–0.92%** |  |  |
|  Exxon Mobil Corp. | 13625 | 1502837 |
|  **Integrated Telecommunication Services–0.62%** | **Integrated Telecommunication Services–0.62%** | **Integrated Telecommunication Services–0.62%** |
|  Deutsche Telekom AG (Germany) | 16987 | 338831 |
|  Verizon Communications, Inc. | 16978 | 668933 |
|  |  | 1007764 |
|  **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** |
|  Electronic Arts, Inc. | 3076 | 375826 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Interactive Media & Services–1.63%** | **Interactive Media & Services–1.63%** |  |
|  Alphabet, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16083 | $1419003 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 10176 | 1224580 |
|  |  | 2643583 |
|  **Internet & Direct Marketing Retail–1.35%** | **Internet & Direct Marketing Retail–1.35%** |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 26142 | 2195928 |
|  **Investment Banking & Brokerage–0.79%** | **Investment Banking & Brokerage–0.79%** |  |
|  Charles Schwab Corp. (The) | 5034 | 419131 |
|  Raymond James Financial, Inc. | 8122 | 867836 |
|  |  | 1286967 |
|  **IT Consulting & Other Services–0.37%** | **IT Consulting & Other Services–0.37%** |  |
|  Amdocs Ltd. | 6617 | 601485 |
|  **Life Sciences Tools & Services–0.16%** | **Life Sciences Tools & Services–0.16%** |  |
|  Repligen Corp.<sup>(b)</sup> | 1554 | 263108 |
|  **Managed Health Care–1.48%** |  |  |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 1203 | 397255 |
|  UnitedHealth Group, Inc. | 3785 | 2006731 |
|  |  | 2403986 |
|  **Metal & Glass Containers–0.40%** |  |  |
|  Silgan Holdings, Inc. | 12414 | 643542 |
|  **Movies & Entertainment–0.57%** |  |  |
|  Netflix, Inc.<sup>(b)(c)</sup> | 3140 | 925923 |
|  **Multi-Utilities–0.34%** |  |  |
|  WEC Energy Group, Inc. | 5917 | 554778 |
|  **Office REITs–0.16%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 1826 | 265993 |
|  **Oil & Gas Exploration & Production–1.17%** | **Oil & Gas Exploration & Production–1.17%** | **Oil & Gas Exploration & Production–1.17%** |
|  APA Corp. | 11984 | 559413 |
|  Chesapeake Energy Corp.<sup>(c)</sup> | 5489 | 517997 |
|  CNX Resources Corp.<sup>(b)(c)</sup> | 19865 | 334527 |
|  Marathon Oil Corp. | 18319 | 495895 |
|  |  | 1907832 |
|  **Oil & Gas Storage & Transportation–0.22%** | **Oil & Gas Storage & Transportation–0.22%** | **Oil & Gas Storage & Transportation–0.22%** |
|  Energy Transfer L.P. | 30490 | 361916 |
|  **Pharmaceuticals–2.76%** |  |  |
|  AstraZeneca PLC, ADR (United Kingdom) | 13878 | 940929 |
|  Bayer AG (Germany) | 10105 | 521746 |
|  Bristol-Myers Squibb Co. | 8766 | 630714 |
|  Catalent, Inc.<sup>(b)</sup> | 7284 | 327853 |
|  Eli Lilly and Co. | 2504 | 916063 |
|  Johnson & Johnson | 6565 | 1159707 |
|  |  | 4497012 |
|  **Property & Casualty Insurance–0.67%** | **Property & Casualty Insurance–0.67%** | **Property & Casualty Insurance–0.67%** |
|  Allstate Corp. (The) | 8082 | 1095919 |
|  **Regional Banks–0.66%** |  |  |
|  East West Bancorp, Inc. | 6929 | 456621 |
|  First Citizens BancShares, Inc., Class A | 809 | 613513 |
|  |  | 1070134 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Research & Consulting Services–0.35%** | **Research & Consulting Services–0.35%** | **Research & Consulting Services–0.35%** |
|  CACI International, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | $566312 |
|  **Restaurants–0.37%** |  |  |
|  Starbucks Corp. | 6097 | 604822 |
|  **Semiconductor Equipment–0.49%** | **Semiconductor Equipment–0.49%** | **Semiconductor Equipment–0.49%** |
|  Applied Materials, Inc. | 8106 | 789362 |
|  **Semiconductors–1.25%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 8547 | 553589 |
|  NVIDIA Corp. | 6481 | 947134 |
|  QUALCOMM, Inc. | 4913 | 540135 |
|  |  | 2040858 |
|  **Soft Drinks–1.00%** |  |  |
|  Coca-Cola Co. (The) | 15304 | 973488 |
|  PepsiCo, Inc. | 3611 | 652363 |
|  |  | 1625851 |
|  **Specialty Chemicals–0.24%** |  |  |
|  NewMarket Corp. | 1230 | 382665 |
|  **Systems Software–3.16%** |  |  |
|  Microsoft Corp. | 17745 | 4255606 |
|  VMware, Inc., Class A | 7267 | 892097 |
|  |  | 5147703 |
|  **Technology Hardware, Storage & Peripherals–1.78%** | **Technology Hardware, Storage & Peripherals–1.78%** | **Technology Hardware, Storage & Peripherals–1.78%** |
|  Apple, Inc. | 22253 | 2891332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $49,595,015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $49,595,015) | 62995707 |
|  | **Principal<br>Amount** |  |
|  **U.S. Dollar Denominated Bonds & Notes–26.22%** | **U.S. Dollar Denominated Bonds & Notes–26.22%** | **U.S. Dollar Denominated Bonds & Notes–26.22%** |
|  **Advertising–0.01%** |  |  |
|  Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7855 |
|  WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | 13000 | 12597 |
|  |  | 20452 |
|  **Aerospace & Defense–0.31%** |  |  |
|  BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025<sup>(d)</sup> | 9000 | 8687 |
|  Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025 | 153000 | 147965 |
|  Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/2025 | 87000 | 87720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/2027 | 82000 | 83955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/2053 | 26000 | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2054 | 61000 | 64313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/2062<sup>(c)</sup> | 33000 | 27926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 | 61000 | 65930 |
|  |  | 508696 |
|  **Agricultural & Farm Machinery–0.32%** | **Agricultural & Farm Machinery–0.32%** | **Agricultural & Farm Machinery–0.32%** |
|  Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/10/2025<sup>(d)</sup> | 103000 | 102697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/2027<sup>(d)</sup> | 16000 | 15312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/2032<sup>(d)</sup> | 49000 | 45278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/11/2032<sup>(d)</sup> | 58000 | 58287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/2052<sup>(d)</sup> | 33000 | 28790 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** |
|  CNH Industrial Capital LLC, 5.45%, 10/14/2025 | $| &nbsp;&nbsp;&nbsp;&nbsp;137000 | $137447 |
|  John Deere Capital Corp., 4.55%, 10/11/2024 |  | 127000 | 127072 |
|  |  |  | 514883 |
|  **Airlines–0.21%** |  |  |  |
|  American Airlines Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 07/11/2030 |  | 106000 | 84396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.88%, 07/11/2034 |  | 49000 | 39578 |
|  British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035<sup>(d)</sup> |  | 42313 | 34561 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(d)</sup> |  | 41048 | 40068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(d)</sup> |  | 94306 | 88790 |
|  United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027 |  | 49794 | 49163 |
|  |  |  | 336556 |
|  **Apparel Retail–0.01%** |  |  |  |
|  Ross Stores, Inc., 3.38%, 09/15/2024 |  | 13000 | 12623 |
|  **Application Software–0.05%** |  |  |  |
|  salesforce.com, inc., 2.90%, 07/15/2051 |  | 43000 | 28381 |
|  Workday, Inc., 3.70%, 04/01/2029 |  | 53000 | 48736 |
|  |  |  | 77117 |
|  **Asset Management & Custody Banks–0.59%** | **Asset Management & Custody Banks–0.59%** | **Asset Management & Custody Banks–0.59%** | **Asset Management & Custody Banks–0.59%** |
|  Ameriprise Financial, Inc., 4.50%, 05/13/2032 |  | 36000 | 34973 |
|  Bank of New York Mellon Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/2026<sup>(e)</sup> |  | 92000 | 90688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/2030<sup>(e)</sup> |  | 27000 | 26124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/2033<sup>(e)</sup> |  | 87000 | 90465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.75%<sup>(e)(f)</sup> |  | 91000 | 73524 |
|  Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/2033<sup>(d)</sup> |  | 224000 | 226494 |
|  Blackstone Secured Lending Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/2026 |  | 106000 | 93127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/2027 |  | 89000 | 73811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/2028 |  | 29000 | 22564 |
|  Brookfield Corp. (Canada), 4.00%, 01/15/2025 |  | 7000 | 6849 |
|  Northern Trust Corp., 6.13%, 11/02/2032 |  | 104000 | 109995 |
|  State Street Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/04/2026<sup>(e)</sup> |  | 58000 | 59434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 11/04/2028<sup>(e)</sup> |  | 36000 | 37241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/2033<sup>(e)</sup> |  | 20000 | 18534 |
|  |  |  | 963823 |
|  **Automobile Manufacturers–0.40%** |  |  |  |
|  BMW US Capital LLC (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.84%), 04/01/2025<sup>(d)(g)</sup> |  | 29000 | 28826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/01/2027<sup>(d)</sup> |  | 33000 | 31198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2032<sup>(d)</sup> |  | 37000 | 33167 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
|  General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/19/2023 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | $8954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/2025 |  | 35000 | 33815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 |  | 212000 | 215862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 67000 | 65003 |
|  Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/06/2023<sup>(d)</sup> |  | 15000 | 15011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/08/2023<sup>(d)</sup> |  | 18000 | 17894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2028<sup>(d)</sup> |  | 29000 | 23671 |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026<sup>(d)</sup> |  | 35000 | 29262 |
|  PACCAR Financial Corp., 4.95%, 10/03/2025 |  | 144000 | 144796 |
|  |  |  | 647459 |
|  **Automotive Retail–0.05%** |  |  |  |
|  Advance Auto Parts, Inc., 1.75%, 10/01/2027 |  | 46000 | 38687 |
|  AutoZone, Inc., 4.75%, 08/01/2032 |  | 50000 | 48613 |
|  |  |  | 87300 |
|  **Biotechnology–0.10%** |  |  |  |
|  AbbVie, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2024 |  | 23000 | 22658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026<sup>(c)</sup> |  | 141000 | 133678 |
|  |  |  | 156336 |
|  **Brewers–0.00%** |  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039 |  | 6000 | 7527 |
|  **Building Products–0.01%** |  |  |  |
|  Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031 |  | 8000 | 6337 |
|  Masco Corp., 1.50%, 02/15/2028 |  | 13000 | 10784 |
|  |  |  | 17121 |
|  **Cable & Satellite–0.30%** |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09% (3 mo. USD LIBOR + 1.65%), 02/01/2024<sup>(g)</sup> |  | 42000 | 42200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/2025 |  | 172000 | 168744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 |  | 16000 | 10478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 |  | 39000 | 25117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/2052 |  | 29000 | 18314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 |  | 26000 | 15129 |
|  Comcast Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/07/2025 |  | 29000 | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 |  | 161000 | 168397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2062 |  | 13000 | 7324 |
|  |  |  | 485115 |
|  **Communications Equipment–0.01%** |  |  |  |
|  Motorola Solutions, Inc., 4.60%, 02/23/2028 |  | 9000 | 8735 |
|  **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** |  |
|  Leidos, Inc., 2.30%, 02/15/2031 |  | 16000 | 12293 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Construction Machinery & Heavy Trucks–0.13%** | **Construction Machinery & Heavy Trucks–0.13%** | **Construction Machinery & Heavy Trucks–0.13%** |
|  Komatsu Finance America, Inc., 5.50%, 10/06/2027<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | $203850 |
|  **Consumer Finance–0.10%** |  |  |
|  American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/2033<sup>(e)</sup> | 62000 | 59779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/2033<sup>(e)</sup> | 96000 | 90974 |
|  Synchrony Financial, 4.25%, 08/15/2024 | 5000 | 4888 |
|  |  | 155641 |
|  **Data Processing & Outsourced Services–0.19%** | **Data Processing & Outsourced Services–0.19%** | **Data Processing & Outsourced Services–0.19%** |
|  Fidelity National Information Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/2027 | 133000 | 129972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/2032<sup>(c)</sup> | 133000 | 128506 |
|  PayPal Holdings, Inc., 5.05%, 06/01/2052 | 62000 | 56482 |
|  |  | 314960 |
|  **Distributors–0.02%** |  |  |
|  Genuine Parts Co., 2.75%, 02/01/2032 | 31000 | 24962 |
|  **Diversified Banks–8.41%** |  |  |
|  Australia and New Zealand Banking Group Ltd. (Australia), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 12/08/2025 | 250000 | 251286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(d)(e)(f)</sup> | 425000 | 423828 |
|  Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/2025<sup>(e)</sup> | 247000 | 233548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/2026<sup>(e)</sup> | 7000 | 6680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/2028<sup>(e)</sup> | 100000 | 95787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/2028<sup>(e)</sup> | 79000 | 77286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/2029<sup>(e)</sup> | 4000 | 3737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/2032<sup>(e)</sup> | 45000 | 36125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/2032<sup>(e)</sup> | 24000 | 18856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/2033<sup>(e)</sup> | 34000 | 27479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/2033<sup>(e)</sup> | 89000 | 81660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/2033<sup>(e)</sup> | 106000 | 100948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/2036<sup>(e)</sup> | 38000 | 28008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/2037<sup>(e)</sup> | 17000 | 14121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 | 115000 | 134207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 6.13%<sup>(c)(e)(f)</sup> | 178000 | 175107 |
|  Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082<sup>(e)</sup> | 246000 | 256171 |
|  Barclays PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/2033<sup>(e)</sup> | 278000 | 292139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%<sup>(e)(f)</sup> | 200000 | 187500 |
|  BPCE S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% (SOFR + 0.57%), 01/14/2025<sup>(d)(g)</sup> | 250000 | 245032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2025<sup>(d)</sup> | 184000 | 176887 |
|  Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/2026<sup>(e)</sup> | 227000 | 228210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/2028<sup>(e)</sup> | 56000 | 54283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/2029<sup>(e)</sup> | 10000 | 9220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/2031<sup>(e)</sup> | 11000 | 10127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/2032<sup>(e)</sup> | 28000 | 22172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/2032<sup>(e)</sup> | 22000 | 17163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/2033<sup>(e)</sup> | 18000 | 14572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/2033<sup>(e)</sup> | 88000 | 75502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/2033<sup>(e)</sup> | 63000 | 59177 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Diversified Banks–(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/2042<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | $17348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 4.70%<sup>(e)(f)</sup> | 160000 | 133392 |
|  Citizens Bank N.A., 6.06%, 10/24/2025<sup>(e)</sup> | 358000 | 362293 |
|  Commonwealth Bank of Australia (Australia), 3.31%, 03/11/2041<sup>(d)</sup> | 200000 | 136424 |
|  Cooperatieve Rabobank U.A. (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 08/22/2028<sup>(d)(e)</sup> | 250000 | 240356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 04/06/2033<sup>(d)(e)</sup> | 250000 | 213643 |
|  Credit Agricole S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/17/2025<sup>(d)</sup> | 304000 | 293914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>(d)(e)(f)</sup> | 200000 | 198811 |
|  Danske Bank A/S (Denmark), 1.55%, 09/10/2027<sup>(d)(e)</sup> | 200000 | 171547 |
|  Discover Bank, 4.65%, 09/13/2028 | 122000 | 114505 |
|  Federation des caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027<sup>(d)</sup> | 280000 | 269442 |
|  Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/27/2025<sup>(e)</sup> | 380000 | 384110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/2026 | 160000 | 152701 |
|  HSBC Holdings PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/18/2024<sup>(e)</sup> | 109000 | 108153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/2027<sup>(e)</sup> | 200000 | 173471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/2028<sup>(e)</sup> | 135000 | 124603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028<sup>(e)</sup> | 205000 | 198107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/2029<sup>(e)</sup> | 183000 | 168806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/2033<sup>(e)</sup> | 275000 | 291800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%<sup>(e)(f)</sup> | 225000 | 175609 |
|  Huntington National Bank (The), 5.70%, 11/18/2025<sup>(e)</sup> | 700000 | 701904 |
|  ING Groep N.V. (Netherlands), 5.33% (SOFR + 1.01%), 04/01/2027<sup>(g)</sup> | 308000 | 297410 |
|  JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/23/2024<sup>(e)</sup> | 15000 | 14854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/2026<sup>(e)</sup> | 16000 | 14866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/2028<sup>(e)</sup> | 9000 | 8422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/2028<sup>(e)</sup> | 86000 | 82262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/2028<sup>(e)</sup> | 6000 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/2028<sup>(e)</sup> | 82000 | 80067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/2033<sup>(e)</sup> | 63000 | 58504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/2033<sup>(e)</sup> | 127000 | 121298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/2033<sup>(e)</sup> | 201000 | 196788 |
|  KeyBank N.A., 4.90%, 08/08/2032 | 250000 | 232087 |
|  Manufacturers and Traders Trust Co., 5.40%, 11/21/2025 | 359000 | 361270 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/2025<sup>(e)</sup> | 593000 | 587448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/2028<sup>(e)</sup> | 200000 | 195552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/20/2033<sup>(e)</sup> | 200000 | 191556 |
|  Mizuho Financial Group, Inc. (Japan), 5.67%, 09/13/2033<sup>(e)</sup> | 209000 | 208025 |
|  National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034<sup>(d)(e)</sup> | 154000 | 129840 |
|  Nordea Bank Abp (Finland), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/2025<sup>(d)</sup> | 200000 | 198946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/22/2027<sup>(d)</sup> | 200000 | 201269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%<sup>(d)(e)(f)</sup> | 210000 | 162656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>(d)(e)(f)</sup> | 202000 | 199386 |
|  PNC Bank N.A., 2.50%, 08/27/2024 | 252000 | 241782 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Diversified Banks–(continued)** |  |  |  |
|  Royal Bank of Canada (Canada), 3.70%, 10/05/2023 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $5945 |
|  Standard Chartered PLC (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/29/2032<sup>(d)(e)</sup> |  | 200000 | 151296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%<sup>(d)(e)(f)</sup> |  | 239000 | 236800 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/2030 |  | 34000 | 26234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/2031 |  | 200000 | 154772 |
|  Swedbank AB (Sweden), 5.34%, 09/20/2027<sup>(d)</sup> |  | 206000 | 204650 |
|  Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082<sup>(e)</sup> |  | 200000 | 208500 |
|  Truist Bank, 2.64%, 09/17/2029<sup>(c)(e)</sup> |  | 376000 | 351869 |
|  U.S. Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, 3.10%, 04/27/2026 |  | 9000 | 8512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/2028<sup>(e)</sup> |  | 82000 | 80218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/2033<sup>(e)</sup> |  | 63000 | 59959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/2033<sup>(e)</sup> |  | 139000 | 144751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/2036<sup>(e)</sup> |  | 93000 | 70993 |
|  Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/2028<sup>(e)</sup> |  | 38000 | 35257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/2028<sup>(e)</sup> |  | 10000 | 9300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/2028<sup>(e)</sup> |  | 48000 | 46960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/2033<sup>(e)</sup> |  | 46000 | 43815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/2053<sup>(e)</sup> |  | 79000 | 67305 |
|  |  |  | 13684711 |
|  **Diversified Capital Markets–1.26%** | **Diversified Capital Markets–1.26%** | **Diversified Capital Markets–1.26%** | **Diversified Capital Markets–1.26%** |
|  Credit Suisse AG (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/2024 |  | 197000 | 183812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/2027 |  | 250000 | 228236 |
|  Credit Suisse Group AG (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/2026 |  | 154000 | 135991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 08/11/2028<sup>(d)(e)</sup> |  | 256000 | 233514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 04/01/2031<sup>(d)(e)</sup> |  | 250000 | 194554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 08/12/2033<sup>(d)(e)</sup> |  | 366000 | 322041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.02%, 11/15/2033<sup>(d)(e)</sup> |  | 250000 | 256662 |
|  UBS Group AG (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2026<sup>(d)</sup> |  | 160000 | 153669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/12/2028<sup>(d)(e)</sup> |  | 205000 | 196497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>(d)(e)(f)</sup> |  | 200000 | 152452 |
|  |  |  | 2057428 |
|  **Diversified Chemicals–0.26%** |  |  |  |
|  Celanese US Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/2024 |  | 108000 | 108029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 |  | 116000 | 115647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/2027<sup>(c)</sup> |  | 132000 | 130407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/2032 |  | 67000 | 63899 |
|  |  |  | 417982 |
|  **Diversified REITs–0.35%** |  |  |  |
|  CubeSmart L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/15/2028 |  | 7000 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2032 |  | 15000 | 11505 |
|  Roche Holdings, Inc., 2.31%, 03/10/2027<sup>(d)</sup> |  | 297000 | 271005 |
|  VICI Properties L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 72000 | 68439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030 |  | 72000 | 68635 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Diversified REITs–(continued)** |  |  |  |
|  VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024<sup>(d)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;146000 | $144852 |
|  |  |  | 570218 |
|  **Education Services–0.06%** |  |  |  |
|  Johns Hopkins University (The),<br>Series A, 4.71%, 07/01/2032 |  | 90000 | 89790 |
|  **Electric Utilities–1.38%** |  |  |  |
|  AEP Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/2028<sup>(d)</sup> |  | 172000 | 161609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 29000 | 27867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2052 |  | 45000 | 43300 |
|  American Electric Power Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 |  | 82000 | 84313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 |  | 61000 | 63886 |
|  Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052 |  | 46000 | 49534 |
|  Duke Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2025 |  | 193000 | 192798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 |  | 57000 | 56780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2028 |  | 47000 | 45311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 89000 | 79456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2082<sup>(e)</sup> |  | 23000 | 16823 |
|  EDP Finance B.V. (Portugal), 3.63%, 07/15/2024<sup>(d)</sup> |  | 231000 | 223033 |
|  Enel Finance America LLC (Italy), 2.88%, 07/12/2041<sup>(d)</sup> |  | 200000 | 120716 |
|  Enel Finance International N.V. (Italy), 6.80%, 10/14/2025<sup>(d)</sup> |  | 200000 | 205581 |
|  National Rural Utilities Cooperative Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/2032 |  | 37000 | 30537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2033 |  | 58000 | 60719 |
|  NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 114000 | 112280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 35000 | 34433 |
|  PacifiCorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2052 |  | 25000 | 16436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/2053 |  | 336000 | 334625 |
|  Southern Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 |  | 63000 | 64640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 3.75%, 09/15/2051<sup>(e)</sup> |  | 24000 | 19439 |
|  Tampa Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/12/2024 |  | 52000 | 51009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2052 |  | 37000 | 33960 |
|  Virginia Electric & Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/2027 |  | 41000 | 39192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/2052 |  | 55000 | 48299 |
|  Xcel Energy, Inc., 4.60%, 06/01/2032 |  | 38000 | 36405 |
|  |  |  | 2252981 |
|  **Electrical Components & Equipment–0.10%** | **Electrical Components & Equipment–0.10%** | **Electrical Components & Equipment–0.10%** | **Electrical Components & Equipment–0.10%** |
|  CenterPoint Energy Houston Electric LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AI, 4.45%, 10/01/2032 |  | 121000 | 117028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 56000 | 53781 |
|  |  |  | 170809 |
|  **Electronic Equipment & Instruments–0.02%** | **Electronic Equipment & Instruments–0.02%** | **Electronic Equipment & Instruments–0.02%** | **Electronic Equipment & Instruments–0.02%** |
|  Vontier Corp., 2.95%, 04/01/2031 |  | 52000 | 37651 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Financial Exchanges & Data–0.36%** | **Financial Exchanges & Data–0.36%** | **Financial Exchanges & Data–0.36%** |
|  Cboe Global Markets, Inc., 3.00%, 03/16/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;108000 | $90145 |
|  Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2027 | 65000 | 62864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/2029 | 50000 | 48409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/2033 | 52000 | 49819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2052 | 73000 | 68011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/2062 | 55000 | 52102 |
|  Moody's Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/19/2031 | 31000 | 24568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/2032 | 32000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/19/2041 | 35000 | 24513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/2052 | 42000 | 32190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/2061 | 84000 | 53275 |
|  S&P Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2032<sup>(d)</sup> | 28000 | 23961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/2062<sup>(d)</sup> | 43000 | 33440 |
|  |  | 593297 |
|  **General Merchandise Stores–0.16%** | **General Merchandise Stores–0.16%** | **General Merchandise Stores–0.16%** |
|  Dollar General Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2027 | 43000 | 42279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 38000 | 37604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 | 75000 | 74237 |
|  Target Corp., 4.50%, 09/15/2032 | 110000 | 107106 |
|  |  | 261226 |
|  **Health Care Equipment–0.12%** |  |  |
|  Alcon Finance Corp. (Switzerland), 5.38%, 12/06/2032<sup>(d)</sup> | 200000 | 201644 |
|  **Health Care REITs–0.01%** |  |  |
|  Healthcare Realty Holdings L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2026 | 6000 | 5593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/15/2031 | 6000 | 4556 |
|  |  | 10149 |
|  **Health Care Services–0.22%** |  |  |
|  Cigna Corp., 4.13%, 11/15/2025 | 5000 | 4891 |
|  Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026<sup>(d)</sup> | 150000 | 127393 |
|  Piedmont Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 2.04%, 01/01/2032 | 58000 | 44809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/2042 | 56000 | 38455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/2052 | 65000 | 40827 |
|  Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051 | 171000 | 101825 |
|  |  | 358200 |
|  **Home Improvement Retail–0.33%** |  |  |
|  Home Depot, Inc. (The), 4.95%, 09/15/2052 | 54000 | 52161 |
|  Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 | 16000 | 15045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | 201000 | 196869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053<sup>(c)</sup> | 152000 | 146372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 | 125000 | 120399 |
|  |  | 530846 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Homebuilding–0.02%** |  |  |  |
|  D.R. Horton, Inc., 4.75%, 02/15/2023 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | $9996 |
|  M.D.C. Holdings, Inc., 3.97%, 08/06/2061 |  | 52000 | 29228 |
|  |  |  | 39224 |
|  **Hotels, Resorts & Cruise Lines–0.11%** | **Hotels, Resorts & Cruise Lines–0.11%** | **Hotels, Resorts & Cruise Lines–0.11%** | **Hotels, Resorts & Cruise Lines–0.11%** |
|  Expedia Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2027 |  | 10000 | 9610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2030 |  | 208000 | 176899 |
|  |  |  | 186509 |
|  **Household Products–0.03%** |  |  |  |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027 |  | 48000 | 45467 |
|  **Hypermarkets & Super Centers–0.10%** | **Hypermarkets & Super Centers–0.10%** | **Hypermarkets & Super Centers–0.10%** | **Hypermarkets & Super Centers–0.10%** |
|  Walmart, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/2032 |  | 84000 | 82097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/2052 |  | 81000 | 77561 |
|  |  |  | 159658 |
|  **Independent Power Producers & Energy Traders–0.09%** | **Independent Power Producers & Energy Traders–0.09%** | **Independent Power Producers & Energy Traders–0.09%** | **Independent Power Producers & Energy Traders–0.09%** |
|  Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028<sup>(d)</sup> |  | 146000 | 140304 |
|  **Industrial Conglomerates–0.16%** |  |  |  |
|  Honeywell International, Inc., 5.00%, 02/15/2033 |  | 252000 | 257503 |
|  **Industrial REITs–0.01%** |  |  |  |
|  LXP Industrial Trust, 2.38%, 10/01/2031 |  | 16000 | 12171 |
|  **Insurance Brokers–0.05%** |  |  |  |
|  Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052 |  | 42000 | 46852 |
|  Willis North America, Inc., 4.65%, 06/15/2027 |  | 35000 | 33863 |
|  |  |  | 80715 |
|  **Integrated Oil & Gas–0.15%** |  |  |  |
|  BP Capital Markets America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/2041 |  | 35000 | 26050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/2051 |  | 18000 | 11934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/2052 |  | 18000 | 11948 |
|  BP Capital Markets PLC (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>(e)(f)</sup> |  | 22000 | 21065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(e)(f)</sup> |  | 86000 | 75519 |
|  Gray Oak Pipeline LLC, 2.60%, 10/15/2025<sup>(d)</sup> |  | 25000 | 22696 |
|  Shell International Finance B.V. (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/26/2041 |  | 52000 | 37933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/2051 |  | 48000 | 32731 |
|  |  |  | 239876 |
|  **Integrated Telecommunication Services–0.15%** | **Integrated Telecommunication Services–0.15%** | **Integrated Telecommunication Services–0.15%** | **Integrated Telecommunication Services–0.15%** |
|  AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (SOFR + 0.64%), 03/25/2024<sup>(g)</sup> |  | 66000 | 65705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 |  | 9000 | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 |  | 55000 | 42429 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
|  Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | $5447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 |  | 100000 | 79535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/2041 |  | 42000 | 29064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2060 |  | 7000 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/2061 |  | 15000 | 10537 |
|  |  |  | 245412 |
|  **Interactive Home Entertainment–0.01%** | **Interactive Home Entertainment–0.01%** | **Interactive Home Entertainment–0.01%** | **Interactive Home Entertainment–0.01%** |
|  Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 23000 | 18133 |
|  **Interactive Media & Services–0.14%** | **Interactive Media & Services–0.14%** | **Interactive Media & Services–0.14%** |  |
|  Meta Platforms, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/2032 |  | 65000 | 57382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/2052 |  | 117000 | 93582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/2062 |  | 99000 | 79957 |
|  |  |  | 230921 |
|  **Internet & Direct Marketing Retail–0.02%** | **Internet & Direct Marketing Retail–0.02%** | **Internet & Direct Marketing Retail–0.02%** | **Internet & Direct Marketing Retail–0.02%** |
|  Amazon.com, Inc., 2.88%, 05/12/2041 |  | 34000 | 25506 |
|  **Investment Banking & Brokerage–0.83%** | **Investment Banking & Brokerage–0.83%** | **Investment Banking & Brokerage–0.83%** | **Investment Banking & Brokerage–0.83%** |
|  Charles Schwab Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/2027 |  | 16000 | 14610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (SOFR + 1.05%), 03/03/2027<sup>(g)</sup> |  | 65000 | 63310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/2032 |  | 37000 | 31545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(e)(f)</sup> |  | 67000 | 61338 |
|  Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (SOFR + 0.58%), 03/08/2024<sup>(g)</sup> |  | 80000 | 79516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/2024 |  | 117000 | 118478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.70%), 01/24/2025<sup>(g)</sup> |  | 53000 | 52229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2025 |  | 7000 | 6737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.79%), 12/09/2026<sup>(g)</sup> |  | 187000 | 180143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% (SOFR + 0.81%), 03/09/2027<sup>(g)</sup> |  | 105000 | 100818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/2027<sup>(e)</sup> |  | 26000 | 22768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (SOFR + 0.92%), 10/21/2027<sup>(g)</sup> |  | 115000 | 110034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.31% (SOFR + 1.12%), 02/24/2028<sup>(g)</sup> |  | 22000 | 21162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/2028<sup>(e)</sup> |  | 60000 | 57604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/2032<sup>(e)</sup> |  | 18000 | 13754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/2032<sup>(e)</sup> |  | 29000 | 22970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/2033<sup>(e)</sup> |  | 23000 | 18735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/2043<sup>(e)</sup> |  | 30000 | 22162 |
|  Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.63%), 01/24/2025<sup>(g)</sup> |  | 29000 | 28605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 |  | 16000 | 15970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/2026<sup>(e)</sup> |  | 9000 | 8371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/2031<sup>(e)</sup> |  | 11000 | 9628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/2032<sup>(e)</sup> |  | 37000 | 28475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/2032<sup>(e)</sup> |  | 20000 | 15705 |
|  National Securities Clearing Corp., 5.10%, 11/21/2027<sup>(d)</sup> |  | 250000 | 251896 |
|  |  |  | 1356563 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Leisure Products–0.09%** |  |  |
|  Brunswick Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $42341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/2052 | 145000 | 104749 |
|  |  | 147090 |
|  **Life & Health Insurance–0.97%** |  |  |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 15000 | 14228 |
|  Athene Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/08/2026<sup>(d)</sup> | 14000 | 12270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/12/2026<sup>(d)</sup> | 16000 | 14459 |
|  F&G Global Funding, 2.00%, 09/20/2028<sup>(d)</sup> | 47000 | 38836 |
|  GA Global Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/06/2027<sup>(d)</sup> | 160000 | 141056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/15/2028<sup>(d)</sup> | 212000 | 176176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/06/2032<sup>(d)</sup> | 168000 | 133411 |
|  Lincoln National Corp., Series C, 9.25%<sup>(e)(f)</sup> | 102000 | 108630 |
|  MAG Mutual Holding Co., 4.75%, 04/30/2041<sup>(h)</sup> | 509000 | 418107 |
|  Manulife Financial Corp. (Canada), 4.06%, 02/24/2032<sup>(e)</sup> | 5000 | 4560 |
|  MetLife, Inc., 5.00%, 07/15/2052 | 35000 | 33528 |
|  Northwestern Mutual Global Funding, 4.35%, 09/15/2027<sup>(d)</sup> | 113000 | 110209 |
|  Pacific Life Global Funding II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.80%), 03/30/2025<sup>(d)(g)</sup> | 186000 | 183450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (SOFR + 0.62%), 06/04/2026<sup>(d)(g)</sup> | 67000 | 64345 |
|  Prudential Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/2044<sup>(e)</sup> | 21000 | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2052<sup>(e)</sup> | 89000 | 86275 |
|  Reliance Standard Life Global Funding II, 2.75%, 01/21/2027<sup>(d)</sup> | 15000 | 13546 |
|  |  | 1573078 |
|  **Managed Health Care–0.77%** |  |  |
|  Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2032 | 50000 | 51344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/2052 | 36000 | 38605 |
|  Kaiser Foundation Hospitals, Series 2021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 06/01/2041 | 135000 | 98362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 140000 | 96015 |
|  UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2024 | 137000 | 137678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/2025 | 96000 | 97199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2027 | 51000 | 49415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028<sup>(c)</sup> | 117000 | 119820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 | 200000 | 206587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 | 172000 | 178017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 | 85000 | 92339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 80000 | 87387 |
|  |  | 1252768 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Movies & Entertainment–0.18%** |  |  |  |
|  Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042<sup>(d)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;136000 | $104533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052<sup>(d)</sup> |  | 112000 | 81853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062<sup>(d)</sup> |  | 150000 | 110102 |
|  |  |  | 296488 |
|  **Multi-line Insurance–0.03%** |  |  |  |
|  Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052<sup>(d)</sup> |  | 52000 | 51793 |
|  **Multi-Utilities–0.37%** |  |  |  |
|  Ameren Corp., 2.50%, 09/15/2024 |  | 5000 | 4786 |
|  Ameren Illinois Co., 5.90%, 12/01/2052 |  | 50000 | 54625 |
|  Dominion Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/2030 |  | 7000 | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2032<sup>(c)</sup> |  | 299000 | 297302 |
|  WEC Energy Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/2025 |  | 149000 | 149122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/2027 |  | 77000 | 77964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/2030 |  | 9000 | 7040 |
|  |  |  | 597024 |
|  **Office REITs–0.10%** |  |  |  |
|  Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034<sup>(c)</sup> |  | 18000 | 14645 |
|  Office Properties Income Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2024 |  | 88000 | 83388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 |  | 36000 | 32647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/2026 |  | 9000 | 6984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/2027 |  | 39000 | 28538 |
|  |  |  | 166202 |
|  **Oil & Gas Exploration & Production–0.30%** | **Oil & Gas Exploration & Production–0.30%** | **Oil & Gas Exploration & Production–0.30%** | **Oil & Gas Exploration & Production–0.30%** |
|  Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025 |  | 16000 | 14900 |
|  Continental Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026<sup>(d)</sup> |  | 9000 | 7810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/01/2032<sup>(d)</sup> |  | 13000 | 9648 |
|  Diamondback Energy, Inc., 6.25%, 03/15/2053 |  | 271000 | 263336 |
|  EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 10/01/2025<sup>(c)</sup> |  | 145000 | 144493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 43000 | 42827 |
|  |  |  | 483014 |
|  **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** |
|  Boardwalk Pipelines L.P., 3.60%, 09/01/2032 |  | 37000 | 30719 |
|  El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 |  | 27000 | 30628 |
|  Enbridge, Inc. (Canada), 4.78% (SOFR + 0.63%), 02/16/2024<sup>(g)</sup> |  | 16000 | 15919 |
|  Energy Transfer L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2023 |  | 8000 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 |  | 5000 | 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 39000 | 38736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 |  | 92000 | 90186 |
|  Kinder Morgan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/2032 |  | 25000 | 28188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 63000 | 58599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/2052 |  | 145000 | 130902 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
|  MPLX L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/2026 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | $8032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2027 |  | 4000 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 |  | 99000 | 81338 |
|  ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 20000 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 |  | 70000 | 70211 |
|  Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037<sup>(d)</sup> |  | 110000 | 110400 |
|  Targa Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 67000 | 65777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2052 |  | 77000 | 73064 |
|  Williams Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/2031 |  | 49000 | 39772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2051 |  | 20000 | 13700 |
|  |  |  | 922986 |
|  **Other Diversified Financial Services–0.13%** | **Other Diversified Financial Services–0.13%** | **Other Diversified Financial Services–0.13%** | **Other Diversified Financial Services–0.13%** |
|  Corebridge Financial, Inc., 6.88%, 12/15/2052<sup>(d)(e)</sup> |  | 117000 | 108657 |
|  Jackson Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 06/08/2027 |  | 49000 | 48355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/2032 |  | 54000 | 50851 |
|  |  |  | 207863 |
|  **Packaged Foods & Meats–0.09%** |  |  |  |
|  Conagra Brands, Inc., 4.60%, 11/01/2025 |  | 8000 | 7891 |
|  General Mills, Inc., 2.25%, 10/14/2031 |  | 10000 | 8069 |
|  JDE Peet's N.V. (Netherlands), 1.38%, 01/15/2027<sup>(d)</sup> |  | 150000 | 126811 |
|  |  |  | 142771 |
|  **Paper Packaging–0.06%** |  |  |  |
|  Berry Global, Inc., 1.65%, 01/15/2027 |  | 92000 | 78810 |
|  Packaging Corp. of America, 3.65%, 09/15/2024 |  | 7000 | 6824 |
|  Sealed Air Corp., 1.57%, 10/15/2026<sup>(d)</sup> |  | 22000 | 19025 |
|  |  |  | 104659 |
|  **Pharmaceuticals–0.35%** |  |  |  |
|  Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023<sup>(d)</sup> |  | 335000 | 330278 |
|  Mayo Clinic, Series 2021, 3.20%, 11/15/2061 |  | 97000 | 65021 |
|  Mylan, Inc., 3.13%, 01/15/2023<sup>(d)</sup> |  | 14000 | 13989 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028 |  | 160000 | 158970 |
|  |  |  | 568258 |
|  **Precious Metals & Minerals–0.05%** | **Precious Metals & Minerals–0.05%** | **Precious Metals & Minerals–0.05%** | **Precious Metals & Minerals–0.05%** |
|  Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024<sup>(d)</sup> |  | 86000 | 83267 |
|  **Property & Casualty Insurance–0.11%** | **Property & Casualty Insurance–0.11%** | **Property & Casualty Insurance–0.11%** |  |
|  Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032<sup>(d)</sup> |  | 111000 | 104502 |
|  Liberty Mutual Group, Inc., 5.50%, 06/15/2052<sup>(d)</sup> |  | 81000 | 73091 |
|  |  |  | 177593 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Railroads–0.36%** |  |  |
|  CSX Corp., 4.50%, 11/15/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;115000 | $100474 |
|  Norfolk Southern Corp., 4.55%, 06/01/2053 | 44000 | 38490 |
|  Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/2027 | 9000 | 8140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2033 | 149000 | 146173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/2052 | 148000 | 142774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/2063 | 152000 | 147034 |
|  |  | 583085 |
|  **Real Estate Development–0.01%** |  |  |
|  Essential Properties L.P., 2.95%, 07/15/2031 | 24000 | 17507 |
|  **Regional Banks–1.25%** |  |  |
|  Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/2025 | 43000 | 41754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/2030 | 3000 | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/30/2032 | 69000 | 51417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 05/21/2037<sup>(e)</sup> | 94000 | 87677 |
|  Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/2028<sup>(e)</sup> | 96000 | 98944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/2030<sup>(e)</sup> | 98000 | 93681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/2033<sup>(e)</sup> | 47000 | 43076 |
|  Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2025 | 9000 | 8769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 08/04/2028<sup>(e)</sup> | 43000 | 41028 |
|  KeyCorp, 4.79%, 06/01/2033<sup>(e)</sup> | 38000 | 35991 |
|  PNC Financial Services Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 10/28/2025<sup>(e)</sup> | 140000 | 141590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/06/2033<sup>(e)</sup> | 135000 | 125104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/2033<sup>(e)</sup> | 115000 | 120097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 8.12% (3 mo. USD LIBOR + 3.68%)<sup>(f)(g)</sup> | 108000 | 108108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 6.00%<sup>(e)(f)</sup> | 133000 | 125302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 6.20%<sup>(c)(e)(f)</sup> | 335000 | 328216 |
|  Santander Holdings USA, Inc., 3.50%, 06/07/2024 | 5000 | 4860 |
|  Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026<sup>(e)</sup> | 221000 | 224097 |
|  SVB Financial Group, 2.10%, 05/15/2028 | 13000 | 10771 |
|  Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/2028<sup>(e)</sup> | 60000 | 57520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/2033<sup>(e)</sup> | 168000 | 158075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/2033<sup>(e)</sup> | 113000 | 119255 |
|  |  | 2027943 |
|  **Reinsurance–0.00%** |  |  |
|  Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050 | 9000 | 6053 |
|  **Renewable Electricity–0.02%** |  |  |
|  NSTAR Electric Co., 4.55%, 06/01/2052 | 44000 | 39853 |
|  **Residential REITs–0.07%** |  |  |
|  American Homes 4 Rent L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/2032 | 49000 | 41348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/2052 | 23000 | 16959 |
|  AvalonBay Communities, Inc., 5.00%, 02/15/2033 | 49000 | 48370 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Residential REITs–(continued)** |  |  |
|  Spirit Realty L.P., 3.20%, 01/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $5329 |
|  Sun Communities Operating L.P., 2.70%, 07/15/2031 | 3000 | 2375 |
|  |  | 114381 |
|  **Restaurants–0.08%** |  |  |
|  McDonald's Corp., 5.15%, 09/09/2052 | 134000 | 129279 |
|  **Retail REITs–0.18%** |  |  |
|  Agree L.P., 2.00%, 06/15/2028 | 7000 | 5745 |
|  Kite Realty Group L.P., 4.00%, 10/01/2026 | 23000 | 21208 |
|  Kite Realty Group Trust, 4.75%, 09/15/2030 | 9000 | 7946 |
|  KRC Interim Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/01/2028 | 13000 | 10906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/01/2031 | 24000 | 18486 |
|  National Retail Properties, Inc., 3.50%, 04/15/2051 | 16000 | 10768 |
|  Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/2028 | 6000 | 5149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2031 | 6000 | 5218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 | 78000 | 79462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/2032 | 5000 | 4069 |
|  Regency Centers L.P., 2.95%, 09/15/2029 | 7000 | 5890 |
|  Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080<sup>(d)(e)</sup> | 133000 | 119268 |
|  |  | 294115 |
|  **Semiconductors–0.16%** |  |  |
|  Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/2026 | 153000 | 144367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033<sup>(d)</sup> | 13000 | 10458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034<sup>(d)</sup> | 26000 | 20818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035<sup>(d)</sup> | 65000 | 47991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/2037<sup>(d)</sup> | 15000 | 13139 |
|  QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/2030 | 14000 | 11878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 | 13000 | 9484 |
|  Skyworks Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/01/2026 | 4000 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2031 | 7000 | 5508 |
|  |  | 267164 |
|  **Sovereign Debt–0.25%** |  |  |
|  Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032<sup>(d)</sup> | 200000 | 199131 |
|  Panama Government International Bond (Panama), 6.40%, 02/14/2035 | 208000 | 211621 |
|  |  | 410752 |
|  **Specialized Finance–0.06%** |  |  |
|  Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031<sup>(d)</sup> | 29000 | 21143 |
|  Blackstone Private Credit Fund, 7.05%, 09/29/2025<sup>(d)</sup> | 70000 | 69516 |
|  |  | 90659 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Specialized REITs–0.39%** |  |  |  |
|  American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2023 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | $7916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 |  | 141000 | 132021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 |  | 34000 | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 30000 | 26837 |
|  Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/2026 |  | 141000 | 137958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/2031 |  | 33000 | 26676 |
|  EPR Properties, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/2026 |  | 23000 | 20696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2028 |  | 64000 | 54705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2031 |  | 43000 | 31246 |
|  Life Storage L.P., 2.40%, 10/15/2031 |  | 26000 | 20066 |
|  Prologis L.P., 4.63%, 01/15/2033 |  | 148000 | 143748 |
|  |  |  | 629626 |
|  **Steel–0.20%** |  |  |  |
|  ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027 |  | 329000 | 331112 |
|  **Systems Software–0.33%** |  |  |  |
|  Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 346000 | 363224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 151000 | 162425 |
|  VMware, Inc., 3.90%, 08/21/2027 |  | 4000 | 3740 |
|  |  |  | 529389 |
|  **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** |
|  Apple, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/2032 |  | 94000 | 85618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/2045 |  | 4000 | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/2060 |  | 47000 | 28676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061 |  | 49000 | 31250 |
|  |  |  | 149262 |
|  **Thrifts & Mortgage Finance–0.08%** | **Thrifts & Mortgage Finance–0.08%** | **Thrifts & Mortgage Finance–0.08%** | **Thrifts & Mortgage Finance–0.08%** |
|  Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030<sup>(d)(e)</sup> |  | 150000 | 130174 |
|  **Tobacco–0.27%** |  |  |  |
|  Altria Group, Inc., 3.70%, 02/04/2051 |  | 9000 | 5670 |
|  Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 132000 | 133198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/2029 |  | 214000 | 217601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 75000 | 76692 |
|  |  |  | 433161 |
|  **Trading Companies & Distributors–0.08%** | **Trading Companies & Distributors–0.08%** | **Trading Companies & Distributors–0.08%** | **Trading Companies & Distributors–0.08%** |
|  Air Lease Corp., 5.85%, 12/15/2027 |  | 135000 | 135086 |
|  **Trucking–0.21%** |  |  |  |
|  Penske Truck Leasing Co. L.P./PTL Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2025<sup>(d)</sup> |  | 8000 | 7662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026<sup>(d)</sup> |  | 13000 | 11944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2027<sup>(d)</sup> |  | 23000 | 21862 |
|  Ryder System, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2025 |  | 192000 | 188623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/2027<sup>(c)</sup> |  | 32000 | 30699 |
|  Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026<sup>(d)</sup> |  | 91000 | 79128 |
|  |  |  | 339918 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Wireless Telecommunication Services–0.23%** | **Wireless Telecommunication Services–0.23%** | **Wireless Telecommunication Services–0.23%** |
|  Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;196000 | $152864 |
|  T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2025 | 141000 | 135723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 | 91000 | 61555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 | 28000 | 27262 |
|  |  | 377404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $45,515,362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $45,515,362) | 42641120 |
|  **Asset-Backed Securities–15.96%** | **Asset-Backed Securities–15.96%** | **Asset-Backed Securities–15.96%** |
|  Alternative Loan Trust, Series 2005- 29CB, Class A4, 5.00%, 07/25/2035 | 81344 | 49599 |
|  AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class C, 3.74%, 10/18/2024 | 72400 | 72345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class C, 2.74%, 04/18/2025 | 84106 | 83281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class D, 2.99%, 06/18/2025 | 270000 | 262983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class D, 2.58%, 09/18/2025 | 130000 | 125031 |
|  AMSR Trust, Series 2021-SFR3,<br>Class B, 1.73%, 10/17/2038<sup>(d)</sup> | 235000 | 200675 |
|  Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, 12/25/2059<sup>(d)(i)</sup> | 30454 | 28575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, 04/25/2065<sup>(d)(i)</sup> | 105583 | 93615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066<sup>(d)(i)</sup> | 57506 | 47500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.98%, 10/25/2066<sup>(d)(i)</sup> | 134476 | 109967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, 12/25/2066<sup>(d)(j)</sup> | 235639 | 206914 |
|  Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028<sup>(d)</sup> | 415000 | 395969 |
|  Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 5.54% (3 mo. USD LIBOR + 1.18%),<br>07/25/2034<sup>(d)(g)</sup> | 424000 | 413723 |
|  Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.00%, 01/25/2037 | 17176 | 13941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-C, Class 1A4, 3.47%, 05/20/2036<sup>(i)</sup> | 5480 | 5159 |
|  Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 3.59%, 06/25/2034<sup>(i)</sup> | 15869 | 15098 |
|  Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052<sup>(k)</sup> | 1515070 | 64354 |
|  Bayview MSR Opportunity Master Fund Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 3.00%, 10/25/2051<sup>(d)(i)</sup> | 194274 | 162837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, 10/25/2051<sup>(d)(i)</sup> | 194274 | 156880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, 10/25/2051<sup>(d)(i)</sup> | 184365 | 159308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, 11/25/2051<sup>(d)(i)</sup> | 205169 | 172479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, 11/25/2051<sup>(d)(i)</sup> | 250348 | 202784 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Bear Stearns Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035<sup>(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94229 | $87577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036<sup>(g)</sup> | 29726 | 28507 |
|  Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.53%, 01/15/2051<sup>(k)</sup> | 1608053 | 31942 |
|  BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060<sup>(d)(i)</sup> | 55564 | 52284 |
|  BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, 5.17% (1 mo. USD LIBOR + 0.85%), 11/15/2038<sup>(d)(g)</sup> | 110000 | 105999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), 09/15/2036<sup>(d)(g)</sup> | 210000 | 202590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.27% (1 mo. USD LIBOR + 0.95%), 09/15/2036<sup>(d)(g)</sup> | 190000 | 179510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class B, 5.32% (1 mo. USD LIBOR + 1.00%), 10/15/2038<sup>(d)(g)</sup> | 97305 | 92854 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CLS, Class A, 5.76%, 10/13/2027<sup>(d)</sup> | 105000 | 103010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 5.34% (1 mo. Term SOFR + 1.00%), 01/15/2039<sup>(d)(g)</sup> | 185000 | 179051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 5.64% (1 mo. Term SOFR + 1.30%), 01/15/2039<sup>(d)(g)</sup> | 110000 | 105341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.94% (1 mo. Term SOFR + 1.60%), 01/15/2039<sup>(d)(g)</sup> | 100000 | 95235 |
|  CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | 450000 | 456029 |
|  CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 2.55%, 03/15/2027<sup>(d)</sup> | 105000 | 103951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class C, 2.89%, 03/15/2027<sup>(d)</sup> | 100000 | 98848 |
|  CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.88%, 11/13/2050<sup>(k)</sup> | 759953 | 21202 |
|  Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 5.22% (3 mo. USD LIBOR + 0.98%), 04/20/2031<sup>(d)(g)</sup> | 250000 | 246532 |
|  Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049<sup>(d)(i)</sup> | 4369 | 4027 |
|  Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.64%, 01/25/2036<sup>(i)</sup> | 41186 | 36049 |
|  Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC17, Class XA, IO, 0.99%, 11/10/2046<sup>(k)</sup> | 375589 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC21, Class AA, 3.48%, 05/10/2047 | 23869 | 23510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4, Class XA, IO, 1.04%, 10/12/2050<sup>(k)</sup> | 1974570 | 67796 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035<sup>(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79471 | $76466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3, 2.50%, 05/25/2051<sup>(d)(i)</sup> | 196410 | 158604 |
|  CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026 | 76756 | 76715 |
|  COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.85%, 03/25/2065<sup>(d)(i)</sup> | 9189 | 9004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, 11/26/2066<sup>(d)(i)</sup> | 100585 | 85177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, 12/27/2066<sup>(d)(i)</sup> | 136224 | 119225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, 02/25/2067<sup>(d)(j)</sup> | 142147 | 128357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(d)(i)</sup> | 238127 | 221144 |
|  COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5, Class XA, IO, 1.09%, 12/10/2045<sup>(k)</sup> | 4655 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR6, Class AM, 3.15%, 03/10/2046<sup>(d)</sup> | 255000 | 253071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class ASB, 3.31%, 11/10/2047 | 25789 | 25301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 865000 | 821743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC15, Class AM, 4.20%, 04/10/2047 | 140000 | 135577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | 495000 | 472160 |
|  Countrywide Home Loans Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-26, Class 1A8, 5.50%, 11/25/2035 | 25372 | 15690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6, Class A3, 6.00%, 04/25/2036 | 17719 | 9833 |
|  Credit Suisse Mortgage Capital Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.81%, 05/25/2065<sup>(d)(i)</sup> | 39456 | 33204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.18%, 02/25/2066<sup>(d)(i)</sup> | 48501 | 40393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(d)(i)</sup> | 175294 | 161115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067<sup>(d)(i)</sup> | 100000 | 83327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class A1, 4.55%, 05/25/2067<sup>(d)(i)</sup> | 248473 | 238482 |
|  CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 | 571000 | 477936 |
|  CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036 | 82859 | 44376 |
|  Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 5.16% (3 mo. USD LIBOR + 1.08%), 01/15/2034<sup>(d)(g)</sup> | 100056 | 97807 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Ellington Financial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.01%, 05/25/2065<sup>(d)(i)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14036 | $13588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, 02/25/2066<sup>(d)(i)</sup> | 37231 | 30541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, 01/25/2067<sup>(d)(i)</sup> | 125748 | 105788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 5.00%, 08/25/2067<sup>(d)(j)</sup> | 237613 | 230402 |
|  Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025<sup>(d)</sup> | 185925 | 182833 |
|  Extended Stay America Trust, Series 2021-ESH, Class B, 5.70% (1 mo. USD LIBOR + 1.38%), 07/15/2038<sup>(d)(g)</sup> | 102500 | 98714 |
|  First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 5.04% (1 mo. USD LIBOR + 0.65%), 11/25/2035<sup>(g)</sup> | 36677 | 16729 |
|  Flagstar Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11IN, Class A6, 3.70%, 11/25/2051<sup>(d)(i)</sup> | 315101 | 270830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, 2.50%, 09/25/2051<sup>(d)(i)</sup> | 83127 | 71448 |
|  FREMF Mortgage Trust, Series 2013- K28, Class C, 3.44%,<br>06/25/2046<sup>(d)(i)</sup> | 450000 | 446403 |
|  Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 5.45% (3 mo. USD LIBOR + 1.09%), 01/25/2032<sup>(d)(g)</sup> | 275000 | 268957 |
|  GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 5.07% (1 mo. Term SOFR + 0.73%), 08/15/2036<sup>(d)(g)</sup> | 100000 | 98673 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC16, Class AS, 4.65%, 11/10/2046 | 65000 | 63886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class AAB, 3.65%, 01/10/2047 | 16839 | 16670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5, 2.38%, 05/12/2053 | 225000 | 186166 |
|  GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051<sup>(d)(i)</sup> | 167260 | 144745 |
|  GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035<sup>(i)</sup> | 3831 | 3525 |
|  Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027<sup>(d)</sup> | 113000 | 98552 |
|  Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025<sup>(d)</sup> | 104000 | 96178 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class AS, 3.37%, 12/15/2047 | 325000 | 324201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C16, Class AS, 4.52%, 12/15/2046 | 330000 | 323860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 78000 | 76827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class AS, 4.04%, 07/15/2047 | 245000 | 235774 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A1, 3.45%, 07/25/2035<sup>(i)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20150 | $19510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A1, 2.52%, 05/25/2052<sup>(d)(i)</sup> | 227373 | 183200 |
|  JPMBB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class B, 4.12%, 11/15/2047<sup>(i)</sup> | 270000 | 247378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class AS, 4.07%, 11/15/2047 | 105000 | 100169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class XA, IO, 1.15%, 02/15/2048<sup>(k)</sup> | 1958426 | 36492 |
|  KKR CLO 30 Ltd., Series 30A, Class A1R, 5.10% (3 mo. USD LIBOR + 1.02%), 10/17/2031<sup>(d)(g)</sup> | 268000 | 263411 |
|  Life Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), 03/15/2038<sup>(d)(g)</sup> | 127786 | 123898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class B, 5.20% (1 mo. USD LIBOR + 0.88%), 03/15/2038<sup>(d)(g)</sup> | 211339 | 202273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class C, 5.42% (1 mo. USD LIBOR + 1.10%), 03/15/2038<sup>(d)(g)</sup> | 103212 | 98291 |
|  Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 5.38% (3 mo. USD LIBOR + 1.15%), 04/19/2033<sup>(d)(g)</sup> | 618000 | 608464 |
|  MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 4.02%, 04/21/2034<sup>(i)</sup> | 8700 | 8322 |
|  Med Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class A, 5.27% (1 mo. USD LIBOR + 0.95%), 11/15/2038<sup>(d)(g)</sup> | 140000 | 134970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class B, 5.77% (1 mo. USD LIBOR + 1.45%), 11/15/2038<sup>(d)(g)</sup> | 222000 | 211924 |
|  Mello Mortgage Capital Acceptance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A4, 2.50%, 08/25/2051<sup>(d)(i)</sup> | 128143 | 110139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, 2.50%, 10/25/2051<sup>(d)(i)</sup> | 126456 | 108690 |
|  MFA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AEI1, Class A3, 2.50%, 08/25/2051<sup>(d)(i)</sup> | 138297 | 111678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AEI1, Class A4, 2.50%, 08/25/2051<sup>(d)(i)</sup> | 171264 | 148021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A1, 1.91%, 11/25/2056<sup>(d)(i)</sup> | 164903 | 135400 |
|  MHP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STOR, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), 07/15/2038<sup>(d)(g)</sup> | 105000 | 101452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STOR, Class B, 5.22% (1 mo. USD LIBOR + 0.90%), 07/15/2038<sup>(d)(g)</sup> | 105000 | 100183 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C9, Class AS, 3.46%, 05/15/2046 | 240000 | 237060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class AS, 3.83%, 12/15/2047 | 720000 | 683115 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050<sup>(k)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;620315 | $21341 |
|  Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036<sup>(d)(i)</sup> | 123635 | 97506 |
|  Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 5.25% (3 mo. USD LIBOR + 1.02%), 04/19/2030<sup>(d)(g)</sup> | 272415 | 269138 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 5.14% (3 mo. USD LIBOR + 1.06%), 04/16/2033<sup>(d)(g)</sup> | 250000 | 246322 |
|  New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062<sup>(d)(i)</sup> | 153042 | 136768 |
|  OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.31%, 11/25/2061<sup>(d)(i)</sup> | 165294 | 142412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 2.94%, 01/25/2062<sup>(d)(i)</sup> | 199043 | 174158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062<sup>(d)(j)</sup> | 123443 | 111217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062<sup>(d)(j)</sup> | 110000 | 89501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM8, Class A1, 6.10%, 09/25/2062<sup>(d)(j)</sup> | 349320 | 347464 |
|  Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051<sup>(d)(i)</sup> | 146378 | 126673 |
|  OCP CLO Ltd. (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class A1AR, 5.04% (3 mo. USD LIBOR + 0.96%), 07/15/2030<sup>(d)(g)</sup> | 250000 | 246515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class A1, 5.30% (3 mo. USD LIBOR + 1.22%), 01/17/2032<sup>(d)(g)</sup> | 366000 | 360132 |
|  Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 5.29% (3 mo. USD LIBOR + 1.05%), 07/20/2030<sup>(d)(g)</sup> | 250000 | 246952 |
|  Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 5.30% (3 mo. USD LIBOR + 1.22%), 01/15/2033<sup>(d)(g)</sup> | 339000 | 334089 |
|  OHA Loan Funding Ltd., Series 2016- 1A, Class AR, 5.50% (3 mo. USD LIBOR + 1.26%), 01/20/2033<sup>(d)(g)</sup> | 272907 | 269030 |
|  Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061<sup>(d)(i)</sup> | 198052 | 158492 |
|  Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024<sup>(d)</sup> | 42228 | 42123 |
|  Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class A, 1.73%, 04/17/2037<sup>(d)</sup> | 359354 | 327899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 2.39%, 12/17/2040<sup>(d)</sup> | 114973 | 94831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.45%, 06/17/2039<sup>(d)</sup> | 209444 | 196819 |
|  Race Point VIII CLO Ltd., Series 2013- 8A, Class AR2, 5.72% (3 mo. USD LIBOR + 1.04%), 02/20/2030<sup>(d)(g)</sup> | 234082 | 230925 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444 | $2656 |
|  Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060<sup>(d)(i)</sup> | 26746 | 25576 |
|  RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067<sup>(d)</sup> | 137651 | 127420 |
|  Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class D, 3.22%, 07/15/2025 | 99335 | 98720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class D, 2.68%, 10/15/2025 | 80677 | 80307 |
|  SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.17%, 03/27/2062<sup>(d)(i)</sup> | 277816 | 249650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 3.58%, 03/27/2062<sup>(d)(i)</sup> | 122427 | 109992 |
|  Sonic Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.19%, 08/20/2051<sup>(d)</sup> | 98750 | 79043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, 2.64%, 08/20/2051<sup>(d)</sup> | 98750 | 71813 |
|  STAR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 1.22%, 05/25/2065<sup>(d)(i)</sup> | 112548 | 102193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class A, 4.94% (1 mo. USD LIBOR + 0.60%), 04/17/2038<sup>(d)(g)</sup> | 651688 | 627250 |
|  Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, 02/25/2050<sup>(d)(i)</sup> | 7280 | 6997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, 11/25/2066<sup>(d)(i)</sup> | 242614 | 202155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, 12/25/2066<sup>(d)(i)</sup> | 173360 | 145937 |
|  Symphony CLO XXII Ltd., Series 2020- 22A, Class A1A, 5.48% (3 mo. USD LIBOR + 1.29%), 04/18/2033<sup>(d)(g)</sup> | 250000 | 246080 |
|  Synchrony Card Funding LLC, Series 2022-A2, Class A, 3.86%, 07/15/2028 | 354000 | 345510 |
|  Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046<sup>(d)</sup> | 251333 | 214142 |
|  TICP CLO XV Ltd., Series 2020-15A, Class A, 5.52% (3 mo. USD LIBOR + 1.28%), 04/20/2033<sup>(d)(g)</sup> | 256000 | 252415 |
|  Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039<sup>(d)</sup> | 263367 | 218333 |
|  UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050<sup>(k)</sup> | 1186081 | 38979 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Verus Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.42%, 01/25/2060<sup>(d)(j)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45750 | $43277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A2, 2.64%, 01/25/2060<sup>(d)(j)</sup> |  | 61104 | 57720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 0.33%, 03/25/2060<sup>(d)(i)</sup> |  | 16348 | 15695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1B, 1.32%, 01/25/2066<sup>(d)(i)</sup> |  | 51290 | 41713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.83%, 10/25/2066<sup>(d)(i)</sup> |  | 193651 | 163395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.82%, 10/25/2063<sup>(d)(i)</sup> |  | 76491 | 68644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, 01/25/2067<sup>(d)(j)</sup> |  | 131854 | 115198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, 02/25/2067<sup>(d)(j)</sup> |  | 182955 | 173488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, 07/25/2067<sup>(d)(j)</sup> |  | 95963 | 93552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, 10/25/2067<sup>(d)(j)</sup> |  | 128221 | 129244 |
|  Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055<sup>(d)</sup> |  | 53319 | 48221 |
|  WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, 4.24%, 10/25/2033<sup>(i)</sup> |  | 24749 | 23043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A4, 3.89%, 12/25/2035<sup>(i)</sup> |  | 29321 | 27243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, 3.84%, 12/25/2035<sup>(i)</sup> |  | 28821 | 25953 |
|  Wells Fargo Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048 |  | 110972 | 108938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050<sup>(k)</sup> |  | 1040089 | 35486 |
|  WFRBS Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class AS, 3.49%, 06/15/2046 |  | 155000 | 150767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class AS, 4.18%, 05/15/2047 |  | 150000 | 144768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC14, Class AS, 4.35%, 03/15/2047<sup>(i)</sup> |  | 165000 | 160284 |
|  Zaxby's Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051<sup>(d)</sup> |  | 345625 | 279557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $28,320,035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $28,320,035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $28,320,035) | 25952348 |
|  **U.S. Government Sponsored Agency Mortgage-Backed Securities–14.22%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–14.22%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–14.22%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–14.22%** |
|  **Collateralized Mortgage Obligations–0.46%** | **Collateralized Mortgage Obligations–0.46%** | **Collateralized Mortgage Obligations–0.46%** | **Collateralized Mortgage Obligations–0.46%** |
|  Fannie Mae Interest STRIPS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO,<br>7.00%, 06/25/2023 to 04/25/2032<sup>(l)</sup> |  | 5862 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/25/2023 to 11/25/2023<sup>(l)</sup> |  | 3209 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/25/2032 to<br>02/25/2033<sup>(k)(l)</sup> |  | 92497 | 15098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/25/2033 to<br>09/25/2035<sup>(k)(l)</sup> |  | 77050 | 12672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/25/2033 to<br>06/25/2035<sup>(l)</sup> |  | 153047 | 25563 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
|  Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO,<br>5.50%, 06/25/2023 to 07/25/2046<sup>(l)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;190526 | $137934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035<sup>(g)(l)</sup> | 66796 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/25/2027<sup>(l)</sup> | 57028 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030<sup>(g)(l)</sup> | 21619 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031<sup>(g)(l)</sup> | 33397 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032<sup>(g)(l)</sup> | 7276 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032<sup>(g)(l)</sup> | 8705 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032<sup>(g)(l)</sup> | 105121 | 11262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032<sup>(g)(l)</sup> | 9586 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033<sup>(g)(l)</sup> | 49206 | 6549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033<sup>(g)(l)</sup> | 6404 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038<sup>(g)(l)</sup> | 22103 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035<sup>(g)(l)</sup> | 3377 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035<sup>(g)(l)</sup> | 168993 | 9769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/25/2035<sup>(l)</sup> | 211165 | 26492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035<sup>(g)(l)</sup> | 17694 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037<sup>(g)(l)</sup> | 31868 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041<sup>(g)(l)</sup> | 41088 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042<sup>(g)(l)</sup> | 130364 | 13090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047<sup>(g)(l)</sup> | 336651 | 23346 |
| &nbsp;&nbsp;&nbsp;&nbsp; PO,<br>0.00%, 09/25/2023<sup>(m)</sup> | 1278 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/25/2026 to 08/25/2047<sup>(l)</sup> | 107055 | 18556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/25/2028 | 12152 | 12335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (1 mo. USD LIBOR + 0.25%), 08/25/2035<sup>(g)</sup> | 12778 | 12611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.47% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036<sup>(g)</sup> | 22488 | 26131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036<sup>(g)</sup> | 2217 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036<sup>(g)</sup> | 11870 | 13106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 mo. USD LIBOR + 0.94%), 06/25/2037<sup>(g)</sup> | 10764 | 10832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/25/2040 | 14597 | 14434 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
|  Freddie Mac Multifamily Structured Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KC02, Class X1, IO, 1.91%, 03/25/2024<sup>(k)</sup> | $4153046 | $16824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KC03, Class X1, IO, 0.63%, 11/25/2024<sup>(k)</sup> | 2580543 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO, 0.65%, 02/25/2026<sup>(k)</sup> | 2034466 | 32281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, 1.10%, 05/25/2026<sup>(k)</sup> | 2004157 | 52008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, 0.95%, 05/25/2029<sup>(k)</sup> | 1641816 | 78353 |
|  Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO,<br>3.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029<sup>(g)(l)</sup> | 27850 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2027 to 05/15/2040<sup>(l)</sup> | 190528 | 9312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2028<sup>(l)</sup> | 39462 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035<sup>(g)(l)</sup> | 136748 | 6715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035<sup>(g)(l)</sup> | 7293 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035<sup>(g)(l)</sup> | 53337 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037<sup>(g)(l)</sup> | 7704 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038<sup>(g)(l)</sup> | 3886 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038<sup>(g)(l)</sup> | 28048 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039<sup>(g)(l)</sup> | 14123 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044<sup>(g)(l)</sup> | 50002 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2045<sup>(l)</sup> | 22729 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2032 to 06/15/2032 | 39751 | 41301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 | 9906 | 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.92% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035<sup>(g)</sup> | 4577 | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (1 mo. USD LIBOR + 0.40%), 09/15/2035<sup>(g)</sup> | 23569 | 23148 |
|  Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO,<br>7.00%, 04/01/2027<sup>(l)</sup> | 14779 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/2027<sup>(l)</sup> | 72713 | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 12/15/2027<sup>(k)</sup> | 18393 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2028<sup>(l)</sup> | 3428 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(l)</sup> | 13913 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; PO,<br>0.00%, 06/01/2026<sup>(m)</sup> | 3308 | 3092 |
|  |  | 744401 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Federal Home Loan Mortgage Corp. (FHLMC)–0.07%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.07%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 01/01/2025 to 05/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | $173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2028 to 04/01/2034 | 7318 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/2031 to 10/01/2037 | 21853 | 22664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 437 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2039 | 74257 | 76892 |
|  |  | 107682 |
|  **Federal National Mortgage Association (FNMA)–0.37%** | **Federal National Mortgage Association (FNMA)–0.37%** | **Federal National Mortgage Association (FNMA)–0.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/2033 | 17655 | 18325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2037 | 43793 | 45624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2052 | 577875 | 546521 |
|  |  | 610470 |
|  **Government National Mortgage Association (GNMA)–2.41%** | **Government National Mortgage Association (GNMA)–2.41%** | **Government National Mortgage Association (GNMA)–2.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2023 to 06/15/2024 | 996 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; IO,<br>3.17% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032<sup>(g)(l)</sup> | 7761 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037<sup>(g)(l)</sup> | 118105 | 8340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041<sup>(g)(l)</sup> | 55377 | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/16/2047<sup>(l)</sup> | 145107 | 24209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.87% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047<sup>(g)(l)</sup> | 120717 | 10577 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA,<br>2.50%, 01/01/2053<sup>(n)</sup> | 4465000 | 3870382 |
|  |  | 3917710 |
|  **Uniform Mortgage-Backed Securities–10.91%** | **Uniform Mortgage-Backed Securities–10.91%** | **Uniform Mortgage-Backed Securities–10.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA,<br>2.00%, 01/01/2053<sup>(n)</sup> | 7935458 | 6458899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2053<sup>(n)</sup> | 2800000 | 2544123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2053<sup>(n)</sup> | 1039000 | 974553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2053<sup>(n)</sup> | 1039000 | 1000109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2053<sup>(n)</sup> | 3000000 | 2956602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053<sup>(n)</sup> | 3800000 | 3810561 |
|  |  | 17744847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $24,147,693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $24,147,693) | 23125110 |
|  **U.S. Treasury Securities–8.44%** | **U.S. Treasury Securities–8.44%** | **U.S. Treasury Securities–8.44%** |
|  **U.S. Treasury Bonds–1.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042<sup>(c)</sup> | 747200 | 731789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 2863400 | 2360068 |
|  |  | 3091857 |
|  **U.S. Treasury Notes–6.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024<sup>(c)</sup> | 909400 | 909507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025 | 754000 | 749287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027<sup>(c)</sup> | 2426500 | 2413609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 | 1636300 | 1625690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 4832200 | 4932242 |
|  |  | 10630335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $13,989,639) |  | 13722192 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Agency Credit Risk Transfer Notes–0.43%** | **Agency Credit Risk Transfer Notes–0.43%** | **Agency Credit Risk Transfer Notes–0.43%** |
|  Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 2M2, 9.39% (1 mo. USD LIBOR + 5.00%), 11/25/2024<sup>(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14851 | $15016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M1, 6.03% (30 Day Average SOFR + 2.10%), 03/25/2042<sup>(d)(g)</sup> | 248467 | 246865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M1, 5.93% (30 Day Average SOFR + 2.00%), 03/25/2042<sup>(d)(g)</sup> | 136198 | 135782 |
|  Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3, STACR<sup>®</sup> , 8.39% (1 mo. USD LIBOR + 4.00%), 08/25/2024<sup>(g)</sup> | 33138 | 33239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, STACR<sup>®</sup> , 5.93% (30 Day Average SOFR + 2.00%), 04/25/2042<sup>(d)(g)</sup> | 183884 | 183050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1, STACR<sup>®</sup> , 6.08% (30 Day Average SOFR + 2.15%), 09/25/2042<sup>(d)(g)</sup> | 93105 | 93198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $710,965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $710,965) | 707150 |
|  **Municipal Obligations–0.31%** |  |  |
|  California (State of) Health Facilities Financing Authority (Social Bonds), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, RB, 4.19%, 06/01/2037 | 100000 | 89508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, RB, 4.35%, 06/01/2041 | 75000 | 66477 |
|  California State University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB, 2.72%, 11/01/2052 | 90000 | 60836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB, 2.94%, 11/01/2052 | 140000 | 94997 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 | 265000 | 188200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $662,886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $662,886) | 500018 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | - American Depositary Receipt |
| Ctfs. | - Certificates |
| IO | - Interest Only |
| LIBOR | - London Interbank Offered Rate |
| Pfd. | - Preferred |
| PO | - Principal Only |
| RB | - Revenue Bonds |
| Ref. | - Refunding |
| REIT | - Real Estate Investment Trust |
| REMICs | - Real Estate Mortgage Investment Conduits |
| SOFR | - Secured Overnight Financing Rate |
| STACR<sup>®</sup> | - Structured Agency Credit Risk |
| STRIPS | - Separately Traded Registered Interest and Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;Security |
| TBA | - To Be Announced |
| USD | - U.S. Dollar |

---

---

| | | |
|:---|:---|:---|
| | <br> **Shares** | **Value** |
|  **Preferred Stocks–0.16%** |  |  |
|  **Asset Management & Custody Banks–0.01%** | **Asset Management & Custody Banks–0.01%** | **Asset Management & Custody Banks–0.01%** |
|  Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21178 |
|  **Diversified Banks–0.13%** |  |  |
|  Citigroup, Inc., 5.00%, Series U,<br>Pfd.<sup>(e)</sup> | 240000 | 214203 |
|  **Investment Banking & Brokerage–0.02%** | **Investment Banking & Brokerage–0.02%** | **Investment Banking & Brokerage–0.02%** |
|  Charles Schwab Corp. (The), 4.00%, Series H, Pfd.<sup>(e)</sup> | 38000 | 30350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $300,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $300,000) | 265731 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-104.47%<br>(Cost $163,241,595) |  | 169909376 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–5.46%** | **Money Market Funds–5.46%** | **Money Market Funds–5.46%** |
|  Invesco Private Government Fund, 4.28%<sup>(o)(p)(q)</sup> | 2488104 | 2488103 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(o)(p)(q)</sup> | 6397164 | 6397352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,885,267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,885,267) | 8885455 |
|  TOTAL INVESTMENTS IN SECURITIES–109.93%<br>(Cost $172,126,862) | TOTAL INVESTMENTS IN SECURITIES–109.93%<br>(Cost $172,126,862) | 178794831 |
|  OTHER ASSETS LESS LIABILITIES–(9.93)% | OTHER ASSETS LESS LIABILITIES–(9.93)% | (16148036) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $162646795 |

---

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

**Invesco V.I. Conservative Balanced 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, 2022.

<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, 2022 was $30,618,279, which represented 18.83% of the Fund's Net Assets. 

<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> Perpetual bond with no specified maturity date.

<sup>(g)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2022.

<sup>(h)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(i)</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, 2022.

<sup>(j)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(k)</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, 2022. 

<sup>(l)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. 

<sup>(m)</sup> Zero coupon bond issued at a discount.

<sup>(n)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

<sup>(o)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $307302 | $34378663 | $(32197862) | &nbsp;&nbsp;&nbsp;&nbsp;$- | $- | $2488103 | $25,116\* |
|  Invesco Private Prime Fund | 717037 | 62548426 | (56868822) | &nbsp;&nbsp;&nbsp;&nbsp;232 | 479 | 6397352 | 66,711\* |
|  Total | $1024339 | $96927089 | $(89066684) | $232 | $479 | $8885455 | $91827 |

---

\* 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>(p)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(q)</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 1I.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** |
| <br>**Long Futures Contracts** |<br>**Number of**<br>**Contracts** |<br>**Expiration**<br>**Month** |<br>**Notional**<br>**Value** |<br>**Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Interest Rate Risk** | | | | | |
|  U.S. Treasury 5 Year Notes | 21 | March-2023 | $2266523 | $(10018) | $(10018) |
|  U.S. Treasury 10 Year Notes | 32 | March-2023 | 3593500 | (23831) | (23831) |
|  U.S. Treasury Long Bonds | 25 | March-2023 | 3133594 | (21171) | (21171) |
|  U.S. Treasury Ultra Bonds | 1 | March-2023 | 134313 | (141) | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Long Futures Contracts |  |  |  | (55161) | (55161) |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury 2 Year Notes | 3 | March-2023 | (615234) | (703) | (703) |
|  U.S. Treasury 10 Year Ultra Notes | 38 | March-2023 | (4494688) | 51868 | 51868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Short Futures Contracts |  |  |  | 51165 | 51165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $(3996) | $(3996) |

---

<sup>(a)</sup> Futures contracts collateralized by $153,271 cash held with Merrill Lynch International, the futures commission merchant. 

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

**Invesco V.I. Conservative Balanced Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $163,241,595)\* | $169909376 |
|  Investments in affiliated money market funds, at value (Cost $8,885,267) | 8885455 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable – futures contracts | 221295 |
|  Deposits with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – exchange-traded futures contracts | 153271 |
|  Cash | 13582547 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitment | 2889807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 147064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 44340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 737981 |
|  Investment for trustee deferred compensation and retirement plans | 55247 |
|  Other assets | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 196627721 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitment | 24864394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 44732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 8885267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 75758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 52602 |
|  Trustee deferred compensation and retirement plans | 55247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 33980926 |
|  Net assets applicable to shares outstanding | $162646795 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $159707097 |
|  Distributable earnings | 2939698 |
|  | $162646795 |
|  **Net Assets:** |  |
|  Series I | $113671018 |
|  Series II | $48975777 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 8167851 |
|  Series II | 3578503 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $13.92 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $13.69 |

---

\* At December 31, 2022, securities with an aggregate value of $8,329,236 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $3189444 |
|  Dividends (net of foreign withholding taxes of $7,596) | 1107050 |
|  Dividends from affiliated money market funds (includes net securities lending income of $6,615) | 6615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4303109 |
|  **Expenses:** |  |
|  Advisory fees | 1286330 |
|  Administrative services fees | 264966 |
|  Custodian fees | 13966 |
|  Distribution fees - Series II | 120604 |
|  Transfer agent fees | 8807 |
|  Trustees' and officers' fees and benefits | 18599 |
|  Reports to shareholders | 1136 |
|  Professional services fees | 45832 |
|  Other | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1763197 |
|  Less: Fees waived | (470963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1292234 |
|  Net investment income | 3010875 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (6027404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (751798) |
|  | (6778740) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (30294554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 77510 |
|  | (30216916) |
|  Net realized and unrealized gain (loss) | (36995656) |
|  Net increase (decrease) in net assets resulting from operations | $(33984781) |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3010875 | $2255931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6778740) | 13534788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (30216916) | 4447458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (33984781) | 20238177 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (10982295) | (10034354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (4397394) | (3192540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (15379689) | (13226894) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (2014542) | (4887494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 11477936 | 1364481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 9463394 | (3523013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (39901076) | 3488270 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 202547871 | 199059601 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $162646795 | $202547871 |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed<sup>(c)</sup>** | **Ratio of net<br>investment<br>income<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(d)(e)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $18.54 | $0.29 | $(3.45) | $(3.16) | $(0.23) | $(1.23) | $(1.46) | $13.92 | (16.86)% | $113671 | 0.67% | 0.94% | 1.79% | 297% |
|  Year ended 12/31/21 | 17.93 | 0.22 | 1.67 | 1.89 | (0.29) | (0.99) | (1.28) | 18.54 | 10.63 | 151468 | 0.67 | 0.90 | 1.18 | 259 |
|  Year ended 12/31/20 | 16.31 | 0.27 | 2.11 | 2.38 | (0.36) | (0.40) | (0.76) | 17.93 | 14.86 | 150983 | 0.67 | 0.99 | 1.60 | 311 |
|  Year ended 12/31/19 | 14.43 | 0.33 | 2.16 | 2.49 | (0.36) | (0.25) | (0.61) | 16.31 | 17.51 | 144384 | 0.67 | 1.00 | 2.11 | 68 |
|  Year ended 12/31/18 | 15.92 | 0.32 | (1.13) | (0.81) | (0.31) | (0.37) | (0.68) | 14.43 | (5.32) | 140290 | 0.67 | 0.98 | 2.05 | 60 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 18.25 | 0.24 | (3.38) | (3.14) | (0.19) | (1.23) | (1.42) | 13.69 | (17.02) | 48976 | 0.92 | 1.19 | 1.54 | 297 |
|  Year ended 12/31/21 | 17.68 | 0.17 | 1.64 | 1.81 | (0.25) | (0.99) | (1.24) | 18.25 | 10.30 | 51080 | 0.92 | 1.15 | 0.93 | 259 |
|  Year ended 12/31/20 | 16.09 | 0.23 | 2.08 | 2.31 | (0.32) | (0.40) | (0.72) | 17.68 | 14.59 | 48077 | 0.92 | 1.24 | 1.35 | 311 |
|  Year ended 12/31/19 | 14.24 | 0.29 | 2.13 | 2.42 | (0.32) | (0.25) | (0.57) | 16.09 | 17.22 | 45853 | 0.92 | 1.25 | 1.86 | 68 |
|  Year ended 12/31/18 | 15.71 | 0.27 | (1.10) | (0.83) | (0.27) | (0.37) | (0.64) | 14.24 | (5.53) | 43029 | 0.92 | 1.23 | 1.80 | 60 |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</sup> The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $489,567,330 and $509,769,207, $685,887,902 and $703,549,464 for the years ended December 31, 2019 and 2018, respectively. 

<sup>(e)</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.

**Invesco V.I. Conservative Balanced Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1—Significant Accounting Policies** 

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

The Fund's investment objective is to seek total return.

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

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

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

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

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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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.

**Invesco V.I. Conservative Balanced Fund**

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, fees paid to the Adviser 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.

**J.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers.

**Invesco V.I. Conservative Balanced Fund**

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

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

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

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund's portfolio turnover rate.

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.

**N.** **LIBOR Risk –** The Fund may have investments in financial instruments that utilize the London Interbank Offered
Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis.
The UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of
most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates ("ARRs") or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain "legacy" USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in "legacy" USD LIBOR instruments held by the Fund could result in losses to the Fund.

**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.

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. Additionally, from time to time, uncertainty regarding the status of negotiations in the

**Invesco V.I. Conservative Balanced Fund**

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U.S. Government to increase the statutory debt limit, commonly called the "debt ceiling", could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted. <br>

**Q.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Over $800 million | 0.600% |

---

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

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.74%.

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

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.67% and Series II shares to 0.92% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $470,963.

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, 2022, Invesco was paid $25,196 for accounting and fund administrative services and was reimbursed $239,770 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $1,481 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3–Additional Valuation Information** 

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when

**Invesco V.I. Conservative Balanced Fund**

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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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $62135130 | $860577 | $– | $62995707 |
|  U.S. Dollar Denominated Bonds & Notes |  | 42223013 | 418107 | 42641120 |
|  Asset-Backed Securities |  | 25952348 |  | 25952348 |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 23125110 |  | 23125110 |
|  U.S. Treasury Securities |  | 13722192 |  | 13722192 |
|  Agency Credit Risk Transfer Notes |  | 707150 |  | 707150 |
|  Municipal Obligations |  | 500018 |  | 500018 |
|  Preferred Stocks |  | 265731 |  | 265731 |
|  Money Market Funds |  | 8885455 |  | 8885455 |
|  **Total Investments in Securities** | 62135130 | 116241594 | 418107 | 178794831 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 51868 |  |  | 51868 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | (55864) |  |  | (55864) |
|  **Total Other Investments** | (3996) |  |  | (3996) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $62131134 | $116241594 | $418107 | $178790835 |

---

\* 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, 2022:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Interest<br>Rate Risk** |
|  Unrealized appreciation on futures contracts – Exchange-Traded<sup>(a)</sup> | $51868 |
|  Derivatives not subject to master netting agreements | (51868) |
|  Total Derivative Assets subject to master netting agreements | $– |
|  | **Value** |
| **Derivative Liabilities** | **Interest<br>Rate Risk** |
|  Unrealized depreciation on futures contracts – Exchange-Traded<sup>(a)</sup> | $(55864) |
|  Derivatives not subject to master netting agreements | 55864 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

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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.

**Invesco V.I. Conservative Balanced Fund**

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**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
|  | **Interest**<br> **Rate Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $(751798) |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77510 |
|  Total | $(674288) |

---

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

---

| | |
|:---|:---|
|  | **Futures<br>Contracts** |
|  Average notional value | $18125415 |

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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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $2905272 | $8843445 |
|  Long-term capital gain | 12474417 | 4383449 |
|  Total distributions | $15379689 | $13226894 |

---

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

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $2799559 |
|  Net unrealized appreciation – investments | 6314393 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (260) |
|  Temporary book/tax differences | (281252) |
|  Capital loss carryforward | (5892742) |
|  Shares of beneficial interest | 159707097 |
|  Total net assets | $162646795 |

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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 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.

**Invesco V.I. Conservative Balanced Fund**

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The Fund has a capital loss carryforward as of December 31, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $5892742 | $– | $5892742 |

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\* 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, 2022 was $110,961,089 and $126,017,042, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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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 | $16370331 |
|  Aggregate unrealized (depreciation) of investments | (10055938) |
|  Net unrealized appreciation of investments | $6314393 |

---

Cost of investments for tax purposes is $172,476,442.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was decreased by $522,897, undistributed net realized gain (loss) was increased by $531,407 and shares of beneficial interest was decreased by $8,510. 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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2021** | **Year ended**<br>**December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1479730 | $24073588 | 151798 | $2855671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1116723 | 17274034 | 332830 | 6177469 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 809307 | 10982295 | 546236 | 10034354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 329393 | 4397394 | 176383 | 3192540 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (2292799) | (37070425) | (946065) | (17777519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (665855) | (10193492) | (430098) | (8005528) |
|  Net increase (decrease) in share activity | 776499 | $9463394 | (168916) | $(3523013) |

---

<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. 

**Invesco V.I. Conservative Balanced Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Conservative Balanced Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Conservative Balanced Fund/VA (subsequently renamed Invesco V.I. Conservative Balanced Fund) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

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

**Invesco V.I. Conservative Balanced Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $990.10 | $3.36 | $1021.83 | $3.41 | 0.67% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;988.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;1020.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | 0.92 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Conservative Balanced Fund**

------

**Tax Information** 

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $12474417 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 43.91% |
|  U.S. Treasury Obligations\* | 13.75% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 48.98% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. Conservative Balanced Fund**

------

**Trustees and Officers** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

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

**Invesco V.I. Conservative Balanced Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent<br> Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Conservative Balanced Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort –1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Conservative Balanced Fund**

------

**Trustees and Officers–(continued)** 

---

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

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**Invesco V.I. Conservative Balanced Fund**

------

**Trustees and Officers–(continued)** 

---

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

---

**Invesco V.I. Conservative Balanced Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco V.I. Conservative Balanced Fund**

------

![LOGO](g265880dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Core Equity Fund** 

------

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

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

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

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

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

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VICEQ-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Core Equity Fund (the Fund) underperformed the Russell 1000 Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Core Equity Fund (the Fund) underperformed the Russell 1000 Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -20.55 | % |
| &nbsp;&nbsp; Series II Shares | -20.75 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell 1000 Index<sup>▼</sup> (Style-Specific Index) | -19.13 |  |
| &nbsp;&nbsp; Lipper VUF Large-Cap Core Funds Index<sup>◾</sup> (Peer Group Index) | -16.56 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>◾</sup>Lipper Inc. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>◾</sup>Lipper Inc. |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, stock selection in the communication services, an underweight in the consumer discretionary sector and an overweight in the industrials sector were the largest contributors to the Fund's performance relative to the Russell 1000 Index. This was offset by weaker stock selection in the information technology, financials and consumer staples sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual contributors to the Fund's performance relative to the benchmark during the fiscal year included **Eli Lilly**, **AstraZeneca** and **ExxonMobil**. Eli Lilly reported favorable data for an obesity drug and received Food and Drug Administration (FDA) approval to use the drug for type 2 diabetes in adults. AstraZeneca reported solid earnings during the fiscal year and raised its dividend. Both companies also benefited from pharmaceutical companies being viewed as a defensive industry, which the market favored during the equity market selloff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExxonMobil benefited from the outperformance of the energy sector, which experienced significant gains during the fiscal year despite a negative return for the overall equity market. This was partly due to rising commodity prices and a preference for more

value-oriented segments of the market as rising interest rates negatively impacted higher-growth oriented companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from the Fund's performance relative to the benchmark during the fiscal year included **Advanced Micro Devices (AMD)**, **Airbnb** and **Qualcomm**. AMD a semiconductor company, saw weakened demand for the company's consumer central processing units and graphics processing units businesses due to global macro-economic headwinds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb underperformed due to the combined selloff of higher-growth technology and travel-related stocks. Specific to travel-related stocks, fears of a weakening economy along with higher gasoline prices hurt investor sentiment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm, a provider of semiconductors, software and services related to wireless technology, underperformed as semiconductor stocks and technology stocks more broadly, were out of favor with investors. The company was also affected by COVID-19-related headwinds in China, which caused weakness in the handset market that was critical to Qualcomm's growth plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are outexecuting peers. We believe this disciplined approach is essential to generating attractive long-term performance.

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

1 Source: Bloomberg LP

2 Source: US Federal Reerve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Belinda Cavazos - Lead

Magnus Krantz

Benjamin Ram

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

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

**Invesco V.I. Core Equity Fund**

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g265880dsp003.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (5/2/94) | 7.80 | % |
| &nbsp;&nbsp; 10 Years | 8.30 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.19 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -20.55 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (10/24/01) | 6.52 | % |
| &nbsp;&nbsp; 10 Years | 8.03 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.92 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -20.75 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.** 

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

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

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

**Invesco V.I. Core Equity Fund**

------

**Supplemental Information** 

**Invesco V.I. Core Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

∎ The **Russell 1000<sup>®</sup> Index** is an unmanaged index considered
representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank
Russell Co.

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

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

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

**Invesco V.I. Core Equity Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 23.36% |
|  Health Care | 14.10 |
|  Financials | 13.98 |
|  Industrials | 11.22 |
|  Consumer Discretionary | 11.11 |
|  Communication Services | 7.03 |
|  Consumer Staples | 5.80 |
|  Energy | 5.11 |
|  Real Estate | 2.58 |
|  Utilities | 2.31 |
|  Materials | 1.98 |
|  Money Market Funds Plus Other Assets Less Liabilities | 1.42 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Microsoft Corp. | 7.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Apple, Inc. | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Exxon Mobil Corp. | 3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Amazon.com, Inc. | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Visa, Inc., Class A | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | JPMorgan Chase & Co. | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | UnitedHealth Group, Inc. | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | PepsiCo, Inc. | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Pfizer, Inc. | 2.09 |
| 10. | NVIDIA Corp. | 1.79 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Core Equity Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.58%** | **Common Stocks & Other Equity Interests–98.58%** | **Common Stocks & Other Equity Interests–98.58%** |
|  **Advertising–1.00%** |  |  |
|  Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000097 |
|  **Aerospace & Defense–2.03%** | **Aerospace & Defense–2.03%** | **Aerospace & Defense–2.03%** |
|  Howmet Aerospace, Inc. | 138817 | 5470778 |
|  Raytheon Technologies Corp. | 86693 | 8749058 |
|  |  | 14219836 |
|  **Agricultural & Farm Machinery–1.09%** | **Agricultural & Farm Machinery–1.09%** | **Agricultural & Farm Machinery–1.09%** |
|  Deere & Co. | 17847 | 7652080 |
|  **Air Freight & Logistics–1.43%** | **Air Freight & Logistics–1.43%** | **Air Freight & Logistics–1.43%** |
|  United Parcel Service, Inc., Class B | 57720 | 10034045 |
|  **Apparel, Accessories & Luxury Goods–0.71%** | **Apparel, Accessories & Luxury Goods–0.71%** | **Apparel, Accessories & Luxury Goods–0.71%** |
|  LVMH Moet Hennessy Louis Vuitton SE (France) | 6812 | 4948543 |
|  **Application Software–2.78%** | **Application Software–2.78%** | **Application Software–2.78%** |
|  Manhattan Associates, Inc.<sup>(b)</sup>  | 62835 | 7628169 |
|  Synopsys, Inc.<sup>(b)</sup>  | 17696 | 5650156 |
|  Tyler Technologies, Inc.<sup>(b)</sup>  | 19156 | 6176086 |
|  |  | 19454411 |
|  **Auto Parts & Equipment–1.21%** | **Auto Parts & Equipment–1.21%** | **Auto Parts & Equipment–1.21%** |
|  Aptiv PLC<sup>(b)</sup>  | 71917 | 6697630 |
|  Mobileye Global, Inc., Class A (Israel)<sup>(b)</sup>  | 51100 | 1791566 |
|  |  | 8489196 |
|  **Automotive Retail–1.10%** | **Automotive Retail–1.10%** | **Automotive Retail–1.10%** |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 9167 | 7737223 |
|  **Biotechnology–2.15%** | **Biotechnology–2.15%** | **Biotechnology–2.15%** |
|  Gilead Sciences, Inc. | 115055 | 9877472 |
|  Seagen, Inc.<sup>(b)</sup>  | 40271 | 5175226 |
|  |  | 15052698 |
|  **Communications Equipment–0.94%** | **Communications Equipment–0.94%** | **Communications Equipment–0.94%** |
|  Motorola Solutions, Inc. | 25473 | 6564647 |
|  **Construction Materials–1.06%** | **Construction Materials–1.06%** | **Construction Materials–1.06%** |
|  Vulcan Materials Co. | 42492 | 7440774 |
|  **Consumer Finance–1.33%** | **Consumer Finance–1.33%** | **Consumer Finance–1.33%** |
|  American Express Co. | 63035 | 9313421 |
|  **Data Processing & Outsourced Services–2.47%** | **Data Processing & Outsourced Services–2.47%** | **Data Processing & Outsourced Services–2.47%** |
|  Visa, Inc., Class A<sup>(c)</sup>  | 83396 | 17326353 |
|  **Distillers & Vintners–1.40%** | **Distillers & Vintners–1.40%** | **Distillers & Vintners–1.40%** |
|  Constellation Brands, Inc., Class A | 42317 | 9806965 |
|  **Diversified Banks–2.42%** | **Diversified Banks–2.42%** | **Diversified Banks–2.42%** |
|  JPMorgan Chase & Co. | 126545 | 16969685 |
|  **Electric Utilities–1.15%** | **Electric Utilities–1.15%** | **Electric Utilities–1.15%** |
|  American Electric Power Co., Inc. | 84892 | 8060495 |
|  **Electrical Components & Equipment–0.68%** | **Electrical Components & Equipment–0.68%** | **Electrical Components & Equipment–0.68%** |
|  Generac Holdings, Inc.<sup>(b)</sup>  | 47129 | 4744005 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Environmental & Facilities Services–0.91%** | **Environmental & Facilities Services–0.91%** | **Environmental & Facilities Services–0.91%** |
|  Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406890 |
|  **Fertilizers & Agricultural Chemicals–0.92%** | **Fertilizers & Agricultural Chemicals–0.92%** | **Fertilizers & Agricultural Chemicals–0.92%** |
|  Mosaic Co. (The) | 147647 | 6477274 |
|  **Financial Exchanges & Data–1.01%** | **Financial Exchanges & Data–1.01%** | **Financial Exchanges & Data–1.01%** |
|  Cboe Global Markets, Inc. | 56231 | 7055304 |
|  **Food Distributors–1.14%** | **Food Distributors–1.14%** | **Food Distributors–1.14%** |
|  Sysco Corp. | 104554 | 7993153 |
|  **General Merchandise Stores–0.93%** | **General Merchandise Stores–0.93%** | **General Merchandise Stores–0.93%** |
|  Dollar General Corp.<sup>(c)</sup>  | 26515 | 6529319 |
|  **Health Care Equipment–0.52%** | **Health Care Equipment–0.52%** | **Health Care Equipment–0.52%** |
|  Zimmer Biomet Holdings, Inc. | 28544 | 3639360 |
|  **Health Care Facilities–1.26%** | **Health Care Facilities–1.26%** | **Health Care Facilities–1.26%** |
|  HCA Healthcare, Inc. | 36808 | 8832448 |
|  **Health Care Services–1.38%** | **Health Care Services–1.38%** | **Health Care Services–1.38%** |
|  CVS Health Corp. | 103476 | 9642928 |
|  **Home Improvement Retail–1.35%** | **Home Improvement Retail–1.35%** | **Home Improvement Retail–1.35%** |
|  Lowe's Cos., Inc. | 47545 | 9472866 |
|  **Homebuilding–0.62%** | **Homebuilding–0.62%** | **Homebuilding–0.62%** |
|  D.R. Horton, Inc. | 49101 | 4376863 |
|  **Hotels, Resorts & Cruise Lines–1.01%** | **Hotels, Resorts & Cruise Lines–1.01%** | **Hotels, Resorts & Cruise Lines–1.01%** |
|  Airbnb, Inc., Class A<sup>(b)</sup>  | 82913 | 7089062 |
|  **Industrial Conglomerates–1.45%** | **Industrial Conglomerates–1.45%** | **Industrial Conglomerates–1.45%** |
|  Honeywell International, Inc. | 47357 | 10148605 |
|  **Industrial Machinery–1.40%** | **Industrial Machinery–1.40%** | **Industrial Machinery–1.40%** |
|  Otis Worldwide Corp. | 125555 | 9832212 |
|  **Industrial REITs–1.64%** | **Industrial REITs–1.64%** | **Industrial REITs–1.64%** |
|  Prologis, Inc. | 101999 | 11498347 |
|  **Insurance Brokers–0.93%** | **Insurance Brokers–0.93%** | **Insurance Brokers–0.93%** |
|  Arthur J. Gallagher & Co. | 34423 | 6490112 |
|  **Integrated Oil & Gas–3.26%** | **Integrated Oil & Gas–3.26%** | **Integrated Oil & Gas–3.26%** |
|  Exxon Mobil Corp. | 206971 | 22828901 |
|  **Integrated Telecommunication Services–0.99%** | **Integrated Telecommunication Services–0.99%** | **Integrated Telecommunication Services–0.99%** |
|  Deutsche Telekom AG (Germany) | 347507 | 6931537 |
|  **Interactive Home Entertainment–1.11%** | **Interactive Home Entertainment–1.11%** | **Interactive Home Entertainment–1.11%** |
|  Electronic Arts, Inc. | 63712 | 7784332 |
|  **Interactive Media & Services–2.72%** | **Interactive Media & Services–2.72%** | **Interactive Media & Services–2.72%** |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 86142 | 7600308 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 95020 | 11434707 |
|  |  | 19035015 |
|  **Internet & Direct Marketing Retail–2.97%** | **Internet & Direct Marketing Retail–2.97%** | **Internet & Direct Marketing Retail–2.97%** |
|  Amazon.com, Inc.<sup>(b)</sup>  | 248270 | 20854680 |
|  **Internet Services & Infrastructure–1.18%** | **Internet Services & Infrastructure–1.18%** | **Internet Services & Infrastructure–1.18%** |
|  MongoDB, Inc.<sup>(b)</sup>  | 19560 | 3850190 |

---

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

**Invesco V.I. Core Equity Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** |
|  Snowflake, Inc., Class A<sup>(b)</sup>  | 30925 | 4438975 |
|  |  | 8289165 |
|  **Investment Banking & Brokerage–2.02%** | **Investment Banking & Brokerage–2.02%** | **Investment Banking & Brokerage–2.02%** |
|  Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97193 | 8092289 |
|  Raymond James Financial, Inc.<sup>(c)</sup>  | 56733 | 6061921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14154210 |
|  **IT Consulting & Other Services–1.35%** | **IT Consulting & Other Services–1.35%** | **IT Consulting & Other Services–1.35%** |
|  Accenture PLC, Class A | 35435 | 9455475 |
|  **Life Sciences Tools & Services–1.22%** | **Life Sciences Tools & Services–1.22%** | **Life Sciences Tools & Services–1.22%** |
|  Danaher Corp. | 32251 | 8560060 |
|  **Managed Health Care–2.40%** | **Managed Health Care–2.40%** | **Managed Health Care–2.40%** |
|  UnitedHealth Group, Inc. | 31707 | 16810417 |
|  **Movies & Entertainment–1.21%** | **Movies & Entertainment–1.21%** | **Movies & Entertainment–1.21%** |
|  Netflix, Inc.<sup>(b)</sup>  | 28666 | 8453030 |
|  **Multi-line Insurance–1.10%** | **Multi-line Insurance–1.10%** | **Multi-line Insurance–1.10%** |
|  Hartford Financial Services Group, Inc. (The) | 101991 | 7733978 |
|  **Multi-Utilities–1.16%** | **Multi-Utilities–1.16%** | **Multi-Utilities–1.16%** |
|  WEC Energy Group, Inc. | 86970 | 8154307 |
|  **Oil & Gas Exploration & Production–1.09%** | **Oil & Gas Exploration & Production–1.09%** | **Oil & Gas Exploration & Production–1.09%** |
|  APA Corp. | 164359 | 7672278 |
|  **Oil & Gas Storage & Transportation–0.76%** | **Oil & Gas Storage & Transportation–0.76%** | **Oil & Gas Storage & Transportation–0.76%** |
|  Cheniere Energy, Inc. | 35444 | 5315182 |
|  **Other Diversified Financial Services–1.28%** | **Other Diversified Financial Services–1.28%** | **Other Diversified Financial Services–1.28%** |
|  Equitable Holdings, Inc. | 313112 | 8986314 |
|  **Pharmaceuticals–5.17%** | **Pharmaceuticals–5.17%** | **Pharmaceuticals–5.17%** |
|  AstraZeneca PLC, ADR (United Kingdom) | 112229 | 7609126 |
|  Catalent, Inc.<sup>(b)</sup>  | 100000 | 4501000 |
|  Eli Lilly and Co. | 25891 | 9471964 |
|  Pfizer, Inc. | 286337 | 14671908 |
|  |  | 36253998 |
|  **Property & Casualty Insurance–1.16%** | **Property & Casualty Insurance–1.16%** | **Property & Casualty Insurance–1.16%** |
|  Allstate Corp. (The) | 60144 | 8155526 |
|  **Railroads–1.65%** | **Railroads–1.65%** | **Railroads–1.65%** |
|  Union Pacific Corp. | 55968 | 11589294 |
|  **Regional Banks–2.73%** | **Regional Banks–2.73%** | **Regional Banks–2.73%** |
|  Comerica, Inc. | 116333 | 7776861 |
|  First Citizens BancShares, Inc., Class A | 7772 | 5893974 |
|  SVB Financial Group<sup>(b)</sup>  | 23868 | 5492981 |
|  |  | 19163816 |
|  **Research & Consulting Services–0.58%** | **Research & Consulting Services–0.58%** | **Research & Consulting Services–0.58%** |
|  Equifax, Inc. | 20863 | 4054933 |
|  **Restaurants–0.65%** | **Restaurants–0.65%** | **Restaurants–0.65%** |
|  Starbucks Corp. | 45743 | 4537706 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Retail REITs–0.94%** | **Retail REITs–0.94%** | **Retail REITs–0.94%** |
|  Kimco Realty Corp. | 310655 | $6579673 |
|  **Semiconductor Equipment–1.14%** | **Semiconductor Equipment–1.14%** | **Semiconductor Equipment–1.14%** |
|  ASML Holding N.V., New York Shares (Netherlands) | 14562 | 7956677 |
|  **Semiconductors–2.45%** | **Semiconductors–2.45%** | **Semiconductors–2.45%** |
|  Marvell Technology, Inc. | 124456 | 4609850 |
|  NVIDIA Corp. | 86045 | 12574617 |
|  |  | 17184467 |
|  **Soft Drinks–2.21%** | **Soft Drinks–2.21%** | **Soft Drinks–2.21%** |
|  PepsiCo, Inc. | 85911 | 15520681 |
|  **Specialty Stores–0.56%** | **Specialty Stores–0.56%** | **Specialty Stores–0.56%** |
|  Bath & Body Works, Inc. | 92593 | 3901869 |
|  **Systems Software–7.02%** | **Systems Software–7.02%** | **Systems Software–7.02%** |
|  Microsoft Corp. | 205164 | 49202430 |
|  **Technology Hardware, Storage & Peripherals–4.03%** | **Technology Hardware, Storage & Peripherals–4.03%** | **Technology Hardware, Storage & Peripherals–4.03%** |
|  Apple, Inc. | 217373 | 28243274 |
|  **Tobacco–1.05%** | **Tobacco–1.05%** | **Tobacco–1.05%** |
|  British American Tobacco PLC, ADR (United Kingdom)<sup>(c)</sup>  | 184294 | 7368074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $601,035,352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $601,035,352) | 691030516 |
|  **Money Market Funds–1.45%** | **Money Market Funds–1.45%** | **Money Market Funds–1.45%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(d)(e)</sup>  | 3552322 | 3552322 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup>  | 2537762 | 2538523 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup>  | 4059797 | 4059797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $10,150,451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $10,150,451) | 10150642 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $611,185,803) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $611,185,803) | 701181158 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–4.46%** | **Money Market Funds–4.46%** | **Money Market Funds–4.46%** |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup>  | 8748490 | 8748490 |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 22489371 | 22496118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,243,519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,243,519) | 31244608 |
|  TOTAL INVESTMENTS IN SECURITIES–104.49%<br>(Cost $642,429,322) | TOTAL INVESTMENTS IN SECURITIES–104.49%<br>(Cost $642,429,322) | 732425766 |
|  OTHER ASSETS LESS LIABILITIES–(4.49)% | OTHER ASSETS LESS LIABILITIES–(4.49)% | (31440377) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $700985389 |

---

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

**Invesco V.I. Core Equity Fund**

------

Notes to Schedule of Investments:

<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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $389846 | $61357979 | $(58195503) | $- | $- | $3552322 | $37078 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 286795 | 43827127 | (41576311) | 191 | 721 | 2538523 | 35365 |
|  Invesco Treasury Portfolio, Institutional Class | 445538 | 70123404 | (66509145) | - | - | 4059797 | 53336 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 4212863 | 150475457 | (145939830) | - | - | 8748490 | 97,253\* |
|  Invesco Private Prime Fund | 9830013 | 350039576 | (337381309) | 1089 | 6749 | 22496118 | 263,332\* |
|  Total | $15165055 | $675823543 | $(649602098) | $1280 | $7470 | $41395250 | $486364 |

---

\* 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, 2022.

<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.

**Invesco V.I. Core Equity Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $601,035,352)\* | $691030516 |
|  Investments in affiliated money market funds, at value (Cost $41,393,970) | 41395250 |
|  Foreign currencies, at value (Cost $1,412) | 1350 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 17187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 528754 |
|  Investment for trustee deferred compensation and retirement plans | 282011 |
|  Other assets | 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 733259086 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 333295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 36425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 31243519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 316611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 37837 |
|  Trustee deferred compensation and retirement plans | 302257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 32273697 |
|  Net assets applicable to shares outstanding | $700985389 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $595201490 |
|  Distributable earnings | 105783899 |
|  | $700985389 |
|  **Net Assets:** |  |
|  Series I | $682777087 |
|  Series II | $18208302 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 27813732 |
|  Series II | 746116 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $24.55 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $24.40 |

---

\* At December 31, 2022, securities with an aggregate value of $30,462,692 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $520 |
|  Dividends (net of foreign withholding taxes of $33,445) | 12192543 |
|  Dividends from affiliated money market funds (includes net securities lending income of $21,585) | 147364 |
|  Foreign withholding tax claims | 228888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12569315 |
|  **Expenses:** |  |
|  Advisory fees | 4896187 |
|  Administrative services fees | 1316690 |
|  Custodian fees | 9248 |
|  Distribution fees - Series II | 50515 |
|  Transfer agent fees | 42647 |
|  Trustees' and officers' fees and benefits | 23531 |
|  Reports to shareholders | 3388 |
|  Professional services fees | 46463 |
|  Other | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6392624 |
|  Less: Fees waived | (6202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6386422 |
|  Net investment income | 6182893 |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(121528)) | 12913868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 7470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (33342) |
|  | 12887996 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (216361537) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (6868) |
|  | (216367125) |
|  Net realized and unrealized gain (loss) | (203479129) |
|  Net increase (decrease) in net assets resulting from operations | $(197296236) |

---

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

**Invesco V.I. Core Equity Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6182893 | $6341809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 12887996 | 120211363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (216367125) | 82770314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (197296236) | 209323486 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (124557470) | (26896119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (3243557) | (643978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (127801027) | (27540097) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 30207673 | 52340903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1190562 | (1793836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 31398235 | 50547067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (293699028) | 232330456 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 994684417 | 762353961 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $700985389 | $994684417 |

---

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

**Invesco V.I. Core Equity Fund**

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $37.79 | $0.24 | $(8.10) | $(7.86) | $(0.30) | $(5.08) | $(5.38) | $24.55 | (20.55)% | $682777 | 0.80% | 0.80% | 0.78% | 88% |
|  Year ended 12/31/21 | 30.43 | 0.25 | 8.16 | 8.41 | (0.24) | (0.81) | (1.05) | 37.79 | 27.74 | 969408 | 0.80 | 0.80 | 0.72 | 54 |
|  Year ended 12/31/20 | 34.95 | 0.29 | 3.89 | 4.18 | (0.48) | (8.22) | (8.70) | 30.43 | 13.85 | 740345 | 0.81 | 0.81 | 0.89 | 50 |
|  Year ended 12/31/19 | 30.94 | 0.38 | 8.22 | 8.60 | (0.35) | (4.24) | (4.59) | 34.95 | 28.97 | 855744 | 0.78 | 0.78 | 1.08 | 82 |
|  Year ended 12/31/18 | 36.72 | 0.25 | (3.29) | (3.04) | (0.34) | (2.40) | (2.74) | 30.94 | (9.40) | 858828 | 0.79 | 0.80 | 0.70 | 46 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 37.57 | 0.16 | (8.05) | (7.89) | (0.20) | (5.08) | (5.28) | 24.40 | (20.75) | 18208 | 1.05 | 1.05 | 0.53 | 88 |
|  Year ended 12/31/21 | 30.27 | 0.16 | 8.11 | 8.27 | (0.16) | (0.81) | (0.97) | 37.57 | 27.42 | 25276 | 1.05 | 1.05 | 0.47 | 54 |
|  Year ended 12/31/20 | 34.81 | 0.21 | 3.85 | 4.06 | (0.38) | (8.22) | (8.60) | 30.27 | 13.53 | 22009 | 1.06 | 1.06 | 0.64 | 50 |
|  Year ended 12/31/19 | 30.66 | 0.29 | 8.16 | 8.45 | (0.06) | (4.24) | (4.30) | 34.81 | 28.66 | 22652 | 1.03 | 1.03 | 0.83 | 82 |
|  Year ended 12/31/18 | 36.18 | 0.16 | (3.28) | (3.12) | – | (2.40) | (2.40) | 30.66 | (9.61) | 20203 | 1.04 | 1.05 | 0.45 | 46 |

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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.

**Invesco V.I. Core Equity Fund**

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**Notes to Financial Statements** 

*December 31, 2022* 

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment objective is long-term growth of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Core Equity Fund**

------

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **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
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 *Tax reclaims* on the Statement of Assets and Liabilities.

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. These 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 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.** **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 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

**Invesco V.I. Core Equity Fund**

------

consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $1,423 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.

**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.** **COVID-19 Risk** - The COVID-19 strain
of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.650% |
|  Over $250 million | 0.600% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the Adviser waived advisory fees of $6,202.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, Invesco was paid $124,533 for accounting and fund administrative services and was reimbursed $1,192,157 for fees paid to insurance

**Invesco V.I. Core Equity Fund**

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the Fund incurred $6,349 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $679150436 | $11880080 | $– | $691030516 |
|  Money Market Funds | 10150642 | 31244608 | &nbsp;&nbsp;&nbsp;&nbsp;– | 41395250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $689301078 | $43124688 | $– | $732425766 |

---

**NOTE 4–Security Transactions with Affiliated Funds** 

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended December 31, 2022, the Fund engaged in securities sales of $885,827, which resulted in net realized gains (losses) of $(121,528).

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 6–Cash Balances** 

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

**Invesco V.I. Core Equity 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, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $24266228 | $6183800 |
|  Long-term capital gain | 103534799 | 21356297 |
|  Total distributions | $127801027 | $27540097 |

---

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

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $3784916 |
|  Undistributed long-term capital gain | 15220342 |
|  Net unrealized appreciation – investments | 87001165 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (13353) |
|  Temporary book/tax differences | (209171) |
|  Shares of beneficial interest | 595201490 |
|  Total net assets | $700985389 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not have a capital loss carryforward as of December 31, 2022.

**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, 2022 was $697,379,739 and $798,066,271, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $109690696 |
|  Aggregate unrealized (depreciation) of investments | (22689531) |
|  Net unrealized appreciation of investments | $87001165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $645,424,601.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was decreased by $931,861, undistributed net realized gain was increased by $932,857 and shares of beneficial interest was decreased by $996. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 599687 | $18584598 | 4117085 | $148736616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 74835 | 2327992 | 35297 | 1231364 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 5168360 | 124557470 | 733864 | 26896119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 135317 | 3243557 | 17668 | 643978 |

---

**Invesco V.I. Core Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (3609741) | $(112934395) | (3525910) | $(123291832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (136783) | (4380987) | (107216) | (3669178) |
|  Net increase in share activity | 2231675 | $31398235 | 1270788 | $50547067 |

---

<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. 

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

**Invesco V.I. Core Equity Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1015.70 | $4.06 | $1021.17 | $4.08 | 0.80% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;1019.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1.05 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Core Equity Fund**

------

**Tax Information** 

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $103534799 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 51.13% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. Core Equity Fund**

------

**Trustees and Officers** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

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

**Invesco V.I. Core Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

---

**Invesco V.I. Core Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort –1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

**Invesco V.I. Core Equity Fund**

------

**Trustees and Officers–(continued)** 

---

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

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**Invesco V.I. Core Equity Fund**

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**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Core Equity Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Core Equity Fund**

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![LOGO](g369255dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

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

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

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

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

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

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

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| | |
|:---|:---|
|  NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE | NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |
|  Invesco Distributors, Inc. | VICPB-AR-1 |

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------

**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Core Plus Bond Fund (the Fund) underperformed the Bloomberg U.S. Aggregate Bond Index, the Fund's broad market/style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Core Plus Bond Fund (the Fund) underperformed the Bloomberg U.S. Aggregate Bond Index, the Fund's broad market/style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -14.54 | % |
| &nbsp;&nbsp; Series II Shares | -14.68 |  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>▼</sup> (Broad Market/Style-Specific Index) | -13.01 |  |
| &nbsp;&nbsp; Lipper VUF Core Plus Bond Funds Index<sup>∎</sup> (Peer Group Index) | -14.63 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

In the first quarter of 2022, concerns about inflation heightened as US inflation rose 7%,<sup>1</sup> its highest level in nearly 40 years. The US Federal Reserve (the Fed) indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed-income markets, particularly sovereign debt, corporates and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply-chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed-income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).<sup>3</sup> Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including

a 0.50% hike in May and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75 to 4.00%, the highest since 2008.<sup>4</sup> In its December meeting, the Fed indicated that it would likely begin to slow the pace of its rate hikes, starting with a 50 bps hike to end the fiscal year. The Fed's projected terminal federal funds rate increased to 5% to 5.25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit assets rallied in the fourth quarter of 2022, headlined by attractive yields and an improving economy. Inflationary pressures remained elevated but recent economic data suggests that inflation is slowing. Geopolitical risks and supply-chain/energy shocks that weighed on valuations for credit assets for most of the fiscal year improved during the quarter due to a softening of global supply-side bottlenecks. Additionally, at the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The broader bond market, as represented by the Bloomberg U.S. Aggregate Bond Index, the Fund's broad market/style-specific benchmark, posted a negative -13.01% return for the fiscal year. The four primary sectors of the Fund's broad market/style-specific benchmark, – government-related, corporate, securitized and treasury – posted negative returns for the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund, at NAV, generated negative returns for the fiscal year and underperformed its broad market/style-specific benchmark. Overweight exposure and security selection within corporates were the most notable detractors to the Fund's relative performance as credit assets were challenged for most of the fiscal year. Specifically, security allocation in the financial institutions and industrials sectors detracted from the Fund's relative performance while security selection in the utilities sector contributed to relative Fund performance. Underperformance from Treasuries and other government-related assets were driven by a flattening of the yield curve, signaling inflation concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underweight exposure to mortgage-backed securities (MBS) contributed to the Fund's performance relative to the broad market/ style-specific index during the fiscal year. The

Fund's out-of-index exposure to high-yield and US dollar-denominated emerging market corporate debt during the fiscal year detracted from the Fund's relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's allocation to cash holdings contributed to the Fund's relative performance as a result of an overall flattening of the yield curve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund benefited from incremental income earned from transactions in the highly liquid to-be-announced market for agency MBS. Such transactions involve the Fund selling an MBS to a financial institution, with an agreement to repurchase a substantially similar security at an agreed upon price and date. Cash received by the Fund as a result of this repurchase transaction may be invested in short-term instruments and the income from these investments, together with any additional fee income received from this activity, generates income for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its broad market/style-specific benchmark. Duration measures a portfolio's price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. Duration of the portfolio was maintained close to that of the broad market/style-specific benchmark, on average and the timing of changes and the degree of variance from the Fund's broad market/style-specific benchmark during the fiscal year detracted from relative returns. Buying and selling US Treasury futures and interest rate swaptions were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part of the Fund's strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this was effective in managing the currency positioning within the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across

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

------

the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for investing in Invesco V.I. Core Plus Bond Fund and for sharing our long-term investment horizon.

1 Source: US Bureau of Labor Statistics

2 Source: US Department of the Treasury

3 Source: Bloomberg LP

4 Source: Federal Reserve of Economic Data

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**Portfolio manager(s):** 

Matthew Brill

Chuck Burge

Michael Hyman

Todd Schomberg

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

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

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

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**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g369255dsp4.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (5/5/93) | 3.73% |
| &nbsp;&nbsp; 10 Years | 2.12 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.20 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.54 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (3/14/02) | 3.05% |
| &nbsp;&nbsp; 10 Years | 1.87 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.04 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.68 |

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**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Core Plus Bond Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.** 

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

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

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

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

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**Supplemental Information** 

**Invesco V.I. Core Plus Bond Fund's investment objective is total return, comprised of current income and capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

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**About indexes used in this report** 

∎ The **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index considered representative of the US investment-grade,
fixed-rate bond market.

∎ The **Lipper VUF Core Plus Bond Funds Index** is an unmanaged index considered representative of core plus bond
variable insurance underlying funds tracked by Lipper.

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

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

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

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total net assets** |
|  U.S. Dollar Denominated Bonds & Notes | 44.68% |
|  Asset-Backed Securities | 28.74 |
|  U.S. Treasury Securities | 19.50 |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities | 12.31 |
|  Security Types Each Less Than 1% of Portfolio | 2.10 |
|  Money Market Funds Plus Other Assets Less Liabilities | (7.33) |
| **Top Five Debt Issuers\*** | **Top Five Debt Issuers\*** |
|  | **% of total net assets** |
| 1. U.S. Treasury | 19.50% |
| 2. Federal National Mortgage Association | 10.83 |
| 3. COMM Mortgage Trust | 1.38 |
| 4. HSBC Holdings PLC | 1.26 |
| 5. UnitedHealth Group, Inc. | 1.20 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

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

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes–44.68%** | **U.S. Dollar Denominated Bonds & Notes–44.68%** | **U.S. Dollar Denominated Bonds & Notes–44.68%** |
|  **Advertising–0.03%** |  |  |
|  Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909 |
|  Lamar Media Corp., 3.75%, 02/15/2028<sup>(b)</sup>  | 26000 | 23314 |
|  WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | 10000 | 9690 |
|  |  | 37913 |
|  **Aerospace & Defense–0.39%** |  |  |
|  BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025<sup>(c)</sup>  | 8000 | 7722 |
|  Boeing Co. (The), 2.20%, 02/04/2026 | 17000 | 15464 |
|  Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/2027 | 153000 | 156647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/2053 | 22000 | 18784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2054 | 113000 | 119137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/2062<sup>(b)</sup>  | 27000 | 22849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 | 113000 | 122133 |
|  |  | 462736 |
|  **Agricultural & Farm Machinery–0.15%** | **Agricultural & Farm Machinery–0.15%** |  |
|  Cargill, Inc., | Cargill, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/2027<sup>(c)</sup>  | 5000 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/2032<sup>(c)</sup>  | 40000 | 36961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/11/2032<sup>(c)</sup>  | 106000 | 106525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/2052<sup>(c)</sup>  | 27000 | 23555 |
|  |  | 171826 |
|  **Airlines–0.45%** |  |  |
|  Allegiant Travel Co., 7.25%, 08/15/2027<sup>(c)</sup>  | 27000 | 25720 |
|  American Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 07/11/2030 | 171000 | 136148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.88%, 07/11/2034 | 48000 | 38770 |
|  British Airways Pass-Through Trust (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, 3.35%, 06/15/2029<sup>(c)</sup>  | 8733 | 7557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.90%, 03/15/2035<sup>(c)</sup>  | 66913 | 54655 |
|  Delta Air Lines, Inc., 7.38%, 01/15/2026 | 4000 | 4093 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(c)</sup>  | 51197 | 49975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(c)</sup>  | 127337 | 119889 |
|  United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, 10/15/2027 | 84571 | 83499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 03/01/2030 | 2427 | 2102 |
|  United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026<sup>(c)</sup>  | 6000 | 5572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029<sup>(c)</sup>  | 11000 | 9597 |
|  |  | 537577 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Apparel Retail–0.01%** |  |  |  |
|  Ross Stores, Inc., 3.38%, 09/15/2024 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739 |
|  **Application Software–0.09%** |  |  |  |
|  Open Text Corp. (Canada), 6.90%, 12/01/2027<sup>(c)</sup>  |  | 55000 | 55072 |
|  salesforce.com, inc., 2.90%, 07/15/2051 |  | 27000 | 17821 |
|  Workday, Inc., 3.70%, 04/01/2029 |  | 34000 | 31264 |
|  |  |  | 104157 |
|  **Asset Management & Custody Banks–1.03%** | **Asset Management & Custody Banks–1.03%** | **Asset Management & Custody Banks–1.03%** |  |
|  Ameriprise Financial, Inc., 4.50%, 05/13/2032 |  | 37000 | 35944 |
|  Bank of New York Mellon Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/2030<sup>(d)</sup>  |  | 49000 | 47411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/2033<sup>(d)</sup>  |  | 163000 | 169492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.75%<sup>(d)(e)</sup>  |  | 58000 | 46862 |
|  Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/2033<sup>(c)</sup>  |  | 417000 | 421642 |
|  Blackstone Secured Lending Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/2026 |  | 97000 | 85220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/2027 |  | 106000 | 87909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/2028 |  | 27000 | 21008 |
|  Brookfield Corp. (Canada), 4.00%, 01/15/2025 |  | 8000 | 7827 |
|  Northern Trust Corp., 6.13%, 11/02/2032 |  | 193000 | 204125 |
|  State Street Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 11/04/2028<sup>(d)</sup>  |  | 67000 | 69310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/2033<sup>(d)</sup>  |  | 27000 | 25021 |
|  |  |  | 1221771 |
|  **Auto Parts & Equipment–0.05%** |  |  |  |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028<sup>(c)</sup>  |  | 49000 | 41348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2029<sup>(c)</sup>  |  | 27000 | 23132 |
|  |  |  | 64480 |
|  **Automobile Manufacturers–0.77%** |  |  |  |
|  BMW US Capital LLC (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.84%), 04/01/2025<sup>(c)(f)</sup>  |  | 7000 | 6958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/01/2027<sup>(c)</sup>  |  | 16000 | 15126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2032<sup>(c)</sup>  |  | 22000 | 19721 |
|  Ford Motor Co., 6.10%, 08/19/2032 |  | 256000 | 236872 |
|  Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 |  | 44000 | 38265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 209000 | 214685 |
|  General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/19/2023 |  | 9000 | 8954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/2025 |  | 28000 | 27052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 97000 | 94109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/2029 |  | 13000 | 11670 |
|  Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/08/2023<sup>(c)</sup>  |  | 14000 | 13917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/07/2025<sup>(c)</sup>  |  | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2028<sup>(c)</sup>  |  | 19000 | 15509 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20901 |
|  Volkswagen Group of America Finance LLC (Germany), 4.60%, 06/08/2029<sup>(c)</sup> |  | 200000 |  | 189359 |
|  |  |  |  | 915108 |
|  **Automotive Retail–0.18%** |  |  |  |  |
|  Advance Auto Parts, Inc., 1.75%, 10/01/2027 |  | 24000 |  | 20185 |
|  Asbury Automotive Group, Inc., 5.00%, 02/15/2032<sup>(c)</sup> |  | 17000 |  | 14008 |
|  AutoZone, Inc., 4.75%, 08/01/2032 |  | 92000 |  | 89448 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(c)</sup> |  | 53000 |  | 43648 |
|  Sonic Automotive, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029<sup>(c)</sup> |  | 30000 |  | 24060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031<sup>(c)</sup> |  | 35000 |  | 27563 |
|  |  |  |  | 218912 |
|  **Biotechnology–0.01%** |  |  |  |  |
|  AbbVie, Inc., 3.85%, 06/15/2024 |  | 16000 |  | 15762 |
|  **Brewers–0.01%** |  |  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039 |  | 11000 |  | 13799 |
|  **Building Products–0.03%** |  |  |  |  |
|  Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(c)</sup> |  | 40000 |  | 38920 |
|  Masco Corp., 2.00%, 02/15/2031 |  | 2000 |  | 1544 |
|  |  |  |  | 40464 |
|  **Cable & Satellite–0.55%** |  |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(c)</sup> |  | 225000 |  | 211875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(c)</sup> |  | 17000 |  | 13077 |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09% (3 mo. USD LIBOR + 1.65%), 02/01/2024<sup>(f)</sup> |  | 47000 |  | 47224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 |  | 27000 |  | 17389 |
|  Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 |  | 300000 |  | 313784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 |  | 2000 |  | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2062 |  | 8000 |  | 4507 |
|  Cox Communications, Inc., 2.95%, 10/01/2050<sup>(c)</sup> |  | 2000 |  | 1208 |
|  Sirius XM Radio, Inc., 3.88%, 09/01/2031<sup>(c)</sup> |  | 56000 |  | 43797 |
|  |  |  |  | 654154 |
|  **Casinos & Gaming–0.03%** |  |  |  |  |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/2030<sup>(c)</sup> |  | 34000 |  | 30538 |
|  **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** |
|  Dell International LLC/EMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 |  | 2000 |  | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/2029 |  | 21000 |  | 20586 |
|  |  |  |  | 22629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Consumer Finance–0.19%** |  |  |  |  |
|  American Express Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/2033<sup>(d)</sup> |  | 87000 |  | 83883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/2033<sup>(d)</sup> |  | 108000 |  | 102346 |
|  OneMain Finance Corp., 3.88%, 09/15/2028 |  | 37000 |  | 29471 |
|  Synchrony Financial, 4.25%, 08/15/2024 |  | 8000 |  | 7821 |
|  |  |  |  | 228077 |
|  **Copper–0.02%** |  |  |  |  |
|  Freeport-McMoRan, Inc., 5.00%, 09/01/2027 |  | 5000 |  | 4900 |
|  Southern Copper Corp. (Mexico), 5.88%, 04/23/2045 |  | 18000 |  | 18450 |
|  |  |  |  | 23350 |
|  **Data Processing & Outsourced Services–0.10%** | **Data Processing & Outsourced Services–0.10%** | **Data Processing & Outsourced Services–0.10%** | **Data Processing & Outsourced Services–0.10%** | **Data Processing & Outsourced Services–0.10%** |
|  Block, Inc., 3.50%, 06/01/2031 |  | 32000 |  | 25574 |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/2028<sup>(c)</sup> |  | 32000 |  | 27762 |
|  PayPal Holdings, Inc., 5.05%, 06/01/2052 |  | 67000 |  | 61037 |
|  |  |  |  | 114373 |
|  **Distributors–0.01%** |  |  |  |  |
|  Genuine Parts Co., 2.75%, 02/01/2032 |  | 20000 |  | 16105 |
|  **Diversified Banks–10.97%** |  |  |  |  |
|  Australia and New Zealand Banking Group Ltd. (Australia), 6.74%, 12/08/2032<sup>(c)</sup> |  | 387000 |  | 392038 |
|  Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% (SOFR + 1.05%), 02/04/2028<sup>(f)</sup> |  | 27000 |  | 26131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/2028<sup>(d)</sup> |  | 73000 |  | 69924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/2028<sup>(d)</sup> |  | 142000 |  | 138919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/2029<sup>(d)</sup> |  | 8000 |  | 7475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/2032<sup>(d)</sup> |  | 28000 |  | 22478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/2032<sup>(d)</sup> |  | 16000 |  | 12571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/2033<sup>(d)</sup> |  | 24000 |  | 19397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/2033<sup>(d)</sup> |  | 115000 |  | 105516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/2033<sup>(d)</sup> |  | 193000 |  | 183803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/2036<sup>(d)</sup> |  | 36000 |  | 26534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/2037<sup>(d)</sup> |  | 22000 |  | 18274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 |  | 232000 |  | 270747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 6.13%<sup>(b)(d)(e)</sup> |  | 233000 |  | 229214 |
|  Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082<sup>(d)</sup> |  | 306000 |  | 318652 |
|  Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/2033<sup>(d)</sup> |  | 342000 |  | 359394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%<sup>(d)(e)</sup> |  | 237000 |  | 222188 |
|  BPCE S.A. (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% (SOFR + 0.57%), 01/14/2025<sup>(c)(f)</sup> |  | 250000 |  | 245032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2025<sup>(c)</sup> |  | 185000 |  | 177848 |

---

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

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

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Diversified Banks–(continued)** |  |  |
|  Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% (SOFR + 0.69%), 01/25/2026<sup>(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/2028<sup>(d)</sup> | 67000 | 64946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/2029<sup>(d)</sup> | 9000 | 8298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/2031<sup>(d)</sup> | 3000 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/2033<sup>(d)</sup> | 71000 | 60916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/2033<sup>(d)</sup> | 75000 | 70448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(b)(d)(e)</sup> | 442000 | 377910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.95%(3 mo. USD LIBOR + 4.07%)<sup>(d)(e)</sup> | 11000 | 10920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 4.70%<sup>(d)(e)</sup> | 165000 | 137561 |
|  Cooperatieve Rabobank U.A. (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/06/2028<sup>(c)(d)</sup> | 250000 | 230702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 08/22/2028<sup>(c)(d)</sup> | 250000 | 240356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 04/06/2033<sup>(b)(c)(d)</sup> | 500000 | 427286 |
|  Credit Agricole S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/17/2025<sup>(c)</sup> | 310000 | 299715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>(c)(d)(e)</sup> | 200000 | 198811 |
|  Development Bank of Kazakhstan JSC (Kazakhstan), 5.75%, 05/12/2025<sup>(c)</sup> | 232000 | 232255 |
|  Discover Bank, 4.65%, 09/13/2028 | 116000 | 108873 |
|  Federation des caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027<sup>(c)</sup> | 337000 | 324292 |
|  Fifth Third Bank N.A., 3.85%, 03/15/2026 | 168000 | 160336 |
|  HSBC Holdings PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/18/2024<sup>(d)</sup> | 103000 | 102200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (SOFR + 1.43%), 03/10/2026<sup>(f)</sup> | 200000 | 197572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028<sup>(d)</sup> | 207000 | 200039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/2033<sup>(d)</sup> | 285000 | 264721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/2033<sup>(d)</sup> | 339000 | 359710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%<sup>(d)(e)</sup> | 225000 | 175609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<sup>(d)(e)</sup> | 200000 | 184062 |
|  ING Groep N.V. (Netherlands), 5.33% (SOFR + 1.01%), 04/01/2027<sup>(f)</sup> | 368000 | 355347 |
|  JPMorgan Chase & Co., 3.80%, 07/23/2024<sup>(d)</sup> | 14000 | 13864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (3 mo. USD LIBOR + 0.89%), 07/23/2024<sup>(f)</sup> | 10000 | 10016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 | 2000 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/2028<sup>(d)</sup> | 10000 | 9357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/2028<sup>(d)</sup> | 71000 | 67914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/2028<sup>(d)</sup> | 6000 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/2028<sup>(d)</sup> | 150000 | 146464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/2033<sup>(d)</sup> | 2000 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/2033<sup>(d)</sup> | 82000 | 76148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/2033<sup>(d)</sup> | 232000 | 221585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/2033<sup>(b)(d)</sup> | 380000 | 372037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, 5.61%(3 mo. USD LIBOR + 1.00%), 05/15/2047<sup>(f)</sup> | 7000 | 5376 |
|  KeyBank N.A., 4.90%, 08/08/2032 | 251000 | 233015 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/2028<sup>(d)</sup> | 200000 | 195552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/20/2033<sup>(d)</sup> | 213000 | 204007 |
|  Mizuho Financial Group, Inc. (Japan), 5.67%, 09/13/2033<sup>(d)</sup> | 267000 | 265754 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Diversified Banks–(continued)** |  |  |  |
|  National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034<sup>(c)(d)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;153000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128997 |
|  Nordea Bank Abp (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/22/2027<sup>(c)</sup> |  | 200000 | 201269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%<sup>(c)(d)(e)</sup> |  | 210000 | 162656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>(c)(d)(e)</sup> |  | 202000 | 199387 |
|  PNC Bank N.A., 2.50%, 08/27/2024 |  | 255000 | 244660 |
|  Royal Bank of Canada (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/05/2023 |  | 5000 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.71%), 01/21/2027<sup>(f)</sup> |  | 81000 | 78036 |
|  Societe Generale S.A. (France), 9.38%<sup>(c)(d)(e)</sup> |  | 200000 | 205743 |
|  Standard Chartered PLC (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/29/2032<sup>(c)(d)</sup> |  | 200000 | 151296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%<sup>(c)(d)(e)</sup> |  | 288000 | 285349 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/2030 |  | 20000 | 15432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/2031 |  | 200000 | 154772 |
|  Swedbank AB (Sweden), 5.34%, 09/20/2027<sup>(c)</sup> |  | 206000 | 204650 |
|  Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082<sup>(d)</sup> |  | 247000 | 257498 |
|  Truist Bank, 2.64%, 09/17/2029<sup>(b)(d)</sup> |  | 390000 | 364970 |
|  U.S. Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, 3.10%, 04/27/2026 |  | 6000 | 5674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/2028<sup>(d)</sup> |  | 150000 | 146740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/2033<sup>(d)</sup> |  | 114000 | 108498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/2033<sup>(d)</sup> |  | 261000 | 271798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/2036<sup>(d)</sup> |  | 54000 | 41222 |
|  Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/2028<sup>(d)</sup> |  | 25000 | 23195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/2028<sup>(d)</sup> |  | 8000 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/2028<sup>(d)</sup> |  | 85000 | 83159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/2033<sup>(d)</sup> |  | 84000 | 80010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/2041<sup>(d)</sup> |  | 2000 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/2046 |  | 15000 | 12631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/2053<sup>(d)</sup> |  | 104000 | 88605 |
|  |  |  | 13006522 |
|  **Diversified Capital Markets–1.84%** | **Diversified Capital Markets–1.84%** | **Diversified Capital Markets–1.84%** |  |
|  Credit Suisse AG (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/2024 |  | 189000 | 176347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/2027 |  | 285000 | 260189 |
|  Credit Suisse Group AG (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/2026 |  | 147000 | 129810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 08/11/2028<sup>(c)(d)</sup> |  | 298000 | 271825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 08/12/2033<sup>(c)(d)</sup> |  | 441000 | 388033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.02%, 11/15/2033<sup>(c)(d)</sup> |  | 250000 | 256662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%<sup>(c)(d)(e)</sup> |  | 201000 | 116815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%<sup>(c)(d)(e)</sup> |  | 201000 | 175587 |
|  OWL Rock Core Income Corp., 4.70%, 02/08/2027 |  | 54000 | 48766 |
|  UBS Group AG (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2026<sup>(c)</sup> |  | 153000 | 146946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/12/2028<sup>(c)(d)</sup> |  | 213000 | 204165 |
|  |  |  | 2175145 |

---

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

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

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Diversified Chemicals–0.62%** |  |  |
|  Celanese US Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;196000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 | 209000 | 208363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/2027 | 219000 | 216357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/2032 | 122000 | 116354 |
|  |  | 737127 |
|  **Diversified Metals & Mining–0.08%** |  |  |
|  FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031<sup>(c)</sup> | 30000 | 25008 |
|  South32 Treasury Ltd. (Australia), 4.35%, 04/14/2032<sup>(c)</sup> | 77000 | 66088 |
|  |  | 91096 |
|  **Diversified REITs–0.47%** |  |  |
|  Brixmor Operating Partnership L.P., 4.13%, 05/15/2029 | 3000 | 2688 |
|  CubeSmart L.P., 2.25%, 12/15/2028 | 5000 | 4130 |
|  Trust Fibra Uno (Mexico), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2026<sup>(c)</sup> | 200000 | 193344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 01/15/2030<sup>(c)</sup> | 200000 | 172105 |
|  VICI Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 | 94000 | 89351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030 | 94000 | 89607 |
|  |  | 551225 |
|  **Drug Retail–0.09%** |  |  |
|  CVS Pass-Through Trust, 5.77%, 01/10/2033<sup>(c)</sup> | 107149 | 104763 |
|  **Education Services–0.12%** |  |  |
|  Johns Hopkins University (The), Series A, 4.71%, 07/01/2032 | 137000 | 136680 |
|  **Electric Utilities–2.27%** |  |  |
|  AEP Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/2028<sup>(c)</sup> | 162000 | 152213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 | 33000 | 31710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2052 | 51000 | 49074 |
|  Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051<sup>(c)</sup> | 199271 | 151774 |
|  American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 | 152000 | 156287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 | 220000 | 230407 |
|  Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052 | 72000 | 77532 |
|  Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 | 88000 | 87659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2028 | 59000 | 56880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 | 180000 | 160697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2082<sup>(d)</sup> | 14000 | 10240 |
|  EDP Finance B.V. (Portugal), 3.63%, 07/15/2024<sup>(c)</sup> | 219000 | 211447 |
|  Enel Finance International N.V. (Italy), 6.80%, 10/14/2025<sup>(c)</sup> | 200000 | 205581 |
|  National Rural Utilities Cooperative Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/2032 | 26000 | 21458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2033 | 110000 | 115157 |
|  NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 | 162000 | 159556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 49000 | 48207 |
|  PacifiCorp, 5.35%, 12/01/2053 | 516000 | 513889 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Electric Utilities–(continued)** |  |  |  |
|  Southern Co. (The), 5.70%, 10/15/2032 | $| &nbsp;&nbsp;&nbsp;&nbsp;114000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116968 |
|  Tampa Electric Co., 5.00%, 07/15/2052 |  | 50000 | 45892 |
|  Virginia Electric & Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/2027 |  | 30000 | 28677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/2052 |  | 66000 | 57959 |
|  |  |  | 2689264 |
|  **Electrical Components & Equipment–0.23%** | **Electrical Components & Equipment–0.23%** | **Electrical Components & Equipment–0.23%** |  |
|  CenterPoint Energy Houston Electric LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AI, 4.45%, 10/01/2032 |  | 144000 | 139272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 140000 | 134454 |
|  |  |  | 273726 |
|  **Electronic Equipment & Instruments–0.03%** | **Electronic Equipment & Instruments–0.03%** | **Electronic Equipment & Instruments–0.03%** |  |
|  Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 |  | 19000 | 15251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2031 |  | 25000 | 18102 |
|  |  |  | 33353 |
|  **Environmental & Facilities Services–0.02%** | **Environmental & Facilities Services–0.02%** | **Environmental & Facilities Services–0.02%** |  |
|  GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028<sup>(c)</sup> |  | 25000 | 22011 |
|  **Financial Exchanges & Data–0.61%** |  |  |  |
|  B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031<sup>(c)</sup> |  | 200000 | 168779 |
|  Cboe Global Markets, Inc., 3.00%, 03/16/2032 |  | 64000 | 53419 |
|  Intercontinental Exchange, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2027 |  | 49000 | 47390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/2029 |  | 39000 | 37759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/2033 |  | 62000 | 59400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2052 |  | 86000 | 80123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/2060 |  | 6000 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/2062 |  | 66000 | 62522 |
|  Moody's Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/2032 |  | 53000 | 49687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2044 |  | 2000 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/2052 |  | 57000 | 43687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/2061 |  | 86000 | 54543 |
|  MSCI, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031<sup>(c)</sup> |  | 11000 | 9165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/2031<sup>(c)</sup> |  | 11000 | 9113 |
|  S&P Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2032<sup>(c)</sup> |  | 13000 | 11124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/2052<sup>(c)</sup> |  | 13000 | 10099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/2062<sup>(c)</sup> |  | 26000 | 20220 |
|  |  |  | 722751 |
|  **Food Distributors–0.02%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029<sup>(c)</sup> |  | 33000 | 27018 |
|  **General Merchandise Stores–0.38%** |  |  |  |
|  Dollar General Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2027 |  | 81000 | 79642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 |  | 71000 | 70261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 |  | 144000 | 142534 |
|  Target Corp., 4.50%, 09/15/2032 |  | 163000 | 158711 |
|  |  |  | 451148 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Health Care Equipment–0.34%** |  |  |  |  |
|  Alcon Finance Corp. (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/06/2032<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;200000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/06/2052<sup>(c)</sup> |  | 200000 |  | 201547 |
|  |  |  |  | 403191 |
|  **Health Care Facilities–0.08%** |  |  |  |  |
|  Tenet Healthcare Corp., 6.13%, 06/15/2030<sup>(c)</sup> |  | 99000 |  | 94501 |
|  **Health Care REITs–0.01%** |  |  |  |  |
|  Healthcare Realty Holdings L.P., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2026 |  | 5000 |  | 4661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/15/2031 |  | 6000 |  | 4556 |
|  Physicians Realty L.P., 4.30%, 03/15/2027 |  | 2000 |  | 1889 |
|  |  |  |  | 11106 |
|  **Health Care Services–0.31%** |  |  |  |  |
|  Cigna Corp., 4.13%, 11/15/2025 |  | 8000 |  | 7825 |
|  Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 2.04%, 01/01/2032 |  | 94000 |  | 72622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/2042 |  | 91000 |  | 62488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/2052 |  | 104000 |  | 65324 |
|  Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051 |  | 276000 |  | 164350 |
|  |  |  |  | 372609 |
|  **Home Improvement Retail–0.83%** |  |  |  |  |
|  Home Depot, Inc. (The), 4.95%, 09/15/2052 |  | 104000 |  | 100459 |
|  Lowe's Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 |  | 8000 |  | 7522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033<sup>(b)</sup> |  | 381000 |  | 373170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053<sup>(b)</sup> |  | 285000 |  | 274447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 238000 |  | 229240 |
|  |  |  |  | 984838 |
|  **Homebuilding–0.04%** |  |  |  |  |
|  D.R. Horton, Inc., 4.75%, 02/15/2023 |  | 19000 |  | 18992 |
|  M.D.C. Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/2030 |  | 2000 |  | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 08/06/2061 |  | 40000 |  | 22483 |
|  |  |  |  | 43107 |
|  **Hotels, Resorts & Cruise Lines–0.13%** | **Hotels, Resorts & Cruise Lines–0.13%** | **Hotels, Resorts & Cruise Lines–0.13%** | **Hotels, Resorts & Cruise Lines–0.13%** | **Hotels, Resorts & Cruise Lines–0.13%** |
|  Expedia Group, Inc., 3.25%, 02/15/2030 |  | 161000 |  | 136927 |
|  Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032<sup>(c)</sup> |  | 19000 |  | 15249 |
|  |  |  |  | 152176 |
|  **Household Products–0.03%** |  |  |  |  |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027 |  | 41000 |  | 38836 |
|  **Hypermarkets & Super Centers–0.18%** | **Hypermarkets & Super Centers–0.18%** | **Hypermarkets & Super Centers–0.18%** | **Hypermarkets & Super Centers–0.18%** | **Hypermarkets & Super Centers–0.18%** |
|  Walmart, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/2032 |  | 102000 |  | 99690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/2052 |  | 120000 |  | 114905 |
|  |  |  |  | 214595 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Independent Power Producers & Energy Traders–0.34%** | **Independent Power Producers & Energy Traders–0.34%** | **Independent Power Producers & Energy Traders–0.34%** |
|  AES Corp. (The), 2.45%, 01/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 |
|  Calpine Corp., 3.75%, 03/01/2031<sup>(c)</sup> | 40000 | 32258 |
|  Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028<sup>(c)</sup> | 149000 | 143187 |
|  EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030<sup>(c)</sup> | 200000 | 140292 |
|  TransAlta Corp. (Canada), 7.75%, 11/15/2029 | 52000 | 53177 |
|  Vistra Corp., 7.00%<sup>(c)(d)(e)</sup> | 32000 | 29164 |
|  |  | 402865 |
|  **Industrial Conglomerates–0.40%** |  |  |
|  Honeywell International, Inc., 5.00%, 02/15/2033 | 468000 | 478221 |
|  **Insurance Brokers–0.10%** |  |  |
|  Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052 | 77000 | 85894 |
|  Willis North America, Inc., 4.65%, 06/15/2027 | 34000 | 32896 |
|  |  | 118790 |
|  **Integrated Oil & Gas–0.62%** |  |  |
|  BP Capital Markets America, Inc., 3.06%, 06/17/2041 | 24000 | 17863 |
|  BP Capital Markets PLC (United Kingdom), 4.38%<sup>(d)(e)</sup> | 18000 | 17235 |
|  Ecopetrol S.A. (Colombia), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/02/2031 | 11000 | 8425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/28/2045 | 12000 | 8381 |
|  Gray Oak Pipeline LLC, 2.60%, 10/15/2025<sup>(c)</sup> | 18000 | 16341 |
|  Petroleos Mexicanos (Mexico), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 | 303000 | 284537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 | 51000 | 40147 |
|  Petronas Capital Ltd. (Malaysia), 2.48%, 01/28/2032<sup>(c)</sup> | 200000 | 165821 |
|  QatarEnergy Trading LLC (Qatar), 3.30%, 07/12/2051<sup>(c)</sup> | 200000 | 148160 |
|  Shell International Finance B.V. (Netherlands), 3.00%, 11/26/2051 | 32000 | 21821 |
|  |  | 728731 |
|  **Integrated Telecommunication Services–0.12%** | **Integrated Telecommunication Services–0.12%** | **Integrated Telecommunication Services–0.12%** |
|  AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (SOFR + 0.64%), 03/25/2024<sup>(f)</sup> | 88000 | 87607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 | 8000 | 7552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 | 41000 | 31629 |
|  Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/2041 | 23000 | 15916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/2051 | 2000 | 1434 |
|  |  | 144138 |
|  **Interactive Home Entertainment–0.09%** | **Interactive Home Entertainment–0.09%** | **Interactive Home Entertainment–0.09%** |
|  ROBLOX Corp., 3.88%, 05/01/2030<sup>(c)</sup> | 57000 | 45001 |
|  Take-Two Interactive Software, Inc., 4.00%, 04/14/2032 | 38000 | 33742 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Interactive Home Entertainment–(continued)** | **Interactive Home Entertainment–(continued)** | **Interactive Home Entertainment–(continued)** | **Interactive Home Entertainment–(continued)** | **Interactive Home Entertainment–(continued)** |
|  WMG Acquisition Corp., 3.00%, 02/15/2031<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24822 |
|  |  |  |  | 103565 |
|  **Interactive Media & Services–0.33%** | **Interactive Media & Services–0.33%** | **Interactive Media & Services–0.33%** |  |  |
|  Match Group Holdings II LLC, 5.63%, 02/15/2029<sup>(c)</sup> |  | 25000 |  | 23294 |
|  Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/2032 |  | 87000 |  | 76804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/2052 |  | 151000 |  | 120776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/2062 |  | 204000 |  | 164760 |
|  |  |  |  | 385634 |
|  **Internet & Direct Marketing Retail–0.01%** | **Internet & Direct Marketing Retail–0.01%** | **Internet & Direct Marketing Retail–0.01%** | **Internet & Direct Marketing Retail–0.01%** | **Internet & Direct Marketing Retail–0.01%** |
|  Amazon.com, Inc., 2.88%, 05/12/2041 |  | 19000 |  | 14253 |
|  **Internet Services & Infrastructure–0.04%** | **Internet Services & Infrastructure–0.04%** | **Internet Services & Infrastructure–0.04%** |  |  |
|  Twilio, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2029 |  | 29000 |  | 23598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2031<sup>(b)</sup> |  | 29000 |  | 23049 |
|  |  |  |  | 46647 |
|  **Investment Banking & Brokerage–1.06%** | **Investment Banking & Brokerage–1.06%** | **Investment Banking & Brokerage–1.06%** |  |  |
|  Charles Schwab Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (SOFR + 1.05%), 03/03/2027<sup>(f)</sup> |  | 69000 |  | 67206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/2032 |  | 26000 |  | 22167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(d)(e)</sup> |  | 79000 |  | 72324 |
|  Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (SOFR + 0.58%), 03/08/2024<sup>(f)</sup> |  | 9000 |  | 8946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.70%), 01/24/2025<sup>(f)</sup> |  | 10000 |  | 9855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/2026 |  | 2000 |  | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.79%), 12/09/2026<sup>(f)</sup> |  | 282000 |  | 271659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% (SOFR + 0.81%), 03/09/2027<sup>(f)</sup> |  | 120000 |  | 115221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (SOFR + 0.92%), 10/21/2027<sup>(f)</sup> |  | 149000 |  | 142566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.31% (SOFR + 1.12%), 02/24/2028<sup>(f)</sup> |  | 28000 |  | 26934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/2028<sup>(d)</sup> |  | 14000 |  | 13061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/2028<sup>(d)</sup> |  | 69000 |  | 66244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/2032<sup>(d)</sup> |  | 8000 |  | 6399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/2032<sup>(d)</sup> |  | 22000 |  | 17425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/2042<sup>(d)</sup> |  | 2000 |  | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/2043<sup>(d)</sup> |  | 19000 |  | 14036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 4.13%<sup>(d)(e)</sup> |  | 134000 |  | 111710 |
|  JAB Holdings B.V. (Austria), 4.50%, 04/08/2052<sup>(c)</sup> |  | 378000 |  | 257840 |
|  Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.63%), 01/24/2025<sup>(f)</sup> |  | 8000 |  | 7891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 |  | 22000 |  | 21958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/2031<sup>(d)</sup> |  | 3000 |  | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/2042<sup>(d)</sup> |  | 2000 |  | 1488 |
|  |  |  |  | 1260742 |
|  **IT Consulting & Other Services–0.02%** | **IT Consulting & Other Services–0.02%** | **IT Consulting & Other Services–0.02%** |  |  |
|  DXC Technology Co., 2.38%, 09/15/2028 |  | 22000 |  | 18559 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Leisure Products–0.03%** |  |  |  |
|  Brunswick Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/15/2032 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/2052 |  | 39000 | 28174 |
|  |  |  | 39183 |
|  **Life & Health Insurance–1.28%** |  |  |  |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/2027 |  | 25000 | 23714 |
|  Athene Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/08/2026<sup>(c)</sup> |  | 14000 | 12270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/12/2026<sup>(c)</sup> |  | 13000 | 11748 |
|  Athene Holding Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/03/2030 |  | 18000 | 18202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/2052 |  | 25000 | 15442 |
|  GA Global Funding Trust, 2.90%, 01/06/2032<sup>(c)</sup> |  | 162000 | 128646 |
|  Lincoln National Corp., Series C, 9.25%<sup>(d)(e)</sup> |  | 155000 | 165075 |
|  MAG Mutual Holding Co., 4.75%, 04/30/2041<sup>(g)</sup> |  | 784000 | 644000 |
|  Manulife Financial Corp. (Canada), 4.06%, 02/24/2032<sup>(d)</sup> |  | 8000 | 7296 |
|  MetLife, Inc., 5.00%, 07/15/2052 |  | 48000 | 45981 |
|  Nationwide Financial Services, Inc., 3.90%, 11/30/2049<sup>(c)</sup> |  | 2000 | 1403 |
|  Pacific Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.80%), 03/30/2025<sup>(c)(f)</sup> |  | 166000 | 163725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (SOFR + 0.62%), 06/04/2026<sup>(c)(f)</sup> |  | 79000 | 75869 |
|  Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061<sup>(c)</sup> |  | 2000 | 1329 |
|  Prudential Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/2044<sup>(d)</sup> |  | 22000 | 20944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2052<sup>(d)</sup> |  | 173000 | 167703 |
|  Reliance Standard Life Global Funding II, 2.75%, 01/21/2027<sup>(c)</sup> |  | 13000 | 11740 |
|  |  |  | 1515087 |
|  **Life Sciences Tools & Services–0.00%** | **Life Sciences Tools & Services–0.00%** | **Life Sciences Tools & Services–0.00%** |  |
|  Illumina, Inc., 2.55%, 03/23/2031 |  | 6000 | 4818 |
|  **Managed Health Care–1.60%** |  |  |  |
|  Centene Corp., 2.50%, 03/01/2031 |  | 19000 | 14903 |
|  Elevance Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2032 |  | 95000 | 97554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/2052 |  | 68000 | 72920 |
|  Kaiser Foundation Hospitals, Series 2021, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 06/01/2041 |  | 205000 | 149365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 |  | 215000 | 147451 |
|  UnitedHealth Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2025 |  | 2000 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2027 |  | 29000 | 28099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 219000 | 224279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2029 |  | 118000 | 112950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 |  | 373000 | 385284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033<sup>(b)</sup> |  | 321000 | 332230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 |  | 160000 | 173815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 |  | 146000 | 159480 |
|  |  |  | 1900287 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Movies & Entertainment–0.27%** |  |  |  |  |
|  Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;173000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052<sup>(c)</sup> |  | 104000 |  | 76006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062<sup>(c)</sup> |  | 148000 |  | 108635 |
|  |  |  |  | 317613 |
|  **Multi-line Insurance–0.07%** |  |  |  |  |
|  Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052<sup>(c)</sup> |  | 81000 |  | 80678 |
|  **Multi-Utilities–0.60%** |  |  |  |  |
|  Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082<sup>(d)</sup> |  | 116000 |  | 94128 |
|  Ameren Corp., 2.50%, 09/15/2024 |  | 4000 |  | 3829 |
|  Ameren Illinois Co., 5.90%, 12/01/2052 |  | 80000 |  | 87400 |
|  Dominion Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/2030 |  | 6000 |  | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2032<sup>(b)</sup> |  | 382000 |  | 379831 |
|  WEC Energy Group, Inc., 5.15%, 10/01/2027 |  | 144000 |  | 145802 |
|  |  |  |  | 716291 |
|  **Office REITs–0.36%** |  |  |  |  |
|  Boston Properties L.P., 3.25%, 01/30/2031 |  | 2000 |  | 1658 |
|  Brandywine Operating Partnership L.P., 7.55%, 03/15/2028 |  | 293000 |  | 287845 |
|  Office Properties Income Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2024 |  | 79000 |  | 74860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 |  | 34000 |  | 30834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/2026 |  | 10000 |  | 7760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/2027 |  | 34000 |  | 24879 |
|  |  |  |  | 427836 |
|  **Oil & Gas Equipment & Services–0.19%** | **Oil & Gas Equipment & Services–0.19%** | **Oil & Gas Equipment & Services–0.19%** |  |  |
|  Enerflex Ltd. (Canada), 9.00%, 10/15/2027<sup>(c)</sup> |  | 110000 |  | 109843 |
|  Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026<sup>(c)</sup> |  | 200000 |  | 113284 |
|  |  |  |  | 223127 |
|  **Oil & Gas Exploration & Production–0.73%** | **Oil & Gas Exploration & Production–0.73%** | **Oil & Gas Exploration & Production–0.73%** | **Oil & Gas Exploration & Production–0.73%** | **Oil & Gas Exploration & Production–0.73%** |
|  Apache Corp., 7.75%, 12/15/2029 |  | 98000 |  | 103106 |
|  CNX Resources Corp., 7.38%, 01/15/2031<sup>(c)</sup> |  | 76000 |  | 72950 |
|  Diamondback Energy, Inc., 6.25%, 03/15/2053<sup>(b)</sup> |  | 414000 |  | 402292 |
|  EQT Corp., 5.70%, 04/01/2028 |  | 80000 |  | 79678 |
|  Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.94%, 09/30/2040<sup>(c)</sup> |  | 193306 |  | 156106 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(c)</sup> |  | 18000 |  | 16033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(c)</sup> |  | 18000 |  | 15559 |
|  Murphy Oil Corp., 6.38%, 07/15/2028 |  | 23000 |  | 22171 |
|  |  |  |  | 867895 |
|  **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** |
|  Parkland Corp. (Canada), 4.50%, 10/01/2029<sup>(c)</sup> |  | 20000 |  | 16694 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Oil & Gas Storage & Transportation–1.53%** | **Oil & Gas Storage & Transportation–1.53%** | **Oil & Gas Storage & Transportation–1.53%** |
|  Boardwalk Pipelines L.P., 3.60%, 09/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20756 |
|  El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 | 43000 | 48778 |
|  Enbridge, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (SOFR + 0.63%), 02/16/2024<sup>(f)</sup> | 10000 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/2083<sup>(d)</sup> | 249000 | 242639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/2083<sup>(d)</sup> | 189000 | 187414 |
|  Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2023 | 8000 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 | 6000 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 58000 | 57607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 141000 | 138220 |
|  EQM Midstream Partners L.P., 7.50%, 06/01/2030<sup>(c)</sup> | 40000 | 38596 |
|  Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 | 117000 | 108826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/2052 | 252000 | 227499 |
|  Kinetik Holdings L.P., 5.88%, 06/15/2030<sup>(c)</sup> | 126000 | 118331 |
|  MPLX L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2027 | 6000 | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 | 75000 | 61620 |
|  ONEOK, Inc., 6.10%, 11/15/2032 | 107000 | 107323 |
|  Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037<sup>(c)</sup> | 167000 | 167607 |
|  Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 | 97000 | 95230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2052 | 111000 | 105325 |
|  Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033<sup>(b)(c)</sup> | 37000 | 30294 |
|  Williams Cos., Inc. (The), 2.60%, 03/15/2031 | 34000 | 27597 |
|  |  | 1812882 |
|  **Other Diversified Financial Services–0.42%** | **Other Diversified Financial Services–0.42%** | **Other Diversified Financial Services–0.42%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC | 150000 | 149057 |
|  Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/2052<sup>(c)</sup> | 8000 | 6380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/2052<sup>(c)(d)</sup> | 218000 | 202454 |
|  Jackson Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 06/08/2027 | 69000 | 68092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/2032 | 80000 | 75334 |
|  |  | 501317 |
|  **Packaged Foods & Meats–0.16%** |  |  |
|  Conagra Brands, Inc., 4.60%, 11/01/2025 | 15000 | 14796 |
|  JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031<sup>(c)</sup> | 5000 | 4107 |
|  Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031<sup>(c)</sup> | 200000 | 164495 |
|  |  | 183398 |
|  **Paper Packaging–0.06%** |  |  |
|  Berry Global, Inc., 1.65%, 01/15/2027 | 79000 | 67674 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Paper Packaging–(continued)** |  |  |  |  |
|  Packaging Corp. of America, 3.65%, 09/15/2024 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874 |
|  |  |  |  | 72548 |
|  **Pharmaceuticals–0.07%** |  |  |  |  |
|  Mayo Clinic, Series 2021, 3.20%, 11/15/2061 |  | 102000 |  | 68373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mylan, Inc., 3.13%, 01/15/2023<sup>(c)</sup> |  | 11000 |  | 10992 |
|  |  |  |  | 79365 |
|  **Precious Metals & Minerals–0.07%** | **Precious Metals & Minerals–0.07%** | **Precious Metals & Minerals–0.07%** |  |  |
|  Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024<sup>(c)</sup> |  | 83000 |  | 80362 |
|  **Property & Casualty Insurance–0.28%** | **Property & Casualty Insurance–0.28%** | **Property & Casualty Insurance–0.28%** | **Property & Casualty Insurance–0.28%** | **Property & Casualty Insurance–0.28%** |
|  Allstate Corp. (The), 4.20%, 12/15/2046 |  | 2000 |  | 1665 |
|  Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/2028 |  | 2000 |  | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/03/2031 |  | 8000 |  | 6577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/2032<sup>(c)</sup> |  | 212000 |  | 199589 |
|  Liberty Mutual Group, Inc., 5.50%, 06/15/2052<sup>(c)</sup> |  | 102000 |  | 92041 |
|  Progressive Corp. (The), 2.50%, 03/15/2027 |  | 2000 |  | 1844 |
|  Stewart Information Services Corp., 3.60%, 11/15/2031 |  | 38000 |  | 29208 |
|  |  |  |  | 332818 |
|  **Railroads–0.93%** |  |  |  |  |
|  CSX Corp., 4.50%, 11/15/2052 |  | 164000 |  | 143285 |
|  Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061<sup>(c)</sup> |  | 204000 |  | 140946 |
|  Norfolk Southern Corp., 4.55%, 06/01/2053 |  | 62000 |  | 54236 |
|  Union Pacific Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2033 |  | 223000 |  | 218769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/2052 |  | 280000 |  | 270113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/2063 |  | 286000 |  | 276655 |
|  |  |  |  | 1104004 |
|  **Real Estate Development–0.01%** |  |  |  |  |
|  Essential Properties L.P., 2.95%, 07/15/2031 |  | 14000 |  | 10212 |
|  Piedmont Operating Partnership L.P., 3.15%, 08/15/2030 |  | 2000 |  | 1526 |
|  |  |  |  | 11738 |
|  **Regional Banks–2.24%** |  |  |  |  |
|  Citizens Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/2025 |  | 31000 |  | 30102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/2030 |  | 6000 |  | 4891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/30/2032 |  | 39000 |  | 29062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 05/21/2037<sup>(d)</sup> |  | 121000 |  | 112861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.00%<sup>(d)(e)</sup> |  | 32000 |  | 25768 |
|  Fifth Third Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/2024 |  | 2000 |  | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/2027 |  | 2000 |  | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/2028<sup>(d)</sup> |  | 177000 |  | 182428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/2030<sup>(d)</sup> |  | 178000 |  | 170156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/2033<sup>(d)</sup> |  | 39000 |  | 35744 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Regional Banks–(continued)** |  |  |
|  Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 08/04/2028<sup>(d)</sup> | 49000 | 46753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 08/15/2036<sup>(d)</sup> | 25000 | 18039 |
|  KeyCorp, 4.79%, 06/01/2033<sup>(d)</sup> | 46000 | 43567 |
|  PNC Financial Services Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/06/2033<sup>(d)</sup> | 192000 | 177926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/2033<sup>(d)</sup> | 212000 | 221396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 8.12% (3 mo. USD LIBOR +3.68%)<sup>(e)(f)</sup> | 118000 | 118118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 6.00%<sup>(d)(e)</sup> | 145000 | 136608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 6.20%<sup>(d)(e)</sup> | 238000 | 233180 |
|  Santander Holdings USA, Inc., 3.50%, 06/07/2024 | 6000 | 5832 |
|  SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%<sup>(d)(e)</sup> | 172000 | 99299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.25%<sup>(d)(e)</sup> | 362000 | 238168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.70%<sup>(d)(e)</sup> | 242000 | 153605 |
|  Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/2028<sup>(d)</sup> | 55000 | 52727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/2033<sup>(d)</sup> | 300000 | 282276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/2033<sup>(d)</sup> | 209000 | 220569 |
|  |  | 2652597 |
|  **Reinsurance–0.05%** |  |  |
|  Global Atlantic Fin Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/2029<sup>(c)</sup> | 8000 | 6713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/2051<sup>(c)(d)</sup> | 65000 | 49613 |
|  Reinsurance Group of America, Inc., 4.70%, 09/15/2023 | 2000 | 1991 |
|  |  | 58317 |
|  **Renewable Electricity–0.20%** |  |  |
|  Adani Green Energy Ltd. (India), 4.38%, 09/08/2024<sup>(c)</sup> | 208000 | 189280 |
|  NSTAR Electric Co., 4.55%, 06/01/2052 | 51000 | 46193 |
|  |  | 235473 |
|  **Residential REITs–0.09%** |  |  |
|  American Homes 4 Rent L.P., 3.63%, 04/15/2032 | 34000 | 28690 |
|  AvalonBay Communities, Inc., 5.00%, 02/15/2033 | 74000 | 73049 |
|  Mid-America Apartments L.P., 2.88%, 09/15/2051 | 2000 | 1285 |
|  Spirit Realty L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/2027 | 5000 | 4441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/15/2028 | 2000 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/2032 | 2000 | 1485 |
|  Sun Communities Operating L.P., 2.70%, 07/15/2031 | 2000 | 1583 |
|  |  | 112167 |
|  **Restaurants–0.24%** |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030<sup>(c)</sup> | 43000 | 34912 |
|  McDonald's Corp., 5.15%, 09/09/2052 | 254000 | 245051 |
|  |  | 279963 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Retail REITs–0.30%** | **Retail REITs–0.30%** |  |
|  Agree L.P., 2.00%, 06/15/2028 | $8000 | $6566 |
|  Kite Realty Group L.P., 4.00%, 10/01/2026 | 19000 | 17519 |
|  Kite Realty Group Trust, 4.75%, 09/15/2030 | 24000 | 21190 |
|  KRC Interim Corp., 2.70%, 10/01/2030 | 4000 | 3269 |
|  Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/2028 | 5000 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp;144000 | 146698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/2032 | 2000 | 1628 |
|  Regency Centers L.P., 2.95%, 09/15/2029 | 5000 | 4207 |
|  Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080<sup>(c)(d)</sup> | 166000 | 148861 |
|  |  | 354229 |
|  **Semiconductor Equipment–0.10%** |  |  |
|  Entegris Escrow Corp., 5.95%, 06/15/2030<sup>(c)</sup> | 133000 | 122826 |
|  **Semiconductors–0.06%** |  |  |
|  Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 | 8000 | 7189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035<sup>(c)</sup> | 41000 | 30271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/2037<sup>(c)</sup> | 21000 | 18395 |
|  Micron Technology, Inc., 4.19%, 02/15/2027 | 2000 | 1896 |
|  QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/2030 | 9000 | 7636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 | 9000 | 6566 |
|  |  | 71953 |
|  **Soft Drinks–0.15%** |  |  |
|  Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029<sup>(c)</sup> | 200000 | 174695 |
|  **Sovereign Debt–1.26%** |  |  |
|  Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029<sup>(c)</sup> | 278000 | 239035 |
|  Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032<sup>(c)</sup> | 200000 | 199131 |
|  China Government International Bond (China), 2.50%, 10/26/2051<sup>(c)</sup> | 200000 | 133071 |
|  Colombia Government International Bond (Colombia), 8.00%, 04/20/2033 | 200000 | 200849 |
|  Mexico Government International Bond (Mexico), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/2034 | 200000 | 160554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/2052 | 200000 | 147783 |
|  Panama Government International Bond (Panama), 6.40%, 02/14/2035 | 209000 | 212639 |
|  Peruvian Government International Bond (Peru), 2.78%, 01/23/2031 | 10000 | 8297 |
|  Republic of Poland Government International Bond (Poland), 5.75%, 11/16/2032 | 5000 | 5341 |
|  Romanian Government International Bond (Romania), 5.25%, 11/25/2027<sup>(c)</sup> | 30000 | 28916 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Sovereign Debt–(continued)** |  |  |  |
|  UAE International Government Bond (United Arab Emirates), 3.25%, 10/19/2061<sup>(c)</sup> | $| 206000 | $152696 |
|  |  |  | 1488312 |
|  **Specialized Consumer Services–0.04%** | **Specialized Consumer Services–0.04%** | **Specialized Consumer Services–0.04%** |  |
|  Grand Canyon University, 3.25%, 10/01/2023 |  | 50500 | 49869 |
|  **Specialized Finance–0.32%** |  |  |  |
|  Blackstone Private Credit Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/2024 |  | 8000 | 7359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/2025<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | 129101 |
|  Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025<sup>(b)(c)</sup> |  | 256000 | 245942 |
|  |  |  | 382402 |
|  **Specialized REITs–0.38%** |  |  |  |
|  American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2023 |  | 7000 | 6927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2025 |  | 5000 | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 |  | 21000 | 17144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 25000 | 22365 |
|  EPR Properties, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/2026 |  | 29000 | 26095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2028 |  | 62000 | 52996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2031 |  | 26000 | 18893 |
|  Prologis L.P., 4.63%, 01/15/2033 |  | 277000 | 269041 |
|  SBA Communications Corp., 3.13%, 02/01/2029 |  | 38000 | 31663 |
|  |  |  | 450000 |
|  **Specialty Chemicals–0.29%** |  |  |  |
|  Sasol Financing USA LLC (South Africa), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/2026 |  | 200000 | 177299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/18/2031 |  | 200000 | 163105 |
|  |  |  | 340404 |
|  **Steel–0.29%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027 |  | 340000 | 342183 |
|  **Systems Software–0.86%** |  |  |  |
|  Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 20000 | 16901 |
|  Microsoft Corp., 2.53%, 06/01/2050 |  | 2000 | 1326 |
|  Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 670000 | 703353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 279000 | 300110 |
|  |  |  | 1021690 |
|  **Technology Hardware, Storage & Peripherals–0.10%** | **Technology Hardware, Storage & Peripherals–0.10%** | **Technology Hardware, Storage & Peripherals–0.10%** | **Technology Hardware, Storage & Peripherals–0.10%** |
|  Apple, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/2032 |  | 81000 | 73777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/2045 |  | 5000 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/2047 |  | 2000 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/2060 |  | 30000 | 18304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061 |  | 31000 | 19770 |
|  |  |  | 118351 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Thrifts & Mortgage Finance–0.11%** |  |  |  |
|  Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030<sup>(c)(d)</sup>  | $| 150000 | $130174 |
|  **Tobacco–0.65%** |  |  |  |
|  Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/17/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;122000 | 122684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 199000 | 200806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/2029<sup>(b)</sup>  |  | 326000 | 331486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 114000 | 116571 |
|  |  |  | 771547 |
|  **Trading Companies & Distributors–0.29%** | **Trading Companies & Distributors–0.29%** | **Trading Companies & Distributors–0.29%** |  |
|  Air Lease Corp., | Air Lease Corp., | Air Lease Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/2023 |  | 2000 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 |  | 205000 | 205130 |
|  GATX Corp., 4.90%, 03/15/2033 |  | 147000 | 137532 |
|  |  |  | 344629 |
|  **Trucking–0.26%** |  |  |  |
|  Aviation Capital Group LLC, 4.13%, 08/01/2025<sup>(c)</sup>  |  | 2000 | 1868 |
|  Penske Truck Leasing Co. L.P./PTL Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2025<sup>(c)</sup>  |  | 8000 | 7662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026<sup>(c)</sup>  |  | 9000 | 8269 |
|  Ryder System, Inc., 4.30%, 06/15/2027<sup>(b)</sup>  |  | 25000 | 23983 |
|  Triton Container International Ltd. (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/2026<sup>(c)</sup>  |  | 105000 | 91302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/2031<sup>(c)</sup>  |  | 156000 | 121588 |
|  Uber Technologies, Inc., 4.50%, 08/15/2029<sup>(c)</sup>  |  | 63000 | 55007 |
|  |  |  | 309679 |
|  **Wireless Telecommunication Services–0.78%** | **Wireless Telecommunication Services–0.78%** | **Wireless Telecommunication Services–0.78%** |  |
|  America Movil S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032<sup>(c)</sup>  |  | 200000 | 180789 |
|  Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052<sup>(c)</sup>  |  | 127000 | 99050 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/20/2025<sup>(c)</sup>  |  | 112500 | 111227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/20/2028<sup>(c)</sup>  |  | 209000 | 206196 |
|  T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 |  | 8000 | 7292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2026 |  | 8000 | 7346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 |  | 59000 | 39910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 |  | 57000 | 55497 |
|  VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027<sup>(c)</sup>  |  | 200000 | 143000 |
|  Vodafone Group PLC (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/2081<sup>(d)</sup>  |  | 26000 | 21743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/2081<sup>(d)</sup>  |  | 30000 | 22307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/2081<sup>(d)</sup>  |  | 33000 | 24083 |
|  |  |  | 918440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $57,137,816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $57,137,816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $57,137,816) | 52959244 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities–28.74%** |  |  |
|  Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035<sup>(h)</sup>  | $3174 | $3106 |
|  AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class C, 3.74%, 10/18/2024 | 72400 | 72345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class C, 2.74%, 04/18/2025 | 84106 | 83281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class D, 2.99%, 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | 272723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class D, 2.58%, 09/18/2025 | 135000 | 129840 |
|  AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038<sup>(c)</sup>  | 380000 | 324496 |
|  Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, 12/25/2059<sup>(c)(h)</sup>  | 41874 | 39291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, 04/25/2065<sup>(c)(h)</sup>  | 135952 | 120542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, 05/25/2065<sup>(c)(h)</sup>  | 18970 | 16951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066<sup>(c)(h)</sup>  | 95843 | 79167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.98%, 10/25/2066<sup>(c)(h)</sup>  | 218717 | 178854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, 12/25/2066<sup>(c)(i)</sup>  | 370914 | 325698 |
|  Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, 09/25/2048<sup>(c)(h)</sup>  | 293 | 292 |
|  Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028<sup>(c)</sup>  | 560000 | 534320 |
|  Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 5.54% (3 mo. USD LIBOR + 1.18%),<br>07/25/2034<sup>(c)(f)</sup>  | 731000 | 713281 |
|  Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048<sup>(h)</sup>  | 70000 | 64998 |
|  Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.00%, 01/25/2037 | 32062 | 26023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-C, Class 1A4, 3.47%, 05/20/2036<sup>(h)</sup>  | 10618 | 9996 |
|  Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037 | 20501 | 16435 |
|  Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052<sup>(j)</sup>  | 1521240 | 64617 |
|  Bayview MSR Opportunity Master Fund Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 3.00%, 10/25/2051<sup>(c)(h)</sup>  | 320032 | 268244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, 10/25/2051<sup>(c)(h)</sup>  | 320032 | 258431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, 10/25/2051<sup>(c)(h)</sup>  | 303709 | 262431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, 11/25/2051<sup>(c)(h)</sup>  | 330402 | 277759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, 11/25/2051<sup>(c)(h)</sup>  | 402877 | 326334 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Bear Stearns Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035<sup>(f)</sup> | $25404 | $23611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036<sup>(f)</sup> | 26926 | 25821 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class XA, IO, 0.53%, 01/15/2051<sup>(j)</sup> | 1397220 | 27754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class C, 4.54%, 04/10/2051<sup>(h)</sup> | 42000 | 34980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A5, 3.05%, 12/15/2062 | 90000 | 79446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class C, 3.77%, 12/15/2062<sup>(h)</sup> | 83700 | 63745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class B, 3.56%, 12/15/2072 | 70000 | 56586 |
|  BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060<sup>(c)(h)</sup> | 104182 | 98032 |
|  BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, 5.17% (1 mo. USD LIBOR + 0.85%), 11/15/2038<sup>(c)(f)</sup> | 235000 | 226452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), 09/15/2036<sup>(c)(f)</sup> | 250000 | 241178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.27% (1 mo. USD LIBOR + 0.95%), 09/15/2036<sup>(c)(f)</sup> | 225000 | 212578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 5.97% (1 mo. USD LIBOR + 1.65%), 09/15/2036<sup>(c)(f)</sup> | 100000 | 93825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class B, 5.32% (1 mo. USD LIBOR + 1.00%), 10/15/2038<sup>(c)(f)</sup> | 97305 | 92854 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CLS, Class A, 5.76%, 10/13/2027<sup>(c)</sup> | 130000 | 127536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 5.34% (1 mo. Term SOFR + 1.00%), 01/15/2039<sup>(c)(f)</sup> | 320000 | 309710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 5.64% (1 mo. Term SOFR + 1.30%), 01/15/2039<sup>(c)(f)</sup> | 230000 | 220259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.94% (1 mo. Term SOFR + 1.60%), 01/15/2039<sup>(c)(f)</sup> | 100000 | 95235 |
|  CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 2.55%, 03/15/2027<sup>(c)</sup> | 105000 | 103951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class C, 2.89%, 03/15/2027<sup>(c)</sup> | 100000 | 98848 |
|  CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.88%, 11/13/2050<sup>(j)</sup> | 644679 | 17986 |
|  Cedar Funding IX CLO Ltd.,<br>Series 2018-9A, Class A1, 5.22% (3 mo. USD LIBOR + 0.98%), 04/20/2031<sup>(c)(f)</sup> | 250000 | 246533 |
|  Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class A15, 4.00%, 04/25/2049<sup>(c)(h)</sup> | 4369 | 4027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ATR2, Class A3, 3.50%, 07/25/2049<sup>(c)(h)</sup> | 23398 | 20909 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Chase Mortgage Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SH1, Class M3, 3.75%, 04/25/2045<sup>(c)(h)</sup> | $27456 | $23034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SH2, Class M3, 3.75%, 12/25/2045<sup>(c)(h)</sup> | 33412 | 28990 |
|  Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.64%, 01/25/2036<sup>(h)</sup> | 32404 | 28362 |
|  Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC17, Class XA, IO, 0.99%, 11/10/2046<sup>(j)</sup> | 349981 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC21, Class AA, 3.48%, 05/10/2047 | 21596 | 21271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4, Class XA, IO, 1.04%, 10/12/2050<sup>(j)</sup> | 1732956 | 59501 |
|  Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035<sup>(f)</sup> | 71246 | 68552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3, 2.50%, 05/25/2051<sup>(c)(h)</sup> | 320234 | 258594 |
|  CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026 | 79954 | 79911 |
|  COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.85%, 03/25/2065<sup>(c)(h)</sup> | 13877 | 13598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, 11/26/2066<sup>(c)(h)</sup> | 201170 | 170354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, 12/27/2066<sup>(c)(h)</sup> | 250031 | 218832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, 02/25/2067<sup>(c)(i)</sup> | 254141 | 229487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(c)(h)</sup> | 334293 | 310452 |
|  COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5, Class XA, IO, 1.09%, 12/10/2045<sup>(j)</sup> | 29377 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR6, Class AM, 3.15%, 03/10/2046<sup>(c)</sup> | 245000 | 243147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class ASB, 3.31%, 11/10/2047 | 23947 | 23494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 715000 | 679244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC15, Class AM, 4.20%, 04/10/2047 | 170000 | 164630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | 475000 | 453083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class B, 4.52%, 08/10/2048<sup>(h)</sup> | 72000 | 66565 |
|  Countrywide Home Loans Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, 5.50%, 09/25/2035 | 2673 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-26, Class 1A8, 5.50%, 11/25/2035 | 30046 | 18580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J4, Class A7, 5.50%, 11/25/2035 | 3951 | 3213 |
|  Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065<sup>(c)(i)</sup> | 7741 | 7489 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Credit Suisse Mortgage Capital Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.81%, 05/25/2065<sup>(c)(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48850 | $41109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.18%, 02/25/2066<sup>(c)(h)</sup> | 103930 | 86555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(c)(h)</sup> | 385647 | 354454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067<sup>(c)(h)</sup> | 115000 | 95826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class A1, 4.55%, 05/25/2067<sup>(c)(h)</sup> | 305812 | 293517 |
|  CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 | 776000 | 649525 |
|  CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 3.17%, 06/25/2034<sup>(h)</sup> | 7797 | 7230 |
|  CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036 | 97312 | 52116 |
|  DB Master Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A23, 4.35%, 05/20/2049<sup>(c)</sup> | 48375 | 44266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2II, 4.02%, 05/20/2049<sup>(c)</sup> | 48375 | 45040 |
|  Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049<sup>(c)</sup> | 106003 | 91902 |
|  Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 5.16% (3 mo. USD LIBOR + 1.08%), 01/15/2034<sup>(c)(f)</sup> | 100056 | 97807 |
|  DT Auto Owner Trust, Series 2019-3A, Class D, 2.96%, 04/15/2025<sup>(c)</sup> | 43063 | 42508 |
|  Ellington Financial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 2.74%, 11/25/2059<sup>(c)(h)</sup> | 21063 | 19838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.01%, 05/25/2065<sup>(c)(h)</sup> | 15373 | 14882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, 02/25/2066<sup>(c)(h)</sup> | 37231 | 30541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, 01/25/2067<sup>(c)(h)</sup> | 247005 | 207797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 5.00%, 08/25/2067<sup>(c)(i)</sup> | 285135 | 276482 |
|  Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025<sup>(c)</sup> | 194009 | 190782 |
|  Extended Stay America Trust, Series 2021-ESH, Class B, 5.70% (1 mo. USD LIBOR + 1.38%), 07/15/2038<sup>(c)(f)</sup> | 112262 | 108115 |
|  First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 5.04% (1 mo. USD LIBOR + 0.65%), 11/25/2035<sup>(f)</sup> | 55571 | 25347 |
|  Flagstar Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11IN, Class A6, 3.70%, 11/25/2051<sup>(c)(h)</sup> | 505025 | 434070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, 2.50%, 09/25/2051<sup>(c)(h)</sup> | 166254 | 142895 |
|  FREMF Mortgage Trust, Series 2013- K28, Class C, 3.44%, 06/25/2046<sup>(c)(h)</sup> | 285000 | 282722 |
|  GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059<sup>(c)(h)</sup> | 20155 | 18753 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  GMACM Mortgage Loan Trust,<br>Series 2006-AR1, Class 1A1, 2.98%, 04/19/2036<sup>(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32846 | $24786 |
|  GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 5.31% (3 mo. USD LIBOR + 1.07%), 10/20/2032<sup>(c)(f)</sup> | 260000 | 254677 |
|  Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 5.45% (3 mo. USD LIBOR + 1.09%), 01/25/2032<sup>(c)(f)</sup> | 330000 | 322748 |
|  GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 5.07% (1 mo. Term SOFR + 0.73%), 08/15/2036<sup>(c)(f)</sup> | 125000 | 123342 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC16, Class AS, 4.65%, 11/10/2046 | 45000 | 44229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class AAB, 3.65%, 01/10/2047 | 15904 | 15744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A5, 2.91%, 02/13/2053 | 50000 | 42990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5, 2.38%, 05/12/2053 | 300000 | 248222 |
|  GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051<sup>(c)(h)</sup> | 282990 | 244897 |
|  GSR Mortgage Loan Trust,<br>Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035<sup>(h)</sup> | 10824 | 9961 |
|  Hertz Vehicle Financing III L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.68%, 12/27/2027<sup>(c)</sup> | 113000 | 98552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.12%, 12/27/2027<sup>(c)</sup> | 103000 | 88453 |
|  Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025<sup>(c)</sup> | 104000 | 96178 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class AS, 3.37%, 12/15/2047 | 315000 | 314226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C16, Class AS, 4.52%, 12/15/2046 | 300000 | 294418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 40000 | 39399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class AS, 4.04%, 07/15/2047 | 220000 | 211716 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A1, 3.45%, 07/25/2035<sup>(h)</sup> | 14281 | 13827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A1, 2.52%, 05/25/2052<sup>(c)(h)</sup> | 374497 | 301741 |
|  JPMBB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class B, 4.12%, 11/15/2047<sup>(h)</sup> | 245000 | 224473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class AS, 4.07%, 11/15/2047 | 200000 | 190798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class XA, IO, 1.15%, 02/15/2048<sup>(j)</sup> | 1901384 | 35429 |
|  KKR CLO 30 Ltd., Series 30A, Class A1R, 5.10% (3 mo. USD LIBOR + 1.02%), 10/17/2031<sup>(c)(f)</sup> | 268000 | 263411 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 0.76%, 02/18/2030<sup>(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8473 | $0 |
|  Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024<sup>(c)(h)</sup> | 9564 | 1395 |
|  Life Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), 03/15/2038<sup>(c)(f)</sup> | 152360 | 147724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class B, 5.20% (1 mo. USD LIBOR + 0.88%), 03/15/2038<sup>(c)(f)</sup> | 334210 | 319873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class C, 5.42% (1 mo. USD LIBOR + 1.10%), 03/15/2038<sup>(c)(f)</sup> | 108127 | 102972 |
|  Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 5.38% (3 mo. USD LIBOR + 1.15%), 04/19/2033<sup>(c)(f)</sup> | 742000 | 730551 |
|  MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 4.59% (1 mo. USD LIBOR + 0.20%), 08/25/2036<sup>(f)</sup> | 36183 | 12875 |
|  Med Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class A, 5.27% (1 mo. USD LIBOR + 0.95%), 11/15/2038<sup>(c)(f)</sup> | 265000 | 255478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class B, 5.77% (1 mo. USD LIBOR + 1.45%), 11/15/2038<sup>(c)(f)</sup> | 368000 | 351298 |
|  Mello Mortgage Capital Acceptance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A4, 2.50%, 08/25/2051<sup>(c)(h)</sup> | 205703 | 176802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, 2.50%, 10/25/2051<sup>(c)(h)</sup> | 200586 | 172404 |
|  Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.39%, 11/25/2035<sup>(h)</sup> | 6396 | 5823 |
|  MFA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AEI1, Class A3, 2.50%, 08/25/2051<sup>(c)(h)</sup> | 254289 | 205343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AEI1, Class A4, 2.50%, 08/25/2051<sup>(c)(h)</sup> | 291150 | 251636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A1, 1.91%, 11/25/2056<sup>(c)(h)</sup> | 287684 | 236214 |
|  MHP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STOR, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), 07/15/2038<sup>(c)(f)</sup> | 125000 | 120776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STOR, Class B, 5.22% (1 mo. USD LIBOR + 0.90%), 07/15/2038<sup>(c)(f)</sup> | 105000 | 100183 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C9, Class AS, 3.46%, 05/15/2046 | 225000 | 222244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class AS, 3.83%, 12/15/2047 | 595000 | 564519 |
|  Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050<sup>(j)</sup> | 548278 | 18863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2, Class A4, 4.07%, 03/15/2052 | 80000 | 73987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3, Class AS, 3.49%, 11/15/2052 | 60000 | 51361 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036<sup>(c)(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;223410 | $176195 |
|  MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038<sup>(c)</sup> | 31033 | 29318 |
|  MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036<sup>(c)</sup> | 25517 | 24066 |
|  Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 5.25% (3 mo. USD LIBOR + 1.02%), 04/19/2030<sup>(c)(f)</sup> | 289194 | 285715 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 5.14% (3 mo. USD LIBOR + 1.06%), 04/16/2033<sup>(c)(f)</sup> | 250000 | 246322 |
|  New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, 09/25/2059<sup>(c)(h)</sup> | 17275 | 15640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.46%, 01/26/2060<sup>(c)(h)</sup> | 23141 | 20726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 3.08%, 03/27/2062<sup>(c)(h)</sup> | 245600 | 219484 |
|  OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.31%, 11/25/2061<sup>(c)(h)</sup> | 288205 | 248308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 2.94%, 01/25/2062<sup>(c)(h)</sup> | 332356 | 290804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062<sup>(c)(i)</sup> | 239678 | 215940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062<sup>(c)(i)</sup> | 235000 | 191206 |
|  Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051<sup>(c)(h)</sup> | 254571 | 220301 |
|  OCP CLO Ltd. (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class A1AR, 5.04% (3 mo. USD LIBOR + 0.96%), 07/15/2030<sup>(c)(f)</sup> | 250000 | 246515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class A1, 5.30% (3 mo. USD LIBOR + 1.22%), 01/17/2032<sup>(c)(f)</sup> | 433000 | 426057 |
|  Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 5.29% (3 mo. USD LIBOR + 1.05%), 07/20/2030<sup>(c)(f)</sup> | 500000 | 493905 |
|  Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 5.30% (3 mo. USD LIBOR + 1.22%), 01/15/2033<sup>(c)(f)</sup> | 400000 | 394205 |
|  OHA Loan Funding Ltd., Series 2016-1A, Class AR, 5.50% (3 mo. USD LIBOR + 1.26%), 01/20/2033<sup>(c)(f)</sup> | 287936 | 283845 |
|  One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054<sup>(c)</sup> | 114000 | 93588 |
|  Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061<sup>(c)(h)</sup> | 323402 | 258803 |
|  Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024<sup>(c)</sup> | 42228 | 42123 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class A, 1.73%, 04/17/2037<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;494111 | $450862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 2.39%, 12/17/2040<sup>(c)</sup> | 240000 | 197955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.45%, 06/17/2039<sup>(c)</sup> | 254325 | 238994 |
|  Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 5.72% (3 mo. USD LIBOR + 1.04%), 02/20/2030<sup>(c)(f)</sup> | 257490 | 254018 |
|  Residential Accredit Loans, Inc. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | 273 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS6, Class A28, 5.75%, 04/25/2037 | 3542 | 2745 |
|  Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060<sup>(c)(h)</sup> | 28591 | 27340 |
|  RUN Trust, Series 2022-NQM1,<br>Class A1, 4.00%, 03/25/2067<sup>(c)</sup> | 232583 | 215295 |
|  Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class D, 3.22%, 07/15/2025 | 99335 | 98720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class D, 2.68%, 10/15/2025 | 80677 | 80307 |
|  SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.17%, 03/27/2062<sup>(c)(h)</sup> | 371991 | 334277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 3.58%, 03/27/2062<sup>(c)(h)</sup> | 122428 | 109992 |
|  Sonic Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2I, 3.85%, 01/20/2050<sup>(c)</sup> | 48833 | 43525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.19%, 08/20/2051<sup>(c)</sup> | 158000 | 126469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, 2.64%, 08/20/2051<sup>(c)</sup> | 158000 | 114901 |
|  STAR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 1.22%, 05/25/2065<sup>(c)(h)</sup> | 171502 | 155722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class A, 4.94% (1 mo. USD LIBOR + 0.60%), 04/17/2038<sup>(c)(f)</sup> | 790980 | 761318 |
|  Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, 02/25/2050<sup>(c)(h)</sup> | 11173 | 10739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, 11/25/2055<sup>(c)(h)</sup> | 28625 | 26469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, 11/25/2066<sup>(c)(h)</sup> | 396531 | 330404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, 12/25/2066<sup>(c)(h)</sup> | 297312 | 250282 |
|  Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 3.98%, 09/25/2034<sup>(h)</sup> | 3960 | 3808 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5, 4.19%, 11/25/2033<sup>(h)</sup> | 33647 | 30570 |
|  Symphony CLO XXII Ltd.,<br>Series 2020-22A, Class A1A, 5.48% (3 mo. USD LIBOR + 1.29%), 04/18/2033<sup>(c)(f)</sup> | 250000 | 246080 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  Synchrony Card Funding LLC,<br>Series 2022-A2, Class A, 3.86%, 07/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;428000 | $417735 |
|  Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046<sup>(c)</sup> | 381333 | 324905 |
|  Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.66%, 04/25/2045<sup>(h)</sup> | 17982 | 16810 |
|  TICP CLO XV Ltd., Series 2020-15A, Class A, 5.52% (3 mo. USD LIBOR + 1.28%), 04/20/2033<sup>(c)(f)</sup> | 521000 | 513705 |
|  Towd Point Mortgage Trust,<br>Series 2017-2, Class A1, 2.75%, 04/25/2057<sup>(c)(h)</sup> | 6261 | 6188 |
|  Tricon American Homes Trust,<br>Series 2020-SFR2, Class A, 1.48%, 11/17/2039<sup>(c)</sup> | 291585 | 241726 |
|  UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050<sup>(j)</sup> | 979522 | 32191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A4, 3.60%, 04/15/2052 | 80000 | 72536 |
|  Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.42%, 01/25/2060<sup>(c)(i)</sup> | 58967 | 55779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A2, 2.64%, 01/25/2060<sup>(c)(i)</sup> | 61104 | 57720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 0.33%, 03/25/2060<sup>(c)(h)</sup> | 16348 | 15695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1B, 1.32%, 01/25/2066<sup>(c)(h)</sup> | 102579 | 83426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.83%, 10/25/2066<sup>(c)(h)</sup> | 315397 | 266120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.82%, 10/25/2063<sup>(c)(h)</sup> | 119434 | 107181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, 01/25/2067<sup>(c)(i)</sup> | 245521 | 214506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, 02/25/2067<sup>(c)(i)</sup> | 274433 | 260232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, 07/25/2067<sup>(c)(i)</sup> | 105560 | 102907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, 10/25/2067<sup>(c)(i)</sup> | 157810 | 159070 |
|  Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055<sup>(c)</sup> | 60725 | 54918 |
|  WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, 4.24%, 10/25/2033<sup>(h)</sup> | 21849 | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A4, 3.89%, 12/25/2035<sup>(h)</sup> | 50602 | 47016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, 3.84%, 12/25/2035<sup>(h)</sup> | 23666 | 21311 |
|  Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048 | 95342 | 93595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050<sup>(j)</sup> | 867432 | 29595 |
|  Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048<sup>(c)</sup> | 57000 | 51550 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  WFRBS Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class AS, 3.49%, 06/15/2046 | $| &nbsp;&nbsp;&nbsp;&nbsp;150000 | $145903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class AS, 4.18%, 05/15/2047 |  | 130000 | 125465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC14, Class AS, 4.35%, 03/15/2047<sup>(h)</sup> |  | 145000 | 140856 |
|  Zaxby's Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051<sup>(c)</sup> |  | 505106 | 408553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $37,816,608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $37,816,608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $37,816,608) | 34067870 |
|  **U.S. Treasury Securities–19.50%** | **U.S. Treasury Securities–19.50%** | **U.S. Treasury Securities–19.50%** | **U.S. Treasury Securities–19.50%** |
|  **U.S. Treasury Bills–0.14%<sup>(k)</sup>** | **U.S. Treasury Bills–0.14%<sup>(k)</sup>** | **U.S. Treasury Bills–0.14%<sup>(k)</sup>** | **U.S. Treasury Bills–0.14%<sup>(k)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/09/2023<sup>(l)</sup> |  | 20000 | 19847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/11/2023<sup>(l)</sup> |  | 150000 | 147581 |
|  |  |  | 167428 |
|  **U.S. Treasury Bonds–6.37%** | **U.S. Treasury Bonds–6.37%** | **U.S. Treasury Bonds–6.37%** | **U.S. Treasury Bonds–6.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042<sup>(b)</sup> |  | 5696900 | 5579401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 |  | 2390500 | 1970295 |
|  |  |  | 7549696 |
|  **U.S. Treasury Notes–12.99%** | **U.S. Treasury Notes–12.99%** | **U.S. Treasury Notes–12.99%** | **U.S. Treasury Notes–12.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024<sup>(b)</sup> |  | 96000 | 96011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025 |  | 393100 | 390643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 |  | 4672300 | 4647479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 |  | 1862600 | 1850522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 |  | 8241400 | 8412023 |
|  |  |  | 15396678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $23,464,180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $23,464,180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $23,464,180) | 23113802 |
|  **U.S. Government Sponsored Agency Mortgage-Backed Securities–12.31%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–12.31%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–12.31%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–12.31%** |
|  **Collateralized Mortgage Obligations–0.94%** | **Collateralized Mortgage Obligations–0.94%** | **Collateralized Mortgage Obligations–0.94%** | **Collateralized Mortgage Obligations–0.94%** |
|  Fannie Mae Interest STRIPS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/25/2023 to<br> 11/25/2029<sup>(m)</sup> |  | 16411 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/25/2023 to<br> 04/25/2032<sup>(m)</sup> |  | 67064 | 12332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/25/2029 to<br> 02/25/2033<sup>(j)(m)</sup> |  | 202761 | 32429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/25/2033 to<br> 03/25/2036<sup>(j)(m)</sup> |  | 166688 | 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/25/2033 to<br> 06/25/2035<sup>(j)(m)</sup> |  | 249344 | 41713 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
|  Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/25/2023 to 07/25/2046<sup>(m)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58056 | $10555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to<br>05/25/2035<sup>(f)(m)</sup> | 86259 | 6098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/25/2027<sup>(m)</sup> | 46091 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030<sup>(f)(m)</sup> | 31797 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031 to<br>12/18/2031<sup>(f)(m)</sup> | 2204 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031<sup>(f)(m)</sup> | 44913 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032<sup>(f)(m)</sup> | 2314 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032<sup>(f)(m)</sup> | 11223 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032 to<br>12/18/2032<sup>(f)(m)</sup> | 4480 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to<br>04/25/2032<sup>(f)(m)</sup> | 3536 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to<br>09/25/2032<sup>(f)(m)</sup> | 11451 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032<sup>(f)(m)</sup> | 375 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to<br>12/25/2032<sup>(f)(m)</sup> | 169755 | 18136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032<sup>(f)(m)</sup> | 16233 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to<br>05/25/2033<sup>(f)(m)</sup> | 65306 | 8662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/25/2033<sup>(m)</sup> | 2333 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to<br>07/25/2038<sup>(f)(m)</sup> | 32545 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to<br>05/25/2035<sup>(f)(m)</sup> | 12016 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035<sup>(f)(m)</sup> | 21937 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/25/2035<sup>(m)</sup> | 192617 | 24165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035<sup>(f)(m)</sup> | 72781 | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041<sup>(f)(m)</sup> | 21138 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042<sup>(f)(m)</sup> | 47101 | 4729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047<sup>(f)(m)</sup> | 307056 | 21294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/25/2023 to 10/25/2031 | 55582 | 56741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/25/2026 to 08/25/2047<sup>(m)</sup> | 67557 | 9183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/25/2028 to 12/25/2031 | 54349 | 55404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (1 mo. USD LIBOR + 0.25%), 08/25/2035<sup>(f)</sup> | 525 | 518 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.47% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036<sup>(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30055 | $34923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036<sup>(f)</sup> | 19303 | 23221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036<sup>(f)</sup> | 15879 | 17531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 mo. USD LIBOR + 0.94%), 06/25/2037<sup>(f)</sup> | 11392 | 11464 |
| &nbsp;&nbsp;&nbsp;&nbsp; PO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/25/2023<sup>(n)</sup> | 1832 | 1806 |
|  Freddie Mac Multifamily Structured Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KC02, Class X1, IO, 1.91%, 03/25/2024<sup>(j)</sup> | 3902226 | 15808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KC03, Class X1, IO, 0.63%, 11/25/2024<sup>(j)</sup> | 2618562 | 25471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO, 0.65%, 02/25/2026<sup>(j)</sup> | 2014809 | 31969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, 1.10%, 05/25/2026<sup>(j)</sup> | 2018172 | 52372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class AM, 4.03%, 10/25/2028<sup>(h)</sup> | 23000 | 22262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class AM, 4.06%, 10/25/2028<sup>(h)</sup> | 23000 | 22359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class AM, 3.63%, 01/25/2029<sup>(h)</sup> | 39000 | 37213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class AM, 3.76%, 01/25/2029<sup>(h)</sup> | 92000 | 88451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, 0.95%, 05/25/2029<sup>(j)</sup> | 1681498 | 80246 |
|  Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2024 | 477 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028 to 06/15/2032 | 219779 | 224721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2030 | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (1 mo. USD LIBOR + 1.00%), 02/15/2032<sup>(f)</sup> | 459 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 | 7853 | 7505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.92% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035<sup>(f)</sup> | 4577 | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (1 mo. USD LIBOR + 0.40%), 09/15/2035<sup>(f)</sup> | 680 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029<sup>(f)(m)</sup> | 45258 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2027 to 05/15/2040<sup>(m)</sup> | 160331 | 7842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2028<sup>(m)</sup> | 33825 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028<sup>(f)(m)</sup> | 163 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029<sup>(f)(m)</sup> | 680 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035<sup>(f)(m)</sup> | 173609 | 8525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035<sup>(f)(m)</sup> | 18590 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035<sup>(f)(m)</sup> | 19856 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035<sup>(f)(m)</sup> | 5707 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037<sup>(f)(m)</sup> | 3586 | 358 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038<sup>(f)(m)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488 | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038<sup>(f)(m)</sup> |  | 122453 | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039<sup>(f)(m)</sup> |  | 30600 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044<sup>(f)(m)</sup> |  | 45543 | 4551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2045<sup>(m)</sup> |  | 18400 | 1368 |
|  Freddie Mac STRIPS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/2026<sup>(n)</sup> |  | 5513 | 5154 |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/2027<sup>(m)</sup> |  | 66414 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 12/15/2027<sup>(j)</sup> |  | 16910 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029<sup>(m)</sup> |  | 1578 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/2029<sup>(m)</sup> |  | 28937 | 4389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(m)</sup> |  | 18850 | 2440 |
|  |  |  | 1116674 |
|  **Federal Home Loan Mortgage Corp. (FHLMC)–0.24%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.24%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.24%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 01/01/2025 to 05/01/2025 |  | 756 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2028 to 04/01/2034 |  | 38945 | 40033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2029 |  | 44548 | 45608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/2031 to 10/01/2037 |  | 27833 | 28385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 744 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2039 |  | 72372 | 74940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2048 to 07/01/2049 |  | 91690 | 87507 |
|  |  |  | 277986 |
|  **Federal National Mortgage Association (FNMA)–0.32%** | **Federal National Mortgage Association (FNMA)–0.32%** | **Federal National Mortgage Association (FNMA)–0.32%** | **Federal National Mortgage Association (FNMA)–0.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/01/2030 to 12/01/2032 |  | 9093 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2030 to 05/01/2047 |  | 341528 | 318709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2031 to 01/01/2034 |  | 2813 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/2033 |  | 1128 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 to 05/01/2036 |  | 42211 | 43599 |
|  |  |  | 375660 |
|  **Government National Mortgage Association (GNMA)–0.30%** | **Government National Mortgage Association (GNMA)–0.30%** | **Government National Mortgage Association (GNMA)–0.30%** | **Government National Mortgage Association (GNMA)–0.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/2023 to 08/15/2031 |  | 662 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2024 |  | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2031 |  | 750 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/2032 |  | 588 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2049 |  | 28668 | 27242 |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032<sup>(f)(m)</sup> |  | 11929 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037<sup>(f)(m)</sup> |  | 24720 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041<sup>(f)(m)</sup> |  | 157760 | 9127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/16/2047<sup>(m)</sup> |  | 117202 | 19553 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Government National Mortgage Association (GNMA)–(continued)** | **Government National Mortgage Association (GNMA)–(continued)** | **Government National Mortgage Association (GNMA)–(continued)** | **Government National Mortgage Association (GNMA)–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.87% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047<sup>(f)(m)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;110169 | $9653 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2053<sup>(o)</sup> |  | 345000 | 289215 |
|  |  |  | 358855 |
|  **Uniform Mortgage-Backed Securities–10.51%** | **Uniform Mortgage-Backed Securities–10.51%** | **Uniform Mortgage-Backed Securities–10.51%** | **Uniform Mortgage-Backed Securities–10.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2038 to 01/01/2053<sup>(o)</sup> |  | 1286000 | 1109546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2053<sup>(o)</sup> |  | 3400000 | 3089292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2053<sup>(o)</sup> |  | 3600000 | 3547922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053<sup>(o)</sup> |  | 4700000 | 4713062 |
|  |  |  | 12459822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $16,076,869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $16,076,869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $16,076,869) | 14588997 |
|  **Agency Credit Risk Transfer Notes–0.82%** | **Agency Credit Risk Transfer Notes–0.82%** | **Agency Credit Risk Transfer Notes–0.82%** | **Agency Credit Risk Transfer Notes–0.82%** |
|  Fannie Mae Connecticut Avenue Securities, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 2M2, 9.39% (1 mo. USD LIBOR + 5.00%), 11/25/2024<sup>(f)</sup> |  | 12947 | 13091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R03, Class 1M2, 6.54% (1 mo. USD LIBOR + 2.15%), 09/25/2031<sup>(c)(f)</sup> |  | 2214 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2M2, 6.49% (1 mo. USD LIBOR + 2.10%), 09/25/2039<sup>(c)(f)</sup> |  | 501 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M1, 6.03% (30 Day Average SOFR + 2.10%), 03/25/2042<sup>(c)(f)</sup> |  | 328618 | 326500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M1, 5.93% (30 Day Average SOFR + 2.00%), 03/25/2042<sup>(c)(f)</sup> |  | 180262 | 179711 |
|  Freddie Mac, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3, STACR<sup>®</sup>, 8.39% (1 mo. USD LIBOR + 4.00%), 08/25/2024<sup>(f)</sup> |  | 33814 | 33917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, STACR<sup>®</sup>, 5.93% (30 Day Average SOFR + 2.00%), 04/25/2042<sup>(c)(f)</sup> |  | 246571 | 245453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, STACR<sup>®</sup>, 6.23% (30 Day Average SOFR + 2.30%), 08/25/2042<sup>(c)(f)</sup> |  | 138828 | 138758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2, STACR<sup>®</sup>, 6.73% (30 Day Average SOFR + 2.80%), 10/25/2050<sup>(c)(f)</sup> |  | 29553 | 29796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $974,622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $974,622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $974,622) | 969935 |
|  | **Shares** | **Shares** |  |
|  **Preferred Stocks–0.62%** | **Preferred Stocks–0.62%** | **Preferred Stocks–0.62%** | **Preferred Stocks–0.62%** |
|  **Diversified Banks–0.30%** | **Diversified Banks–0.30%** | **Diversified Banks–0.30%** | **Diversified Banks–0.30%** |
|  Bank of America Corp., 6.50%,<br>Series Z, Pfd.<sup>(d)</sup> |  | 6000 | 5933 |
|  Citigroup, Inc., 6.25%,<br>Series T, Pfd.<sup>(d)</sup> |  | 20000 | 19450 |
|  Citigroup, Inc., 5.00%, Series U,<br>Pfd.<sup>(d)</sup> |  | 313000 | 279357 |
|  Citigroup, Inc., 4.00%, Series W,<br>Pfd.<sup>(d)</sup> |  | 39000 | 34071 |
|  Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd. |  | 10 | 11850 |
|  |  |  | 350661 |

---

---

| | | |
|:---|:---|:---|
| | <br> **Shares** | **Value** |
|  **Integrated Telecommunication Services–0.08%** | **Integrated Telecommunication Services–0.08%** | **Integrated Telecommunication Services–0.08%** |
|  AT&T, Inc., 2.88%, Series B, Pfd.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | $96234 |
|  **Investment Banking & Brokerage–0.13%** | **Investment Banking & Brokerage–0.13%** | **Investment Banking & Brokerage–0.13%** |
|  Goldman Sachs Group, Inc. (The), 7.47% (3 mo. USD LIBOR + 2.87%), Series P, Pfd.<sup>(f)</sup> | 27000 | 26324 |
|  Morgan Stanley, 6.88%, Series F,<br>Pfd.<sup>(d)</sup> | 5000 | 124900 |
|  |  | 151224 |
|  **Life & Health Insurance–0.00%** | **Life & Health Insurance–0.00%** | **Life & Health Insurance–0.00%** |
|  MetLife, Inc., 3.85%, Series G, Pfd.<sup>(d)</sup> | 2000 | 1863 |
|  **Multi-Utilities–0.01%** | **Multi-Utilities–0.01%** | **Multi-Utilities–0.01%** |
|  CenterPoint Energy, Inc., 6.13%, Series A, Pfd.<sup>(d)</sup> | 18000 | 16931 |
|  **Other Diversified Financial Services–0.10%** | **Other Diversified Financial Services–0.10%** | **Other Diversified Financial Services–0.10%** |
|  Equitable Holdings, Inc., 4.95%,<br>Series B, Pfd.<sup>(d)</sup> | 130000 | 122876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $801,455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $801,455) | 739789 |
|  | **Principal<br>Amount** |  |
|  **Municipal Obligations–0.57%** | **Municipal Obligations–0.57%** | **Municipal Obligations–0.57%** |
|  California (State of) Health Facilities Financing Authority (Social Bonds), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, RB, 4.19%, 06/01/2037 | $150000 | 134263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, RB, 4.35%, 06/01/2041 | 110000 | 97500 |
|  California State University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB, 2.72%, 11/01/2052 | 145000 | 98013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB, 2.94%, 11/01/2052 | 220000 | 149280 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 | 280000 | 198853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $905,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $905,000) | 677909 |
|  **Non-U.S. Dollar Denominated Bonds & Notes–0.09%** | **Non-U.S. Dollar Denominated Bonds & Notes–0.09%** | **Non-U.S. Dollar Denominated Bonds & Notes–0.09%** |
|  **Movies & Entertainment–0.09%** | **Movies & Entertainment–0.09%** | **Movies & Entertainment–0.09%** |
|  Netflix, Inc., 3.88%, 11/15/2029<sup>(c)</sup><br>(Cost $111,565) | EUR 100,000 | 100336 |
|  | **Shares** |  |
|  **Money Market Funds–2.68%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(p)(q)</sup> | 1101727 | 1101727 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(p)(q)</sup> | 809640 | 809883 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(p)(q)</sup> | 1259116 | 1259116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $3,170,568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $3,170,568) | 3170726 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-110.01%<br>(Cost $140,458,683) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-110.01%<br>(Cost $140,458,683) | 130388608 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–8.66%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(p)(q)(r)</sup> | 2875660 | 2875660 |

---

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

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
|  Invesco Private Prime Fund,<br>4.46%<sup>(p)(q)(r)</sup>  | 7391390 | $7393608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $10,268,985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $10,268,985) | 10269268 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–118.67%<br>(Cost $150,727,668) | TOTAL INVESTMENTS IN<br>SECURITIES–118.67%<br>(Cost $150,727,668) | 140657876 |
|  OTHER ASSETS LESS LIABILITIES–(18.67)% | OTHER ASSETS LESS LIABILITIES–(18.67)% | (22124585) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $118533291 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| EUR | – Euro |
| IO | – Interest Only |
| LIBOR | – London Interbank Offered Rate |
| Pfd. | – Preferred |
| PO | – Principal Only |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TBA | – To Be Announced |
| USD | – U.S. Dollar |

---

Notes to Schedule of Investments:

<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, 2022.

<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, 2022 was $43,915,282, which represented 37.05% of the Fund's Net Assets. 

<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> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2022.

<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, 2022.

<sup>(i)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(j)</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, 2022. 

<sup>(k)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(l)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

<sup>(m)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. 

<sup>(n)</sup> Zero coupon bond issued at a discount.

<sup>(o)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1P.

<sup>(p)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $1540969 | $21925728 | $(22364970) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1101727 | $15148 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1396860 | 15661234 | (16248537) | (18) | 344 | 809883 | 14786 |
|  Invesco Treasury Portfolio, Institutional Class | 1761107 | 25057975 | (25559966) | - | - | 1259116 | 21000 |

---

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash**<br> **Collateral from Securities on Loan:** | **Investments Purchased with Cash**<br> **Collateral from Securities on Loan:** | | | | | | |
|  Invesco Private Government Fund | $- | $17769354 | $(14893694) | $- | $- | $2875660 | $21159 \* |
|  Invesco Private Prime Fund | - | 38794307 | (31402836) | 283 | 1854 | 7393608 | 58577 \* |
|  Total | $4698936 | $119208598 | $(110470003) | $265 | $2198 | $13439994 | $130670 |

---

\* 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, 2022.

<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** |
| **Long Futures Contracts** | **Number of<br>Contracts** | **Expiration<br>Month** | **Notional**<br> **Value** | **Value** | **Unrealized<br>Appreciation**<br> **(Depreciation)** |
|  **Interest Rate Risk** | | | | | |
|  U.S. Treasury 2 Year Notes | 23 | March-2023 | $4716797 | $6109 | $6109 |
|  U.S. Treasury 5 Year Notes | 64 | March-2023 | 6907500 | (11885) | (11885) |
|  U.S. Treasury 10 Year Notes | 2 | March-2023 | 224594 | (375) | (375) |
|  U.S. Treasury Long Bonds | 28 | March-2023 | 3509625 | (23712) | (23712) |
|  U.S. Treasury Ultra Bonds | 6 | March-2023 | 805875 | (844) | (844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Long Futures Contracts |  |  |  | (30707) | (30707) |
|  **Short Futures Contracts** |  |  |  |  |  |
|  **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury 10 Year Ultra Notes | 104 | March-2023 | (12301250) | 71500 | 71500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $40793 | $40793 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Receive** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Currency Risk** |  |  |  |  |
|  02/17/2023 | Barclays Capital | EUR 144,000 | USD 149,450 | $(5149) |

---

---

| |
|:---|
|  Abbreviations: |
|  EUR – Euro |
|  USD – U.S. Dollar |

---

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

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

------

**Statement of Assets and Liabilities** 

*December 31, 2022*

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $137,288,115)\* | $127217882 |
|  Investments in affiliated money market funds, at value (Cost $13,439,553) | 13439994 |
|  Cash | 11266 |
|  Foreign currencies, at value (Cost $81,015) | 83351 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitment | 3478617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 141655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 19406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 958305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns | 13 |
|  Investment for trustee deferred compensation and retirement plans | 68345 |
|  Other assets | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 145420353 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable – futures contracts | 10448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 5149 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitment | 16421741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 46238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 10268985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 50267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 10854 |
|  Trustee deferred compensation and retirement plans | 70664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 26887062 |
|  Net assets applicable to shares outstanding | $118533291 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $142351088 |
|  Distributable earnings (loss) | (23817797) |
|  | $118533291 |
|  **Net Assets:** |  |
|  Series I | $90481437 |
|  Series II | $28051854 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 16278089 |
|  Series II | 5099969 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $5.56 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $5.50 |

---

\* At December 31, 2022, securities with an aggregate value of $9,220,338 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest (net of foreign withholding taxes of $1,903) | $3603185 |
|  Dividends | 8359 |
|  Dividends from affiliated money market funds (includes net securities lending income of $13,867) | 64801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3676345 |
|  **Expenses:** |  |
|  Advisory fees | 425368 |
|  Administrative services fees | 155540 |
|  Custodian fees | 17484 |
|  Distribution fees - Series II | 52486 |
|  Transfer agent fees | 4811 |
|  Trustees' and officers' fees and benefits | 17716 |
|  Reports to shareholders | 2361 |
|  Professional services fees | 46772 |
|  Other | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 725115 |
|  Less: Fees waived | (98651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 626464 |
|  Net investment income | 3049881 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (10338424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (7311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 39623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (744604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (60202) |
|  | (11089021) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (2451072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (10432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 106623 |
|  | (2352658) |
|  Net realized and unrealized gain (loss) | (13441679) |
|  Net increase (decrease) in net assets resulting from operations | $(10391798) |

---

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

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

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021*

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3049881 | $679626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (11089021) | 191731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (2352658) | (1159133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (10391798) | (287776) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (601736) | (1922064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (184268) | (87419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (786004) | (2009483) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 59831606 | 7119057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 28045510 | 1501721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 87877116 | 8620778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 76699314 | 6323519 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 41833977 | 35510458 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $118533291 | $41833977 |

---

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

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

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income**<br> **to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $6.55 | $0.19 | $(1.15) | $(0.96) | $(0.03) | $(0.00) | $(0.03) | $5.56 | (14.54)% | $90481 | 0.61% | 0.71% | 3.28% | 507% |
|  Year ended 12/31/21 | 6.93 | 0.12 | (0.17) | (0.05) | (0.10) | (0.23) | (0.33) | 6.55 | (0.65) | 39799 | 0.61 | 0.92 | 1.77 | 377 |
|  Year ended 12/31/20 | 6.47 | 0.13 | 0.50 | 0.63 | (0.13) | (0.04) | (0.17) | 6.93 | 9.72 | 34881 | 0.59 | 0.88 | 1.92 | 375 |
|  Year ended 12/31/19 | 6.00 | 0.19 | 0.47 | 0.66 | (0.19) |  | (0.19) | 6.47 | 11.06 | 24769 | 0.59 | 1.13 | 2.94 | 464 |
|  Year ended 12/31/18 | 6.38 | 0.22 | (0.37) | (0.15) | (0.23) | – | (0.23) | 6.00 | (2.37) | 17019 | 0.59 | 1.78 | 3.57 | 339 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 6.49 | 0.17 | (1.13) | (0.96) | (0.03) | (0.00) | (0.03) | 5.50 | (14.68) | 28052 | 0.86 | 0.96 | 3.03 | 507 |
|  Year ended 12/31/21 | 6.89 | 0.10 | (0.17) | (0.07) | (0.10) | (0.23) | (0.33) | 6.49 | (1.01) | 2035 | 0.86 | 1.17 | 1.52 | 377 |
|  Year ended 12/31/20 | 6.45 | 0.11 | 0.49 | 0.60 | (0.12) | (0.04) | (0.16) | 6.89 | 9.33 | 629 | 0.84 | 1.13 | 1.67 | 375 |
|  Year ended 12/31/19 | 5.97 | 0.17 | 0.49 | 0.66 | (0.18) |  | (0.18) | 6.45 | 11.00 | 359 | 0.84 | 1.38 | 2.69 | 464 |
|  Year ended 12/31/18 | 6.35 | 0.20 | (0.37) | (0.17) | (0.21) | – | (0.21) | 5.97 | (2.64) | 117 | 0.84 | 2.03 | 3.32 | 339 |

---

<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.

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

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**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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.

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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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

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

**J.** **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 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

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

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consistent with the federal securities laws. For the year ended December 31, 2022, 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.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 financial instrument. Initial margin deposits required upon entering into futures
contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized
gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or
payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's
basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk
and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the
contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the
futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**N.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on
securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the
Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**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.

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

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In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value", of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, 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, 2022, 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.** **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.

**Q.** **LIBOR Risk –** The Fund may have investments in financial instruments that utilize the London Interbank Offered
Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis.
The UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of
most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates ("ARRs") or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain "legacy" USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in "legacy" USD LIBOR instruments held by the Fund could result in losses to the Fund.

**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.

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

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

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

**U.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.450% |
|  Next $500 million | 0.425% |
|  Next $1.5 billion | 0.400% |
|  Next $2.5 billion | 0.375% |
|  Over $5 billion | 0.350% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.45%.

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

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.61% and Series II shares to 0.86% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $98,651.

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, 2022, Invesco was paid $13,872 for accounting and fund administrative services and was reimbursed $141,668 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, 2022, 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, 2022, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

---

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

------

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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  U.S. Dollar Denominated Bonds & Notes | $– | $52315244 | $644000 | $52959244 |
|  Asset-Backed Securities |  | 34067870 | &nbsp;&nbsp;&nbsp;&nbsp;– | 34067870 |
|  U.S. Treasury Securities |  | 23113802 | &nbsp;&nbsp;&nbsp;&nbsp;– | 23113802 |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 14588997 | &nbsp;&nbsp;&nbsp;&nbsp;– | 14588997 |
|  Agency Credit Risk Transfer Notes |  | 969935 | &nbsp;&nbsp;&nbsp;&nbsp;– | 969935 |
|  Preferred Stocks | 136750 | 603039 | &nbsp;&nbsp;&nbsp;&nbsp;– | 739789 |
|  Municipal Obligations |  | 677909 | &nbsp;&nbsp;&nbsp;&nbsp;– | 677909 |
|  Non-U.S. Dollar Denominated Bonds & Notes |  | 100336 | &nbsp;&nbsp;&nbsp;&nbsp;– | 100336 |
|  Money Market Funds | 3170726 | 10269268 | &nbsp;&nbsp;&nbsp;&nbsp;– | 13439994 |
|  **Total Investments in Securities** | 3307476 | 136706400 | 644000 | 140657876 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 77609 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 77609 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | (36816) |  | &nbsp;&nbsp;&nbsp;&nbsp;– | (36816) |
|  Forward Foreign Currency Contracts |  | (5149) | &nbsp;&nbsp;&nbsp;&nbsp;– | (5149) |
|  | (36816) | (5149) | &nbsp;&nbsp;&nbsp;&nbsp;– | (41965) |
|  **Total Other Investments** | 40793 | (5149) | &nbsp;&nbsp;&nbsp;&nbsp;– | 35644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $3348269 | $136701251 | $644000 | $140693520 |

---

\* 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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Interest<br>Rate Risk** |
|  Unrealized appreciation on futures contracts–Exchange-Traded<sup>(a)</sup> | $77609 |
|  Derivatives not subject to master netting agreements | (77609) |
|  Total Derivative Assets subject to master netting agreements | $– |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | **Currency<br>Risk** | **Interest<br>Rate Risk** | **Total** |
|  Unrealized depreciation on futures contracts–Exchange-Traded<sup>(a)</sup> | $– | $(36816) | $(36816) |
|  Unrealized depreciation on forward foreign currency contracts outstanding | (5149) |  | (5149) |
|  Total Derivative Liabilities | (5149) | (36816) | (41965) |
|  Derivatives not subject to master netting agreements |  | 36816 | 36816 |
|  Total Derivative Liabilities subject to master netting agreements | $(5149) | $– | $(5149) |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Invesco V.I. Core Plus Bond 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, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial<br>Derivative<br>Liabilities** |  | **Collateral<br>(Received)/Pledged** | **Collateral<br>(Received)/Pledged** | |
| **Counterparty** | **Forward Foreign<br>Currency Contracts** | **Net Value of<br>Derivatives** | **Non-Cash** | **Cash** | **Net<br>Amount** |
|  Barclays Capital | $(5149) | $(5149) | $– | $– | $(5149) |

---

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
| | **Credit<br>Risk** | **Currency<br>Risk** | **Interest<br>Rate Risk** | **Total** |
|  Realized Gain (Loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $- | $39623 | $- | $39623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (744604) | (744604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> |  | (7643) |  | (7643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  | 19699 | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (60202) |  |  | (60202) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (10432) |  | (10432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 106623 | 106623 |
|  Total | $(60202) | $21548 | $(618282) | $(656936) |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Forward<br>Foreign Currency<br>Contracts** | **Futures<br>Contracts** | **Foreign<br>Currency<br>Options<br>Purchased** | **Swaptions<br>Written** | **Swap<br>Agreements** |
|  Average notional value | $1135312 | $23525179 | $1343395 | $2575000 | $2549250 |

---

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 6–Cash Balances** 

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

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $711178 | $1802191 |
|  Long-term capital gain | 74826 | 207292 |
|  Total distributions | $786004 | $2009483 |

---

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

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

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**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
| | **2022** |
|  Undistributed ordinary income | $3157643 |
|  Net unrealized appreciation (depreciation) - investments | (10092768) |
|  Net unrealized appreciation - foreign currencies | 2425 |
|  Temporary book/tax differences | (65851) |
|  Capital loss carryforward | (16819246) |
|  Shares of beneficial interest | 142351088 |
|  Total net assets | $118533291 |

---

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, amortization and accretion on debt securities 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, 2022, as follows:

**Capital Loss Carryforward\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $11569977 | $5249269 | $16819246 |

---

\* 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, 2022 was $65,421,403 and $74,849,948, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

**Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** 

---

| | |
|:---|:---|
|  Aggregate unrealized appreciation of investments | $692380 |
|  Aggregate unrealized (depreciation) of investments | (10785148) |
|  Net unrealized appreciation (depreciation) of investments | $(10092768) |

---

Cost of investments for tax purposes is $150,786,288.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of merger, on December 31, 2022, undistributed net investment income was increased by $132,418 and undistributed net realized gain (loss) was decreased by $132,418. Further, as a result of tax deferrals acquired in the reorganization of into the Fund, undistributed net investment income was decreased by $54,503, undistributed net realized gain (loss) was decreased by $5,708,719 and shares of beneficial interest was increased by $5,763,222. These reclassifications 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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2021** | **Year ended**<br>**December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | 5438509 | $31749903 | 2744706 | $18830992 |
|  Series II | 1486428 | 8605760 | 253424 | 1716338 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | 111639 | 601736 | 293445 | 1922064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II | 34506 | 184268 | 13371 | 86911 |
|  **Issued in connection with acquisitions:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | 10656101 | 62695269 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II | 4740576 | 27617431 |  |  |

---

**Invesco V.I. Core Plus Bond 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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2021** | **Year ended**<br>**December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | (6007774) | $(35215302) | (1988761) | $(13633999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II | (1475061) | (8361949) | (44587) | (301528) |
|  Net increase in share activity | 14984924 | $87877116 | 1271598 | $8620778 |

---

<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. 

<sup>(b)</sup> After the close of business on April 29, 2022, the Fund acquired all the net assets of Invesco V.I. Core Bond Fund (the "Target Fund") pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 1, 2021 and by the shareholders of the Target Fund on March 31, 2022. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser's product line. The acquisition was accomplished by a tax-free exchange of 15,396,677 shares of the Fund for 13,299,193 shares outstanding of the Target Fund as of the close of business on April 29, 2022. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 29, 2022. The Target Fund's net assets as of the close of business on April 29, 2022 of $90,312,700, including $(7939177) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $39,211,509 and $129,524,209 immediately after the acquisition. The pro forma results of operations for the year ended December 31, 2022 assuming the reorganization had been completed on January 1, 2022, the beginning of the annual reporting period are as follows: 

---

| | |
|:---|:---|
|  Net investment income | $3796352 |
|  Net realized/unrealized gains | (25736916) |
|  Change in net assets resulting from operations | $(21940564) |

---

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 30, 2022.

**Invesco V.I. Core Plus Bond 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. Core Plus Bond Fundd

***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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

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

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $973.60 | $3.03 | $1022.13 | $3.11 | 0.61% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;973.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;1020.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | 0.86 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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

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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, 2022:

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| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** |  |
| Long-Term Capital Gain Distributions | $74826 |
| Qualified Dividend Income\* | 0.00% |
| Corporate Dividends Received Deduction\* | 7.98% |
| U.S. Treasury Obligations\* | 77.80% |
| Qualified Business Income\* | 0.00% |
| Business Interest Income\* | 89.86% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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

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**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br> Position(s)<br> Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp; **Interested Trustee** | &nbsp;&nbsp;&nbsp; **Interested Trustee** | &nbsp;&nbsp;&nbsp; **Interested Trustee** | &nbsp;&nbsp;&nbsp; **Interested Trustee** | &nbsp;&nbsp;&nbsp; **Interested Trustee** |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960<br>Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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

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**Trustees and Officers–(continued)** 

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

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

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**Trustees and Officers–(continued)** 

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

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

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

------

![LOGO](g458172dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

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

------

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

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

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

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

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

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIDMCG-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Discovery Mid Cap Growth Fund (the Fund) underperformed the Russell Midcap Growth Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Discovery Mid Cap Growth Fund (the Fund) underperformed the Russell Midcap Growth Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -30.98 | % |
| &nbsp;&nbsp; Series II Shares | -31.13 |  |
| &nbsp;&nbsp; Russell Midcap Growth Index<sup>▼</sup> | -26.72 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

---

------

**Market conditions and your Fund**

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in

October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, weaker stock selection within the health care and industrials sectors was the primary driver of the Fund's underperformance versus the Russell Midcap Growth Index. This was partially offset by stronger stock selection within the consumer discretionary sector and our underweight allocation to the communication services sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual contributors to the Fund's absolute performance during the fiscal year included **Cheniere Energy, LPL Financial** and **Enphase Energy.** Cheniere Energy is a US exporter of liquefied natural gas. Supplies from Russia to Europe fell due to the threat and then the onset of the Ukraine invasion, which has raised prices on fuel used to heat homes and generate electricity. The price surge has benefited Cheniere Energy. LPL Financial offers technology, brokerage and investment advisory services through business relationships with various types of financial advisors. The stock outperformed due to strong quarterly results. The company is also a potential beneficiary of higher interest rates and it continues to hire new advisors at a rapid pace which is helping grow overall assets under management. Enphase Energy manufactures microinverter systems that convert direct current electricity from solar panels to alternating current for home use. Enphase Energy reported a strong quarter in the third quarter of 2022, beating expectations.

Guidance was also well above expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from the Fund's absolute performance during the fiscal year included **MongoDB**, **HubSpot** and **Marvell Technology**. MongoDB, an open-source database software provider, reduced its growth expectations for the second half of 2022 because transactional volume slowed due to macro-related headwinds. We exited the position during the fiscal year. HubSpot provides a cloud-based customer relationship management platform. Its underperformance is due to its outside exposure to Europe. The European region has been its fastest growth market and represents 35% of sales. Marvell Technology's stock price declined in the second quarter of 2022 due to worries about the second half of 2022 and the possibility of a recession in 2023 despite reporting strong quarterly results and forward guidance. We exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our long-term investment process remains the same. We seek dynamic companies with above-average, sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in the Invesco V.I. Discovery Mid Cap Growth Fund.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Justin Livengood

Ronald J. Zibelli, Jr. - Lead

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

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

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

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g458172dsp004.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (8/15/86) | 9.41% |
| &nbsp;&nbsp; 10 Years | 11.83 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.64 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.98 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (10/16/00) | 3.06% |
| &nbsp;&nbsp; 10 Years | 11.55 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.36 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -31.13 |

---

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

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

**of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

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

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

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

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

------

**Supplemental Information** 

**Invesco V.I. Discovery Mid Cap Growth Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **Russell Midcap<sup>®</sup> Growth Index** is an unmanaged index
considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/ service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.

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

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

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

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 26.33% |
|  Health Care | 18.42 |
|  Industrials | 18.22 |
|  Consumer Discretionary | 13.74 |
|  Financials | 8.95 |
|  Energy | 4.43 |
|  Consumer Staples | 2.99 |
|  Materials | 2.99 |
|  Other Sectors, Each Less than 2% of Net Assets | 2.87 |
|  Money Market Funds Plus Other Assets Less Liabilities | 1.06 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Motorola Solutions, Inc. | 2.45% |
| 2. | Cheniere Energy, Inc. | 2.44 |
| 3. | Waste Connections, Inc. | 2.38 |
| 4. | Gartner, Inc. | 2.37 |
| 5. | Paylocity Holding Corp. | 2.31 |
| 6. | Synopsys, Inc. | 2.21 |
| 7. | Arthur J. Gallagher & Co. | 2.18 |
| 8. | Molina Healthcare, Inc. | 2.16 |
| 9. | Ulta Beauty, Inc. | 2.01 |
| 10. | O'Reilly Automotive, Inc. | 1.88 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

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

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.94%** | **Common Stocks & Other Equity Interests–98.94%** | **Common Stocks & Other Equity Interests–98.94%** |
|  **Advertising–0.44%** |  |  |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 78871 | $3535787 |
|  **Aerospace & Defense–1.56%** | **Aerospace & Defense–1.56%** | **Aerospace & Defense–1.56%** |
|  Howmet Aerospace, Inc. | 110653 | 4360835 |
|  Northrop Grumman Corp. | 14988 | 8177602 |
|  |  | 12538437 |
|  **Apparel, Accessories & Luxury Goods–1.51%** | **Apparel, Accessories & Luxury Goods–1.51%** | **Apparel, Accessories & Luxury Goods–1.51%** |
|  lululemon athletica, inc.<sup>(b)</sup> | 37914 | 12146887 |
|  **Application Software–11.81%** | **Application Software–11.81%** | **Application Software–11.81%** |
|  Bill.com Holdings, Inc.<sup>(b)</sup> | 56892 | 6198952 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 70159 | 11270342 |
|  Fair Isaac Corp.<sup>(b)</sup> | 7511 | 4495934 |
|  HubSpot, Inc.<sup>(b)</sup> | 12635 | 3653158 |
|  Manhattan Associates, Inc.<sup>(b)</sup> | 98476 | 11954987 |
|  Paycom Software, Inc.<sup>(b)</sup> | 20027 | 6214578 |
|  Paylocity Holding Corp.<sup>(b)</sup> | 95743 | 18599035 |
|  Roper Technologies, Inc. | 34357 | 14845316 |
|  Synopsys, Inc.<sup>(b)</sup> | 55542 | 17734005 |
|  |  | 94966307 |
|  **Asset Management & Custody Banks–0.84%** | **Asset Management & Custody Banks–0.84%** | **Asset Management & Custody Banks–0.84%** |
|  Ameriprise Financial, Inc. | 21744 | 6770429 |
|  **Automotive Retail–1.88%** | **Automotive Retail–1.88%** | **Automotive Retail–1.88%** |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 17896 | 15104761 |
|  **Biotechnology–1.98%** | **Biotechnology–1.98%** | **Biotechnology–1.98%** |
|  Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 39660 | 9425199 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup> | 54181 | 6471379 |
|  |  | 15896578 |
|  **Building Products–1.55%** | **Building Products–1.55%** | **Building Products–1.55%** |
|  Advanced Drainage Systems, Inc.<sup>(c)</sup> | 50781 | 4162519 |
|  Trane Technologies PLC | 49178 | 8266330 |
|  |  | 12428849 |
|  **Communications Equipment–3.45%** | **Communications Equipment–3.45%** | **Communications Equipment–3.45%** |
|  Arista Networks, Inc.<sup>(b)</sup> | 66325 | 8048539 |
|  Motorola Solutions, Inc. | 76398 | 19688528 |
|  |  | 27737067 |
|  **Construction & Engineering–3.34%** | **Construction & Engineering–3.34%** | **Construction & Engineering–3.34%** |
|  Quanta Services, Inc. | 77496 | 11043180 |
|  Valmont Industries, Inc. | 13221 | 4371788 |
|  WillScot Mobile Mini Holdings Corp.<sup>(b)</sup> | 252844 | 11420964 |
|  |  | 26835932 |
|  **Construction Materials–0.75%** | **Construction Materials–0.75%** | **Construction Materials–0.75%** |
|  Vulcan Materials Co. | 34247 | 5996992 |
|  **Data Processing & Outsourced Services–1.14%** | **Data Processing & Outsourced Services–1.14%** | **Data Processing & Outsourced Services–1.14%** |
|  ExlService Holdings, Inc.<sup>(b)</sup> | 54177 | 9179209 |
|  **Distributors–1.23%** | **Distributors–1.23%** | **Distributors–1.23%** |
|  Genuine Parts Co. | 56863 | 9866299 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electrical Components & Equipment–2.67%** | **Electrical Components & Equipment–2.67%** | **Electrical Components & Equipment–2.67%** |
|  AMETEK, Inc. | 81457 | $11381172 |
|  Hubbell, Inc. | 42997 | 10090536 |
|  |  | 21471708 |
|  **Environmental & Facilities Services–2.38%** | **Environmental & Facilities Services–2.38%** | **Environmental & Facilities Services–2.38%** |
|  Waste Connections, Inc. | 144471 | 19151076 |
|  **Fertilizers & Agricultural Chemicals–0.90%** | **Fertilizers & Agricultural Chemicals–0.90%** | **Fertilizers & Agricultural Chemicals–0.90%** |
|  FMC Corp. | 58131 | 7254749 |
|  **Financial Exchanges & Data–3.11%** | **Financial Exchanges & Data–3.11%** | **Financial Exchanges & Data–3.11%** |
|  FactSet Research Systems, Inc. | 20241 | 8120892 |
|  MSCI, Inc. | 19179 | 8921495 |
|  Nasdaq, Inc. | 130451 | 8003169 |
|  |  | 25045556 |
|  **Footwear–0.78%** | **Footwear–0.78%** | **Footwear–0.78%** |
|  Deckers Outdoor Corp.<sup>(b)</sup> | 15819 | 6314312 |
|  **General Merchandise Stores–1.03%** | **General Merchandise Stores–1.03%** | **General Merchandise Stores–1.03%** |
|  Dollar General Corp. | 33611 | 8276709 |
|  **Health Care Distributors–2.56%** | **Health Care Distributors–2.56%** | **Health Care Distributors–2.56%** |
|  AmerisourceBergen Corp. | 87749 | 14540887 |
|  McKesson Corp. | 16180 | 6069441 |
|  |  | 20610328 |
|  **Health Care Equipment–4.82%** | **Health Care Equipment–4.82%** | **Health Care Equipment–4.82%** |
|  DexCom, Inc.<sup>(b)</sup> | 85962 | 9734337 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup> | 12416 | 5065231 |
|  Insulet Corp.<sup>(b)</sup> | 50334 | 14817826 |
|  ResMed, Inc. | 20035 | 4169885 |
|  Shockwave Medical, Inc.<sup>(b)</sup> | 24372 | 5011127 |
|  |  | 38798406 |
|  **Health Care Technology–0.28%** | **Health Care Technology–0.28%** | **Health Care Technology–0.28%** |
|  Doximity, Inc., Class A<sup>(b)(c)</sup> | 68181 | 2288154 |
|  **Homebuilding–0.82%** | **Homebuilding–0.82%** | **Homebuilding–0.82%** |
|  D.R. Horton, Inc. | 73974 | 6594042 |
|  **Hotels, Resorts & Cruise Lines–1.45%** | **Hotels, Resorts & Cruise Lines–1.45%** | **Hotels, Resorts & Cruise Lines–1.45%** |
|  Hilton Worldwide Holdings, Inc. | 92444 | 11681224 |
|  **Hypermarkets & Super Centers–0.49%** | **Hypermarkets & Super Centers–0.49%** | **Hypermarkets & Super Centers–0.49%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 59865 | 3960668 |
|  **Industrial Machinery–1.57%** | **Industrial Machinery–1.57%** | **Industrial Machinery–1.57%** |
|  IDEX Corp. | 27119 | 6192081 |
|  Xylem, Inc.<sup>(c)</sup> | 58103 | 6424449 |
|  |  | 12616530 |
|  **Insurance Brokers–2.18%** | **Insurance Brokers–2.18%** | **Insurance Brokers–2.18%** |
|  Arthur J. Gallagher & Co. | 92933 | 17521588 |
|  **Interactive Media & Services–0.52%** | **Interactive Media & Services–0.52%** | **Interactive Media & Services–0.52%** |
|  Pinterest, Inc., Class A<sup>(b)</sup> | 172974 | 4199809 |
|  **Investment Banking & Brokerage–1.01%** | **Investment Banking & Brokerage–1.01%** | **Investment Banking & Brokerage–1.01%** |
|  LPL Financial Holdings, Inc. | 37691 | 8147663 |

---

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

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **IT Consulting & Other Services–4.65%** | **IT Consulting & Other Services–4.65%** | **IT Consulting & Other Services–4.65%** |
|  Amdocs Ltd.<sup>(c)</sup> | 136055 | $12367399 |
|  Gartner, Inc.<sup>(b)</sup> | 56804 | 19094097 |
|  Globant S.A.<sup>(b)(c)</sup> | 35313 | 5938234 |
|  |  | 37399730 |
|  **Life Sciences Tools & Services–3.76%** | **Life Sciences Tools & Services–3.76%** | **Life Sciences Tools & Services–3.76%** |
|  Agilent Technologies, Inc.<sup>(c)</sup> | 41745 | 6247139 |
|  Mettler-Toledo International, Inc.<sup>(b)</sup> | 9200 | 13298140 |
|  Repligen Corp.<sup>(b)(c)</sup> | 63408 | 10735609 |
|  |  | 30280888 |
|  **Managed Health Care–3.83%** | **Managed Health Care–3.83%** | **Managed Health Care–3.83%** |
|  Humana, Inc.<sup>(c)</sup> | 26309 | 13475207 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 52549 | 17352731 |
|  |  | 30827938 |
|  **Movies & Entertainment–0.80%** | **Movies & Entertainment–0.80%** | **Movies & Entertainment–0.80%** |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(b)</sup> | 107858 | 6447751 |
|  **Oil & Gas Exploration & Production–1.37%** | **Oil & Gas Exploration & Production–1.37%** | **Oil & Gas Exploration & Production–1.37%** |
|  Antero Resources Corp.<sup>(b)</sup> | 114847 | 3559109 |
|  Diamondback Energy, Inc. | 26495 | 3623986 |
|  Pioneer Natural Resources Co. | 16715 | 3817539 |
|  |  | 11000634 |
|  **Oil & Gas Storage & Transportation–3.06%** | **Oil & Gas Storage & Transportation–3.06%** | **Oil & Gas Storage & Transportation–3.06%** |
|  Cheniere Energy, Inc. | 130683 | 19597223 |
|  Targa Resources Corp. | 68479 | 5033206 |
|  |  | 24630429 |
|  **Packaged Foods & Meats–1.17%** | **Packaged Foods & Meats–1.17%** | **Packaged Foods & Meats–1.17%** |
|  Hershey Co. (The) | 40473 | 9372333 |
|  **Paper Packaging–0.78%** | **Paper Packaging–0.78%** | **Paper Packaging–0.78%** |
|  Avery Dennison Corp. | 34492 | 6243052 |
|  **Pharmaceuticals–1.19%** | **Pharmaceuticals–1.19%** | **Pharmaceuticals–1.19%** |
|  Royalty Pharma PLC, Class A | 241525 | 9545068 |
|  **Property & Casualty Insurance–1.08%** | **Property & Casualty Insurance–1.08%** | **Property & Casualty Insurance–1.08%** |
|  W.R. Berkley Corp. | 119868 | 8698821 |
|  **Regional Banks–0.73%** | **Regional Banks–0.73%** | **Regional Banks–0.73%** |
|  East West Bancorp, Inc. | 88725 | 5846978 |
|  **Research & Consulting Services–2.64%** | **Research & Consulting Services–2.64%** | **Research & Consulting Services–2.64%** |
|  Booz Allen Hamilton Holding Corp. | 81266 | 8493922 |
|  CoStar Group, Inc.<sup>(b)</sup> | 164566 | 12717661 |
|  |  | 21211583 |
|  **Restaurants–1.49%** | **Restaurants–1.49%** | **Restaurants–1.49%** |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 8619 | 11958776 |
|  **Semiconductor Equipment–1.20%** | **Semiconductor Equipment–1.20%** | **Semiconductor Equipment–1.20%** |
|  Enphase Energy, Inc.<sup>(b)</sup> | 36316 | 9622287 |
|  **Semiconductors–3.84%** | **Semiconductors–3.84%** | **Semiconductors–3.84%** |
|  First Solar, Inc.<sup>(b)</sup> | 34227 | 5126862 |

---

Investment Abbreviations:

REIT - Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors–(continued)** |  |  |
|  GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 98392 | $5302345 |
|  Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 133107 | 8635982 |
|  Monolithic Power Systems, Inc.<sup>(c)</sup> | 33513 | 11850532 |
|  |  | 30915721 |
|  **Soft Drinks–1.33%** |  |  |
|  Monster Beverage Corp.<sup>(b)</sup> | 105773 | 10739133 |
|  **Specialized REITs–1.11%** |  |  |
|  SBA Communications Corp., Class A | 31764 | 8903767 |
|  **Specialty Chemicals–0.56%** |  |  |
|  Albemarle Corp. | 20678 | 4484231 |
|  **Specialty Stores–3.55%** |  |  |
|  Tractor Supply Co. | 54976 | 12367951 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 34452 | 16160399 |
|  |  | 28528350 |
|  **Systems Software–0.24%** |  |  |
|  Palo Alto Networks, Inc.<sup>(b)</sup> | 14107 | 1968491 |
|  **Trading Companies & Distributors–1.05%** | **Trading Companies & Distributors–1.05%** | **Trading Companies & Distributors–1.05%** |
|  United Rentals, Inc.<sup>(b)</sup> | 23670 | 8412791 |
|  **Trucking–1.46%** |  |  |
|  Old Dominion Freight Line, Inc. | 41514 | 11780843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $717,465,936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $717,465,936) | 795755651 |
|  **Money Market Funds–0.78%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(d)(e)</sup> | 2288866 | 2288866 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 1357231 | 1357638 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 2615846 | 2615846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $6,261,778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $6,261,778) | 6262350 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.72%<br>(Cost $723,727,714) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.72%<br>(Cost $723,727,714) | 802018001 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–7.23%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 16276162 | 16276162 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup> | 41840435 | 41852987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,128,312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,128,312) | 58129149 |
|  TOTAL INVESTMENTS IN SECURITIES–106.95%<br>(Cost $781,856,026) | TOTAL INVESTMENTS IN SECURITIES–106.95%<br>(Cost $781,856,026) | 860147150 |
|  OTHER ASSETS LESS LIABILITIES–(6.95)% | OTHER ASSETS LESS LIABILITIES–(6.95)% | (55898812) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $804248338 |

---

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

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

------

Notes to Schedule of Investments:

<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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $7063784 | $124647526 | $(129422444) | $- | $- | $2288866 | $135173 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 3922616 | 89033948 | (91600262) | 572 | 764 | 1357638 | 93455 |
|  Invesco Treasury Portfolio, Institutional Class | 8072896 | 142454316 | (147911366) | - | - | 2615846 | 149196 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 10102831 | 232592716 | (226419385) | - | - | 16276162 | 233960 \* |
|  Invesco Private Prime Fund | 23573272 | 492722185 | (474446009) | 837 | 2702 | 41852987 | 653869 \* |
|  Total | $52735399 | $1081450691 | $(1069799466) | $1409 | $3466 | $64391499 | $1265653 |

---

\* 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, 2022.

<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 1I.

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

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

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $717,465,936)\* | $795755651 |
|  Investments in affiliated money market funds, at value<br>(Cost $64,390,090) | 64391499 |
|  Cash | 503181 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1997874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 119622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 374251 |
|  Investment for trustee deferred compensation and retirement plans | 124546 |
|  Other assets | 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 863270767 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 336890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 58128312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 390177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 29976 |
|  Trustee deferred compensation and retirement plans | 133233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 59022429 |
|  Net assets applicable to shares outstanding | $804248338 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $775354980 |
|  Distributable earnings | 28893358 |
|  | $804248338 |
|  **Net Assets:** |  |
|  Series I | $673216919 |
|  Series II | $131031419 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 12127045 |
|  Series II | 2738110 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $55.51 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $47.85 |

---

\* At December 31, 2022, securities with an aggregate value of $56,811,893 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $32,444) | $6062802 |
|  Dividends from affiliated money market funds (includes net securities lending income of $68,703) | 446527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6509329 |
|  **Expenses:** |  |
|  Advisory fees | 6159639 |
|  Administrative services fees | 1498912 |
|  Custodian fees | 14403 |
|  Distribution fees - Series II | 369098 |
|  Transfer agent fees | 46042 |
|  Trustees' and officers' fees and benefits | 24242 |
|  Reports to shareholders | 2011 |
|  Professional services fees | 37202 |
|  Other | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8154691 |
|  Less: Fees waived | (175502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7979189 |
|  Net investment income (loss) | (1469860) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: | Net realized gain (loss) from: |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (48081304) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 3466 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 1279 |
|  | (48076559) |
|  Change in net unrealized appreciation (depreciation) of: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (332970323) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 1409 |
|  | (332968914) |
|  Net realized and unrealized gain (loss) | (381045473) |
|  Net increase (decrease) in net assets resulting from operations | $(382515333) |

---

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

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

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1469860) | $(7022231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (48076559) | 264535702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (332968914) | (46873285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (382515333) | 210640186 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (206696771) | (107606241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (44601731) | (23586278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (251298502) | (131192519) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 156145773 | 11766238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 29702404 | 1369232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 185848177 | 13135470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (447965658) | 92583137 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1252213996 | 1159630859 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $804248338 | $1252213996 |

---

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

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

------

**Financial Highlights** 

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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $114.63 | $(0.10) | $(35.03) | $(35.13) | $– | $(23.99) | $(23.99) | $55.51 | (30.98)% | $673217 | 0.84% | 0.86% | (0.12)% | 97% |
|  Year ended 12/31/21 | 106.94 | (0.62) | 21.29 | 20.67 |  | (12.98) | (12.98) | 114.63 | 19.09 | 1043224 | 0.80 | 0.83 | (0.54) | 77 |
|  Year ended 12/31/20 | 83.82 | (0.32) | 30.78 | 30.46 | (0.04) | (7.30) | (7.34) | 106.94 | 40.70 | 963414 | 0.80 | 0.86 | (0.37) | 87 |
|  Year ended 12/31/19 | 68.65 | 0.04 <sup>(e)</sup> | 26.04 | 26.08 |  | (10.91) | (10.91) | 83.82 | 39.37 | 693424 | 0.80 | 0.87 | 0.05 <sup>(e)</sup> | 76 |
|  Year ended 12/31/18 | 84.21 | (0.19) | (3.07) | (3.26) | – | (12.30) | (12.30) | 68.65 | (6.08) | 586273 | 0.80 | 0.86 | (0.23) | 104 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 103.76 | (0.27) | (31.65) | (31.92) |  | (23.99) | (23.99) | 47.85 | (31.14) | 131031 | 1.09 | 1.11 | (0.37) | 97 |
|  Year ended 12/31/21 | 98.05 | (0.83) | 19.52 | 18.69 |  | (12.98) | (12.98) | 103.76 | 18.79 | 208990 | 1.05 | 1.08 | (0.79) | 77 |
|  Year ended 12/31/20 | 77.70 | (0.50) | 28.15 | 27.65 |  | (7.30) | (7.30) | 98.05 | 40.24 | 196217 | 1.05 | 1.11 | (0.62) | 87 |
|  Year ended 12/31/19 | 64.41 | (0.14)<sup>(e)</sup> | 24.34 | 24.20 |  | (10.91) | (10.91) | 77.70 | 39.01 | 51312 | 1.05 | 1.12 | (0.19)<sup>(e)</sup> | 76 |
|  Year ended 12/31/18 | 79.87 | (0.37) | (2.79) | (3.16) | – | (12.30) | (12.30) | 64.41 | (6.31) | 35054 | 1.05 | 1.11 | (0.48) | 104 |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

---

| | |
|:---|:---|
| <sup>(d</sup><sup>)</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, 2020, the portfolio turnover calculation excludes the value of securities purchased of $123,217,891 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco V.I. Mid Cap Growth Fund into the Fund.  |

---

<sup>(e)</sup> Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended December 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.13) and (0.16)% for Series I Shares and $(0.30) and (0.40)% for Series II Shares. 

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

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

------

**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

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

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $4,761 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.

**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

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

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

**K.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Next $700 million | 0.600% |
|  Over $1.5 billion | 0.580% |

---

\* The advisory fee 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, 2022, the effective advisory fee rate incurred by the Fund was 0.68%.

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

Effective May 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net asset (the "expense limits"). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $175,502.

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, 2022, Invesco was paid $130,632 for accounting and fund administrative services and was reimbursed $1,368,280 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

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

------

For the year ended December 31, 2022, the Fund incurred $3,629 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Common Stocks & Other Equity Interests | $795755651 | $– | $– | $795755651 |
|  Money Market Funds | 6262350 | 58129149 | &nbsp;&nbsp;&nbsp;&nbsp;– | 64391499 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $802018001 | $58129149 | $– | $860147150 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 5–Cash Balances** 

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

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $28774720 | $– |
|  Long-term capital gain | 222523782 | 131192519 |
|  Total distributions | $251298502 | $131192519 |

---

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

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $74487882 |
|  Temporary book/tax differences | (116394) |
|  Capital loss carryforward | (45478130) |
|  Shares of beneficial interest | 775354980 |
|  Total net assets | $804248338 |

---

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.

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

------

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

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

The Fund has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $45478130 | $– | $45478130 |

---

\* 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, 2022 was $875,756,860 and $931,113,977, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | |
|  Aggregate unrealized appreciation of investments | $102847795 |
|  Aggregate unrealized (depreciation) of investments | (28359913) |
|  Net unrealized appreciation of investments | $74487882 |

---

Cost of investments for tax purposes is $785,659,268.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $1,455,084, undistributed net realized gain (loss) was increased by $838 and shares of beneficial interest was decreased by $1,455,922. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1298308 | $110808156 | 395767 | $45813679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 395251 | 30034349 | 208907 | 21933005 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 3664187 | 206696771 | 920026 | 107606241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 916788 | 44601731 | 222680 | 23586278 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1936003) | (161359154) | (1224572) | (141653682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (588007) | (44933676) | (418716) | (44150051) |
|  Net increase in share activity | 3750524 | $185848177 | 104092 | $13135470 |

---

<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 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

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

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Discovery Mid Cap Growth Fund/VA (subsequently renamed Invesco V.I. Discovery Mid Cap Growth Fund) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

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

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

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp;Series I | $1000.00 | $1037.30 | $4.42 | $1020.87 | $4.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1036.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;1019.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | 1.11 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. 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, 2022:

---

| | |
|:---|:---|
|  **<u>Federal and State Income Tax</u>** |  |
|  Long-Term Capital Gain Distributions | $222523782 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 9.06% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| <br> \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | <br> \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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

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**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and <br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee <br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

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

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**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and <br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee <br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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

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**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and <br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee <br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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

------

**Trustees and Officers–(continued)** 

---

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

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

------

**Trustees and Officers–(continued)** 

---

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

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

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and <br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee <br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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

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![LOGO](g404981g94t45.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Diversified Dividend Fund** 

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

 <br> Invesco Distributors, Inc. VIDDI-AR-1

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**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Diversified Dividend Fund (the Fund) outperformed the Russell 1000 Value Index, the Fund's style-specific benchmark.<br> &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Diversified Dividend Fund (the Fund) outperformed the Russell 1000 Value Index, the Fund's style-specific benchmark.<br> &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -1.68 | % |
| &nbsp;&nbsp; Series II Shares | -1.93 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> (Style-Specific Index) | -7.54 |  |
| &nbsp;&nbsp; Lipper VUF Large-Cap Value Funds Index◾ (Peer Group Index) | -6.90 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; ◾Lipper Inc. |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jack-son Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the Russell 1000 Value Index during the fiscal year ended December 31, 2022. Within the Fund's style-specific benchmark, energy was the best-performing sector, while information technology (IT), real estate and communication services were the worst-performing sectors during the fiscal year. The Fund's outperformance versus the Russell 1000 Value Index was broad based, with the Fund outperforming the index in 9 of 11 sectors. Stock selection in the health care, industrials and financials sectors contributed to the Fund's performance relative to the Russell 1000 Value Index. An underweight position in communication services also contributed to relative Fund performance. Stock selection in consumer staples detracted from the Fund's relative performance during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, holdings in the energy and health care sectors were among the largest contributors to the Fund's absolute performance. Oil and gas exploration and production company **ConocoPhillips** was the largest contributor to absolute Fund performance. Shares of the company rose along with the energy sector in general during much of the fiscal year. Investors also reacted

favorably to the announcement of ConocoPhillips' acquisition of Royal Dutch Shell's (not a fund holding) shale assets in the Permian basin, which closed in the fourth quarter of 2021. Pharmaceutical company **Merck** was also a large contributor to overall Fund performance for the fiscal year. Merck's sales were driven by higher than forecasted oncology and vaccine revenues for much of the fiscal year. Underlying strength across its core franchises led to an increase in sales and earnings guidance going forward as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings within the communication services and IT sectors were among the largest detractors from absolute Fund performance during the fiscal year. Telecom services company **Comcast** was the largest detractor from overall Fund performance during the fiscal year. Shares of the company fell following a disappointing second quarter earnings report in which the company beat revenue and earnings forecasts, but reported no growth in its lucrative broadband internet subscriber base as the company has faced increased competition from wireless carriers and other fiber providers. IT services provider **Cognizant Technology Solutions** was also among the largest detractors from overall Fund performance. Shares of the company fell as management reported disappointing financial results for much of the fiscal year due mainly to a challenging macroeconomic backdrop. We sold our position in Cognizant Technology Solutions toward the end of the fiscal year due to a lack of progress on the company's turnaround plan. We also believed that solving the company's labor challenges would be more difficult and would take longer to solve than previously anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the Fund has successfully navigated multiple market cycles during its history with a consistent long-term mandate to emphasize capital appreciation, current income and capital preservation over a full market cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It has been our privilege to oversee Invesco V.I. Diversified Dividend Fund and we thank you for your continued investment.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

**Invesco V.I. Diversified Dividend Fund**

------

**Portfolio manager(s):** 

Caroline Le Feuvre

Craig Leopold

Chris McMeans

Peter Santoro - Lead

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

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

**Invesco V.I. Diversified Dividend Fund**

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g404981dsp4a.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/90) | 7.93 | % |
| &nbsp;&nbsp; 10 Years | 9.80 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.24 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -1.68 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (6/5/00) | 5.78 | % |
| &nbsp;&nbsp; 10 Years | 9.53 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.97 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -1.93 |  |

---

**Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment Series Dividend Growth Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Dividend Growth Fund (renamed Invesco V.I. Diversified Dividend Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

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

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

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

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

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

**Invesco V.I. Diversified Dividend Fund**

------

**Supplemental Information** 

**Invesco V.I. Diversified Dividend Fund's investment objective is to provide reasonable current income and long-term growth of income and capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

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

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

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

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

**Invesco V.I. Diversified Dividend Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Health Care | 20.09% |
|  Financials | 18.34 |
|  Industrials | 10.61 |
|  Energy | 10.16 |
|  Information Technology | 9.06 |
|  Consumer Staples | 8.12 |
|  Consumer Discretionary | 6.58 |
|  Utilities | 5.62 |
|  Communication Services | 3.93 |
|  Other Sectors, Each Less than 2% of Net Assets | 3.72 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.77 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Chevron Corp. | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Johnson & Johnson | 3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Raytheon Technologies Corp. | 2.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | ConocoPhillips | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Exxon Mobil Corp. | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | CVS Health Corp. | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Merck & Co., Inc. | 2.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Walmart, Inc. | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Thermo Fisher Scientific, Inc. | 2.26 |
| 10. | Kraft Heinz Co. (The) | 2.23 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Diversified Dividend Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.23%** | **Common Stocks & Other Equity Interests–96.23%** | **Common Stocks & Other Equity Interests–96.23%** |
|  **Aerospace & Defense–2.89%** | **Aerospace & Defense–2.89%** | **Aerospace & Defense–2.89%** |
|  Raytheon Technologies Corp. | 130457 | $&nbsp;&nbsp;&nbsp;&nbsp;13165720 |
|  **Air Freight & Logistics–1.65%** | **Air Freight & Logistics–1.65%** | **Air Freight & Logistics–1.65%** |
|  United Parcel Service, Inc., Class B | 43240 | 7516842 |
|  **Apparel Retail–0.71%** | **Apparel Retail–0.71%** | **Apparel Retail–0.71%** |
|  TJX Cos., Inc. (The) | 40376 | 3213930 |
|  **Apparel, Accessories & Luxury Goods–0.50%** | **Apparel, Accessories & Luxury Goods–0.50%** | **Apparel, Accessories & Luxury Goods–0.50%** |
|  Columbia Sportswear Co. | 26236 | 2297749 |
|  **Application Software–0.93%** | **Application Software–0.93%** | **Application Software–0.93%** |
|  Intuit, Inc. | 10879 | 4234324 |
|  **Asset Management & Custody Banks–1.35%** | **Asset Management & Custody Banks–1.35%** | **Asset Management & Custody Banks–1.35%** |
|  State Street Corp.<sup>(b)</sup> | 79103 | 6136020 |
|  **Biotechnology–0.74%** | **Biotechnology–0.74%** | **Biotechnology–0.74%** |
|  AbbVie, Inc. | 20930 | 3382497 |
|  **Building Products–1.18%** | **Building Products–1.18%** | **Building Products–1.18%** |
|  Trane Technologies PLC | 31876 | 5358037 |
|  **Cable & Satellite–1.68%** | **Cable & Satellite–1.68%** | **Cable & Satellite–1.68%** |
|  Comcast Corp., Class A<sup>(b)</sup> | 218974 | 7657521 |
|  **Construction Machinery & Heavy Trucks–0.71%** | **Construction Machinery & Heavy Trucks–0.71%** | **Construction Machinery & Heavy Trucks–0.71%** |
|  Caterpillar, Inc. | 13491 | 3231904 |
|  **Consumer Finance–1.19%** | **Consumer Finance–1.19%** | **Consumer Finance–1.19%** |
|  American Express Co. | 36505 | 5393614 |
|  **Data Processing & Outsourced Services–1.81%** | **Data Processing & Outsourced Services–1.81%** | **Data Processing & Outsourced Services–1.81%** |
|  Visa, Inc., Class A<sup>(b)</sup> | 39663 | 8240385 |
|  **Diversified Banks–4.06%** | **Diversified Banks–4.06%** | **Diversified Banks–4.06%** |
|  Bank of America Corp. | 274920 | 9105350 |
|  Wells Fargo & Co. | 226757 | 9362797 |
|  |  | 18468147 |
|  **Electric Utilities–2.78%** | **Electric Utilities–2.78%** | **Electric Utilities–2.78%** |
|  American Electric Power Co., Inc. | 60576 | 5751691 |
|  Entergy Corp. | 61416 | 6909300 |
|  |  | 12660991 |
|  **Electrical Components & Equipment–0.77%** | **Electrical Components & Equipment–0.77%** | **Electrical Components & Equipment–0.77%** |
|  ABB Ltd. (Switzerland) | 114964 | 3501548 |
|  **Electronic Manufacturing Services–1.27%** | **Electronic Manufacturing Services–1.27%** | **Electronic Manufacturing Services–1.27%** |
|  TE Connectivity Ltd. (Switzerland) | 50504 | 5797859 |
|  **Financial Exchanges & Data–2.29%** | **Financial Exchanges & Data–2.29%** | **Financial Exchanges & Data–2.29%** |
|  CME Group, Inc., Class A | 21792 | 3664543 |
|  S&P Global, Inc. | 20122 | 6739662 |
|  |  | 10404205 |
|  **General Merchandise Stores–1.45%** | **General Merchandise Stores–1.45%** | **General Merchandise Stores–1.45%** |
|  Target Corp. | 44387 | 6615439 |
|  **Health Care Equipment–4.10%** | **Health Care Equipment–4.10%** | **Health Care Equipment–4.10%** |
|  Becton, Dickinson and Co. | 28744 | 7309599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** |
|  Medtronic PLC | 85240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624853 |
|  Stryker Corp. | 19216 | 4698120 |
|  |  | 18632572 |
|  **Health Care Services–2.52%** | **Health Care Services–2.52%** | **Health Care Services–2.52%** |
|  CVS Health Corp. | 123034 | 11465538 |
|  **Home Improvement Retail–1.39%** | **Home Improvement Retail–1.39%** | **Home Improvement Retail–1.39%** |
|  Lowe's Cos., Inc. | 31694 | 6314713 |
|  **Hypermarkets & Super Centers–2.30%** | **Hypermarkets & Super Centers–2.30%** | **Hypermarkets & Super Centers–2.30%** |
|  Walmart, Inc. | 73829 | 10468214 |
|  **Industrial Machinery–1.46%** | **Industrial Machinery–1.46%** | **Industrial Machinery–1.46%** |
|  Parker-Hannifin Corp. | 22771 | 6626361 |
|  **Integrated Oil & Gas–6.48%** | **Integrated Oil & Gas–6.48%** | **Integrated Oil & Gas–6.48%** |
|  Chevron Corp. | 100430 | 18026181 |
|  Exxon Mobil Corp. | 103981 | 11469104 |
|  |  | 29495285 |
|  **Integrated Telecommunication Services–2.25%** | **Integrated Telecommunication Services–2.25%** | **Integrated Telecommunication Services–2.25%** |
|  Deutsche Telekom AG (Germany) | 234586 | 4679162 |
|  Verizon Communications, Inc. | 140735 | 5544959 |
|  |  | 10224121 |
|  **Investment Banking & Brokerage–3.10%** | **Investment Banking & Brokerage–3.10%** | **Investment Banking & Brokerage–3.10%** |
|  Charles Schwab Corp. (The) | 116688 | 9715443 |
|  Morgan Stanley | 51575 | 4384906 |
|  |  | 14100349 |
|  **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** |
|  Accenture PLC, Class A | 9850 | 2628374 |
|  **Life Sciences Tools & Services–2.26%** | **Life Sciences Tools & Services–2.26%** | **Life Sciences Tools & Services–2.26%** |
|  Thermo Fisher Scientific, Inc. | 18641 | 10265412 |
|  **Managed Health Care–3.32%** | **Managed Health Care–3.32%** | **Managed Health Care–3.32%** |
|  Elevance Health, Inc. | 13582 | 6967158 |
|  UnitedHealth Group, Inc. | 15320 | 8122358 |
|  |  | 15089516 |
|  **Multi-line Insurance–1.89%** | **Multi-line Insurance–1.89%** | **Multi-line Insurance–1.89%** |
|  Hartford Financial Services Group, Inc. (The) | 113256 | 8588203 |
|  **Multi-Utilities–2.84%** | **Multi-Utilities–2.84%** | **Multi-Utilities–2.84%** |
|  Dominion Energy, Inc. | 106225 | 6513717 |
|  Public Service Enterprise Group, Inc. | 104643 | 6411477 |
|  |  | 12925194 |
|  **Oil & Gas Exploration & Production–3.68%** | **Oil & Gas Exploration & Production–3.68%** | **Oil & Gas Exploration & Production–3.68%** |
|  ConocoPhillips | 102908 | 12143144 |
|  Pioneer Natural Resources Co. | 20056 | 4580590 |
|  |  | 16723734 |
|  **Packaged Foods & Meats–3.40%** | **Packaged Foods & Meats–3.40%** | **Packaged Foods & Meats–3.40%** |
|  Kraft Heinz Co. (The)<sup>(b)</sup> | 248890 | 10132312 |
|  Nestle S.A. | 46134 | 5327807 |
|  |  | 15460119 |

---

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

**Invesco V.I. Diversified Dividend Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Paper Packaging–0.52%** | **Paper Packaging–0.52%** | **Paper Packaging–0.52%** |
|  Avery Dennison Corp. | 13011 | $2354991 |
|  **Personal Products–0.92%** | **Personal Products–0.92%** | **Personal Products–0.92%** |
|  L'Oreal S.A. (France) | 11625 | 4170385 |
|  **Pharmaceuticals–7.15%** | **Pharmaceuticals–7.15%** | **Pharmaceuticals–7.15%** |
|  Eli Lilly and Co. | 13725 | 5021154 |
|  Johnson & Johnson | 91206 | 16111540 |
|  Merck & Co., Inc. | 102518 | 11374372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32507066 |
|  **Property & Casualty Insurance–1.80%** | **Property & Casualty Insurance–1.80%** | **Property & Casualty Insurance–1.80%** |
|  Travelers Cos., Inc. (The) | 43611 | 8176626 |
|  **Railroads–1.25%** | **Railroads–1.25%** | **Railroads–1.25%** |
|  Union Pacific Corp. | 27430 | 5679930 |
|  **Regional Banks–2.66%** | **Regional Banks–2.66%** | **Regional Banks–2.66%** |
|  Comerica, Inc. | 55789 | 3729495 |
|  Fifth Third Bancorp<sup>(b)</sup> | 91067 | 2987908 |
|  M&T Bank Corp. | 37055 | 5375198 |
|  |  | 12092601 |
|  **Research & Consulting Services–0.70%** | **Research & Consulting Services–0.70%** | **Research & Consulting Services–0.70%** |
|  Booz Allen Hamilton Holding Corp. | 30584 | 3196640 |
|  **Restaurants–2.53%** | **Restaurants–2.53%** | **Restaurants–2.53%** |
|  McDonald's Corp. | 24291 | 6401407 |
|  Starbucks Corp. | 51521 | 5110883 |
|  |  | 11512290 |
|  **Semiconductor Equipment–0.84%** | **Semiconductor Equipment–0.84%** | **Semiconductor Equipment–0.84%** |
|  Lam Research Corp. | 9107 | 3827672 |
|  **Semiconductors–1.44%** | **Semiconductors–1.44%** | **Semiconductors–1.44%** |
|  Analog Devices, Inc. | 23837 | 3909983 |
|  Broadcom, Inc. | 4738 | 2649158 |
|  |  | 6559141 |
|  **Soft Drinks–1.50%** | **Soft Drinks–1.50%** | **Soft Drinks–1.50%** |
|  Coca-Cola Co. (The) | 107123 | 6814094 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Specialized REITs–1.87%** | **Specialized REITs–1.87%** | **Specialized REITs–1.87%** |
|  Crown Castle, Inc. | 38831 | $5267037 |
|  Weyerhaeuser Co. | 104121 | 3227751 |
|  |  | 8494788 |
|  **Specialty Chemicals–1.33%** | **Specialty Chemicals–1.33%** | **Specialty Chemicals–1.33%** |
|  DuPont de Nemours, Inc.<sup>(b)</sup> | 87940 | 6035322 |
|  **Systems Software–2.19%** | **Systems Software–2.19%** | **Systems Software–2.19%** |
|  Microsoft Corp. | 41508 | 9954449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $364,847,344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $364,847,344) | 437660432 |
|  **Money Market Funds–3.73%** | **Money Market Funds–3.73%** | **Money Market Funds–3.73%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(c)(d)</sup> | 5942942 | 5942942 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(c)(d)</sup> | 4243728 | 4245001 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(c)(d)</sup> | 6791933 | 6791933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $16,979,876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $16,979,876) | 16979876 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.96%<br>(Cost $381,827,220) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.96%<br>(Cost $381,827,220) | 454640308 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–7.90%** |  |  |
|  Invesco Private Government Fund,<br>4.28%<sup>(c)(d)(e)</sup> | 10057276 | 10057276 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(c)(d)(e)</sup> | 25861568 | 25861568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,917,270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,917,270) | 35918844 |
|  TOTAL INVESTMENTS IN SECURITIES–107.86%<br>(Cost $417,744,490) | TOTAL INVESTMENTS IN SECURITIES–107.86%<br>(Cost $417,744,490) | 490559152 |
|  OTHER ASSETS LESS LIABILITIES–(7.86)% | OTHER ASSETS LESS LIABILITIES–(7.86)% | (35754708) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $454804444 |

---

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, 2022.

<sup>(c)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $3208900 | $42434609 | $(39700567) | $- | $- | $5942942 | $64646 |
|  Invesco Liquid Assets Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30310435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29977762) | &nbsp;&nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87419 |
|  Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48496696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45372077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98566 |

---

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

**Invesco V.I. Diversified Dividend Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $2831276 | $120287363 | $(113061363) | $- | $- | $10057276 | $117,431\* |
|  Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606311 | &nbsp;&nbsp;&nbsp;&nbsp;281962799 | &nbsp;&nbsp;&nbsp;&nbsp;(262710287) | &nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp;25861568 | &nbsp;&nbsp;&nbsp;&nbsp;327,505\* |
|  Total | $20225179 | $523491902 | $(490822056) | $1180 | $2515 | $52898720 | $695567 |

---

\* 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, 2022.

<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 1I.

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

**Invesco V.I. Diversified Dividend Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $364,847,344)\* | $437660432 |
|  Investments in affiliated money market funds, at value<br>(Cost $52,897,146) | 52898720 |
|  Foreign currencies, at value (Cost $794) | 759 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 937273 |
|  Investment for trustee deferred compensation and retirement plans | 58733 |
|  Other assets | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 491562813 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 446212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 20260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 35917270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 244942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 38464 |
|  Trustee deferred compensation and retirement plans | 87901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 36758369 |
|  Net assets applicable to shares outstanding | $454804444 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $339751470 |
|  Distributable earnings | 115052974 |
|  | $454804444 |
|  **Net Assets:** |  |
|  Series I | $225216406 |
|  Series II | $229588038 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 9012990 |
|  Series II | 9276584 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $24.99 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $24.75 |

---

\* At December 31, 2022, securities with an aggregate value of $35,122,202 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $51,870) | $11753062 |
|  Dividends from affiliated money market funds (includes net securities lending income of $23,811) | 274442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12027504 |
|  **Expenses:** |  |
|  Advisory fees | 2273371 |
|  Administrative services fees | 767566 |
|  Custodian fees | 4156 |
|  Distribution fees - Series II | 587705 |
|  Transfer agent fees | 23169 |
|  Trustees' and officers' fees and benefits | 22889 |
|  Reports to shareholders | 2379 |
|  Professional services fees | 39633 |
|  Other | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3724052 |
|  Less: Fees waived | (15284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3708768 |
|  Net investment income | 8318736 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 35891710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (12787) |
|  | 35881438 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (53771544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (9502) |
|  | (53779866) |
|  Net realized and unrealized gain (loss) | (17898428) |
|  Net increase (decrease) in net assets resulting from operations | $(9579692) |

---

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

**Invesco V.I. Diversified Dividend Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $8318736 | $8150312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 35881438 | 56157626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (53779866) | 17184846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (9579692) | 81492784 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (32892762) | (6092708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (32949360) | (5554813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (65842122) | (11647521) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 19727882 | (26159709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 22586212 | (7080155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 42314094 | (33239864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (33107720) | 36605399 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 487912164 | 451306765 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $454804444 | $487912164 |

---

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

**Invesco V.I. Diversified Dividend Fund**

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $29.82 | $0.54 | $(1.16) | $(0.62) | $(0.56) | $(3.65) | $(4.21) | $24.99 | (1.68)% | $225216 | 0.67% | 0.67% | 1.91% | 40% |
|  Year ended 12/31/21 | 25.72 | 0.52 | 4.32 | 4.84 | (0.63) | (0.11) | (0.74) | 29.82 | 18.89 | 242810 | 0.68 | 0.68 | 1.81 | 45 |
|  Year ended 12/31/20 | 27.23 | 0.58 | (0.67) | (0.09) | (0.77) | (0.65) | (1.42) | 25.72 | 0.14 | 233073 | 0.70 | 0.70 | 2.41 | 9 |
|  Year ended 12/31/19 | 23.70 | 0.67 | 5.15 | 5.82 | (0.80) | (1.49) | (2.29) | 27.23 | 25.09 | 278727 | 0.65 | 0.65 | 2.54 | 7 |
|  Year ended 12/31/18 | 27.18 | 0.63 | (2.53) | (1.90) | (0.65) | (0.93) | (1.58) | 23.70 | (7.57) | 337461 | 0.64 | 0.65 | 2.38 | 10 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 29.57 | 0.46 | (1.15) | (0.69) | (0.48) | (3.65) | (4.13) | 24.75 | (1.93) | 229588 | 0.92 | 0.92 | 1.66 | 40 |
|  Year ended 12/31/21 | 25.52 | 0.44 | 4.29 | 4.73 | (0.57) | (0.11) | (0.68) | 29.57 | 18.59 | 245103 | 0.93 | 0.93 | 1.56 | 45 |
|  Year ended 12/31/20 | 27.03 | 0.52 | (0.68) | (0.16) | (0.71) | (0.64) | (1.35) | 25.52 | (0.13) | 218234 | 0.95 | 0.95 | 2.16 | 9 |
|  Year ended 12/31/19 | 23.54 | 0.60 | 5.11 | 5.71 | (0.73) | (1.49) | (2.22) | 27.03 | 24.77 | 236880 | 0.90 | 0.90 | 2.29 | 7 |
|  Year ended 12/31/18 | 27.00 | 0.56 | (2.51) | (1.95) | (0.58) | (0.93) | (1.51) | 23.54 | (7.78) | 204889 | 0.89 | 0.90 | 2.13 | 10 |

---

<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.

**Invesco V.I. Diversified Dividend Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Diversified Dividend Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $1,855 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.

**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

**Invesco V.I. Diversified Dividend Fund**

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **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.

**M.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.545% |
|  Next $750 million | 0.420% |
|  Next $1 billion | 0.395% |
|  Over $2 billion | 0.370% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.49%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $15,284.

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

**Invesco V.I. Diversified Dividend Fund**

------

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, 2022, Invesco was paid $67,761 for accounting and fund administrative services and was reimbursed $699,805 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees.*

For the year ended December 31, 2022, the Fund incurred $543 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.  |

---

---

| | |
|:---|:---|
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $419981530 | $17678902 | $– | $437660432 |
|  Money Market Funds | 16979876 | 35918844 | &nbsp;&nbsp;&nbsp;&nbsp;– | 52898720 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $436961406 | $53597746 | $– | $490559152 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 5–Cash Balances** 

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

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $10044014 | $10253430 |
|  Long-term capital gain | 55798108 | 1394091 |
|  Total distributions | $65842122 | $11647521 |

---

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

**Invesco V.I. Diversified Dividend Fund**

------

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $8262764 |
|  Undistributed long-term capital gain | 34846855 |
|  Net unrealized appreciation – investments | 72027139 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (9713) |
|  Temporary book/tax differences | (74071) |
|  Shares of beneficial interest | 339751470 |
|  Total net assets | $454804444 |

---

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, 2022.

**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, 2022 was $180,326,365 and $201,054,234, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $93814708 |
|  Aggregate unrealized (depreciation) of investments | (21787569) |
|  Net unrealized appreciation of investments | $72027139 |

---

Cost of investments for tax purposes is $418,532,013.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of distributions and foreign currency transactions, on December 31, 2022, undistributed net investment income was decreased by $54,327 and undistributed net realized gain was increased by $54,327. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1071571 | $30922697 | 657168 | $18564911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 788807 | 22102300 | 578551 | 16315294 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1355285 | 32892762 | 208583 | 6092708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1370036 | 32949360 | 191677 | 5554813 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1556500) | (44087577) | (1784234) | (50817328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (1170861) | (32465448) | (1032125) | (28950262) |
|  Net increase (decrease) in share activity | 1858338 | $42314094 | (1180380) | $(33239864) |

---

<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 70% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

**Invesco V.I. Diversified Dividend Fund**

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**Trustees and Officers–(continued)** 

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I  | $1000.00 | $1066.50 | $3.49 | $1021.83 | $3.41 | 0.67% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1065.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;1020.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | 0.92 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Diversified Dividend Fund**

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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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $55798108 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 99.43% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Diversified Dividend Fund**

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**Trustees and Officers–(continued)** 

**Trustees and Officers** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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

**Invesco V.I. Diversified Dividend Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Diversified Dividend Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Diversified Dividend Fund**

------

**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Diversified Dividend Fund**

------

**Trustees and Officers–(continued)** 

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

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**Invesco V.I. Diversified Dividend Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Diversified Dividend Fund**

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![LOGO](g461580dsp1a.jpg) <br>

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| | |
|:---|:---|
| <br> **Annual Report to Shareholders**<br>| <br> **December 31, 2022**<br>|

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

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. MS-VIEWSP-AR-1

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**Management's Discussion of Fund Performance** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Equally-Weighted S&P 500 Fund (the Fund) outperformed the S&P 500 Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Equally-Weighted S&P 500 Fund (the Fund) outperformed the S&P 500 Index. |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -11.81% |
| &nbsp;&nbsp; Series II Shares | -12.06 |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |
| &nbsp;&nbsp; S&P 500 Equal Weight Index<sup>▼</sup> (Style-Specific Index) | -11.45 |
| &nbsp;&nbsp; Lipper VUF Multi-Cap Core Funds Index<sup>∎</sup> (Peer Group Index) | -17.74 |
| &nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup> Lipper Inc.<br>|  |

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------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jack-son Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally invests in each common stock represented in the S&P 500 Equal Weight Index, which is an equally-weighted version of the S&P 500 Index. The S&P 500 Index is a stock market index that includes common stocks of 500 companies in proportion to their market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, on an absolute basis, the energy sector was the largest contributor to Fund performance followed by the consumer staples and utilities sectors, respectively. The information technology sector was the largest detractor from Fund performance, followed by the consumer discretionary and real estate sectors, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top four individual contributors to absolute Fund performance during the fiscal year were energy companies. **Occidental Petroleum**, an oil, gas and consumable fuels company was the largest single contributor as the company delivered very strong operational performance amidst a year of high oil prices. Occidental Petroleum benefited from quarterly results that were consistently above expectation, a significant increase to the company's dividend, as well as news of Berkshire Hathaway purchasing a substantial portion of the company's stock. **Halliburton**, an energy equipment and services company and

**Schlumberger**, an energy equipment and services company and **ExxonMobil**, an oil, gas and consumable fuels company, were the largest contributors to absolute Fund performance as each company posted strong results aided by elevated oil prices. The top detractor from the Fund's absolute performance for the fiscal year was **Match Group**, an interactive media and services company. Match Group's stock price dropped significantly as the company reported very disappointing earnings results and dramatically decelerating growth. Another detractor from absolute Fund performance was **Generac Holdings**, an electrical equipment company, as shares tumbled following an announcement from the company significantly cutting its forecast for full year sales growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the Fund's strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in S&P 500 futures contracts, which generated a positive return and added to the Fund's absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco V.I. Equally-Weighted S&P 500 Index Fund.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

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

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

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

------

**Your Fund's Long-Term Performance** 

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

Fund and index data from 12/31/12

![LOGO](g461580g25p50.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

\* Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Underlying Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower. 

Past performance cannot guarantee future

results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares\*** |  |
| &nbsp;&nbsp; Inception (11/9/94) | 10.56% |
| &nbsp;&nbsp; 10 Years | 11.97 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.79 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -11.81 |
| &nbsp;&nbsp; **Series II Shares\*** |  |
| &nbsp;&nbsp; Inception (7/24/00) | 8.83% |
| &nbsp;&nbsp; 10 Years | 11.69 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.51 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -12.06 |
|  \* Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Underlying Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower. | \* Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Underlying Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower. |

---

**Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Select Dimensions Investment Series Equally-Weighted S&P 500 Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund (renamed Invesco V.I. Equally-Weighted S&P 500 Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Equally-Weighted S&P 500 Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable** 

 **product charges, please contact your variable product issuer or financial adviser.** 

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

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

------

**Supplemental Information** 

**Invesco V.I. Equally-Weighted S&P 500 Fund's investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

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

------

**About indexes used in this report** 

∎ The **S&P 500 <sup>®</sup> Index** is an unmanaged index
considered representative of the US stock market.

∎ The **S&P 500 <sup>®</sup> Equal Weight Index** is the
equally weighted version of the S&P 500<sup>®</sup> Index, which is considered representative of the US stock market.

∎ The **Lipper VUF Multi-Cap Core Funds Index** is an unmanaged index considered
representative of multicap core variable insurance underlying funds tracked by Lipper.

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

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

------

**Fund Information** 

---

| | |
|:---|:---|
| **Portfolio Composition**  | |
| **By sector** | **% of total net assets** |
|  Information Technology | 14.82% |
|  Industrials | 14.00 |
|  Financials | 13.47 |
|  Health Care | 12.73 |
|  Consumer Discretionary | 10.99 |
|  Consumer Staples | 6.61 |
|  Real Estate | 6.09 |
|  Utilities | 6.08 |
|  Materials | 5.67 |
|  Energy | 4.96 |
|  Communication Services | 4.35 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.23 |

---

**Top 10 Equity Holdings\*** 

---

| | |
|:---|:---|
|  | **% of total net assets** |
|  &nbsp;&nbsp;&nbsp;&nbsp;1. Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;0.24% |
|  &nbsp;&nbsp;&nbsp;&nbsp;2. Schlumberger Ltd. | 0.23 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3. Align Technology, Inc. | 0.23 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4. APA Corp. | 0.23 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5. Valero Energy Corp. | 0.23 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6. Universal Health Services, Inc., Class B | 0.23 |
|  &nbsp;&nbsp;&nbsp;&nbsp;7. Hess Corp. | 0.22 |
|  &nbsp;&nbsp;&nbsp;&nbsp;8. Marathon Petroleum Corp. | 0.22 |
|  &nbsp;&nbsp;&nbsp;&nbsp;9. Baker Hughes Co., Class A | 0.22 |
| 10. Generac Holdings, Inc. | 0.22 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

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

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.77%** | **Common Stocks & Other Equity Interests–99.77%** | **Common Stocks & Other Equity Interests–99.77%** |
|  **Advertising–0.43%** |  |  |
|  Interpublic Group of Cos., Inc. (The) | 28302 | $942739 |
|  Omnicom Group, Inc. | 11998 | 978677 |
|  |  | 1921416 |
|  **Aerospace & Defense–2.06%** |  |  |
|  Boeing Co. (The)<sup>(b)(c)</sup>  | 5055 | 962927 |
|  General Dynamics Corp. | 3674 | 911556 |
|  Howmet Aerospace, Inc. | 23885 | 941308 |
|  Huntington Ingalls Industries, Inc.<sup>(c)</sup>  | 3883 | 895730 |
|  L3Harris Technologies, Inc.<sup>(c)</sup>  | 4211 | 876772 |
|  Lockheed Martin Corp. | 1877 | 913142 |
|  Northrop Grumman Corp. | 1716 | 936267 |
|  Raytheon Technologies Corp. | 9236 | 932097 |
|  Textron, Inc. | 12657 | 896116 |
|  TransDigm Group, Inc. | 1482 | 933141 |
|  |  | 9199056 |
|  **Agricultural & Farm Machinery–0.20%** | **Agricultural & Farm Machinery–0.20%** |  |
|  Deere & Co.<sup>(c)</sup>  | 2087 | 894822 |
|  **Agricultural Products–0.21%** |  |  |
|  Archer-Daniels-Midland Co. | 9878 | 917172 |
|  **Air Freight & Logistics–0.79%** |  |  |
|  C.H. Robinson Worldwide, Inc.<sup>(c)</sup>  | 9524 | 872018 |
|  Expeditors International of<br>Washington, Inc.<sup>(c)</sup>  | 8411 | 874071 |
|  FedEx Corp. | 5267 | 912244 |
|  United Parcel Service, Inc., Class B<sup>(c)</sup>  | 5109 | 888149 |
|  |  | 3546482 |
|  **Airlines–0.94%** |  |  |
|  Alaska Air Group, Inc.<sup>(b)(c)</sup>  | 20369 | 874645 |
|  American Airlines Group, Inc.<sup>(b)(c)</sup>  | 67083 | 853296 |
|  Delta Air Lines, Inc.<sup>(b)(c)</sup>  | 26853 | 882389 |
|  Southwest Airlines Co.<sup>(b)</sup>  | 23813 | 801784 |
|  United Airlines Holdings, Inc.<sup>(b)</sup>  | 21088 | 795018 |
|  |  | 4207132 |
|  **Alternative Carriers–0.19%** |  |  |
|  Lumen Technologies, Inc.<sup>(c)</sup>  | 165324 | 862991 |
|  **Apparel Retail–0.41%** |  |  |
|  Ross Stores, Inc.<sup>(c)</sup>  | 7900 | 916953 |
|  TJX Cos., Inc. (The) | 11627 | 925509 |
|  |  | 1842462 |
|  **Apparel, Accessories & Luxury Goods–0.61%** | **Apparel, Accessories & Luxury Goods–0.61%** |  |
|  Ralph Lauren Corp.<sup>(c)</sup>  | 8442 | 892066 |
|  Tapestry, Inc.<sup>(c)</sup>  | 24942 | 949791 |
|  VF Corp. | 32185 | 888628 |
|  |  | 2730485 |
|  **Application Software–2.41%** |  |  |
|  Adobe, Inc.<sup>(b)</sup>  | 2745 | 923775 |
|  ANSYS, Inc.<sup>(b)</sup>  | 3747 | 905238 |
|  Autodesk, Inc.<sup>(b)</sup>  | 4671 | 872870 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Application Software–(continued)** |  |  |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 5545 | $890749 |
|  Ceridian HCM Holding, Inc.<sup>(b)(c)</sup>  | 13985 | 897138 |
|  Intuit, Inc. | 2270 | 883529 |
|  Paycom Software, Inc.<sup>(b)</sup>  | 2889 | 896486 |
|  PTC, Inc.<sup>(b)</sup>  | 7489 | 898979 |
|  Roper Technologies, Inc. | 2104 | 909117 |
|  salesforce.com, inc.<sup>(b)</sup>  | 6923 | 917920 |
|  Synopsys, Inc.<sup>(b)</sup>  | 2786 | 889542 |
|  Tyler Technologies, Inc.<sup>(b)</sup>  | 2809 | 905650 |
|  |  | 10790993 |
|  **Asset Management & Custody Banks–1.60%** | **Asset Management & Custody Banks–1.60%** |  |
|  Ameriprise Financial, Inc. | 2827 | 880243 |
|  Bank of New York Mellon Corp. (The) | 20300 | 924056 |
|  BlackRock, Inc.<sup>(c)</sup>  | 1278 | 905629 |
|  Franklin Resources, Inc.<sup>(c)</sup>  | 34134 | 900455 |
|  Invesco Ltd.<sup>(c)(d)</sup>  | 49462 | 889821 |
|  Northern Trust Corp.<sup>(c)</sup>  | 10330 | 914102 |
|  State Street Corp.<sup>(c)</sup>  | 11485 | 890892 |
| T. Rowe Price Group, Inc.<sup>(c)</sup>  | 7574 | 826020 |
|  |  | 7131218 |
|  **Auto Parts & Equipment–0.40%** |  |  |
|  Aptiv PLC<sup>(b)</sup>  | 9730 | 906155 |
|  BorgWarner, Inc.<sup>(c)</sup>  | 22427 | 902687 |
|  |  | 1808842 |
|  **Automobile Manufacturers–0.50%** |  |  |
|  Ford Motor Co. | 68864 | 800888 |
|  General Motors Co. | 23710 | 797604 |
|  Tesla, Inc.<sup>(b)</sup>  | 5069 | 624400 |
|  |  | 2222892 |
|  **Automotive Retail–0.80%** |  |  |
|  Advance Auto Parts, Inc. | 6221 | 914674 |
|  AutoZone, Inc.<sup>(b)(c)</sup>  | 368 | 907554 |
|  CarMax, Inc.<sup>(b)(c)</sup>  | 13815 | 841195 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 1096 | 925057 |
|  |  | 3588480 |
|  **Biotechnology–1.57%** |  |  |
|  AbbVie, Inc. | 5566 | 899521 |
|  Amgen, Inc. | 3257 | 855419 |
|  Biogen, Inc.<sup>(b)</sup>  | 3167 | 877006 |
|  Gilead Sciences, Inc.<sup>(c)</sup>  | 10317 | 885714 |
|  Incyte Corp.<sup>(b)(c)</sup>  | 11023 | 885367 |
|  Moderna, Inc.<sup>(b)</sup>  | 5118 | 919295 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 1210 | 873003 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 2907 | 839484 |
|  |  | 7034809 |
|  **Brewers–0.20%** |  |  |
|  Molson Coors Beverage Co., Class B<sup>(c)</sup>  | 17301 | 891348 |
|  **Broadcasting–0.38%** |  |  |
|  Fox Corp., Class A<sup>(c)</sup>  | 20234 | 614506 |
|  Fox Corp., Class B | 9320 | 265154 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Broadcasting–(continued)** |  |  |  |
|  Paramount Global, Class B<sup>(c)</sup>  | 47720 | $| 805514 |
|  |  |  | 1685174 |
|  **Building Products–1.17%** |  |  |  |
|  A.O. Smith Corp.<sup>(c)</sup>  | 15568 |  | 891112 |
|  Allegion PLC | 8317 |  | 875447 |
|  Carrier Global Corp.<sup>(c)</sup>  | 21098 |  | 870293 |
|  Johnson Controls International PLC | 13800 |  | 883200 |
|  Masco Corp. | 18403 |  | 858868 |
|  Trane Technologies PLC | 5179 |  | 870538 |
|  |  |  | 5249458 |
|  **Cable & Satellite–0.58%** |  |  |  |
|  Charter Communications, Inc., Class A<sup>(b)(c)</sup>  | 2385 |  | 808754 |
|  Comcast Corp., Class A<sup>(c)</sup>  | 25697 |  | 898624 |
|  DISH Network Corp., Class A<sup>(b)(c)</sup>  | 61576 |  | 864527 |
|  |  |  | 2571905 |
|  **Casinos & Gaming–0.76%** |  |  |  |
|  Caesars Entertainment, Inc.<sup>(b)</sup>  | 18395 |  | 765232 |
|  Las Vegas Sands Corp.<sup>(b)(c)</sup>  | 19185 |  | 922223 |
|  MGM Resorts International<sup>(c)</sup>  | 24969 |  | 837211 |
|  Wynn Resorts Ltd.<sup>(b)(c)</sup>  | 10679 |  | 880697 |
|  |  |  | 3405363 |
|  **Commodity Chemicals–0.41%** |  |  |  |
|  Dow, Inc.<sup>(c)</sup>  | 18080 |  | 911051 |
|  LyondellBasell Industries N.V., Class A | 11142 |  | 925120 |
|  |  |  | 1836171 |
|  **Communications Equipment–0.98%** |  |  |  |
|  Arista Networks, Inc.<sup>(b)(c)</sup>  | 7096 |  | 861099 |
|  Cisco Systems, Inc.<sup>(c)</sup>  | 18729 |  | 892249 |
|  F5, Inc.<sup>(b)</sup>  | 6072 |  | 871393 |
|  Juniper Networks, Inc. | 28031 |  | 895871 |
|  Motorola Solutions, Inc. | 3418 |  | 880853 |
|  |  |  | 4401465 |
|  **Computer & Electronics Retail–0.20%** |  |  |  |
|  Best Buy Co., Inc.<sup>(c)</sup>  | 11094 |  | 889850 |
|  **Construction & Engineering–0.20%** |  |  |  |
|  Quanta Services, Inc. | 6127 |  | 873098 |
|  **Construction Machinery & Heavy Trucks–0.82%** | **Construction Machinery & Heavy Trucks–0.82%** | **Construction Machinery & Heavy Trucks–0.82%** | **Construction Machinery & Heavy Trucks–0.82%** |
|  Caterpillar, Inc.<sup>(c)</sup>  | 3993 |  | 956563 |
|  Cummins, Inc.<sup>(c)</sup>  | 3811 |  | 923367 |
|  PACCAR, Inc. | 8963 |  | 887068 |
|  Wabtec Corp.<sup>(c)</sup>  | 9041 |  | 902383 |
|  |  |  | 3669381 |
|  **Construction Materials–0.39%** |  |  |  |
|  Martin Marietta Materials, Inc. | 2543 |  | 859458 |
|  Vulcan Materials Co.<sup>(c)</sup>  | 4975 |  | 871172 |
|  |  |  | 1730630 |
|  **Consumer Electronics–0.20%** |  |  |  |
|  Garmin Ltd. | 9551 |  | 881462 |
|  **Consumer Finance–0.78%** |  |  |  |
|  American Express Co.<sup>(e)</sup>  | 5898 |  | 871430 |
|  Capital One Financial Corp. | 9614 |  | 893717 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Consumer Finance–(continued)** |  |  |  |
|  Discover Financial Services | 8812 | $| 862078 |
|  Synchrony Financial | 25851 |  | 849464 |
|  |  |  | 3476689 |
|  **Copper–0.20%** |  |  |  |
|  Freeport-McMoRan, Inc. | 23520 |  | 893760 |
|  **Data Processing & Outsourced Services–2.18%** | **Data Processing & Outsourced Services–2.18%** | **Data Processing & Outsourced Services–2.18%** | **Data Processing & Outsourced Services–2.18%** |
|  Automatic Data Processing, Inc.<sup>(c)</sup>  | 3529 |  | 842937 |
|  Broadridge Financial Solutions, Inc. | 6387 |  | 856688 |
|  Fidelity National Information Services, Inc. | 12916 |  | 876351 |
|  Fiserv, Inc.<sup>(b)</sup>  | 9019 |  | 911550 |
|  FleetCor Technologies, Inc.<sup>(b)</sup>  | 4948 |  | 908849 |
|  Global Payments, Inc. | 9279 |  | 921590 |
|  Jack Henry & Associates, Inc. | 5000 |  | 877800 |
|  Mastercard, Inc., Class A | 2602 |  | 904794 |
|  Paychex, Inc. | 7595 |  | 877678 |
|  PayPal Holdings, Inc.<sup>(b)(c)</sup>  | 12337 |  | 878641 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 4349 |  | 903548 |
|  |  |  | 9760426 |
|  **Distillers & Vintners–0.39%** |  |  |  |
|  Brown-Forman Corp., Class B | 13363 |  | 877682 |
|  Constellation Brands, Inc., Class A | 3750 |  | 869062 |
|  |  |  | 1746744 |
|  **Distributors–0.58%** |  |  |  |
|  Genuine Parts Co. | 4980 |  | 864080 |
|  LKQ Corp. | 17051 |  | 910694 |
|  Pool Corp.<sup>(c)</sup>  | 2742 |  | 828989 |
|  |  |  | 2603763 |
|  **Diversified Banks–1.02%** |  |  |  |
|  Bank of America Corp. | 28031 |  | 928387 |
|  Citigroup, Inc. | 20233 |  | 915138 |
|  JPMorgan Chase & Co. | 6868 |  | 920999 |
|  U.S. Bancorp<sup>(c)</sup>  | 21054 |  | 918165 |
|  Wells Fargo & Co. | 21356 |  | 881789 |
|  |  |  | 4564478 |
|  **Diversified Support Services–0.40%** |  |  |  |
|  Cintas Corp.<sup>(c)</sup>  | 1993 |  | 900079 |
|  Copart, Inc.<sup>(b)(c)</sup>  | 14228 |  | 866343 |
|  |  |  | 1766422 |
|  **Drug Retail–0.19%** |  |  |  |
|  Walgreens Boots Alliance, Inc.<sup>(c)</sup>  | 22449 |  | 838695 |
|  **Electric Utilities–3.46%** |  |  |  |
|  Alliant Energy Corp. | 16410 |  | 905996 |
|  American Electric Power Co., Inc.<sup>(c)</sup>  | 9398 |  | 892340 |
|  Constellation Energy Corp. | 10116 |  | 872100 |
|  Duke Energy Corp.<sup>(c)</sup>  | 9045 |  | 931545 |
|  Edison International<sup>(c)</sup>  | 13796 |  | 877701 |
|  Entergy Corp. | 7766 |  | 873675 |
|  Evergy, Inc.<sup>(c)</sup>  | 14548 |  | 915506 |
|  Eversource Energy<sup>(c)</sup>  | 10799 |  | 905388 |
|  Exelon Corp. | 21913 |  | 947299 |
|  FirstEnergy Corp.<sup>(c)</sup>  | 21881 |  | 917689 |
|  NextEra Energy, Inc. | 10740 |  | 897864 |
|  NRG Energy, Inc. | 28117 |  | 894683 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Electric Utilities–(continued)** |  |  |  |
|  PG&E Corp.<sup>(b)</sup>  | 58406 | $| 949682 |
|  Pinnacle West Capital Corp. | 11711 |  | 890504 |
|  PPL Corp.<sup>(c)</sup>  | 31352 |  | 916105 |
|  Southern Co. (The)<sup>(c)</sup>  | 13277 |  | 948111 |
|  Xcel Energy, Inc.<sup>(c)</sup>  | 12996 |  | 911150 |
|  |  |  | 15447338 |
|  **Electrical Components & Equipment–1.03%** | **Electrical Components & Equipment–1.03%** | **Electrical Components & Equipment–1.03%** | **Electrical Components & Equipment–1.03%** |
|  AMETEK, Inc. | 6525 |  | 911673 |
|  Eaton Corp. PLC | 5734 |  | 899952 |
|  Emerson Electric Co. | 9636 |  | 925634 |
|  Generac Holdings, Inc.<sup>(b)(c)</sup>  | 9794 |  | 985864 |
|  Rockwell Automation, Inc.<sup>(c)</sup>  | 3493 |  | 899692 |
|  |  |  | 4622815 |
|  **Electronic Components–0.39%** |  |  |  |
|  Amphenol Corp., Class A<sup>(c)</sup>  | 11561 |  | 880254 |
|  Corning, Inc.<sup>(c)</sup>  | 27487 |  | 877935 |
|  |  |  | 1758189 |
|  **Electronic Equipment & Instruments–0.78%** | **Electronic Equipment & Instruments–0.78%** | **Electronic Equipment & Instruments–0.78%** | **Electronic Equipment & Instruments–0.78%** |
|  Keysight Technologies, Inc.<sup>(b)</sup>  | 5022 |  | 859113 |
|  Teledyne Technologies, Inc.<sup>(b)</sup>  | 2237 |  | 894599 |
|  Trimble, Inc.<sup>(b)</sup>  | 15785 |  | 798090 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup>  | 3610 |  | 925640 |
|  |  |  | 3477442 |
|  **Electronic Manufacturing Services–0.19%** | **Electronic Manufacturing Services–0.19%** | **Electronic Manufacturing Services–0.19%** | **Electronic Manufacturing Services–0.19%** |
|  TE Connectivity Ltd. (Switzerland) | 7456 |  | 855949 |
|  **Environmental & Facilities Services–0.58%** | **Environmental & Facilities Services–0.58%** | **Environmental & Facilities Services–0.58%** | **Environmental & Facilities Services–0.58%** |
|  Republic Services, Inc. | 6683 |  | 862040 |
|  Rollins, Inc. | 23569 |  | 861212 |
|  Waste Management, Inc. | 5440 |  | 853427 |
|  |  |  | 2576679 |
|  **Fertilizers & Agricultural Chemicals–0.76%** | **Fertilizers & Agricultural Chemicals–0.76%** | **Fertilizers & Agricultural Chemicals–0.76%** | **Fertilizers & Agricultural Chemicals–0.76%** |
|  CF Industries Holdings, Inc.<sup>(c)</sup>  | 9196 |  | 783499 |
|  Corteva, Inc. | 14409 |  | 846961 |
|  FMC Corp.<sup>(c)</sup>  | 7169 |  | 894691 |
|  Mosaic Co. (The) | 19390 |  | 850640 |
|  |  |  | 3375791 |
|  **Financial Exchanges & Data–1.76%** |  |  |  |
|  Cboe Global Markets, Inc. | 7297 |  | 915555 |
|  CME Group, Inc., Class A | 5075 |  | 853412 |
|  FactSet Research Systems, Inc. | 2015 |  | 808438 |
|  Intercontinental Exchange, Inc.<sup>(c)</sup>  | 8784 |  | 901150 |
|  MarketAxess Holdings, Inc.<sup>(c)</sup>  | 3231 |  | 901094 |
|  Moody's Corp. | 3152 |  | 878210 |
|  MSCI, Inc. | 1834 |  | 853122 |
|  Nasdaq, Inc. | 14361 |  | 881047 |
|  S&P Global, Inc.<sup>(c)</sup>  | 2606 |  | 872854 |
|  |  |  | 7864882 |
|  **Food Distributors–0.19%** |  |  |  |
|  Sysco Corp. | 11038 |  | 843855 |
|  **Food Retail–0.19%** |  |  |  |
|  Kroger Co. (The) | 19532 |  | 870737 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Footwear–0.22%** |  |  |
|  NIKE, Inc., Class B | 8277 | $968492 |
|  **Gas Utilities–0.19%** |  |  |
|  Atmos Energy Corp. | 7713 | 864396 |
|  **General Merchandise Stores–0.61%** |  |  |
|  Dollar General Corp.<sup>(c)</sup>  | 3731 | 918759 |
|  Dollar Tree, Inc.<sup>(b)</sup>  | 6378 | 902104 |
|  Target Corp.<sup>(c)</sup>  | 5960 | 888278 |
|  |  | 2709141 |
|  **Gold–0.21%** |  |  |
|  Newmont Corp. | 19561 | 923279 |
|  **Health Care Distributors–0.81%** |  |  |
|  AmerisourceBergen Corp. | 5490 | 909748 |
|  Cardinal Health, Inc.<sup>(c)</sup>  | 11704 | 899686 |
|  Henry Schein, Inc.<sup>(b)(c)</sup>  | 11178 | 892787 |
|  McKesson Corp.<sup>(c)</sup>  | 2433 | 912667 |
|  |  | 3614888 |
|  **Health Care Equipment–3.02%** |  |  |
|  Abbott Laboratories<sup>(c)</sup>  | 8419 | 924322 |
|  Baxter International, Inc. | 17328 | 883208 |
|  Becton, Dickinson and Co. | 3666 | 932264 |
|  Boston Scientific Corp.<sup>(b)</sup>  | 19633 | 908419 |
|  DexCom, Inc.<sup>(b)(c)</sup>  | 7793 | 882479 |
|  Edwards Lifesciences Corp.<sup>(b)</sup>  | 12264 | 915017 |
|  Hologic, Inc.<sup>(b)(c)</sup>  | 12265 | 917545 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup>  | 2158 | 880378 |
|  Intuitive Surgical, Inc.<sup>(b)</sup>  | 3354 | 889984 |
|  Medtronic PLC | 11549 | 897588 |
|  ResMed, Inc. | 4132 | 859993 |
|  STERIS PLC | 4728 | 873214 |
|  Stryker Corp. | 3710 | 907058 |
|  Teleflex, Inc. | 3653 | 911899 |
|  Zimmer Biomet Holdings, Inc.<sup>(c)</sup>  | 7296 | 930240 |
|  |  | 13513608 |
|  **Health Care Facilities–0.43%** |  |  |
|  HCA Healthcare, Inc. | 3820 | 916647 |
|  Universal Health Services, Inc., Class B | 7128 | 1004264 |
|  |  | 1920911 |
|  **Health Care REITs–0.60%** |  |  |
|  Healthpeak Properties, Inc. | 35804 | 897606 |
|  Ventas, Inc. | 19979 | 900054 |
|  Welltower, Inc.<sup>(c)</sup>  | 13614 | 892398 |
|  |  | 2690058 |
|  **Health Care Services–1.01%** |  |  |
|  Cigna Corp.<sup>(c)</sup>  | 2733 | 905552 |
|  CVS Health Corp. | 8929 | 832094 |
|  DaVita, Inc.<sup>(b)</sup>  | 12209 | 911646 |
|  Laboratory Corp. of America Holdings | 3886 | 915075 |
|  Quest Diagnostics, Inc.<sup>(c)</sup>  | 6098 | 953971 |
|  |  | 4518338 |
|  **Health Care Supplies–0.66%** |  |  |
|  Align Technology, Inc.<sup>(b)</sup>  | 4807 | 1013796 |
|  Cooper Cos., Inc. (The) | 2933 | 969855 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Health Care Supplies–(continued)** |  |  |  |
|  DENTSPLY SIRONA, Inc.<sup>(c)</sup>  | 29994 | $| 955009 |
|  |  |  | 2938660 |
|  **Home Furnishings–0.21%** |  |  |  |
|  Mohawk Industries, Inc.<sup>(b)(c)</sup>  | 9126 |  | 932860 |
|  **Home Improvement Retail–0.40%** |  |  |  |
|  Home Depot, Inc. (The) | 2832 |  | 894516 |
|  Lowe's Cos., Inc.<sup>(c)</sup>  | 4498 |  | 896181 |
|  |  |  | 1790697 |
|  **Homebuilding–0.83%** |  |  |  |
|  D.R. Horton, Inc.<sup>(c)</sup>  | 10635 |  | 948004 |
|  Lennar Corp., Class A<sup>(c)</sup>  | 10256 |  | 928168 |
|  NVR, Inc.<sup>(b)</sup>  | 195 |  | 899453 |
|  PulteGroup, Inc. | 20666 |  | 940923 |
|  |  |  | 3716548 |
|  **Hotel & Resort REITs–0.18%** |  |  |  |
|  Host Hotels & Resorts, Inc.<sup>(c)</sup>  | 51308 |  | 823493 |
|  **Hotels, Resorts & Cruise Lines–1.29%** |  |  |  |
|  Booking Holdings, Inc.<sup>(b)</sup>  | 449 |  | 904861 |
|  Carnival Corp.<sup>(b)(c)</sup>  | 102326 |  | 824748 |
|  Expedia Group, Inc.<sup>(b)(c)</sup>  | 9645 |  | 844902 |
|  Hilton Worldwide Holdings, Inc. | 6604 |  | 834481 |
|  Marriott International, Inc., Class A | 5632 |  | 838548 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup>  | 59129 |  | 723739 |
|  Royal Caribbean Cruises Ltd.<sup>(b)(c)</sup>  | 16147 |  | 798146 |
|  |  |  | 5769425 |
|  **Household Appliances–0.20%** |  |  |  |
|  Whirlpool Corp.<sup>(c)</sup>  | 6311 |  | 892754 |
|  **Household Products–1.01%** |  |  |  |
|  Church & Dwight Co., Inc.<sup>(c)</sup>  | 11341 |  | 914198 |
|  Clorox Co. (The)<sup>(c)</sup>  | 6100 |  | 856013 |
|  Colgate-Palmolive Co. | 11669 |  | 919400 |
|  Kimberly-Clark Corp.<sup>(c)</sup>  | 6664 |  | 904638 |
|  Procter & Gamble Co. (The) | 6014 |  | 911482 |
|  |  |  | 4505731 |
|  **Housewares & Specialties–0.20%** |  |  |  |
|  Newell Brands, Inc.<sup>(c)</sup>  | 67532 |  | 883319 |
|  **Human Resource & Employment Services–0.21%** | **Human Resource & Employment Services–0.21%** |  |  |
|  Robert Half International, Inc.<sup>(c)</sup>  | 12432 |  | 917855 |
|  **Hypermarkets & Super Centers–0.39%** |  |  |  |
|  Costco Wholesale Corp. | 1879 |  | 857764 |
|  Walmart, Inc. | 6246 |  | 885620 |
|  |  |  | 1743384 |
|  **Independent Power Producers & Energy Traders–0.20%** | **Independent Power Producers & Energy Traders–0.20%** | **Independent Power Producers & Energy Traders–0.20%** | **Independent Power Producers & Energy Traders–0.20%** |
|  AES Corp. (The)<sup>(c)</sup>  | 31824 |  | 915258 |
|  **Industrial Conglomerates–0.61%** |  |  |  |
|  3M Co. | 7217 |  | 865462 |
|  General Electric Co. | 11143 |  | 933672 |
|  Honeywell International, Inc. | 4289 |  | 919133 |
|  |  |  | 2718267 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Industrial Gases–0.40%** |  |  |  |
|  Air Products and Chemicals, Inc. | 2887 | $| 889946 |
|  Linde PLC (United Kingdom) | 2732 |  | 891124 |
|  |  |  | 1781070 |
|  **Industrial Machinery–2.41%** |  |  |  |
|  Dover Corp. | 6611 |  | 895196 |
|  Fortive Corp. | 13811 |  | 887357 |
|  IDEX Corp.<sup>(c)</sup>  | 3859 |  | 881125 |
|  Illinois Tool Works, Inc.<sup>(c)</sup>  | 4130 |  | 909839 |
|  Ingersoll Rand, Inc.<sup>(c)</sup>  | 17045 |  | 890601 |
|  Nordson Corp. | 3897 |  | 926395 |
|  Otis Worldwide Corp.<sup>(c)</sup>  | 11568 |  | 905890 |
|  Parker-Hannifin Corp. | 3136 |  | 912576 |
|  Pentair PLC | 20138 |  | 905807 |
|  Snap-on, Inc.<sup>(c)</sup>  | 3881 |  | 886770 |
|  Stanley Black & Decker, Inc. | 11456 |  | 860575 |
|  Xylem, Inc. | 8160 |  | 902251 |
|  |  |  | 10764382 |
|  **Industrial REITs–0.20%** |  |  |  |
|  Prologis, Inc. | 7803 |  | 879632 |
|  **Insurance Brokers–1.00%** |  |  |  |
|  Aon PLC, Class A | 2969 |  | 891116 |
|  Arthur J. Gallagher & Co.<sup>(c)</sup>  | 4731 |  | 891983 |
|  Brown & Brown, Inc. | 15785 |  | 899271 |
|  Marsh & McLennan Cos., Inc. | 5306 |  | 878037 |
|  Willis Towers Watson PLC | 3712 |  | 907881 |
|  |  |  | 4468288 |
|  **Integrated Oil & Gas–0.64%** |  |  |  |
|  Chevron Corp.<sup>(c)</sup>  | 5403 |  | 969784 |
|  Exxon Mobil Corp.<sup>(c)</sup>  | 8766 |  | 966890 |
|  Occidental Petroleum Corp.<sup>(c)</sup>  | 14499 |  | 913292 |
|  |  |  | 2849966 |
|  **Integrated Telecommunication Services–0.41%** | **Integrated Telecommunication Services–0.41%** | **Integrated Telecommunication Services–0.41%** | **Integrated Telecommunication Services–0.41%** |
|  AT&T, Inc. | 47545 |  | 875304 |
|  Verizon Communications, Inc.<sup>(c)</sup>  | 24268 |  | 956159 |
|  |  |  | 1831463 |
|  **Interactive Home Entertainment–0.61%** |  |  |  |
|  Activision Blizzard, Inc. | 12076 |  | 924418 |
|  Electronic Arts, Inc. | 7278 |  | 889226 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 8893 |  | 926028 |
|  |  |  | 2739672 |
|  **Interactive Media & Services–0.60%** |  |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 5177 |  | 456767 |
|  Alphabet, Inc., Class C<sup>(b)</sup>  | 4589 |  | 407182 |
|  Match Group, Inc.<sup>(b)</sup>  | 20827 |  | 864112 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 7831 |  | 942382 |
|  |  |  | 2670443 |
|  **Internet & Direct Marketing Retail–0.58%** | **Internet & Direct Marketing Retail–0.58%** | **Internet & Direct Marketing Retail–0.58%** | **Internet & Direct Marketing Retail–0.58%** |
|  Amazon.com, Inc.<sup>(b)</sup>  | 10188 |  | 855792 |
|  eBay, Inc.<sup>(c)</sup>  | 20798 |  | 862493 |
|  Etsy, Inc.<sup>(b)</sup>  | 7159 |  | 857505 |
|  |  |  | 2575790 |
|  **Internet Services & Infrastructure–0.40%** | **Internet Services & Infrastructure–0.40%** | **Internet Services & Infrastructure–0.40%** | **Internet Services & Infrastructure–0.40%** |
|  Akamai Technologies, Inc.<sup>(b)(c)</sup>  | 10196 |  | 859523 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** |
|  VeriSign, Inc.<sup>(b)</sup>  | 4592 | $| 943380 |
|  |  |  | 1802903 |
|  **Investment Banking & Brokerage–0.79%** | **Investment Banking & Brokerage–0.79%** | **Investment Banking & Brokerage–0.79%** | **Investment Banking & Brokerage–0.79%** |
|  Charles Schwab Corp. (The) | 11371 |  | 946750 |
|  Goldman Sachs Group, Inc. (The)<sup>(c)</sup>  | 2527 |  | 867721 |
|  Morgan Stanley | 10145 |  | 862528 |
|  Raymond James Financial, Inc. | 8000 |  | 854800 |
|  |  |  | 3531799 |
|  **IT Consulting & Other Services–1.18%** | **IT Consulting & Other Services–1.18%** | **IT Consulting & Other Services–1.18%** | **IT Consulting & Other Services–1.18%** |
|  Accenture PLC, Class A | 3142 |  | 838411 |
|  Cognizant Technology Solutions Corp., Class A | 15558 |  | 889762 |
|  DXC Technology Co.<sup>(b)</sup>  | 34484 |  | 913826 |
|  EPAM Systems, Inc.<sup>(b)</sup>  | 2639 |  | 864906 |
|  Gartner, Inc.<sup>(b)</sup>  | 2644 |  | 888754 |
|  International Business Machines Corp.<sup>(c)</sup>  | 6172 |  | 869573 |
|  |  |  | 5265232 |
|  **Leisure Products–0.21%** |  |  |  |
|  Hasbro, Inc. | 15257 |  | 930830 |
|  **Life & Health Insurance–1.21%** |  |  |  |
|  Aflac, Inc. | 12974 |  | 933350 |
|  Globe Life, Inc.<sup>(c)</sup>  | 7789 |  | 938964 |
|  Lincoln National Corp.<sup>(c)</sup>  | 28668 |  | 880681 |
|  MetLife, Inc.<sup>(c)</sup>  | 12573 |  | 909908 |
|  Principal Financial Group, Inc.<sup>(c)</sup>  | 10306 |  | 864879 |
|  Prudential Financial, Inc.<sup>(c)</sup>  | 8954 |  | 890565 |
|  |  |  | 5418347 |
|  **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** |
|  Agilent Technologies, Inc. | 5934 |  | 888023 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup>  | 2181 |  | 917089 |
|  Bio-Techne Corp. | 11243 |  | 931820 |
|  Charles River Laboratories International, Inc.<sup>(b)(c)</sup>  | 4300 |  | 936970 |
|  Danaher Corp.<sup>(c)</sup>  | 3370 |  | 894465 |
|  Illumina, Inc.<sup>(b)</sup>  | 4414 |  | 892511 |
|  IQVIA Holdings, Inc.<sup>(b)</sup>  | 4332 |  | 887584 |
|  Mettler-Toledo International, Inc.<sup>(b)</sup>  | 621 |  | 897624 |
|  PerkinElmer, Inc. | 6523 |  | 914655 |
|  Thermo Fisher Scientific, Inc. | 1620 |  | 892118 |
|  Waters Corp.<sup>(b)</sup>  | 2697 |  | 923938 |
|  West Pharmaceutical Services, Inc. | 3797 |  | 893624 |
|  |  |  | 10870421 |
|  **Managed Health Care–0.98%** |  |  |  |
|  Centene Corp.<sup>(b)(c)</sup>  | 10523 |  | 862991 |
|  Elevance Health, Inc. | 1729 |  | 886925 |
|  Humana, Inc.<sup>(c)</sup>  | 1694 |  | 867650 |
|  Molina Healthcare, Inc.<sup>(b)</sup>  | 2648 |  | 874423 |
|  UnitedHealth Group, Inc. | 1683 |  | 892293 |
|  |  |  | 4384282 |
|  **Metal & Glass Containers–0.19%** |  |  |  |
|  Ball Corp. | 16946 |  | 866618 |
|  **Movies & Entertainment–0.75%** |  |  |  |
|  Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 12646 |  | 881932 |
|  Netflix, Inc.<sup>(b)(c)</sup>  | 2836 |  | 836280 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Movies & Entertainment–(continued)** |  |  |  |
|  Walt Disney Co. (The)<sup>(b)</sup>  | 9720 | $| 844473 |
|  Warner Bros Discovery, Inc.<sup>(b)(c)</sup>  | 81842 |  | 775862 |
|  |  |  | 3338547 |
|  **Multi-line Insurance–0.61%** |  |  |  |
|  American International Group, Inc. | 14520 |  | 918245 |
|  Assurant, Inc. | 6962 |  | 870667 |
|  Hartford Financial Services Group, Inc. (The) | 12160 |  | 922093 |
|  |  |  | 2711005 |
|  **Multi-Sector Holdings–0.20%** |  |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 2962 |  | 914962 |
|  **Multi-Utilities–2.03%** |  |  |  |
|  Ameren Corp. | 10243 |  | 910807 |
|  CenterPoint Energy, Inc. | 29807 |  | 893912 |
|  CMS Energy Corp. | 14587 |  | 923795 |
|  Consolidated Edison, Inc. | 9403 |  | 896200 |
|  Dominion Energy, Inc. | 15574 |  | 954998 |
|  DTE Energy Co. | 7745 |  | 910270 |
|  NiSource, Inc. | 33137 |  | 908616 |
|  Public Service Enterprise Group, Inc.<sup>(c)</sup>  | 15185 |  | 930385 |
|  Sempra Energy | 5632 |  | 870369 |
|  WEC Energy Group, Inc.<sup>(c)</sup>  | 9481 |  | 888939 |
|  |  |  | 9088291 |
|  **Office REITs–0.60%** |  |  |  |
|  Alexandria Real Estate Equities, Inc.<sup>(c)</sup>  | 6081 |  | 885819 |
|  Boston Properties, Inc.<sup>(c)</sup>  | 13626 |  | 920845 |
|  Vornado Realty Trust<sup>(c)</sup>  | 41088 |  | 855042 |
|  |  |  | 2661706 |
|  **Oil & Gas Equipment & Services–0.69%** |  |  |  |
|  Baker Hughes Co., Class A<sup>(c)</sup>  | 33480 |  | 988664 |
|  Halliburton Co.<sup>(c)</sup>  | 27496 |  | 1081968 |
|  Schlumberger Ltd. | 19324 |  | 1033061 |
|  |  |  | 3103693 |
|  **Oil & Gas Exploration & Production–2.13%** | **Oil & Gas Exploration & Production–2.13%** | **Oil & Gas Exploration & Production–2.13%** | **Oil & Gas Exploration & Production–2.13%** |
|  APA Corp.<sup>(c)</sup>  | 21683 |  | 1012163 |
|  ConocoPhillips | 8250 |  | 973500 |
|  Coterra Energy, Inc.<sup>(c)</sup>  | 37076 |  | 910957 |
|  Devon Energy Corp.<sup>(c)</sup>  | 15224 |  | 936428 |
|  Diamondback Energy, Inc. | 7003 |  | 957870 |
|  EOG Resources, Inc.<sup>(c)</sup>  | 7441 |  | 963758 |
|  EQT Corp.<sup>(c)</sup>  | 25445 |  | 860804 |
|  Hess Corp.<sup>(c)</sup>  | 7018 |  | 995293 |
|  Marathon Oil Corp. | 34682 |  | 938842 |
|  Pioneer Natural Resources Co. | 4241 |  | 968602 |
|  |  |  | 9518217 |
|  **Oil & Gas Refining & Marketing–0.66%** |  |  |  |
|  Marathon Petroleum Corp. | 8496 |  | 988849 |
|  Phillips 66 | 9262 |  | 963989 |
|  Valero Energy Corp. | 7917 |  | 1004351 |
|  |  |  | 2957189 |
|  **Oil & Gas Storage & Transportation–0.84%** | **Oil & Gas Storage & Transportation–0.84%** | **Oil & Gas Storage & Transportation–0.84%** | **Oil & Gas Storage & Transportation–0.84%** |
|  Kinder Morgan, Inc. | 52013 |  | 940395 |
|  ONEOK, Inc. | 14282 |  | 938327 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
|  Targa Resources Corp. | 13227 | $| 972185 |
|  Williams Cos., Inc. (The) | 27850 |  | 916265 |
|  |  |  | 3767172 |
|  **Packaged Foods & Meats–2.43%** | **Packaged Foods & Meats–2.43%** | **Packaged Foods & Meats–2.43%** | **Packaged Foods & Meats–2.43%** |
|  Campbell Soup Co.<sup>(c)</sup>  | 16307 |  | 925422 |
|  Conagra Brands, Inc. | 23872 |  | 923847 |
|  General Mills, Inc. | 10574 |  | 886630 |
|  Hershey Co. (The)<sup>(c)</sup>  | 3833 |  | 887608 |
|  Hormel Foods Corp.<sup>(c)</sup>  | 19303 |  | 879252 |
|  JM Smucker Co. (The)<sup>(c)</sup>  | 5868 |  | 929843 |
|  Kellogg Co.<sup>(c)</sup>  | 12547 |  | 893848 |
|  Kraft Heinz Co. (The)<sup>(c)</sup>  | 22725 |  | 925135 |
|  Lamb Weston Holdings, Inc. | 10606 |  | 947752 |
|  McCormick & Co., Inc.<sup>(c)</sup>  | 10643 |  | 882198 |
|  Mondelez International, Inc., Class A<sup>(c)</sup>  | 13535 |  | 902108 |
|  Tyson Foods, Inc., Class A | 14237 |  | 886253 |
|  |  |  | 10869896 |
|  **Paper Packaging–1.19%** | **Paper Packaging–1.19%** | **Paper Packaging–1.19%** | **Paper Packaging–1.19%** |
|  Amcor PLC | 73374 |  | 873884 |
|  Avery Dennison Corp.<sup>(c)</sup>  | 5107 |  | 924367 |
|  International Paper Co. | 25156 |  | 871152 |
|  Packaging Corp. of America<sup>(c)</sup>  | 6718 |  | 859300 |
|  Sealed Air Corp. | 17874 |  | 891555 |
|  WestRock Co. | 25296 |  | 889407 |
|  |  |  | 5309665 |
|  **Personal Products–0.21%** | **Personal Products–0.21%** | **Personal Products–0.21%** | **Personal Products–0.21%** |
|  Estee Lauder Cos., Inc. (The), Class A<sup>(c)</sup>  | 3775 |  | 936615 |
|  **Pharmaceuticals–1.82%** | **Pharmaceuticals–1.82%** | **Pharmaceuticals–1.82%** | **Pharmaceuticals–1.82%** |
|  Bristol-Myers Squibb Co. | 11514 |  | 828432 |
|  Catalent, Inc.<sup>(b)</sup>  | 20314 |  | 914333 |
|  Eli Lilly and Co. | 2514 |  | 919722 |
|  Johnson & Johnson | 5165 |  | 912397 |
|  Merck & Co., Inc. | 8344 |  | 925767 |
|  Organon & Co.<sup>(c)</sup>  | 33554 |  | 937163 |
|  Pfizer, Inc.<sup>(c)</sup>  | 17549 |  | 899211 |
|  Viatris, Inc. | 84196 |  | 937102 |
|  Zoetis, Inc. | 5917 |  | 867136 |
|  |  |  | 8141263 |
|  **Property & Casualty Insurance–1.65%** | **Property & Casualty Insurance–1.65%** | **Property & Casualty Insurance–1.65%** | **Property & Casualty Insurance–1.65%** |
|  Allstate Corp. (The) | 7061 |  | 957471 |
|  Arch Capital Group Ltd.<sup>(b)(c)</sup>  | 15117 |  | 949045 |
|  Chubb Ltd. | 4176 |  | 921226 |
|  Cincinnati Financial Corp.<sup>(c)</sup>  | 8570 |  | 877482 |
|  Loews Corp. | 16069 |  | 937305 |
|  Progressive Corp. (The) | 7015 |  | 909916 |
|  Travelers Cos., Inc. (The)<sup>(c)</sup>  | 4889 |  | 916639 |
|  W.R. Berkley Corp. | 12339 |  | 895441 |
|  |  |  | 7364525 |
|  **Publishing–0.20%** | **Publishing–0.20%** | **Publishing–0.20%** | **Publishing–0.20%** |
|  News Corp., Class A | 38318 |  | 697387 |
|  News Corp., Class B | 11815 |  | 217869 |
|  |  |  | 915256 |
|  **Railroads–0.60%** | **Railroads–0.60%** | **Railroads–0.60%** | **Railroads–0.60%** |
|  CSX Corp. | 28887 |  | 894919 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Railroads–(continued)** |  |  |  |
|  Norfolk Southern Corp. | 3719 | $| 916436 |
|  Union Pacific Corp. | 4294 |  | 889159 |
|  |  |  | 2700514 |
|  **Real Estate Services–0.21%** | **Real Estate Services–0.21%** | **Real Estate Services–0.21%** | **Real Estate Services–0.21%** |
|  CBRE Group, Inc., Class A<sup>(b)(c)</sup>  | 11968 |  | 921057 |
|  **Regional Banks–2.65%** | **Regional Banks–2.65%** | **Regional Banks–2.65%** | **Regional Banks–2.65%** |
|  Citizens Financial Group, Inc.<sup>(c)</sup>  | 22793 |  | 897360 |
|  Comerica, Inc. | 13764 |  | 920123 |
|  Fifth Third Bancorp<sup>(c)</sup>  | 27596 |  | 905425 |
|  First Republic Bank | 7759 |  | 945745 |
|  Huntington Bancshares, Inc. | 62380 |  | 879558 |
|  KeyCorp<sup>(c)</sup>  | 52103 |  | 907634 |
|  M&T Bank Corp.<sup>(c)</sup>  | 5996 |  | 869780 |
|  PNC Financial Services Group, Inc. (The) | 5891 |  | 930425 |
|  Regions Financial Corp.<sup>(c)</sup>  | 41134 |  | 886849 |
|  Signature Bank<sup>(c)</sup>  | 7655 |  | 882009 |
|  SVB Financial Group<sup>(b)(c)</sup>  | 4102 |  | 944034 |
|  Truist Financial Corp. | 21569 |  | 928114 |
|  Zions Bancorporation N.A. | 19112 |  | 939546 |
|  |  |  | 11836602 |
|  **Reinsurance–0.20%** | **Reinsurance–0.20%** | **Reinsurance–0.20%** | **Reinsurance–0.20%** |
|  Everest Re Group Ltd. | 2729 |  | 904036 |
|  **Research & Consulting Services–0.99%** | **Research & Consulting Services–0.99%** | **Research & Consulting Services–0.99%** | **Research & Consulting Services–0.99%** |
|  CoStar Group, Inc.<sup>(b)</sup>  | 11247 |  | 869168 |
|  Equifax, Inc.<sup>(c)</sup>  | 4597 |  | 893473 |
|  Jacobs Solutions, Inc. | 7479 |  | 898003 |
|  Leidos Holdings, Inc. | 8494 |  | 893484 |
|  Verisk Analytics, Inc. | 4973 |  | 877337 |
|  |  |  | 4431465 |
|  **Residential REITs–1.37%** | **Residential REITs–1.37%** | **Residential REITs–1.37%** | **Residential REITs–1.37%** |
|  AvalonBay Communities, Inc.<sup>(c)</sup>  | 5352 |  | 864455 |
|  Camden Property Trust | 7824 |  | 875349 |
|  Equity Residential | 14469 |  | 853671 |
|  Essex Property Trust, Inc. | 4226 |  | 895574 |
|  Invitation Homes, Inc.<sup>(c)</sup>  | 28732 |  | 851616 |
|  Mid-America Apartment Communities, Inc. | 5615 |  | 881499 |
|  UDR, Inc. | 22753 |  | 881224 |
|  |  |  | 6103388 |
|  **Restaurants–1.17%** | **Restaurants–1.17%** | **Restaurants–1.17%** | **Restaurants–1.17%** |
|  Chipotle Mexican Grill, Inc.<sup>(b)(c)</sup>  | 592 |  | 821394 |
|  Darden Restaurants, Inc. | 6366 |  | 880609 |
|  Domino's Pizza, Inc. | 2494 |  | 863922 |
|  McDonald's Corp. | 3336 |  | 879136 |
|  Starbucks Corp. | 8917 |  | 884566 |
|  Yum! Brands, Inc.<sup>(c)</sup>  | 7107 |  | 910264 |
|  |  |  | 5239891 |
|  **Retail REITs–0.99%** | **Retail REITs–0.99%** | **Retail REITs–0.99%** | **Retail REITs–0.99%** |
|  Federal Realty Investment Trust | 8431 |  | 851868 |
|  Kimco Realty Corp.<sup>(c)</sup>  | 41703 |  | 883270 |
|  Realty Income Corp.<sup>(c)</sup>  | 14083 |  | 893285 |
|  Regency Centers Corp. | 13808 |  | 863000 |
|  Simon Property Group, Inc.<sup>(c)</sup>  | 7774 |  | 913289 |
|  |  |  | 4404712 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **Semiconductor Equipment–1.11%** |  |  |  |
|  Applied Materials, Inc.<sup>(c)</sup>  | 8456 | $| 823445 |
|  Enphase Energy, Inc.<sup>(b)(c)</sup>  | 2840 |  | 752486 |
|  KLA Corp.<sup>(c)</sup>  | 2307 |  | 869808 |
|  Lam Research Corp. | 2016 |  | 847325 |
|  SolarEdge Technologies, Inc.<sup>(b)</sup>  | 2883 |  | 816668 |
|  Teradyne, Inc.<sup>(c)</sup>  | 9822 |  | 857952 |
|  |  |  | 4967684 |
|  **Semiconductors–2.86%** | **Semiconductors–2.86%** | **Semiconductors–2.86%** | **Semiconductors–2.86%** |
|  Advanced Micro Devices, Inc.<sup>(b)(c)</sup>  | 13233 |  | 857101 |
|  Analog Devices, Inc.<sup>(c)</sup>  | 5381 |  | 882645 |
|  Broadcom, Inc. | 1666 |  | 931511 |
|  First Solar, Inc.<sup>(b)</sup>  | 6012 |  | 900538 |
|  Intel Corp. | 32140 |  | 849460 |
|  Microchip Technology, Inc.<sup>(c)</sup>  | 11961 |  | 840260 |
|  Micron Technology, Inc.<sup>(c)</sup>  | 16541 |  | 826719 |
|  Monolithic Power Systems, Inc.<sup>(c)</sup>  | 2351 |  | 831337 |
|  NVIDIA Corp.<sup>(c)</sup>  | 5339 |  | 780242 |
|  NXP Semiconductors N.V. (China) | 5348 |  | 845145 |
|  ON Semiconductor Corp.<sup>(b)</sup>  | 12825 |  | 799895 |
|  Qorvo, Inc.<sup>(b)</sup>  | 9299 |  | 842861 |
|  QUALCOMM, Inc. | 7624 |  | 838183 |
|  Skyworks Solutions, Inc. | 9603 |  | 875121 |
|  Texas Instruments, Inc. | 5208 |  | 860466 |
|  |  |  | 12761484 |
|  **Soft Drinks–0.80%** | **Soft Drinks–0.80%** | **Soft Drinks–0.80%** | **Soft Drinks–0.80%** |
|  Coca-Cola Co. (The) | 14375 |  | 914394 |
|  Keurig Dr Pepper, Inc. | 23929 |  | 853308 |
|  Monster Beverage Corp.<sup>(b)(c)</sup>  | 9073 |  | 921182 |
|  PepsiCo, Inc. | 4957 |  | 895531 |
|  |  |  | 3584415 |
|  **Specialized REITs–1.94%** | **Specialized REITs–1.94%** | **Specialized REITs–1.94%** | **Specialized REITs–1.94%** |
|  American Tower Corp. | 4244 |  | 899134 |
|  Crown Castle, Inc. | 6491 |  | 880439 |
|  Digital Realty Trust, Inc.<sup>(c)</sup>  | 8486 |  | 850891 |
|  Equinix, Inc. | 1343 |  | 879705 |
|  Extra Space Storage, Inc.<sup>(c)</sup>  | 5797 |  | 853203 |
|  Iron Mountain, Inc.<sup>(c)</sup>  | 16646 |  | 829803 |
|  Public Storage<sup>(c)</sup>  | 3050 |  | 854580 |
|  SBA Communications Corp., Class A<sup>(c)</sup>  | 3149 |  | 882696 |
|  VICI Properties, Inc. | 26750 |  | 866700 |
|  Weyerhaeuser Co. | 28832 |  | 893792 |
|  |  |  | 8690943 |
|  **Specialty Chemicals–1.55%** | **Specialty Chemicals–1.55%** | **Specialty Chemicals–1.55%** | **Specialty Chemicals–1.55%** |
|  Albemarle Corp. | 3584 |  | 777226 |
|  Celanese Corp. | 8867 |  | 906562 |
|  DuPont de Nemours, Inc.<sup>(c)</sup>  | 13175 |  | 904200 |
|  Eastman Chemical Co.<sup>(c)</sup>  | 10657 |  | 867906 |
|  Ecolab, Inc. | 6037 |  | 878746 |
|  International Flavors & Fragrances, Inc. | 8462 |  | 887156 |
|  PPG Industries, Inc.<sup>(c)</sup>  | 6960 |  | 875151 |
|  Sherwin-Williams Co. (The) | 3589 |  | 851777 |
|  |  |  | 6948724 |
|  **Specialty Stores–0.61%** |  |  |  |
|  Bath & Body Works, Inc.<sup>(c)</sup>  | 21452 |  | 903987 |
|  Tractor Supply Co. | 4157 |  | 935200 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Specialty Stores–(continued)** |  |  |
|  Ulta Beauty, Inc.<sup>(b)</sup>  | 1924 | 902491 |
|  |  | 2741678 |
|  **Steel–0.37%** | **Steel–0.37%** | **Steel–0.37%** |
|  Nucor Corp.<sup>(c)</sup>  | 6171 | 813400 |
|  Steel Dynamics, Inc.<sup>(c)</sup>  | 8776 | 857415 |
|  |  | 1670815 |
|  **Systems Software–0.99%** | **Systems Software–0.99%** | **Systems Software–0.99%** |
|  Fortinet, Inc.<sup>(b)(c)</sup>  | 17411 | 851224 |
|  Gen Digital, Inc.<sup>(c)</sup>  | 40037 | 857993 |
|  Microsoft Corp. | 3698 | 886854 |
|  Oracle Corp.<sup>(c)</sup>  | 11365 | 928975 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 2306 | 895351 |
|  |  | 4420397 |
|  **Technology Distributors–0.20%** | **Technology Distributors–0.20%** | **Technology Distributors–0.20%** |
|  CDW Corp. | 4893 | 873792 |
|  **Technology Hardware, Storage & Peripherals–1.15%** | **Technology Hardware, Storage & Peripherals–1.15%** | **Technology Hardware, Storage & Peripherals–1.15%** |
|  Apple, Inc. | 6385 | 829603 |
|  Hewlett Packard Enterprise Co.<sup>(c)</sup>  | 56200 | 896952 |
|  HP, Inc.<sup>(c)</sup>  | 32174 | 864516 |
|  NetApp, Inc. | 14118 | 847927 |
|  Seagate Technology Holdings PLC | 16765 | 882007 |
|  Western Digital Corp.<sup>(b)</sup>  | 25417 | 801906 |
|  |  | 5122911 |
|  **Tobacco–0.40%** | **Tobacco–0.40%** | **Tobacco–0.40%** |
|  Altria Group, Inc. | 19431 | 888191 |
|  Philip Morris International, Inc. | 8890 | 899757 |
|  |  | 1787948 |
|  **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** |
|  Fastenal Co.<sup>(c)</sup>  | 17811 | 842816 |
|  United Rentals, Inc.<sup>(b)(c)</sup>  | 2574 | 914851 |
|  W.W. Grainger, Inc.<sup>(c)</sup>  | 1543 | 858294 |
|  |  | 2615961 |
|  **Trucking–0.40%** | **Trucking–0.40%** | **Trucking–0.40%** |
|  J.B. Hunt Transport Services, Inc.<sup>(c)</sup>  | 5100 | 889236 |
|  Old Dominion Freight Line, Inc.<sup>(c)</sup>  | 3106 | 881421 |
|  |  | 1770657 |
|  **Water Utilities–0.20%** | **Water Utilities–0.20%** | **Water Utilities–0.20%** |
|  American Water Works Co., Inc. | 5813 | 886017 |
|  **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** |
|  T-Mobile US, Inc.<sup>(b)(c)</sup>  | 6411 | 897540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $276,822,377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $276,822,377) | 445912344 |
|  **Money Market Funds–0.13%** | **Money Market Funds–0.13%** | **Money Market Funds–0.13%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 4.22%<sup>(d)(f)</sup>  | 208240 | 208240 |
|  Invesco Liquid Assets Portfolio,<br>Institutional Class, 4.42%<sup>(d)(f)</sup>  | 148751 | 148795 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |  |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(f)</sup>  | 237989 | $237989 |
|  Total Money Market Funds (Cost $595,015) |  | 595024 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.90%<br>(Cost $277,417,392) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.90%<br>(Cost $277,417,392) | 446507368 |
|  **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–28.32%** |  |  |
|  Invesco Private Government Fund,<br>4.28%<sup>(d)(f)(g)</sup> | 36168742 | 36168742 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |  |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(f)(g)</sup>  | 90366308 | $90393417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $126,553,406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $126,553,406) | 126562159 |
|  TOTAL INVESTMENTS IN SECURITIES–128.22%<br>(Cost $403,970,798) | TOTAL INVESTMENTS IN SECURITIES–128.22%<br>(Cost $403,970,798) | 573069527 |
|  OTHER ASSETS LESS LIABILITIES–(28.22)% | OTHER ASSETS LESS LIABILITIES–(28.22)% | (126127166) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $446942361 |

---

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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain (Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
|  Invesco Ltd. | $822850 | $343273 | $(92028) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146438) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37836) | $889821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34324 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class | 3049064 | 19319061 | (22159885) | - | - | 208240 | 15629 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 2200493 | 13799114 | (15850825) | (429) | 442 | 148795 | 12453 |
|  Invesco Treasury Portfolio, Institutional Class | 3484645 | 22078927 | (25325583) | - | - | 237989 | 18568 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 5039466 | 237073085 | (205943809) | - | - | 36168742 | 473,575\* |
|  Invesco Private Prime Fund | 11758755 | 520926069 | (442314152) | 8963 | 13782 | 90393417 | 1,285,725\* |
|  Total | $26355273 | $813539529 | $(711686282) | $(137904) | $(23612) | $128047004 | $1840274 |

---

\* 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 1J.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<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 1I.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of<br>Contracts** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Equity Risk** |  |  |  |  |  |
|  CME E-Mini Standard & Poor's MidCap 400 Index | 2 | March-2023 | $488520 | $3516 | $3516 |
|  E-Mini S&P 500 Index | 3 | March-2023 | 579150 | (1694) | (1694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $1822 | $1822 |

---

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

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

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $276,133,362)\* | $445022523 |
|  Investments in affiliates, at value<br>(Cost $127,837,436) | 128047004 |
| Cash | 26902 |
| Cash collateral from securities on loan | 5088050 |
| Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 246009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 645242 |
|  Investment for trustee deferred compensation and retirement plans | 52894 |
| Other assets | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 579131118 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable - futures contracts | 6048 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 131456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 131641456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 264481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 79618 |
|  Trustee deferred compensation and retirement plans | 62546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 132188757 |
|  Net assets applicable to shares outstanding | $446942361 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $243833172 |
|  Distributable earnings | 203109189 |
|  | $446942361 |
|  **Net Assets:** |  |
|  Series I | $59252899 |
|  Series II | $387689462 |
| **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 2326617 |
|  Series II | 15795401 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $25.47 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $24.54 |

---

\* At December 31, 2022, securities with an aggregate value of $128,549,711 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $2,453) | $8044088 |
|  Dividends from affiliates (includes net securities lending income of $98,188) | 179162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 8223250 |
|  **Expenses:** |  |
|  Advisory fees | 524484 |
|  Administrative services fees | 720304 |
|  Distribution fees - Series II | 961361 |
|  Transfer agent fees | 22263 |
|  Trustees' and officers' fees and benefits | 20690 |
|  Licensing fees | 85318 |
|  Professional services fees | 38280 |
|  Other | (25903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2346797 |
|  Less: Fees waived | (4674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2342123 |
|  Net investment income | 5881127 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 33937774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (23612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1170533) |
|  | 32743629 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (92728429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (137904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (191446) |
|  | (93057779) |
|  Net realized and unrealized gain (loss) | (60314150) |
|  Net increase (decrease) in net assets resulting from operations | $(54433023) |

---

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

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

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5881127 | $3387174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 32743629 | 25470693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (93057779) | 65825520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (54433023) | 94683387 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (3959797) | (392488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (25444326) | (3852414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (29404123) | (4244902) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 31804677 | (1841293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 67404606 | 18933241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 99209283 | 17091948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 15372137 | 107530433 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 431570224 | 324039791 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $446942361 | $431570224 |

---

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

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

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses**<br> **to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $30.96 | $0.42 | $(4.13) | $(3.71) | $(0.28) | $(1.50) | $(1.78) | $25.47 | (11.81)% | $59253 | 0.32% | 0.32% | 1.56% | 32% |
|  Year ended 12/31/21 | 24.24 | 0.31 | 6.75 | 7.06 | (0.34) |  | (0.34) | 30.96 | 29.17 | 36788 | 0.35 | 0.35 | 1.10 | 23 |
|  Year ended 12/31/20 | 22.14 | 0.41 | 2.33 | 2.74 | (0.31) | (0.33) | (0.64) | 24.24 | 12.74 <sup>(d)</sup> | 30438 | 0.33 | 0.33 | 2.00 | 34 |
|  Year ended 12/31/19 | 17.80 | 0.34 | 4.73 | 5.07 | (0.35) | (0.38) | (0.73) | 22.14 | 28.79 | 31327 | 0.35 | 0.35 | 1.71 | 39 |
|  Year ended 12/31/18 | 19.88 | 0.32 | (1.80) | (1.48) | (0.23) | (0.37) | (0.60) | 17.80 | (7.87) | 109414 | 0.31 | 0.31 | 1.61 | 24 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 29.92 | 0.35 | (4.01) | (3.66) | (0.22) | (1.50) | (1.72) | 24.54 | (12.06) | 387689 | 0.57 | 0.57 | 1.31 | 32 |
|  Year ended 12/31/21 | 23.45 | 0.24 | 6.52 | 6.76 | (0.29) |  | (0.29) | 29.92 | 28.88 | 394782 | 0.60 | 0.60 | 0.85 | 23 |
|  Year ended 12/31/20 | 21.46 | 0.35 | 2.24 | 2.59 | (0.27) | (0.33) | (0.60) | 23.45 | 12.41 <sup>(d)</sup> | 293602 | 0.58 | 0.58 | 1.75 | 34 |
|  Year ended 12/31/19 | 17.29 | 0.29 | 4.57 | 4.86 | (0.31) | (0.38) | (0.69) | 21.46 | 28.46 | 248057 | 0.60 | 0.60 | 1.46 | 39 |
|  Year ended 12/31/18 | 19.35 | 0.26 | (1.74) | (1.48) | (0.21) | (0.37) | (0.58) | 17.29 | (8.11) | 149913 | 0.56 | 0.56 | 1.36 | 24 |

---

<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. 

<sup>(d)</sup> Amount includes the effect of the Adviser pay-in for an economic loss as a result of delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 11.35% and 10.98% for Series I and Series II shares, respectively. 

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

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

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Equally-Weighted S&P 500 Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.

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

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

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

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

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

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

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

**I.** **Securities Lending** - The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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 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, 2022, the Fund paid the Adviser $7,740 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.

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

------

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

**K.** **Collateral** - To the extent the Fund has designated or segregated a security as collateral and that security is
subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**L.** **COVID-19 Risk** - The COVID-19 strain
of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.120% |
|  Over $2 billion | 0.100% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.12%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $4,674.

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, 2022, Invesco was paid $64,699 for accounting and fund administrative services and was reimbursed $655,605 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $16,106 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

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

------

**NOTE 3–Additional Valuation Information** 

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $445912344 | $– | $– | $445912344 |
|  Money Market Funds | 595024 | 126562159 |  | 127157183 |
|  **Total Investments in Securities** | 446507368 | 126562159 |  | 573069527 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 3516 |  |  | 3516 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | (1694) |  |  | (1694) |
|  **Total Other Investments** | 1822 |  |  | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $446509190 | $126562159 | $– | $573071349 |

---

\* 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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on futures contracts - Exchange-Traded<sup>(a)</sup>  | $3516 |
|  Derivatives not subject to master netting agreements | (3516) |
|  Total Derivative Assets subject to master netting agreements | $– |

---

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on futures contracts - Exchange-Traded<sup>(a)</sup>  | $(1694) |
|  Derivatives not subject to master netting agreements | 1694 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

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

------

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
|  | **Equity** |
|  | **Risk** |
|  Realized Gain (Loss): |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(1170533) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191446) |
|  Total | $(1361979) |

---

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

---

| | |
|:---|:---|
|  | **Futures** |
|  | **Contracts** |
|  Average notional value | $4590861 |

---

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

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

**NOTE 6–Cash Balances** 

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

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

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $15086997 | $4244902 |
|  Long-term capital gain | 14317126 |  |
|  Total distributions | $29404123 | $4244902 |

---

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

**<u>Tax Components of Net Assets at Period-End</u>:** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $5445785 |
|  Undistributed long-term capital gain | 33796969 |
|  Net unrealized appreciation - investments | 163921137 |
|  Temporary book/tax differences | (54702) |
|  Shares of beneficial interest | 243833172 |
|  Total net assets | $446942361 |

---

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, 2022.

**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, 2022 was $163,534,042 and $125,182,005, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $177148206 |
|  Aggregate unrealized (depreciation) of investments | (13227069) |
|  Net unrealized appreciation of investments | $163921137 |

---

Cost of investments for tax purposes is $409,150,212.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2022, undistributed net investment income was decreased by $533,851 and undistributed net realized gain was increased by $533,851. Further, as a result of tax deferrals acquired in the reorganization of Invesco V.I. S&P 500 Index Fund into the Fund, undistributed net investment income was decreased by $24,788, undistributed net realized gain was decreased by $1,201,497 and shares of beneficial interest was increased by $1,226,285. These reclassifications 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 183348 | $5080818 | 143474 | $4038895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2000930 | 53847652 | 1787174 | 48913614 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 160620 | 3959797 | 13087 | 392488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1070439 | 25444326 | 132888 | 3852414 |
|  **Issued in connection with acquisitions:<sup>(b)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1178993 | 33175816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1932777 | 52511224 |  |  |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (384653) | (10411754) | (224036) | (6272676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (2404860) | (64398596) | (1242842) | (33832787) |
|  Net increase in share activity | 3737594 | $99209283 | 609745 | $17091948 |

---

<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 91% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

<sup>(b)</sup> After the close of business on April 29, 2022, the Fund acquired all the net assets of Invesco V.I. S&P 500 Index Fund (the "Target Fund") pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 1, 2021 and by the shareholders of the Target Fund on March 31, 2022. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser's product line. The acquisition was accomplished by a tax-free exchange of 3,111,770 shares of the Fund for 5,131,794 shares outstanding of the Target Fund as of the close of business on April 29, 2022. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 29, 2022. The Target Fund's net assets as of the close of business on April 29, 2022 of $85,687,040, including $64,778,725 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $387,559,878 and $473,246,918 immediately after the acquisition. The pro forma results of operations for the year ended December 31, 2022 assuming the reorganization had been completed on January 1, 2022, the beginning of the annual reporting period are as follows: 

---

| | |
|:---|:---|
|  Net investment income | $6076093 |
|  Net realized/unrealized gains  | (73811226) |
|  Change in net assets resulting from operations | $(67735133) |

---

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 have been included in the Fund's Statement of Operations since April 30, 2022.

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

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

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

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1061.60 | $1.66 | $1023.59 | $1.63 | 0.32% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1059.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;1022.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | 0.57 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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

------

**Tax Information** 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax 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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $14317126 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 36.77% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

---

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

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

------

**Trustees and Officers** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5<br>Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

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

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

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds**<br> **in Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5<br>Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler -1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School-Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman - 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. - 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis - 1950 Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5<br>Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel - 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;Robert C. Troccoli - 1949 Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort - 1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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

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**Trustees and Officers–(continued)** 

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

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

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**Trustees and Officers–(continued)** 

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

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

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5<br>Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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

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![LOGO](g462570dsp001a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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

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

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

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

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

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

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Equity and Income Fund (the Fund) outperformed the Russell 1000 Value Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Equity and Income Fund (the Fund) outperformed the Russell 1000 Value Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -7.51 | % |
| &nbsp;&nbsp; Series II Shares | -7.71 |  |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> (Broad Market Index) | -7.54 |  |
| &nbsp;&nbsp; Bloomberg U.S. Government/Credit Index<sup>▼</sup> (Style-Specific Index) | -13.58 |  |
| &nbsp;&nbsp; Lipper VUF Mixed-Asset Target Allocation Growth Funds Index<sup>∎</sup> (Peer Group Index) | -16.77 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the Russell 1000 Value Index, energy, consumer staples, utilities and health care sectors had positive returns, while the other seven sectors posted declines. The energy sector had the highest return for the fiscal year, while the information technology (IT) sector had the lowest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the Fund's equity allocation, stock selection in the health care sector was the largest contributor to relative performance during the fiscal year. Within the sector, **Merck**, **Cigna** and **McKesson** were strong individual contributors. Merck benefited from strong sales of its oral anti-viral COVID-19 treatment. McKesson recently divested its underperforming pharmacy business in Europe that was a drag on growth and margins. Cigna's customer retention exceeded management's internal estimates and the company affirmed its earnings outlook for the fiscal year. We maintained these holdings at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in the industrials sector also contributed to the Fund's relative return, due largely to **Raytheon Technologies** and **Quanta Services**. Aerospace and defense company Raytheon Technologies performed well, particularly due to an increase in defense spending following the Russian invasion

of Ukraine. Quanta Services benefited from an increase in spending for renewable energy infrastructure and the recently passed Inflation Reduction Act. We sold Quanta Services during the fiscal year and maintained our position in Raytheon Technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection and an overweight in the financials sector also contributed to the Fund's relative performance during the fiscal year, due in large part to **American International Group (AIG)**. The insurer reported better-than-expected earnings and revenues. During the fiscal year, AIG completed a spin-off of its life insurance and retirement business and the company announced that proceeds of the transaction will be used to repurchase shares. We continued to hold the stock at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in the consumer discretionary sector was the largest detractor from the Fund's relative performance, due primarily to **General Motors (GM)** and **Amazon.com**. GM has faced ongoing supply-chain related issues that have weighed on the stock. Amazon.com reported weaker-than-expected revenues and operating income, and management lowered their future guidance due to macroeconomic headwinds and inflationary pressures. We held both holdings at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's overweight and stock selection in the IT sector also detracted from relative performance for the fiscal year, due in part to

**Cognizant Technology Solutions** and **Intel**. IT services firm Cognizant Technology Solutions has struggled with higher labor costs and staffing issues that weighed on the stock. Intel reported earnings that came in far below expectations. The chipmaker also reduced guidance for the remainder of the fiscal year amid worsening macro conditions and weak PC demand. We held both positions at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's underweight in the consumer staples sector also detracted from relative performance. The Fund lacked exposure to some of the stronger performers in the sector, as the team believes these companies do not fit the Fund's investment criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in the communication services sector was another detractor from relative returns. After achieving strong gains and robust new subscriber growth amid the pandemic, **Walt Disney**, **Charter Communications** and **Netflix** faced weakening subscriber growth as COVID-19 lockdowns eased. We sold our position in Netflix during the fiscal year; however, we maintained our position in Charter Communications and Walt Disney, as we believe these companies have more diversified revenue streams that are better able to withstand a period of weakening growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund holds investment-grade bonds and convertible securities as a source of income and to provide a measure of stability amid market volatility. Both asset classes underperformed the Russell 1000 Value Index and were significant detractors from the

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

------

Fund's relative performance during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund held currency-forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Fund, not for speculative purposes. These derivatives had a positive impact on the Fund's relative performance for the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cash position, while less than 4.5% on average also contributed to relative performance in the difficult market environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the equity portion of the Fund, the team increased the number of positions in the energy and IT sectors and reduced the number of holdings in financials, industrials, materials and utilities sectors. At fiscal year-end, the Fund's largest overweight exposures relative to the Russell 1000 Value Index were in IT, health care and energy sectors, while the largest underweights were in utilities, consumer staples and materials sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, we thank you for your investment in Invesco V.I. Equity and Income Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Chuck Burge

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - Lead

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

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Equity and Income Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g462570dp004.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (6/1/10) | 8.69% |
| &nbsp;&nbsp; 10 Years | 8.40 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.62 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -7.51 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (4/30/03) | 7.57% |
| &nbsp;&nbsp; 10 Years | 8.13 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -7.71 |

---

**Effective June 1, 2010, Class II shares of the predecessor fund, Universal Institutional Funds Equity and Income Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series II shares of Invesco Van Kampen V.I. Equity and Income Fund (renamed Invesco V.I. Equity and Income Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series II shares are those of the Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect** 

**deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Equity and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Equity and Income Fund**

------

**Supplemental Information** 

**Invesco V.I. Equity and Income Fund's investment objectives are both capital appreciation and current income.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index
considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.

∎ The **Bloomberg U.S. Government/Credit Index** is a broad-based benchmark that includes investment-grade,
US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

∎ The **Lipper VUF Mixed-Asset Target Allocation Growth Funds Index** is an unmanaged index considered representative of
mixed-asset target allocation growth variable insurance underlying funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Equity and Income Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total net assets** |
|  Common Stocks & Other Equity Interests | 64.12% |
|  U.S. Dollar Denominated Bonds & Notes | 20.15 |
|  U.S. Treasury Securities | 10.45 |
|  Security Types Each Less Than 1% of Portfolio | 0.69 |
|  Money Market Funds Plus Other Assets Less Liabilities | 4.59 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp; Wells Fargo & Co. | 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp; ConocoPhillips | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp; American International Group, Inc. | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp; Bank of America Corp. | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp; Exxon Mobil Corp. | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | &nbsp;&nbsp; Merck & Co., Inc. | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp; General Motors Co. | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp; CBRE Group, Inc., Class A | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp; Chevron Corp. | 1.36 |
| 10. | &nbsp;&nbsp; Cigna Corp. | 1.35 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Equity and Income Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–64.12%** | **Common Stocks & Other Equity Interests–64.12%** | **Common Stocks & Other Equity Interests–64.12%** |
|  **Aerospace & Defense–2.08%** |  |  |
|  Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130104 | $13130096 |
|  Textron, Inc. | 136169 | 9640765 |
|  |  | 22770861 |
|  **Apparel Retail–1.26%** |  |  |
|  TJX Cos., Inc. (The) | 174107 | 13858917 |
|  **Application Software–0.54%** |  |  |
|  Splunk, Inc.<sup>(b)</sup> | 69203 | 5957686 |
|  **Asset Management & Custody Banks–0.76%** | **Asset Management & Custody Banks–0.76%** |  |
|  KKR & Co., Inc., Class A | 179776 | 8345202 |
|  **Automobile Manufacturers–1.67%** | **Automobile Manufacturers–1.67%** |  |
|  General Motors Co. | 544660 | 18322362 |
|  **Building Products–1.35%** |  |  |
|  Johnson Controls International PLC | 231159 | 14794176 |
|  **Cable & Satellite–1.44%** |  |  |
|  Charter Communications, Inc., Class A<sup>(b)</sup> | 20416 | 6923066 |
|  Comcast Corp., Class A<sup>(c)</sup> | 254099 | 8885842 |
|  |  | 15808908 |
|  **Casinos & Gaming–0.82%** |  |  |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 187315 | 9004232 |
|  **Communications Equipment–1.11%** | **Communications Equipment–1.11%** |  |
|  Cisco Systems, Inc. | 256572 | 12223090 |
|  **Consumer Finance–0.69%** |  |  |
|  American Express Co. | 51459 | 7603067 |
|  **Data Processing & Outsourced Services–1.47%** | **Data Processing & Outsourced Services–1.47%** | **Data Processing & Outsourced Services–1.47%** |
|  Fiserv, Inc.<sup>(b)</sup> | 78574 | 7941474 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 114175 | 8131544 |
|  |  | 16073018 |
|  **Distillers & Vintners–0.89%** |  |  |
|  Diageo PLC (United Kingdom) | 222057 | 9805879 |
|  **Diversified Banks–4.20%** |  |  |
|  Bank of America Corp. | 590477 | 19556598 |
|  Wells Fargo & Co. | 643282 | 26561114 |
|  |  | 46117712 |
|  **Electric Utilities–0.96%** |  |  |
|  American Electric Power Co., Inc. | 66481 | 6312371 |
|  Exelon Corp. | 98672 | 4265590 |
|  |  | 10577961 |
|  **Electrical Components & Equipment–0.68%** | **Electrical Components & Equipment–0.68%** | **Electrical Components & Equipment–0.68%** |
|  Emerson Electric Co. | 77410 | 7436005 |
|  **Electronic Manufacturing Services–0.52%** | **Electronic Manufacturing Services–0.52%** | **Electronic Manufacturing Services–0.52%** |
|  TE Connectivity Ltd. (Switzerland) | 49630 | 5697524 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Fertilizers & Agricultural Chemicals–0.68%** | **Fertilizers & Agricultural Chemicals–0.68%** | **Fertilizers & Agricultural Chemicals–0.68%** |
|  Corteva, Inc. | 126347 | $7426677 |
|  **Food Distributors–1.34%** |  |  |
|  Sysco Corp. | 94596 | 7231864 |
|  US Foods Holding Corp.<sup>(b)</sup> | 220123 | 7488585 |
|  |  | 14720449 |
|  **Gold–0.54%** |  |  |
|  Barrick Gold Corp. (Canada) | 346469 | 5952337 |
|  **Health Care Distributors–0.81%** |  |  |
|  McKesson Corp. | 23756 | 8911351 |
|  **Health Care Equipment–1.70%** |  |  |
|  Medtronic PLC | 145228 | 11287120 |
|  Zimmer Biomet Holdings, Inc.<sup>(c)</sup> | 58091 | 7406603 |
|  |  | 18693723 |
|  **Health Care Facilities–0.73%** |  |  |
|  Universal Health Services, Inc., Class B<sup>(c)</sup> | 57163 | 8053695 |
|  **Health Care Services–2.01%** |  |  |
|  Cigna Corp. | 44793 | 14841713 |
|  CVS Health Corp. | 77860 | 7255773 |
|  |  | 22097486 |
|  **Hotels, Resorts & Cruise Lines–0.75%** | **Hotels, Resorts & Cruise Lines–0.75%** |  |
|  Booking Holdings, Inc.<sup>(b)</sup> | 4074 | 8210251 |
|  **Industrial Machinery–1.32%** |  |  |
|  Parker-Hannifin Corp. | 49588 | 14430108 |
|  **Insurance Brokers–1.03%** |  |  |
|  Willis Towers Watson PLC | 45993 | 11248968 |
|  **Integrated Oil & Gas–3.07%** |  |  |
|  Chevron Corp. | 82942 | 14887260 |
|  Exxon Mobil Corp. | 170438 | 18799311 |
|  |  | 33686571 |
|  **Interactive Media & Services–0.48%** | **Interactive Media & Services–0.48%** |  |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 43547 | 5240446 |
|  **Internet & Direct Marketing Retail–0.74%** | **Internet & Direct Marketing Retail–0.74%** |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 96749 | 8126916 |
|  **Investment Banking & Brokerage–3.25%** | **Investment Banking & Brokerage–3.25%** |  |
|  Charles Schwab Corp. (The) | 138209 | 11507281 |
|  Goldman Sachs Group, Inc. (The) | 37831 | 12990409 |
|  Morgan Stanley | 131824 | 11207677 |
|  |  | 35705367 |
|  **IT Consulting & Other Services–0.97%** | **IT Consulting & Other Services–0.97%** |  |
|  Cognizant Technology Solutions Corp., Class A | 186743 | 10679832 |
|  **Managed Health Care–1.39%** |  |  |
|  Centene Corp.<sup>(b)</sup> | 116702 | 9570731 |
|  Elevance Health, Inc. | 10956 | 5620099 |
|  |  | 15190830 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Movies & Entertainment–0.80%** | **Movies & Entertainment–0.80%** |  |
|  Walt Disney Co. (The)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101372 | $8807199 |
|  **Multi-line Insurance–1.87%** |  |  |
|  American International Group, Inc. | 324114 | 20496969 |
|  **Oil & Gas Exploration & Production–4.11%** | **Oil & Gas Exploration & Production–4.11%** |  |
|  ConocoPhillips | 211718 | 24982724 |
|  Devon Energy Corp. | 167032 | 10274139 |
|  Pioneer Natural Resources Co. | 43188 | 9863707 |
|  |  | 45120570 |
|  **Oil & Gas Refining & Marketing–0.10%** | **Oil & Gas Refining & Marketing–0.10%** |  |
|  Phillips 66 | 10801 | 1124168 |
|  **Pharmaceuticals–5.69%** |  |  |
|  Bristol-Myers Squibb Co. | 181567 | 13063746 |
|  GSK PLC | 304129 | 5288745 |
|  Johnson & Johnson | 82085 | 14500315 |
|  Merck & Co., Inc. | 166040 | 18422138 |
|  Sanofi (France) | 115991 | 11223361 |
|  |  | 62498305 |
|  **Railroads–1.05%** |  |  |
|  CSX Corp. | 371780 | 11517744 |
|  **Real Estate Services–1.45%** |  |  |
|  CBRE Group, Inc., Class A<sup>(b)</sup> | 207255 | 15950345 |
|  **Regional Banks–1.81%** |  |  |
|  Citizens Financial Group, Inc. | 333488 | 13129422 |
|  PNC Financial Services Group, Inc. (The) | 42353 | 6689233 |
|  |  | 19818655 |
|  **Semiconductor Equipment–0.63%** | **Semiconductor Equipment–0.63%** |  |
|  Lam Research Corp. | 16403 | 6894181 |
|  **Semiconductors–2.05%** |  |  |
|  Intel Corp. | 189091 | 4997675 |
|  Micron Technology, Inc.<sup>(c)</sup> | 84403 | 4218462 |
|  NXP Semiconductors N.V. (China) | 41829 | 6610237 |
|  QUALCOMM, Inc. | 60707 | 6674128 |
|  |  | 22500502 |
|  **Tobacco–0.96%** |  |  |
|  Philip Morris International, Inc. | 104358 | 10562073 |
|  **Trading Companies & Distributors–1.05%** | **Trading Companies & Distributors–1.05%** |  |
|  Ferguson PLC<sup>(c)</sup> | 90640 | 11508561 |
|  **Wireless Telecommunication Services–1.30%** | **Wireless Telecommunication Services–1.30%** |  |
|  T-Mobile US, Inc.<sup>(b)</sup> | 102138 | 14299320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $519,725,978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $519,725,978) | 703870199 |
|  | **Principal<br>Amount** |  |
|  **U.S. Dollar Denominated Bonds & Notes–20.15%** | **U.S. Dollar Denominated Bonds & Notes–20.15%** | **U.S. Dollar Denominated Bonds & Notes–20.15%** |
|  **Advertising–0.05%** |  |  |
|  Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 | $550000 | 528272 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Aerospace & Defense–0.24%** |  |  |  |
|  Boeing Co. (The), 5.81%, 05/01/2050 | $| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | $1514940 |
|  Lockheed Martin Corp., 4.15%, 06/15/2053 |  | 643000 | 549013 |
|  Precision Castparts Corp., 2.50%, 01/15/2023 |  | 333000 | 332701 |
|  Raytheon Technologies Corp., 4.45%, 11/16/2038 |  | 308000 | 281053 |
|  |  |  | 2677707 |
|  **Agricultural Products–0.02%** |  |  |  |
|  Ingredion, Inc., 6.63%, 04/15/2037 |  | 232000 | 229859 |
|  **Air Freight & Logistics–0.05%** |  |  |  |
|  FedEx Corp., 4.90%, 01/15/2034 |  | 402000 | 381229 |
|  United Parcel Service, Inc., 3.40%, 11/15/2046 |  | 240000 | 186536 |
|  |  |  | 567765 |
|  **Airlines–0.30%** |  |  |  |
|  American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028 |  | 250443 | 216635 |
|  JetBlue Airways Corp., Conv., 0.50%, 04/01/2026 |  | 1732000 | 1271421 |
|  Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026 |  | 1157000 | 937170 |
|  United Airlines Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-1, Class A, 4.15%, 04/11/2024 |  | 247576 | 239934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A, 3.75%, 09/03/2026 |  | 320382 | 295301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 03/01/2030 |  | 414266 | 358676 |
|  |  |  | 3319137 |
|  **Alternative Carriers–0.22%** |  |  |  |
|  Liberty Latin America Ltd. (Puerto Rico), Conv., 2.00%, 07/15/2024 |  | 2743000 | 2448127 |
|  **Application Software–1.19%** |  |  |  |
|  Dropbox, Inc., Conv., 0.00%, 03/01/2026<sup>(d)</sup> |  | 5339000 | 4847812 |
|  salesforce.com, inc., 2.70%, 07/15/2041 |  | 1413000 | 1014194 |
|  Splunk, Inc., Conv., 1.13%, 06/15/2027 |  | 7967000 | 6762390 |
|  Workday, Inc., 3.50%, 04/01/2027 |  | 528000 | 494250 |
|  |  |  | 13118646 |
|  **Asset Management & Custody Banks–0.43%** | **Asset Management & Custody Banks–0.43%** | **Asset Management & Custody Banks–0.43%** | **Asset Management & Custody Banks–0.43%** |
|  Apollo Management Holdings L.P., 4.00%, 05/30/2024<sup>(e)</sup> |  | 2755000 | 2674124 |
|  Brookfield Corp. (Canada), 4.00%, 01/15/2025 |  | 445000 | 435388 |
|  KKR Group Finance Co. III LLC, 5.13%, 06/01/2044<sup>(e)</sup> |  | 372000 | 324484 |
|  KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032<sup>(e)</sup> |  | 1364000 | 1277400 |
|  |  |  | 4711396 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Automobile Manufacturers–0.31%** | **Automobile Manufacturers–0.31%** |  |
|  American Honda Finance Corp., 2.05%, 01/10/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;1540000 | $1539418 |
|  General Motors Co., 6.60%, 04/01/2036 | 377000 | 370575 |
|  General Motors Financial Co., Inc., 5.25%, 03/01/2026 | 480000 | 473103 |
|  Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032<sup>(c)</sup> | 1138000 | 978077 |
|  |  | 3361173 |
|  **Biotechnology–1.32%** |  |  |
|  AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 | 694000 | 645343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 1322000 | 1137088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/2044 | 264000 | 243117 |
|  Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027<sup>(e)</sup> | 2279000 | 2478413 |
|  Halozyme Therapeutics, Inc., Conv., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/2027 | 4655000 | 4529897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/2028<sup>(e)</sup> | 559000 | 661367 |
|  Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026 | 1556000 | 1857475 |
|  Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024 | 1875000 | 2974687 |
|  |  | 14527387 |
|  **Brewers–0.24%** |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 | 959000 | 909343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046 | 538000 | 491794 |
|  Heineken N.V. (Netherlands), 3.50%, 01/29/2028<sup>(e)</sup> | 945000 | 894150 |
|  Molson Coors Beverage Co., 4.20%, 07/15/2046 | 377000 | 293970 |
|  |  | 2589257 |
|  **Broadcasting–0.03%** |  |  |
|  Paramount Global, 4.00%, 01/15/2026 | 367000 | 352317 |
|  **Cable & Satellite–1.50%** |  |  |
|  Cable One, Inc.,<br>Conv., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/2026<sup>(d)</sup> | 5466000 | 4320873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/2028 | 2850000 | 2131800 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 550000 | 539587 |
|  Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/2026 | 1101000 | 1049302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 | 935000 | 898513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/2038 | 756000 | 654487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 | 352000 | 227659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 | 265000 | 165092 |
|  Cox Communications, Inc., 2.95%, 10/01/2050<sup>(e)</sup> | 202000 | 121975 |
|  DISH Network Corp., Conv., 3.38%, 08/15/2026 | 6076000 | 3821804 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Cable & Satellite–(continued)** |  |  |  |
|  Liberty Broadband Corp., Conv., 1.25%, 10/05/2023<sup>(e)(f)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;2645000 | $2565650 |
|  |  |  | 16496742 |
|  **Commodity Chemicals–0.03%** |  |  |  |
|  LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027<sup>(e)</sup> |  | 339000 | 369855 |
|  **Computer & Electronics Retail–0.21%** | **Computer & Electronics Retail–0.21%** | **Computer & Electronics Retail–0.21%** |  |
|  Dell International LLC/EMC Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/2023 |  | 163000 | 163122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 |  | 2125000 | 2170443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/2046 |  | 4000 | 4578 |
|  |  |  | 2338143 |
|  **Consumer Finance–0.38%** |  |  |  |
|  American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/2024 |  | 2490000 | 2440606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/2024 |  | 324000 | 315673 |
|  Capital One Financial Corp., 3.20%, 01/30/2023 |  | 958000 | 958000 |
|  Synchrony Financial, 3.95%, 12/01/2027 |  | 556000 | 496768 |
|  |  |  | 4211047 |
|  **Data Processing & Outsourced Services–0.50%** | **Data Processing & Outsourced Services–0.50%** | **Data Processing & Outsourced Services–0.50%** | **Data Processing & Outsourced Services–0.50%** |
|  Block, Inc., Conv., 0.13%, 03/01/2025 |  | 4256000 | 4069800 |
|  Fiserv, Inc., 3.80%, 10/01/2023 |  | 1412000 | 1397376 |
|  |  |  | 5467176 |
|  **Diversified Banks–1.27%** |  |  |  |
|  Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/2027 |  | 525000 | 485626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/2032<sup>(g)</sup> |  | 874000 | 686686 |
|  BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024<sup>(e)</sup> |  | 700000 | 691348 |
|  Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/2024 |  | 60000 | 58962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/2028<sup>(g)</sup> |  | 511000 | 470102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/2043 |  | 741000 | 795745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/2044 |  | 228000 | 206540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/2046 |  | 356000 | 297437 |
|  Discover Bank, 3.35%, 02/06/2023 |  | 1500000 | 1497283 |
|  HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025<sup>(g)</sup> |  | 1775000 | 1668184 |
|  JPMorgan Chase & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 |  | 394000 | 372479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/2029<sup>(g)</sup> |  | 1058000 | 961983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/2048<sup>(g)</sup> |  | 489000 | 402208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/2049<sup>(g)</sup> |  | 1058000 | 815518 |
|  Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024<sup>(e)</sup> |  | 200000 | 196503 |
|  Societe Generale S.A. (France), 5.00%, 01/17/2024<sup>(e)</sup> |  | 735000 | 727483 |
|  U.S. Bancorp, Series W, 3.10%, 04/27/2026<sup>(c)</sup> |  | 2097000 | 1983212 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Diversified Banks–(continued)** |  |  |  |
|  Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/2025 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626000 | $602657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 |  | 505000 | 489609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/2044 |  | 647000 | 547548 |
|  |  |  | 13957113 |
|  **Diversified Capital Markets–0.06%** | **Diversified Capital Markets–0.06%** | **Diversified Capital Markets–0.06%** |  |
|  Credit Suisse AG (Switzerland), 6.50%, 08/08/2023<sup>(e)</sup> |  | 686000 | 665904 |
|  **Diversified Metals & Mining–0.02%** | **Diversified Metals & Mining–0.02%** | **Diversified Metals & Mining–0.02%** |  |
|  Rio Tinto Finance (USA) Ltd. (Australia), 7.13%, 07/15/2028 |  | 182000 | 200797 |
|  **Diversified REITs–0.07%** |  |  |  |
|  CubeSmart L.P., 2.50%, 02/15/2032 |  | 1063000 | 815315 |
|  **Diversified Support Services–0.22%** | **Diversified Support Services–0.22%** | **Diversified Support Services–0.22%** |  |
|  Siemens Financieringsmaatschappij N.V. (Germany), 0.40%, 03/11/2023<sup>(e)</sup> |  | 2490000 | 2470420 |
|  **Drug Retail–0.07%** |  |  |  |
|  CVS Pass-Through Trust, 6.04%, 12/10/2028 |  | 453680 | 447035 |
|  Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034 |  | 428000 | 375422 |
|  |  |  | 822457 |
|  **Electric Utilities–0.56%** |  |  |  |
|  Electricite de France S.A. (France), 4.88%, 01/22/2044<sup>(e)</sup> |  | 846000 | 683451 |
|  Georgia Power Co., Series B, 3.70%, 01/30/2050 |  | 350000 | 262237 |
|  National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032<sup>(c)</sup> |  | 1227000 | 1012673 |
|  NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 03/01/2023 |  | 2415000 | 2398618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/2027 |  | 530000 | 500147 |
|  PPL Electric Utilities Corp., 6.25%, 05/15/2039 |  | 46000 | 49790 |
|  Xcel Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/15/2023 |  | 566000 | 545645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2049 |  | 964000 | 707630 |
|  |  |  | 6160191 |
|  **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** |  |
|  Rockwell Automation, Inc., 1.75%, 08/15/2031 |  | 307000 | 243842 |
|  **Health Care Equipment–0.53%** |  |  |  |
|  Becton, Dickinson and Co., 4.88%, 05/15/2044 |  | 428000 | 360853 |
|  Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025 |  | 4244000 | 4135778 |
|  Medtronic, Inc., 4.38%, 03/15/2035 |  | 249000 | 236263 |
|  Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025<sup>(e)</sup> |  | 1157000 | 1052407 |
|  |  |  | 5785301 |
|  **Health Care Services–0.14%** |  |  |  |
|  Cigna Corp., 4.80%, 08/15/2038 |  | 307000 | 286180 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |  |
|  CVS Health Corp., 3.38%, 08/12/2024 | $| 361000 | $352121 |
|  Laboratory Corp. of America Holdings, 4.70%, 02/01/2045 |  | 263000 | 226565 |
|  NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026 |  | 676000 | 672964 |
|  |  |  | 1537830 |
|  **Health Care Supplies–0.06%** |  |  |  |
|  Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027<sup>(e)</sup> |  | 598000 | 605116 |
|  **Health Care Technology–0.32%** |  |  |  |
|  NextGen Healthcare, Inc., Conv., 3.75%, 11/15/2027<sup>(e)</sup> |  | 772000 | 806930 |
|  Teladoc Health, Inc., Conv., 1.25%, 06/01/2027 |  | 3430000 | 2652058 |
|  |  |  | 3458988 |
|  **Home Improvement Retail–0.04%** | **Home Improvement Retail–0.04%** | **Home Improvement Retail–0.04%** |  |
|  Lowe's Cos., Inc., 4.25%, 04/01/2052 |  | 497000 | 396506 |
|  **Hotels, Resorts & Cruise Lines–0.42%** | **Hotels, Resorts & Cruise Lines–0.42%** | **Hotels, Resorts & Cruise Lines–0.42%** |  |
|  Airbnb, Inc., Conv., 0.00%, 03/15/2026<sup>(d)</sup> |  | 4881000 | 4029265 |
|  Booking Holdings, Inc., Conv., 0.75%, 05/01/2025 |  | 396000 | 529414 |
|  |  |  | 4558679 |
|  **Industrial Machinery–0.25%** |  |  |  |
|  John Bean Technologies Corp., Conv., 0.25%, 05/15/2026 |  | 3157000 | 2726069 |
|  **Insurance Brokers–0.02%** |  |  |  |
|  Willis North America, Inc., 3.60%, 05/15/2024 |  | 233000 | 226770 |
|  **Integrated Oil & Gas–0.38%** |  |  |  |
|  BP Capital Markets America, Inc., 2.94%, 06/04/2051 |  | 991000 | 657033 |
|  Chevron Corp., 2.95%, 05/16/2026 |  | 952000 | 904087 |
|  Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/2025 |  | 549000 | 525416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/2026 |  | 1098000 | 1048530 |
|  Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025 |  | 1098000 | 1064930 |
|  |  |  | 4199996 |
|  **Integrated Telecommunication Services–0.34%** | **Integrated Telecommunication Services–0.34%** | **Integrated Telecommunication Services–0.34%** |  |
|  AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 |  | 318000 | 300181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 |  | 447000 | 303708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 |  | 157000 | 105463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 |  | 255000 | 177115 |
|  Telefonica Emisiones S.A. (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/2038 |  | 750000 | 594995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/2047 |  | 700000 | 565011 |
|  Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2025 |  | 1284000 | 1245063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 |  | 561000 | 424036 |
|  |  |  | 3715572 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** |
|  Take-Two Interactive Software, Inc., 3.70%, 04/14/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;357000 | $336491 |
|  **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** |
|  Snap, Inc., Conv., 0.75%, 08/01/2026 | 3098000 | 2635623 |
|  TripAdvisor, Inc., Conv., 0.25%, 04/01/2026 | 338000 | 271583 |
|  |  | 2907206 |
|  **Internet & Direct Marketing Retail–0.16%** | **Internet & Direct Marketing Retail–0.16%** | **Internet & Direct Marketing Retail–0.16%** |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/2034 | 9000 | 9012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/2041 | 2306000 | 1729888 |
|  |  | 1738900 |
|  **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** |
|  Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025 | 3174000 | 2725672 |
|  **Investment Banking & Brokerage–1.40%** | **Investment Banking & Brokerage–1.40%** | **Investment Banking & Brokerage–1.40%** |
|  Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | 529000 | 516836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/2042<sup>(g)</sup> | 323000 | 220847 |
|  GS Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 0003, Conv., 0.00%, 07/19/2029<sup>(d)(e)</sup> | 5880000 | 5773572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/30/2029 | 5873000 | 5457779 |
|  Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026<sup>(e)</sup> | 1583000 | 1409860 |
|  Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030<sup>(e)</sup> | 1560000 | 1352520 |
|  Morgan Stanley, 4.00%, 07/23/2025 | 654000 | 639263 |
|  |  | 15370677 |
|  **Life & Health Insurance–0.53%** |  |  |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 853000 | 809121 |
|  Athene Global Funding, 2.75%, 06/25/2024<sup>(e)</sup> | 260000 | 247445 |
|  Brighthouse Financial, Inc., 3.85%, 12/22/2051 | 1846000 | 1172181 |
|  Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026<sup>(e)</sup> | 2184000 | 1954418 |
|  Guardian Life Global Funding, 2.90%, 05/06/2024<sup>(c)(e)</sup> | 689000 | 669537 |
|  Jackson National Life Global Funding, 3.25%, 01/30/2024<sup>(e)</sup> | 453000 | 442528 |
|  Nationwide Financial Services, Inc., 5.30%, 11/18/2044<sup>(e)</sup> | 440000 | 383995 |
|  Prudential Financial, Inc., 3.91%, 12/07/2047 | 141000 | 112968 |
|  |  | 5792193 |
|  **Managed Health Care–0.25%** |  |  |
|  Humana, Inc., 0.65%, 08/03/2023 | 2355000 | 2294809 |
|  UnitedHealth Group, Inc., 3.50%, 08/15/2039 | 559000 | 459146 |
|  |  | 2753955 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Movies & Entertainment–0.37%** |  |  |  |
|  Discovery Communications LLC, 4.90%, 03/11/2026 | $| 367000 | $356317 |
|  Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027<sup>(e)</sup> |  | 297000 | 285268 |
|  TWDC Enterprises 18 Corp., 3.00%, 02/13/2026 |  | 367000 | 347947 |
|  Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/2025<sup>(e)</sup> |  | 1720000 | 1644274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042<sup>(e)</sup> |  | 835000 | 641802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052<sup>(e)</sup> |  | 1036000 | 757137 |
|  |  |  | 4032745 |
|  **Multi-line Insurance–0.05%** |  |  |  |
|  Liberty Mutual Group, Inc., 3.95%, 05/15/2060<sup>(e)</sup> |  | 887000 | 585122 |
|  **Multi-Utilities–0.09%** |  |  |  |
|  NiSource, Inc., 4.38%, 05/15/2047 |  | 571000 | 480215 |
|  Sempra Energy, 3.80%, 02/01/2038 |  | 559000 | 460493 |
|  |  |  | 940708 |
|  **Oil & Gas Exploration & Production–0.14%** | **Oil & Gas Exploration & Production–0.14%** | **Oil & Gas Exploration & Production–0.14%** |  |
|  Cameron LNG LLC, 3.70%, 01/15/2039<sup>(e)</sup> |  | 622000 | 495219 |
|  ConocoPhillips Co., 4.15%, 11/15/2034 |  | 230000 | 200124 |
|  Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029<sup>(e)</sup> |  | 775000 | 837000 |
|  |  |  | 1532343 |
|  **Oil & Gas Refining & Marketing–0.04%** | **Oil & Gas Refining & Marketing–0.04%** | **Oil & Gas Refining & Marketing–0.04%** |  |
|  Valero Energy Corp., 4.00%, 06/01/2052 |  | 531000 | 401445 |
|  **Oil & Gas Storage & Transportation–0.72%** | **Oil & Gas Storage & Transportation–0.72%** | **Oil & Gas Storage & Transportation–0.72%** |  |
|  Energy Transfer L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.20%, 09/15/2023 |  | 1724000 | 1713664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2035 |  | 344000 | 307564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2044 |  | 587000 | 498050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 |  | 724000 | 581654 |
|  Enterprise Products Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/01/2040 |  | 23000 | 24106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2048 |  | 696000 | 561778 |
|  Kinder Morgan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/2025 |  | 878000 | 861853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/2034 |  | 407000 | 382264 |
|  MPLX L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2023 |  | 1721000 | 1714410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 |  | 810000 | 685309 |
|  Spectra Energy Partners L.P., 4.50%, 03/15/2045 |  | 488000 | 405022 |
|  Texas Eastern Transmission L.P., 7.00%, 07/15/2032 |  | 169000 | 185047 |
|  |  |  | 7920721 |
|  **Other Diversified Financial Services–0.03%** | **Other Diversified Financial Services–0.03%** | **Other Diversified Financial Services–0.03%** |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041 |  | 410000 | 291317 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Packaged Foods & Meats–0.01%** | **Packaged Foods & Meats–0.01%** | **Packaged Foods & Meats–0.01%** |
|  Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | $61761 |
|  **Paper Packaging–0.02%** |  |  |
|  International Paper Co., 6.00%, 11/15/2041 | 223000 | 223419 |
|  **Pharmaceuticals–0.56%** |  |  |
|  Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028<sup>(e)</sup> | 985000 | 926619 |
|  Bristol-Myers Squibb Co., 4.13%, 06/15/2039 | 621000 | 555207 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038 | 64000 | 72704 |
|  GSK Consumer Healthcare Capital US LLC, 4.00%, 03/24/2052 | 315000 | 247262 |
|  Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025 | 3155000 | 2857247 |
|  Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023 | 1182000 | 1167225 |
|  Zoetis, Inc., 4.70%, 02/01/2043 | 333000 | 300154 |
|  |  | 6126418 |
|  **Property & Casualty Insurance–0.14%** | **Property & Casualty Insurance–0.14%** | **Property & Casualty Insurance–0.14%** |
|  Allstate Corp. (The), 3.28%, 12/15/2026 | 302000 | 287162 |
|  Markel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/30/2043 | 351000 | 300667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/2049 | 497000 | 435892 |
|  Travelers Cos., Inc. (The), 4.60%, 08/01/2043 | 605000 | 541349 |
|  |  | 1565070 |
|  **Railroads–0.31%** |  |  |
|  Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023 | 735000 | 729202 |
|  Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041 | 399000 | 302499 |
|  CSX Corp., 5.50%, 04/15/2041 | 346000 | 347079 |
|  Norfolk Southern Corp., 3.40%, 11/01/2049 | 461000 | 333142 |
|  Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/2024 | 92000 | 90621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/2041<sup>(c)</sup> | 1018000 | 803050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/2045 | 426000 | 351171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/2060 | 519000 | 403834 |
|  |  | 3360598 |
|  **Regional Banks–0.06%** |  |  |
|  PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029 | 689000 | 631252 |
|  **Reinsurance–0.07%** |  |  |
|  PartnerRe Finance B LLC, 3.70%, 07/02/2029 | 500000 | 452136 |
|  Reinsurance Group of America, Inc., 4.70%, 09/15/2023 | 352000 | 350421 |
|  |  | 802557 |
|  **Renewable Electricity–0.05%** |  |  |
|  Oglethorpe Power Corp., 4.55%, 06/01/2044 | 679000 | 528791 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Restaurants–0.06%** |  |  |  |
|  Starbucks Corp., 3.55%, 08/15/2029<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | $651194 |
|  **Retail REITs–0.19%** |  |  |  |
|  KRC Interim Corp., 3.20%, 04/01/2032 |  | 1500000 | 1244773 |
|  Regency Centers L.P., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 |  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 631037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2049 |  | 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 204914 |
|  |  |  | 2080724 |
|  **Semiconductors–0.95%** |  |  |  |
|  Broadcom, Inc., 3.47%, 04/15/2034<sup>(e)</sup> |  | 640000 | 512449 |
|  Marvell Technology, Inc., 2.45%, 04/15/2028 |  | 1210000 | 1026254 |
|  Microchip Technology, Inc., Conv., 0.13%, 11/15/2024 |  | 5161000 | 5560978 |
|  Micron Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/2030 |  | 680000 | 618262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/01/2041 |  | 179000 | 120214 |
|  Texas Instruments, Inc., 2.63%, 05/15/2024 |  | 215000 | 209213 |
|  Wolfspeed, Inc., Conv., 0.25%, 02/15/2028<sup>(e)</sup> |  | 2778000 | 2408526 |
|  |  |  | 10455896 |
|  **Specialized REITs–0.34%** |  |  |  |
|  American Tower Corp., 1.60%, 04/15/2026 |  | 852000 | 758491 |
|  Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/2031 |  | 1413000 | 1142209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2047 |  | 46000 | 39267 |
|  EPR Properties, 4.75%, 12/15/2026 |  | 1556000 | 1400133 |
|  LifeStorage L.P., 3.50%, 07/01/2026 |  | 404000 | 377927 |
|  |  |  | 3718027 |
|  **Specialty Chemicals–0.01%** |  |  |  |
|  Sherwin-Williams Co. (The), 4.50%, 06/01/2047 |  | 159000 | 134199 |
|  **Systems Software–0.23%** |  |  |  |
|  Microsoft Corp., 3.50%, 02/12/2035<sup>(c)</sup> |  | 404000 | 366391 |
|  Oracle Corp., 3.60%, 04/01/2040 |  | 965000 | 711429 |
|  VMware, Inc., 1.00%, 08/15/2024 |  | 1509000 | 1405035 |
|  |  |  | 2482855 |
|  **Technology Distributors–0.06%** | **Technology Distributors–0.06%** | **Technology Distributors–0.06%** |  |
|  Avnet, Inc., 4.63%, 04/15/2026 |  | 671000 | 646400 |
|  **Technology Hardware, Storage & Peripherals–0.26%** | **Technology Hardware, Storage & Peripherals–0.26%** | **Technology Hardware, Storage & Peripherals–0.26%** | **Technology Hardware, Storage & Peripherals–0.26%** |
|  Apple, Inc., 3.35%, 02/09/2027 |  | 315000 | 301653 |
|  Western Digital Corp., Conv., 1.50%, 02/01/2024 |  | 2649000 | 2536417 |
|  |  |  | 2838070 |
|  **Tobacco–0.22%** |  |  |  |
|  Altria Group, Inc., 5.80%, 02/14/2039 |  | 1124000 | 1040786 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Tobacco–(continued)** |  |  |  |  |
|  Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2023 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2043 |  | 1102000 |  | 968382 |
|  |  |  |  | 2374135 |
|  **Trading Companies & Distributors–0.11%** | **Trading Companies & Distributors–0.11%** | **Trading Companies & Distributors–0.11%** | **Trading Companies & Distributors–0.11%** | **Trading Companies & Distributors–0.11%** |
|  Air Lease Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/2023 |  | 63000 |  | 61949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2024 |  | 427000 |  | 418057 |
|  Aircastle Ltd., 4.40%, 09/25/2023 |  | 771000 |  | 763543 |
|  |  |  |  | 1243549 |
|  **Trucking–0.06%** |  |  |  |  |
|  Aviation Capital Group LLC, 4.88%, 10/01/2025<sup>(e)</sup> |  | 709000 |  | 668933 |
|  **Wireless Telecommunication Services–0.31%** | **Wireless Telecommunication Services–0.31%** | **Wireless Telecommunication Services–0.31%** | **Wireless Telecommunication Services–0.31%** | **Wireless Telecommunication Services–0.31%** |
|  America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042 |  | 600000 |  | 512780 |
|  Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2043<sup>(c)</sup> |  | 533000 |  | 433760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2048 |  | 1394000 |  | 1056662 |
|  T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 |  | 1074000 |  | 870585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 |  | 750000 |  | 507326 |
|  |  |  |  | 3381113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $245,258,162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $245,258,162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $245,258,162) |  | 221165328 |
|  **U.S. Treasury Securities–10.45%** | **U.S. Treasury Securities–10.45%** | **U.S. Treasury Securities–10.45%** | **U.S. Treasury Securities–10.45%** | **U.S. Treasury Securities–10.45%** |
|  **U.S. Treasury Bills–0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 03/09/2023<sup>(h)(i)</sup> |  | 2000 |  | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/11/2023<sup>(h)(i)</sup> |  | 14000 |  | 13774 |
|  |  |  |  | 15759 |
|  **U.S. Treasury Bonds–1.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 |  | 2636800 |  | 2815299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 |  | 36400 |  | 38627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 |  | 72800 |  | 75779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042<sup>(c)</sup> |  | 7906800 |  | 7743722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 |  | 3591000 |  | 2959770 |
|  |  |  |  | 13633197 |
|  **U.S. Treasury Notes–9.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024<sup>(c)</sup> |  | 27335300 |  | 27338504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025 |  | 29059500 |  | 28877878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027<sup>(c)</sup> |  | 15433000 |  | 15351012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 |  | 25482100 |  | 25316864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 |  | 4083800 |  | 4168347 |
|  |  |  |  | 101052605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $116,115,630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $116,115,630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $116,115,630) |  | 114701561 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Preferred Stocks–0.62%** |  |  |
|  **Asset Management & Custody Banks–0.21%** | **Asset Management & Custody Banks–0.21%** | **Asset Management & Custody Banks–0.21%** |
|  AMG Capital Trust II, 5.15%, Conv. Pfd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277585 |
|  **Diversified Banks–0.02%** |  |  |
|  Wells Fargo & Co., 5.85%, Series Q, Pfd.<sup>(g)</sup> | 10911 | 251062 |
|  **Oil & Gas Storage & Transportation–0.39%** | **Oil & Gas Storage & Transportation–0.39%** | **Oil & Gas Storage & Transportation–0.39%** |
|  El Paso Energy Capital Trust I, 4.75%, Conv. Pfd. | 95499 | 4301189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $5,960,701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $5,960,701) | 6829836 |
|  | **Principal<br>Amount** |  |
|  **U.S. Government Sponsored Agency Mortgage-Backed Securities–0.07%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–0.07%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–0.07%** |
|  **Federal Home Loan Mortgage Corp. (FHLMC)–0.07%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.07%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682000 | 805345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2037 | 4 | 4 |
|  |  | 805349 |
|  **Federal National Mortgage Association (FNMA)–0.00%** | **Federal National Mortgage Association (FNMA)–0.00%** | **Federal National Mortgage Association (FNMA)–0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 04/01/2030 | 214 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $842,563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $842,563) | 805568 |
|  | **Shares** |  |
|  **Money Market Funds–4.55%** | **Money Market Funds–4.55%** | **Money Market Funds–4.55%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(j)(k)</sup> | 17481130 | 17481130 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(j)(k)</sup> | 12482776 | 12486521 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(j)(k)</sup> | 19978434 | 19978434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $49,946,085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $49,946,085) | 49946085 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.96%<br>(Cost $937,849,119) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.96%<br>(Cost $937,849,119) | 1097318577 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–7.95%** | **Money Market Funds–7.95%** | **Money Market Funds–7.95%** |
|  Invesco Private Government Fund, 4.28%<sup>(j)(k)(l)</sup> | 24449135 | 24449135 |
|  Invesco Private Prime Fund, 4.46%<sup>(j)(k)(l)</sup> | 62839179 | 62858030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $87,306,612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $87,306,612) | 87307165 |
|  TOTAL INVESTMENTS IN SECURITIES–107.91%<br>(Cost $1,025,155,731) | TOTAL INVESTMENTS IN SECURITIES–107.91%<br>(Cost $1,025,155,731) | 1184625742 |
|  OTHER ASSETS LESS LIABILITIES–(7.91)% | OTHER ASSETS LESS LIABILITIES–(7.91)% | (86863845) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1097761897 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Conv. | - Convertible |
| Pfd. | - Preferred |
| REIT | - Real Estate Investment Trust |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity 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, 2022.

<sup>(d)</sup> Zero coupon bond issued at a discount.

<sup>(e)</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, 2022 was $41,263,204, which represented 3.76% of the Fund's Net Assets. 

<sup>(f)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(g)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(h)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

<sup>(i)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(j)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $18629728 | $119241578 | $(120390176) | $- | $- | $17481130 | $309844 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 7883240 | 85172555 | (80571881) | (5186) | 7793 | 12486521 | 187356 |
|  Invesco Treasury Portfolio, Institutional Class | 21291118 | 136276088 | (137588772) | - | - | 19978434 | 345969 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 22604761 | 548891579 | (547047205) | - | - | 24449135 | 213,880\* |
|  Invesco Private Prime Fund | 52744442 | 1212385149 | (1202273861) | 555 | 1745 | 62858030 | 603,949\* |
|  Total | $123153289 | $2101966949 | $(2087871895) | $(4631) | $9538 | $137253250 | $1660998 |

---

\* 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, 2022.

<sup>(l)</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 1I.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Short Futures Contracts** | **Number of<br>Contracts** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation** |
| **Interest Rate Risk** | | | | | |
|  U.S. Treasury 5 Year Notes | 9 | March-2023 | $(971367) | $550 | $550 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | **Contract to** | **Contract to** | **Contract to** | **Contract to** | |
| | | **Contract to** | **Contract to** | **Contract to** | **Contract to** | |
| <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Currency Risk** | | | | | | |
|  01/13/2023 | Bank of New York Mellon (The) | GBP | 9341597 | USD | 11596724 | $300517 |
|  **Currency Risk** |  |  |  |  |  |  |
|  01/13/2023 | Bank of New York Mellon (The) | EUR | 7566446 | USD | 8067176 | (37396) |
|  01/13/2023 | State Street Bank & Trust Co. | EUR | 357770 | USD | 380172 | (3043) |
|  01/13/2023 | State Street Bank & Trust Co. | GBP | 252116 | USD | 303638 | (1230) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts–(continued)** | **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)** |
| | | **Contract to** | **Contract to** | **Contract to** | **Contract to** | |
| | | **Contract to** | **Contract to** | **Contract to** | **Contract to** | |
| <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  01/13/2023 | State Street Bank & Trust Co. | USD | 156678 | GBP | 128586 | $(1187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  |  |  | (42856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $257661 |

---

---

| | |
|:---|:---|
| 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.

**Invesco V.I. Equity and Income Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $887,903,034)\* | $1047372492 |
|  Investments in affiliated money market funds, at value (Cost $137,252,697) | 137253250 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable – futures contracts | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 300517 |
|  Foreign currencies, at value (Cost $3,416) | 3573 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 803474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 145955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1287596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1988607 |
|  Investment for trustee deferred compensation and retirement plans | 128063 |
|  Other assets | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1189289688 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 42856 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 368558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 2828237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 120816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 87306612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 626078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 87488 |
|  Trustee deferred compensation and retirement plans | 142945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 91527791 |
|  Net assets applicable to shares outstanding | $1097761897 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $878269057 |
|  Distributable earnings | 219492840 |
|  | $1097761897 |
|  **Net Assets:** |  |
|  Series I | $71422683 |
|  Series II | $1026339214 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 4424618 |
|  Series II | 64031748 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $16.14 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $16.03 |

---

\* At December 31, 2022, securities with an aggregate value of $82,231,716 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $9722089 |
|  Dividends (net of foreign withholding taxes of $126,230) | 16667812 |
|  Dividends from affiliated money market funds (includes net securities lending income of $191,993) | 1035162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 27425063 |
|  **Expenses:** |  |
|  Advisory fees | 4496129 |
|  Administrative services fees | 1936656 |
|  Custodian fees | 20247 |
|  Distribution fees - Series II | 2758235 |
|  Transfer agent fees | 58817 |
|  Trustees' and officers' fees and benefits | 25684 |
|  Reports to shareholders | 6112 |
|  Professional services fees | 63407 |
|  Other | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9372726 |
|  Less: Fees waived | (43532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9329194 |
|  Net investment income | 18095869 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 54531091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 9538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (28121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1737817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 108943 |
|  | 56359268 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (177089825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (4631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 687380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5120 |
|  | (176403488) |
|  Net realized and unrealized gain (loss) | (120044220) |
|  Net increase (decrease) in net assets resulting from operations | $(101948351) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $18095869 | $13493343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 56359268 | 157674818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (176403488) | 52887271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (101948351) | 224055432 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (11036488) | (2210004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (157488383) | (33156264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (168524871) | (35366268) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 9142062 | 28892785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (4061072) | (121909012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 5080990 | (93016227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (265392232) | 95672937 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1363154129 | 1267481192 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1097761897 | $1363154129 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $20.69 | $0.33 | $(1.94) | $(1.61) | $(0.34) | $(2.60) | $(2.94) | $16.14 | (7.51)% | $71423 | 0.56% | 0.56% | 1.77% | 146% |
|  Year ended 12/31/21 | 17.93 | 0.25 | 3.09 | 3.34 | (0.38) | (0.20) | (0.58) | 20.69 | 18.65 | 79349 | 0.55 | 0.55 | 1.24 | 144 |
|  Year ended 12/31/20 | 17.52 | 0.30 | 1.30 | 1.60 | (0.42) | (0.77) | (1.19) | 17.93 | 9.95 | 43099 | 0.56 | 0.57 | 1.84 | 96 |
|  Year ended 12/31/19 | 16.12 | 0.36 | 2.82 | 3.18 | (0.47) | (1.31) | (1.78) | 17.52 | 20.37 | 50731 | 0.54 | 0.55 | 2.02 | 150 |
|  Year ended 12/31/18 | 19.04 | 0.35 | (2.00) | (1.65) | (0.43) | (0.84) | (1.27) | 16.12 | (9.50) | 165924 | 0.54 | 0.55 | 1.91 | 150 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 20.55 | 0.28 | (1.92) | (1.64) | (0.28) | (2.60) | (2.88) | 16.03 | (7.71) | 1026339 | 0.81 | 0.81 | 1.52 | 146 |
|  Year ended 12/31/21 | 17.82 | 0.20 | 3.07 | 3.27 | (0.34) | (0.20) | (0.54) | 20.55 | 18.35 | 1283805 | 0.80 | 0.80 | 0.99 | 144 |
|  Year ended 12/31/20 | 17.42 | 0.26 | 1.28 | 1.54 | (0.37) | (0.77) | (1.14) | 17.82 | 9.65 | 1224382 | 0.81 | 0.82 | 1.59 | 96 |
|  Year ended 12/31/19 | 16.04 | 0.31 | 2.80 | 3.11 | (0.42) | (1.31) | (1.73) | 17.42 | 20.01 | 1235269 | 0.79 | 0.80 | 1.77 | 150 |
|  Year ended 12/31/18 | 18.95 | 0.31 | (2.00) | (1.69) | (0.38) | (0.84) | (1.22) | 16.04 | (9.73) | 1041911 | 0.79 | 0.80 | 1.66 | 150 |

---

<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 $22,225,472 in connection with the acquisition of Invesco V.I. Managed Volatility Fund into the Fund. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Equity and Income Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Equity and Income Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objectives are both capital appreciation and current income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Equity and Income Fund**

------

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. <br>

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $1,925 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.

**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

**Invesco V.I. Equity and Income Fund**

------

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. <br>

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**K.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **Futures Contracts** – The Fund may enter into futures contracts to manage exposure to interest rate, equity and
market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index
future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures
contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized
gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or
payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's
basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk
and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the
contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the
futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**M.** **Leverage Risk** – Leverage exists when the Fund can lose more than it originally invests because it purchases or
sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**N.** **Collateral** – To the extent the Fund has designated or segregated a security as collateral and that security is
subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**O.** **Other Risks** – Active trading of portfolio securities may result in added expenses, a lower return and
increased tax liability.

**P.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.500% |
|  Next $100 million | 0.450% |
|  Next $100 million | 0.400% |
|  Over $350 million | 0.350% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.38%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation

**Invesco V.I. Equity and Income Fund**

------

expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. <br>

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $43,532.

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, 2022, Invesco was paid $171,540 for accounting and fund administrative services and was reimbursed $1,765,116 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $14,102 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $677552214 | $26317985 | $– | $703870199 |
|  U.S. Dollar Denominated Bonds & Notes |  | 221165328 | &nbsp;&nbsp;&nbsp;&nbsp;– | 221165328 |
|  U.S. Treasury Securities |  | 114701561 | &nbsp;&nbsp;&nbsp;&nbsp;– | 114701561 |
|  Preferred Stocks | 6829836 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 6829836 |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 805568 | &nbsp;&nbsp;&nbsp;&nbsp;– | 805568 |
|  Money Market Funds | 49946085 | 87307165 | &nbsp;&nbsp;&nbsp;&nbsp;– | 137253250 |
|  **Total Investments in Securities** | 734328135 | 450297607 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1184625742 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 550 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 550 |
|  Forward Foreign Currency Contracts |  | 300517 | &nbsp;&nbsp;&nbsp;&nbsp;– | 300517 |
|  | 550 | 300517 | &nbsp;&nbsp;&nbsp;&nbsp;– | 301067 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | (42856) | &nbsp;&nbsp;&nbsp;&nbsp;– | (42856) |
|  **Total Other Investments** | 550 | 257661 | &nbsp;&nbsp;&nbsp;&nbsp;– | 258211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $734328685 | $450555268 | $– | $1184883953 |

---

\* Unrealized appreciation (depreciation).

**Invesco V.I. Equity and Income Fund**

------

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End** 

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
|  | **Currency** | **Interest** | |
| **Derivative Assets** | **Risk** | **Rate Risk** | **Total** |
|  Unrealized appreciation on futures contracts –Exchange-Traded<sup>(a)</sup> | $– | $550 | $550 |
|  Unrealized appreciation on forward foreign currency contracts outstanding | 300517 |  | 300517 |
|  Total Derivative Assets | 300517 | 550 | 301067 |
|  Derivatives not subject to master netting agreements |  | (550) | (550) |
|  Total Derivative Assets subject to master netting agreements | $300517 | $– | $300517 |
|  |  |  | **Value** |
|  |  |  | **Currency** |
| **Derivative Liabilities** |  |  | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding |  |  | $(42856) |
|  Derivatives not subject to master netting agreements |  |  |  |
|  Total Derivative Liabilities subject to master netting agreements |  |  | $(42856) |

---

<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, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Collateral** | **Collateral** | |
|  | **Financial**<br>**Derivative**<br>**Assets** | **Financial**<br>**Derivative**<br>**Liabilities** | | **(Received)/Pledged** | **(Received)/Pledged** | |
|  | **Forward Foreign** | **Forward Foreign** | **Net Value of** |  |  | **Net** |
| **Counterparty** | **Currency Contracts** | **Currency Contracts** | **Derivatives** | **Non-Cash** | **Cash** | **Amount** |
|  Bank of New York Mellon (The) | $300517 | $(37396) | $263121 | $– | $– | $263121 |
|  State Street Bank & Trust Co. |  | (5460) | (5460) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | (5460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $300517 | $(42856) | $257661 | $– | $– | $257661 |

---

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** | **Location of Gain on** | **Location of Gain on** |
|  | **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| | **Currency**<br>**Risk** | **Interest**<br>**Rate Risk** |<br>**Total** |
|  Realized Gain: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $1737817 | $- | $1737817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | - | 108943 | 108943 |
|  Change in Net Unrealized Appreciation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 687380 | - | 687380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | - | 5120 | 5120 |
|  Total | $2425197 | $114063 | $2539260 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | | |
|:---|:---|:---|
|  | **Forward** | |
|  | **Foreign Currency** | **Futures** |
|  | **Contracts** | **Contracts** |
|  Average notional value | $34616563 | $1008896 |

---

**Invesco V.I. Equity and Income Fund**

------

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $34788243 | $35366268 |
|  Long-term capital gain | 133736628 | – |
|  Total distributions | $168524871 | $35366268 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $18402145 |
|  Undistributed long-term capital gain | 54578252 |
|  Net unrealized appreciation – investments | 146613998 |
|  Net unrealized appreciation – foreign currencies | 7726 |
|  Temporary book/tax differences | (109281) |
|  Shares of beneficial interest | 878269057 |
|  Total net assets | $1097761897 |

---

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 convertible securities, 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, 2022.

**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, 2022 was $257,508,586 and $377,007,999, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | |
|  Aggregate unrealized appreciation of investments | $205589529 |
|  Aggregate unrealized (depreciation) of investments | (58975531) |
|  Net unrealized appreciation of investments | $146613998 |

---

Cost of investments for tax purposes is $1,038,269,955.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, grantor trusts and distributions, on December 31, 2022, undistributed net investment income was increased by $949,369, undistributed net realized gain was decreased by $949,035 and shares of beneficial interest was decreased by $334. This reclassification had no effect on the net assets of the Fund.

**Invesco V.I. Equity and Income Fund**

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**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 490825 | $9376057 | 500860 | $10189630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 5258697 | 96785873 | 1860777 | 37310495 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 695431 | 11036488 | 107752 | 2210004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 9986581 | 157488383 | 1626902 | 33156264 |
|  **Issued in connection with acquisitions:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  | 1421249 | 28595529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II |  |  | 55570 | 1110840 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (596455) | (11270483) | (599027) | (12102378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (13675775) | (258335328) | (9775168) | (193486611) |
|  Net increase (decrease) in share activity | 2159304 | $5080990 | (4801085) | $(93016227) |

---

<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 65% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

<sup>(b)</sup> After the close of business on April 30, 2021, the Fund acquired all the net assets of Invesco V.I. Managed Volatility Fund (the "Target Fund") pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 3, 2020 and by the shareholders of the Target Fund on April 5, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser's product line. The acquisition was accomplished by a tax-free exchange of 1,476,819 shares of the Fund for 2,408,211 shares outstanding of the Target Fund as of the close of business on April 30, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 30, 2021. The Target Fund's net assets as of the close of business on April 30, 2021 of $29,706,369, including $8,543,643 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,356,523,614 and $1,386,229,983 immediately after the acquisition. 

The pro forma results of operations for the year ended December 31, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the annual reporting period are as follows:

---

| | |
|:---|:---|
|  Net investment income | $13487872 |
|  Net realized/unrealized gains | 212925767 |
|  Change in net assets resulting from operations | $226413639 |

---

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 have been included in the Fund's Statement of Operations since May 1, 2021.

**Invesco V.I. Equity and Income 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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023 |

---

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Equity and Income Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1051.40 | $2.90 | $1022.38 | $2.85 | 0.56% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1050.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;1021.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | 0.81 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Equity and Income Fund**

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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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $133736628 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 41.11% |
|  U.S. Treasury Obligations\* | 9.76% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 16.12% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Equity and Income Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Equity and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and<br> Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Equity and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Equity and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Equity and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Equity and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Equity and Income Fund**

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![LOGO](g447185dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Global Core Equity Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at<br> invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIGCE-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Core Equity Fund (the Fund) underperformed the MSCI World Index, the Fund's broad market/style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Core Equity Fund (the Fund) underperformed the MSCI World Index, the Fund's broad market/style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -21.88 | % |
| &nbsp;&nbsp; Series II Shares | -22.16 |  |
| &nbsp;&nbsp; MSCI World Index<sup>q</sup> (Broad Market/Style-Specific Index) | -18.14 |  |
| &nbsp;&nbsp; Lipper VUF Global Multi-Cap Value Funds Classification Average<sup>∎</sup> (Peer Group) | -7.47 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>q</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter of 2022, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite the rebound in the fourth quarter of 2022, at the end of the fiscal year ended December 31, 2022, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's relative performance compared to the MSCI World Index was primarily due to investments in the industrials and health care sectors which lagged those of the index over the fiscal year. A lack of exposure to energy also detracted from relative performance. In contrast, the Fund's investments in the consumer discretionary and consumer staples sectors outperformed the index over the fiscal year and benefited relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most significant individual contributors over the fiscal year included **AutoZone** and **Honeywell International**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone is a leading retailer of aftermarket automotive parts and accessories in the United States. Shares in AutoZone benefited from recession fears which may increase demand for replacement repair parts of used vehicles. Honeywell International is a US based multi-national industrial conglomerate operating in aerospace, building technologies, performance materials and safety and productivity solutions. Shares in Honeywell International rose over the fiscal year on evidence that supply chain issues were being resolved and management's expected improvements in margins in 2023 due to a combination of moderating inflation and pricing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most significant individual detractors during the fiscal year included **KION Group AG** and **Temenos AG**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group AG is a global leader in the manufacturing of industrial trucks and forklifts and is a leading provider of warehouse automation solutions. Shares in KION Group AG declined over the fiscal year as supply-chain issues caused delays in their ability to deliver truck and forklift shipments. Temenos AG is a Switzerland-based company that specializes in enterprise software for banks and financial services institutions. Shares in Temenos AG declined over the fiscal year on disappointing operating results due to higher-than-expected project costs and lowered revenue guidance due to macro concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco V.I. Global Core Equity Fund.

------

**Portfolio manager(s):** 

Michael Hatcher

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or* 

*the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Global Core Equity Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g447185dsp3.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (1/2/97) | 4.72% |
| &nbsp;&nbsp; 10 Years | 5.67 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.70 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -21.88 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (6/1/10) | 5.90% |
| &nbsp;&nbsp; 10 Years | 5.41 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.43 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.16 |

---

**Effective June 1, 2010, Class I shares of the predecessor fund, Universal Funds Global Value Equity Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series I shares of Invesco Van Kampen V.I. Global Value Equity Fund (renamed Invesco V.I. Global Core Equity Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I shares are those of the Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect** 

 **deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Global Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Global Core Equity Fund**

------

**Supplemental Information** 

**Invesco V.I. Global Core Equity Fund's investment objective is long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including US issuers.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI World Index<sup>SM</sup>** is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which
withholds applicable taxes for non-resident investors.

∎ The **Lipper VUF Global Multi-Cap Value Funds Classification Average** represents an average of all variable insurance underlying funds in the Lipper Global Multi-Cap Value Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the
index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund
expenses; performance of a market index does not.

**Invesco V.I. Global Core Equity Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By country** | **% of total net assets** |
|  United States | 52.15% |
|  United Kingdom | 11.43 |
|  Germany | 7.82 |
|  Hong Kong | 4.09 |
|  Belgium | 3.87 |
|  Switzerland | 3.73 |
|  France | 3.03 |
|  Netherlands | 2.65 |
|  Finland | 2.45 |
|  Countries, each less than 2% of portfolio | 2.27 |
|  Money Market Funds Plus Other Assets Less Liabilities | 6.51 |

---

**Top 10 Equity Holdings\*** 

---

| | |
|:---|:---|
|  | **% of total net assets** |
|  &nbsp;&nbsp;&nbsp;&nbsp;1. Visa, Inc., Class A | 5.58% |
|  &nbsp;&nbsp;&nbsp;&nbsp;2. British American Tobacco PLC | 5.39 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3. Microsoft Corp. | 4.59 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4. SAP SE | 4.34 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5. London Stock Exchange Group PLC | 4.30 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6. Honeywell International, Inc. | 4.17 |
|  &nbsp;&nbsp;&nbsp;&nbsp;7. Analog Devices, Inc. | 4.14 |
|  &nbsp;&nbsp;&nbsp;&nbsp;8. AIA Group Ltd. | 4.09 |
|  &nbsp;&nbsp;&nbsp;&nbsp;9. Aon PLC, Class A | 3.90 |
| 10. Alphabet, Inc., Class A | 3.90 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Global Core Equity Fund**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–93.49%** | **Common Stocks & Other Equity Interests–93.49%** | **Common Stocks & Other Equity Interests–93.49%** |
|  **Belgium–3.87%** |  |  |
|  Anheuser-Busch InBev S.A./N.V., ADR | 35912 | $&nbsp;&nbsp;&nbsp;&nbsp;2156156 |
|  **China–1.20%** |  |  |
|  Kweichow Moutai Co. Ltd., A Shares | 2700 | 668129 |
|  **Finland–2.45%** |  |  |
|  Kone OYJ, Class B | 26362 | 1365457 |
|  **France–3.03%** |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 2323 | 1687532 |
|  **Germany–7.82%** |  |  |
|  KION Group AG | 67672 | 1936445 |
|  SAP SE | 23439 | 2418891 |
|  |  | 4355336 |
|  **Hong Kong–4.09%** |  |  |
|  AIA Group Ltd. | 206600 | 2276113 |
|  **Japan–1.07%** |  |  |
|  FANUC Corp. | 1900 | 283559 |
|  Nabtesco Corp. | 12300 | 315198 |
|  |  | 598757 |
|  **Netherlands–2.65%** |  |  |
|  Topicus.com, Inc.<sup>(a)</sup> | 28168 | 1478924 |
|  **Switzerland–3.73%** |  |  |
|  Cie Financiere Richemont S.A., Wts.,expiring 11/22/2023<sup>(a)</sup> | 40270 | 33535 |
|  Temenos AG | 36978 | 2042667 |
|  |  | 2076202 |
|  **United Kingdom–11.43%** |  |  |
|  British American Tobacco PLC | 75665 | 3001987 |
|  Imperial Brands PLC | 39024 | 974998 |
|  London Stock Exchange Group PLC | 27724 | 2392139 |
|  |  | 6369124 |
|  **United States–52.15%** |  |  |
|  Accenture PLC, Class A | 5938 | 1584496 |
|  Adobe, Inc.<sup>(a)</sup> | 1580 | 531717 |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 24589 | 2169488 |
|  Analog Devices, Inc. | 14057 | 2305770 |
|  Aon PLC, Class A | 7242 | 2173614 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

Wts. - Warrants

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 17786 | $1656410 |
|  AutoZone, Inc.<sup>(a)</sup> | 108 | 266347 |
|  Becton, Dickinson and Co. | 7949 | 2021431 |
|  CDW Corp. | 3149 | 562348 |
|  Charter Communications, Inc.,<br>Class A<sup>(a)(b)</sup> | 4805 | 1629376 |
|  Equinix, Inc. | 447 | 292798 |
|  Floor & Decor Holdings, Inc.,<br>Class A<sup>(a)(b)</sup> | 4011 | 279286 |
|  Honeywell International, Inc. | 10846 | 2324298 |
|  Microsoft Corp. | 10665 | 2557680 |
|  Roche Holding AG | 5429 | 1706128 |
|  Sabre Corp.<sup>(a)(b)</sup> | 234479 | 1449080 |
|  Visa, Inc., Class A<sup>(b)</sup> | 14957 | 3107466 |
|  Walt Disney Co. (The)<sup>(a)</sup> | 12166 | 1056982 |
|  Zoetis, Inc. | 9392 | 1376398 |
|  |  | 29051113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $54,640,718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $54,640,718) | 52082843 |
|  **Money Market Funds–6.36%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(c)(d)</sup> | 1241390 | 1241390 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(c)(d)</sup> | 881002 | 881267 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(c)(d)</sup> | 1418731 | 1418731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $3,541,120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $3,541,120) | 3541388 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.85% (Cost $58,181,838) |  | 55624231 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–10.72%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 1672052 | 1672052 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(c)(d)(e)</sup> | 4298273 | 4299563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $5,971,339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $5,971,339) | 5971615 |
|  TOTAL INVESTMENTS IN SECURITIES–110.57%<br>(Cost $64,153,177) | TOTAL INVESTMENTS IN SECURITIES–110.57%<br>(Cost $64,153,177) | 61595846 |
|  OTHER ASSETS LESS LIABILITIES–(10.57)% | OTHER ASSETS LESS LIABILITIES–(10.57)% | (5889455) |
|  NET ASSETS–100.00% |  | $55706391 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Core Equity Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2022.

<sup>(c)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $1638209 | $3300816 | $(3697635) | $- | $- | $1241390 | $12691 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1164786 | 2357726 | (2641169) | 321 | (397) | 881267 | 12811 |
|  Invesco Treasury Portfolio, Institutional Class | 1872239 | 3772361 | (4225869) | - | - | 1418731 | 19231 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 1204237 | 24982827 | (24515012) | - | - | 1672052 | 27,721\* |
|  Invesco Private Prime Fund | 2809885 | 50913750 | (49425425) | 405 | 948 | 4299563 | 74,304\* |
|  Total | $8689356 | $85327480 | $(84505110) | $726 | $551 | $9513003 | $146758 |

---

\* 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, 2022.

<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.

**Invesco V.I. Global Core Equity Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $54,640,718)\* | $52082843 |
|  Investments in affiliated money market funds, at value (Cost $9,512,459) | 9513003 |
|  Cash | 769 |
|  Foreign currencies, at value (Cost $51,391) | 49699 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 121833 |
|  Investment for trustee deferred compensation and retirement plans | 19542 |
|  Other assets | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 61788563 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 16353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 5971339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 28128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 41112 |
|  Trustee deferred compensation and retirement plans | 22446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6082172 |
|  Net assets applicable to shares outstanding | $55706391 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $58025933 |
|  Distributable earnings (loss) | (2319542) |
|  | $55706391 |
|  **Net Assets:** |  |
|  Series I | $48080063 |
|  Series II | $7626328 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 6013573 |
|  Series II | 951952 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.00 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.01 |

---

\* At December 31, 2022, securities with an aggregate value of $5,852,551 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $8 |
|  Dividends (net of foreign withholding taxes of $47,017) | 873326 |
|  Dividends from affiliated money market funds (includes net securities lending income of $9,720) | 54453 |
|  Foreign withholding tax claims | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 933401 |
|  **Expenses:** |  |
|  Advisory fees | 411308 |
|  Administrative services fees | 101044 |
|  Custodian fees | 13034 |
|  Distribution fees - Series II | 21210 |
|  Transfer agent fees | 3095 |
|  Trustees' and officers' fees and benefits | 17720 |
|  Reports to shareholders | 3370 |
|  Professional services fees | 46244 |
|  Other | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 619447 |
|  Less: Fees waived | (2947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 616500 |
|  Net investment income | 316901 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (9588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (3190) |
|  | (12227) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (16719470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (2490) |
|  | (16721234) |
|  Net realized and unrealized gain (loss) | (16733461) |
|  Net increase (decrease) in net assets resulting from operations | $(16416560) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Core Equity Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $316901 | $207530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12227) | 4091537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (16721234) | 6511206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (16416560) | 10810273 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (3670956) | (10897710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (556298) | (1801903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (4227254) | (12699613) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 822771 | 8578868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (242031) | 316507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 580740 | 8895375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (20063074) | 7006035 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 75769465 | 68763430 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $55706391 | $75769465 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Core Equity Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset**<br> **value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses**<br> **to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income**<br> **to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $11.13 | $0.05 | $(2.52) | $(2.47) | $(0.04) | $(0.62) | $(0.66) | $8.00 | (21.88)% | $48080 | 0.97% | 0.97% | 0.55% | 13% |
|  Year ended 12/31/21 | 11.49 | 0.04 | 1.81 | 1.85 | (0.12) | (2.09) | (2.21) | 11.13 | 15.97 | 65044 | 0.96 | 0.96 | 0.31 | 27 |
|  Year ended 12/31/20 | 10.28 | 0.11 | 1.24 | 1.35 | (0.14) |  | (0.14) | 11.49 | 13.23 | 58139 | 1.00 | 1.00 | 1.14 | 127 |
|  Year ended 12/31/19 | 8.99 | 0.15 | 2.03 | 2.18 | (0.15) | (0.74) | (0.89) | 10.28 | 25.20 | 60078 | 1.01 | 1.01 | 1.54 | 24 |
|  Year ended 12/31/18 | 10.73 | 0.13 | (1.76) | (1.63) | (0.11) | - | (0.11) | 8.99 | (15.32) | 54854 | 1.02 | 1.02 | 1.19 | 26 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 11.14 | 0.03 | (2.53) | (2.50) | (0.01) | (0.62) | (0.63) | 8.01 | (22.16) | 7626 | 1.22 | 1.22 | 0.30 | 13 |
|  Year ended 12/31/21 | 11.50 | 0.01 | 1.82 | 1.83 | (0.10) | (2.09) | (2.19) | 11.14 | 15.71 | 10725 | 1.21 | 1.21 | 0.06 | 27 |
|  Year ended 12/31/20 | 10.28 | 0.09 | 1.24 | 1.33 | (0.11) |  | (0.11) | 11.50 | 13.03 | 10625 | 1.25 | 1.25 | 0.89 | 127 |
|  Year ended 12/31/19 | 8.99 | 0.13 | 2.02 | 2.15 | (0.12) | (0.74) | (0.86) | 10.28 | 24.82 | 10561 | 1.26 | 1.26 | 1.29 | 24 |
|  Year ended 12/31/18 | 10.73 | 0.10 | (1.75) | (1.65) | (0.09) | - | (0.09) | 8.99 | (15.54) | 9616 | 1.27 | 1.27 | 0.94 | 26 |

---

<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.

**Invesco V.I. Global Core Equity Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services - Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Global Core Equity Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. <br>

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **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
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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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.** **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 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

**Invesco V.I. Global Core Equity Fund**

------

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, 2022, the Fund paid the Adviser $652 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.

**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.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 $1 billion | 0.670% |
|  Next $500 million | 0.645% |
|  Next $1 billion | 0.620% |
|  Next $1 billion | 0.595% |
|  Next $1 billion | 0.570% |
|  Over $4.5 billion | 0.545% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.67%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the Adviser waived advisory fees of $2,947.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

**Invesco V.I. Global Core Equity Fund**

------

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, 2022, Invesco was paid $9,011 for accounting and fund administrative services and was reimbursed $92,033 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the Fund incurred $308 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Belgium | $2156156 | $– | $– | $2156156 |
|  China |  | 668129 |  | 668129 |
|  Finland |  | 1365457 |  | 1365457 |
|  France |  | 1687532 |  | 1687532 |
|  Germany |  | 4355336 |  | 4355336 |
|  Hong Kong |  | 2276113 |  | 2276113 |
|  Japan |  | 598757 |  | 598757 |
|  Netherlands | 1478924 |  |  | 1478924 |
|  Switzerland | 33535 | 2042667 |  | 2076202 |
|  United Kingdom |  | 6369124 |  | 6369124 |
|  United States | 27344985 | 1706128 |  | 29051113 |
|  Money Market Funds | 3541388 | 5971615 |  | 9513003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $34554988 | $27040858 | $– | $61595846 |

---

**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

**Invesco V.I. Global Core Equity Fund**

------

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 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, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $2251045 | $3639471 |
|  Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;1976209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060142 |
|  Total distributions | $4227254 | $12699613 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $316493 |
|  Undistributed long-term capital gain | 42050 |
|  Net unrealized appreciation (depreciation) – investments | (2656027) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (3098) |
|  Temporary book/tax differences | (18960) |
|  Shares of beneficial interest | 58025933 |
|  Total net assets | $55706391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not have a capital loss carryforward as of December 31, 2022.

**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, 2022 was $7,540,840 and $9,840,627, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $4545497 |
|  Aggregate unrealized (depreciation) of investments | (7201524) |
|  Net unrealized appreciation (depreciation) of investments | $(2656027) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $64,251,873.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of distributions, securities litigation and foreign currency transactions, on December 31, 2022, undistributed net investment income was decreased by $3,599 and undistributed net realized gain (loss) was increased by $3,599. This reclassification had no effect on the net assets or the distributable earnings (loss) 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, 2022<sup>(a)</sup>** | **Year ended<br>December 31, 2022<sup>(a)</sup>** | **Year ended<br>December 31, 2021** | **Year ended<br>December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 409589 | $3828927 | 422604 | $5215802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 31905 | 288523 | 6831 | 87378 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 486219 | 3670956 | 972142 | 10897710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 73413 | 555734 | 160422 | 1799935 |

---

**Invesco V.I. Global Core Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended<br>December 31, 2022<sup>(a)</sup>** | **Year ended<br>December 31, 2022<sup>(a)</sup>** | **Year ended<br>December 31, 2021** | **Year ended<br>December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (726825) | $(6677112) | (609870) | $(7534644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (116557) | (1086288) | (128015) | (1570806) |
|  Net increase in share activity | 157744 | $580740 | 824114 | $8895375 |

---

<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 84% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Global Core Equity Fund**

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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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Global Core Equity Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $979.20 | $4.94 | $1020.21 | $5.04 | 0.99% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;977.70 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;1018.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 | 1.24 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Global Core Equity Fund**

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
|  Long-Term Capital Gain Distributions | $1976209.0 |
|  Qualified Dividend Income\* | 0.0% |
|  Corporate Dividends Received Deduction\* | 9.36% |
|  U.S. Treasury Obligations\* | 0.0% |
|  Qualified Business Income\* | 0.0% |
|  Business Interest Income\* | 0.0% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

**Invesco V.I. Global Core Equity Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Global Core Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Global Core Equity Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Global Core Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Global Core Equity Fund**

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**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

---

**Invesco V.I. Global Core Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | Invesco Advisers, Inc.<br> 1555 Peachtree Street, N.E.<br> Atlanta, GA 30309 | Invesco Distributors, Inc.<br> 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | PricewaterhouseCoopers LLP<br> 1000 Louisiana Street, Suite 5800<br> Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103-7018 | Sidley Austin LLP<br> 787 Seventh Avenue<br> New York, NY 10019 | Invesco Investment Services, Inc.<br> 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | State Street Bank and Trust Company<br> 225 Franklin Street<br> Boston, MA 02110-2801 |

---

**Invesco V.I. Global Core Equity Fund**

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![LOGO](g453246dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Global Fund** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIGLBL-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Fund (the Fund) underperformed the MSCI All Country World Growth Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Fund (the Fund) underperformed the MSCI All Country World Growth Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -31.77 | % |
| &nbsp;&nbsp; Series II Shares | -31.94 |  |
| &nbsp;&nbsp; MSCI All Country World Index<sup>▼</sup>\* | -18.36 |  |
| &nbsp;&nbsp; MSCI All Country World Growth Index<sup>▼</sup>\* | -28.61 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |
| &nbsp;&nbsp;&nbsp; \*Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. | &nbsp;&nbsp;&nbsp; \*Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. |  |

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**Market conditions and your Fund** 

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter of 2022, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite the rebound in the fourth quarter of 2022, at the end of the fiscal year ended December 31, 2022, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the MSCI All Country World Growth Index in two of 11 Global Industry Classification Standard sectors. Stock selection in the consumer discretionary and real estate sectors contributed to Fund performance compared to the MSCI All Country World Growth Index. Stock selection in

and an overweight allocation to the communication services sector detracted most significantly from relative Fund performance, followed by stock selection in health care and an underweight allocation to consumer staples, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a geographic basis, overweight exposure to France, India and Denmark contributed to relative Fund performance. Stock selection in the United States and Japan, as well as an underweight allocation to the United Kingdom, detracted most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual contributors to the Fund's relative performance during the fiscal year were **Novo Nordisk**, **ICICI Bank** and **Brunello Cucinelli**. Novo Nordisk is the world's leading maker of diabetes care products and insulin. In 2021, it introduced Wegovy for weight loss, which has been very successful. The company originally underestimated the demand for Wegovy and had a hard time keeping up, but we believe Novo Nordisk is back on track. Given the propensity toward obesity, we expect this product should see continued high demand. ICICI Bank is an Indian multi-national bank and financial services company. India remains a structurally under-banked nation with attractive demographics, which help create a backdrop where we believe banks may be able to do well. We believe the company has been steadily increasing loan growth year-over-year. We believe they look set to strengthen their position, as they have continued to ramp-up their digital initiatives to drive long-term growth. Brunello Cucinelli is an Italian luxury fashion brand that has been resilient amidst a turbulent market environment. We believe the company has strong momentum and has experienced soaring brand awareness amongst high net worth individuals, especially in the United States and Asia, this fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual detractors from the Fund's relative performance were **Alphabet**, **Meta Platforms** and **Intuit**. Alphabet has been our largest holding for some time. Earlier this fiscal year there was a lot of conjecture

about a slowdown in ad spending. While this has negatively affected several companies, Alphabet was not as impacted by the slowdown, as its diversified ad offerings and focus on search proved to be more resilient than other categories of digital spend, and provided solid support for the overall business. We also believe that Alphabet remains positioned to benefit from its cloud capabilities as the digital transformation to the cloud remains a top priority for many businesses. Meta Platforms has reported disappointing earnings over the past few quarters and the share price has declined. Apple's new privacy restrictions have raised concerns of weakened advertising capabilities for Meta Platforms. Meta Platforms has been reworking their ad architecture, but this may still take some time. The firm has also been spending significantly on its metaverse strategy, which has caused some trepidation. Intuit has built an ecosystem that aspires to be the de-facto operating platform for small and medium size businesses. Quickbooks, TurboTax, MailChimp and Credit Karma have all been well-executed acquisitions and the company continues to bolster its offerings, but the stock price has corrected a bit after five very strong years. In our view, some of the pullback reflects some concerns about the United States economic outlook. Being that Intuit plays heavily in small and medium sized businesses, the potential of a recession has resulted in some caution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's holdings are selected for what we believe to be the sustainability of their purpose and the sensibility of their price. If we have this combination well calibrated, we expect our portfolio should be able to weather most transient issues well and create meaningful economic value for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco V.I. Global Fund.

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**Portfolio manager(s):** 

John Delano

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Global Fund**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g453246dsp003.jpg)

1 Source: RIMES Technologies Corp.

\*Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance.

Past performance cannot guarantee future results.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (11/12/90) | 9.14 | % |
| &nbsp;&nbsp; 10 Years | 7.86 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.85 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -31.77 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (7/13/00) | 5.56 | % |
| &nbsp;&nbsp; 10 Years | 7.59 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.59 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -31.94 |  |

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**Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Global Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Global Fund (renamed Invesco V.I. Global Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value.** 

**Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Global Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Global Fund**

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**Supplemental Information** 

**Invesco V.I. Global Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **MSCI All Country World Index** is an unmanaged index considered representative of large- and mip-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎ The **MSCI All Country World Growth Index** is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Global Fund**

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By country** | **% of total net assets** |
|  United States | 51.86% |
|  France | 14.21 |
|  Japan | 6.40 |
|  China | 6.29 |
|  India | 5.58 |
|  Sweden | 4.20 |
|  Denmark | 3.99 |
|  Germany | 2.04 |
|  Countries, each less than 2% of portfolio | 4.02 |
|  Money Market Funds Plus Other Assets Less Liabilities | 1.41 |

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**Top 10 Equity Holdings\*** 

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| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Alphabet, Inc., Class A | 9.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | LVMH Moet Hennessy Louis Vuitton SE | 5.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Analog Devices, Inc. | 5.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | S&P Global, Inc. | 5.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Airbus SE | 4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Intuit, Inc. | 4.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | JD.com, Inc., ADR | 4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Novo Nordisk A/S, Class B | 3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | DLF Ltd. | 3.58 |
| 10. | Meta Platforms, Inc., Class A | 3.17 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Global Fund**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.59%** | **Common Stocks & Other Equity Interests–98.59%** | **Common Stocks & Other Equity Interests–98.59%** |
|  **Brazil–0.23%** |  |  |
|  StoneCo Ltd., Class A<sup>(a)</sup>  | 405954 | $3832206 |
|  **Canada–0.15%** |  |  |
|  Canadian Pacific Railway Ltd. | 33585 | 2505105 |
|  **China–6.29%** |  |  |
|  JD.com, Inc., ADR | 1423348 | 79892523 |
|  Meituan, B Shares<sup>(a)(b)</sup>  | 679800 | 15031317 |
|  Tencent Holdings Ltd. | 251300 | 10680804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;105604644 |
|  **Denmark–3.99%** |  |  |
|  Novo Nordisk A/S, Class B | 494703 | 66982762 |
|  **France–14.21%** |  |  |
|  Airbus SE | 681399 | 81019887 |
|  Dassault Systemes SE | 192049 | 6926645 |
|  EssilorLuxottica S.A. | 56168 | 10227974 |
|  Kering S.A. | 76392 | 39096085 |
|  LVMH Moet Hennessy Louis Vuitton SE | 135853 | 98689720 |
|  Pernod Ricard S.A. | 13536 | 2660630 |
|  |  | 238620941 |
|  **Germany–2.04%** |  |  |
|  Allianz SE | 24201 | 5203849 |
|  SAP SE | 281716 | 29072924 |
|  |  | 34276773 |
|  **India–5.58%** |  |  |
|  DLF Ltd. | 13254884 | 60096211 |
|  ICICI Bank Ltd., ADR | 1538488 | 33677502 |
|  |  | 93773713 |
|  **Israel–0.21%** |  |  |
|  Nice Ltd., ADR<sup>(a)</sup>  | 18220 | 3503706 |
|  **Italy–0.74%** |  |  |
|  Brunello Cucinelli S.p.A. | 166520 | 12356133 |
|  **Japan–6.40%** |  |  |
|  Keyence Corp. | 130444 | 51069437 |
|  Murata Manufacturing Co. Ltd. | 595900 | 29895884 |
|  Nidec Corp. | 29300 | 1525855 |
|  Omron Corp. | 76400 | 3726293 |
|  TDK Corp. | 652000 | 21171079 |
|  |  | 107388548 |
|  **Netherlands–1.13%** |  |  |
|  ASML Holding N.V. | 34998 | 18944520 |
|  **Spain–0.74%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup>  | 240244 | 12389394 |
|  **Sweden–4.20%** |  |  |
|  Assa Abloy AB, Class B | 1378827 | 29666730 |
|  Atlas Copco AB, Class A | 3445281 | 40789916 |
|  |  | 70456646 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Switzerland–0.82%** |  |  |
|  Lonza Group AG | 27997 | $13779504 |
|  **United States–51.86%** |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 156650 | 52717424 |
|  Agilent Technologies, Inc. | 234391 | 35076613 |
|  Alphabet, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1820315 | 160606392 |
|  Amazon.com, Inc.<sup>(a)</sup>  | 158052 | 13276368 |
|  Analog Devices, Inc. | 555168 | 91064207 |
|  Avantor, Inc.<sup>(a)</sup>  | 445614 | 9397999 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 119630 | 5535280 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 32732 | 7132303 |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 20306 | 6885765 |
|  Danaher Corp. | 38042 | 10097108 |
|  Datadog, Inc., Class A<sup>(a)</sup>  | 46306 | 3403491 |
|  Dun & Bradstreet Holdings, Inc. | 216042 | 2648675 |
|  Ecolab, Inc. | 36576 | 5324003 |
|  Equifax, Inc. | 172498 | 33526711 |
|  Fidelity National Information Services, Inc. | 90881 | 6166276 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 13745 | 5607410 |
|  Illumina, Inc.<sup>(a)</sup>  | 64173 | 12975781 |
|  Intuit, Inc. | 208015 | 80963598 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 56621 | 15024382 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 86684 | 17760685 |
|  Lam Research Corp. | 4415 | 1855625 |
|  Marriott International, Inc., Class A | 67504 | 10050671 |
|  Marvell Technology, Inc. | 520577 | 19282172 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup>  | 441616 | 53144069 |
|  Microsoft Corp. | 105358 | 25266956 |
|  NVIDIA Corp. | 54948 | 8030101 |
|  Phathom Pharmaceuticals, Inc.<sup>(a)</sup>  | 241963 | 2714825 |
|  Qualtrics International, Inc., Class A<sup>(a)</sup>  | 419829 | 4357825 |
|  S&P Global, Inc. | 255859 | 85697413 |
|  Splunk, Inc.<sup>(a)</sup>  | 81055 | 6978025 |
|  United Parcel Service, Inc., Class B | 231025 | 40161386 |
|  Visa, Inc., Class A | 171015 | 35530076 |
|  Walt Disney Co. (The)<sup>(a)</sup>  | 27847 | 2419347 |
|  |  | 870678962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $789,579,015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $789,579,015) | 1655093557 |
|  **Money Market Funds–0.81%** | **Money Market Funds–0.81%** | **Money Market Funds–0.81%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(c)(d)</sup>  | 4779374 | 4779375 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(c)(d)</sup>  | 3414547 | 3415571 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(c)(d)</sup>  | 5462142 | 5462142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $13,657,067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $13,657,067) | 13657088 |
|  TOTAL INVESTMENTS IN SECURITIES–99.40%<br>(Cost $803,236,082) | TOTAL INVESTMENTS IN SECURITIES–99.40%<br>(Cost $803,236,082) | 1668750645 |
|  OTHER ASSETS LESS LIABILITIES–0.60% | OTHER ASSETS LESS LIABILITIES–0.60% | 10073583 |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1678824228 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Fund**

------

Investment Abbreviations:

ADR – American Depositary Receipt

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, 2022 was $15,031,317, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $5237805 | $99110104 | $(99568534) | $- | $- | $4779375 | $65366 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 4386090 | 70792931 | (71764595) | 21 | 1124 | 3415571 | 66635 |
|  Invesco Treasury Portfolio, Institutional Class | 5986062 | 113268691 | (113792611) | - | - | 5462142 | 100030 |
|  Total | $15609957 | $283171726 | $(285125740) | $21 | $1124 | $13657088 | $232031 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $789,579,015) | $1655093557 |
|  Investments in affiliated money market funds, at value (Cost $13,657,067) | 13657088 |
|  Cash | 2001606 |
|  Foreign currencies, at value (Cost $150,212) | 150249 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6205285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 623754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3831501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 2205916 |
|  Investment for trustee deferred compensation and retirement plans | 151795 |
|  Other assets | 8352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1683929103 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 812765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 636728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 2583962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 886411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 28119 |
|  Trustee deferred compensation and retirement plans | 151795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5104875 |
|  Net assets applicable to shares outstanding | $1678824228 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $607246437 |
|  Distributable earnings | 1071577791 |
|  | $1678824228 |
|  **Net Assets:** |  |
|  Series I | $925742151 |
|  Series II | $753082077 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 29767460 |
|  Series II | 24851264 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $31.10 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $30.30 |

---

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $3480 |
|  Dividends (net of foreign withholding taxes of $1,784,805) | 17694603 |
|  Dividends from affiliated money market funds (includes net securities lending income of $7,104) | 239135 |
|  Foreign withholding tax claims | 2607305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 20544523 |
|  **Expenses:** |  |
|  Advisory fees | 12199580 |
|  Administrative services fees | 3185810 |
|  Custodian fees | 219869 |
|  Distribution fees - Series II | 2147221 |
|  Transfer agent fees | 96872 |
|  Trustees' and officers' fees and benefits | 33266 |
|  Professional services fees | 56980 |
|  Other | (4328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17935270 |
|  Less: Fees waived | (308398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17626872 |
|  Net investment income | 2917651 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $355,559) | 224027032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (251332) |
|  | 223776824 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $654,544) | (1065773689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (210981) |
|  | (1065984649) |
|  Net realized and unrealized gain (loss) | (842207825) |
|  Net increase (decrease) in net assets resulting from operations | $(839290174) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2917651 | $(9762975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 223776824 | 343349768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (1065984649) | 71077742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (839290174) | 404664535 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (184897409) | (74843220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (149173343) | (64990704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (334070752) | (139833924) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 89692207 | (91025858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 19843763 | (192722461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 109535970 | (283748319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (1063824956) | (18917708) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2742649184 | 2761566892 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1678824228 | $2742649184 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $57.22 | $0.11 | $(18.77) | $(18.66) | $– | $(7.46) | $(7.46) | $31.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.77)% | $925742 | 0.79% | 0.81% | 0.27% | 15% |
|  Year ended 12/31/21 | 52.12 | (0.13) | 8.23 | 8.10 |  | (3.00) | (3.00) | 57.22 | 15.49 | 1484706 | 0.77 | 0.78 | (0.23) | 7 |
|  Year ended 12/31/20 | 42.55 | (0.01) | 11.51 | 11.50 | (0.31) | (1.62) | (1.93) | 52.12 | 27.64 | 1438773 | 0.77 | 0.81 | (0.01) | 13 |
|  Year ended 12/31/19 | 38.00 | 0.29 | 11.03 | 11.32 | (0.40) | (6.37) | (6.77) | 42.55 | 31.79 | 1334573 | 0.77 | 0.80 | 0.70 | 23 |
|  Year ended 12/31/18 | 47.42 | 0.37 | (5.99) | (5.62) | (0.47) | (3.33) | (3.80) | 38.00 | (13.18) | 1160317 | 0.78 | 0.78 | 0.81 | 16 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 56.18 | 0.00 | (18.42) | (18.42) |  | (7.46) | (7.46) | 30.30 | (31.94) | 753082 | 1.04 | 1.06 | 0.02 | 15 |
|  Year ended 12/31/21 | 51.36 | (0.27) | 8.09 | 7.82 |  | (3.00) | (3.00) | 56.18 | 15.17 | 1257943 | 1.02 | 1.03 | (0.48) | 7 |
|  Year ended 12/31/20 | 41.95 | (0.11) | 11.34 | 11.23 | (0.20) | (1.62) | (1.82) | 51.36 | 27.34 | 1322794 | 1.02 | 1.06 | (0.26) | 13 |
|  Year ended 12/31/19 | 37.53 | 0.18 | 10.89 | 11.07 | (0.28) | (6.37) | (6.65) | 41.95 | 31.45 | 1187107 | 1.02 | 1.04 | 0.45 | 23 |
|  Year ended 12/31/18 | 46.88 | 0.26 | (5.92) | (5.66) | (0.36) | (3.33) | (3.69) | 37.53 | (13.39) | 911848 | 1.03 | 1.03 | 0.56 | 16 |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</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.

**Invesco V.I. Global Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment objective is to seek capital appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services - Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Global Fund**

------

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **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 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 *Tax reclaims* on the Statement of Assets and Liabilities.

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. These 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 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.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by
banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign
taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations
resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on
investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales
of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on
the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at
fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**K.** **Forward Foreign Currency Contracts** - The Fund may engage in foreign currency transactions either on a spot (i.e.
for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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).

**Invesco V.I. Global Fund**

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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.

**L.** **COVID-19 Risk** - The COVID-19 strain
of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Next $4.2 billion | 0.600% |
|  Over $5 billion | 0.580% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective May 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Series I shares to 2.25% and Series II shares to 2.50% of the Fund's average daily net asset (the "expense limits"). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.77% and Series II shares to 1.02% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the Adviser waived advisory fees of $308,398.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, Invesco was paid $278,850 for accounting and fund administrative services and was reimbursed $2,906,960 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, the Fund incurred $2,428 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**Invesco V.I. Global Fund**

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**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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Brazil | $3832206 | $– | $– | $3832206 |
|  Canada | 2505105 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 2505105 |
|  China | 79892523 | 25712121 | &nbsp;&nbsp;&nbsp;&nbsp;– | 105604644 |
|  Denmark |  | 66982762 | &nbsp;&nbsp;&nbsp;&nbsp;– | 66982762 |
|  France |  | 238620941 | &nbsp;&nbsp;&nbsp;&nbsp;– | 238620941 |
|  Germany |  | 34276773 | &nbsp;&nbsp;&nbsp;&nbsp;– | 34276773 |
|  India | 33677502 | 60096211 | &nbsp;&nbsp;&nbsp;&nbsp;– | 93773713 |
|  Israel | 3503706 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 3503706 |
|  Italy |  | 12356133 | &nbsp;&nbsp;&nbsp;&nbsp;– | 12356133 |
|  Japan |  | 107388548 | &nbsp;&nbsp;&nbsp;&nbsp;– | 107388548 |
|  Netherlands |  | 18944520 | &nbsp;&nbsp;&nbsp;&nbsp;– | 18944520 |
|  Spain |  | 12389394 | &nbsp;&nbsp;&nbsp;&nbsp;– | 12389394 |
|  Sweden |  | 70456646 | &nbsp;&nbsp;&nbsp;&nbsp;– | 70456646 |
|  Switzerland |  | 13779504 | &nbsp;&nbsp;&nbsp;&nbsp;– | 13779504 |
|  United States | 870678962 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 870678962 |
|  Money Market Funds | 13657088 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 13657088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1007747092 | $661003553 | $– | $1668750645 |

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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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $– | $664007 |
|  Long-term capital gain | 334070752 | 139169917 |
|  Total distributions | $334070752 | $139833924 |

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\* Includes short-term capital gain distributions, if any.

**Invesco V.I. Global Fund**

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**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $2318899 |
|  Undistributed long-term capital gain | 216255663 |
|  Net unrealized appreciation – investments | 853523919 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (371318) |
|  Temporary book/tax differences | (149372) |
|  Shares of beneficial interest | 607246437 |
|  Total net assets | $1678824228 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not have a capital loss carryforward as of December 31, 2022.

**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, 2022 was $302,315,282 and $530,695,498, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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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 | $929241881 |
|  Aggregate unrealized (depreciation) of investments | (75717962) |
|  Net unrealized appreciation of investments | $853523919 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $815,226,726.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions, foreign capital gains taxes and securities litigation, on December 31, 2022, undistributed net investment income was decreased by $546,203 and undistributed net realized gain was increased by $546,203. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 6643822 | $283740917 | 1087526 | $61384048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 4666750 | 195069460 | 786412 | 43542860 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 6327769 | 184897409 | 1297784 | 74843220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 5235990 | 149173343 | 1147232 | 64990704 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (9153426) | (378946119) | (4038886) | (227253126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (7441965) | (324399040) | (5300318) | (301256025) |
|  Net increase (decrease) in share activity | 6278940 | $109535970 | (5020250) | $(283748319) |

---

<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 29% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Global 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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Global Fund/VA (subsequently renamed Invesco V.I. Global Fund) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Global Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $999.80 | $4.03 | $1021.17 | $4.08 | 0.80% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;998.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;1019.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1.05 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Global 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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $334070752 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. Global Fund**

------

**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Global Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Global Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

**Invesco V.I. Global Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

---

**Invesco V.I. Global Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

---

**Invesco V.I. Global Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco V.I. Global Fund**

------

![LOGO](g465064dsp1.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Global Real Estate Fund** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIGRE-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Real Estate Fund (the Fund) outperformed the Custom Invesco Global Real Estate Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Real Estate Fund (the Fund) outperformed the Custom Invesco Global Real Estate Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -24.94 | % |
| &nbsp;&nbsp; Series II Shares | -25.14 |  |
| &nbsp;&nbsp; MSCI World Index<sup>q</sup> (Broad Market Index) | -18.14 |  |
| &nbsp;&nbsp; Custom Invesco Global Real Estate Index<sup>∎</sup> (Style-Specific Index) | -25.09 |  |
| &nbsp;&nbsp; Lipper VUF Real Estate Funds Classification Average<sup>◆</sup> (Peer Group) | -26.74 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>q</sup>RIMES Technologies Corp.; <sup>∎</sup> Invesco, RIMES Technologies Corp.; <sup>◆</sup>Lipper Inc. |  |  |

---

------

**Market conditions and your Fund** 

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply. Global listed real estate reported negative performance, in line with broader global equities. In general, listed real estate companies with less economic sensitivity or defensive characteristics outperformed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Global listed real estate was negative for the fiscal year on an absolute basis and underperformed broader equities. Global listed real estate experienced meaningful price declines and underperformed global equities in the quarter. Declines were led by the European REITs with either high leverage or low investment capitalization rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged. Global listed real estate reported positive absolute returns but underperformed broader global equities in the fourth quarter of 2022. Performance was led by regions (e.g. Europe) and sectors (e.g. retail) that had been battered in the first three quarters of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall, global listed real estate reported negative returns and underperformed broader global equity markets for the fiscal year. Global listed real estate investors digested the impact of rising risk-free rates and its impact on the cost of financing for real estate companies among other macro issues. It's believed this had a material negative effect on real estate asset valuations. In this environment, however, the Fund outperformed its benchmark driven by keen capital allocation and stock selection effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year the largest contributors to the Fund's relative performance from a country perspective came from stock selection in the US, underweight exposure to Sweden and Canada and overweight exposure to Hong Kong and Japan. The largest detractors from the Fund's relative performance were an overweight exposure to and stock selection in Belgium and the UK, stock selection in Singapore and underweight exposure to Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From a sector perspective, the largest contributors to the Fund's relative performance during the fiscal year were overweight exposure and security selection to specialty, with key contributions from gaming properties. Additional relative contributors included underweight exposure in self-storage and office. The Fund's cash exposure also contributed relatively as the index has no cash exposure. The largest detractors from the Fund's relative performance were stock selection in data centers and underweight exposure to retail, especially mall properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top individual contributors to the Fund's relative performance during the fiscal year included **VICI Properties** and **SBA Communications**. VICI Properties owns and develops gaming, hospitality and entertainment destinations throughout the US. The gaming REIT sector benefits from stable cash flows tied to long-term leases, an attractive dividend yield and external growth opportunities. The stock outperformed during the fiscal year given its stable rent collections amidst rising concerns over the macroeconomic environment, coupled with its attractive relative valuation. SBA Communications is an owner of cell

tower assets primarily across the US. Long-term secular tailwinds for the tower industry remain in place, driven by strong mobile data usage and consistent demand for hardware and equipment upgrades from carriers on tower assets, which investors have found attractive in the current environment. We exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top individual detractors from the Fund's relative performance during the fiscal year included **Simon Property Group** and **Host Hotels and Resorts**. Simon Property Group is the largest mall owner in the US and also owns outlet centers, lifestyle centers and international properties. Simon Property Group was a negative contributor to relative Fund performance due to zero exposure during a period of outperformance. Following the effective rollout of COVID-19 vaccines in the US, the mall sector outperformed given expectations for improving operating trends amidst an economic recovery. The Fund did not hold a position in the company as of the fiscal year end. An underweight position to Host Hotels and Resorts detracted from relative Fund performance. The company is the largest lodging REIT, owning and operating high-quality full-service hotels in markets across the US. While fundamentals in the lodging sector remained challenged due to the change in consumer behavior related to COVID-19, the company's minimal balance sheet leverage and attractive property portfolio contributed to its outperformance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund currently has an overweight position to the US and Asia along with underweight exposure to Europe. US positioning is focused on exposure to companies with more defensive growth characteristics, companies trading at attractive valuations and sectors with long-term structural growth characteristics. The Fund holds overweight positioning to the residential, cell tower and health care sectors. Underweight exposure is held in mall REITs, which face structural headwinds related to e-commerce and retail footprints that may need to be downsized and self-storage REITs, which are seeing slowing growth and trade at high relative valuations. In Europe and Switzerland, key active positioning reflects underweight exposure to Swiss and Nordic focused REITs. Positioning in the Asia region balances exposure to stocks with company specific catalysts and reopening of local economies, with an additional preference for defensive financial characteristics. Underweight exposure is notable within Australian retail and office landlords, while overweight exposure is notable in Hong Kong/China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is an overall desire to maintain a portfolio with a bias toward companies with more favorable long-term growth prospects, generally supported by higher-quality assets, attractive fundamental prospects, lower leveraged balance sheets and better environmental, social and governance characteristics. We remain vigilant for REITs that retain pricing

**Invesco V.I. Global Real Estate Fund**

------

power over tenants that are available at attractive valuations. In addition, relative valuation analysis will also introduce portfolio positions where a sharp decline in share prices offers asymmetric future upside opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco V.I. Global Real Estate Fund.

------

**Portfolio manager(s):** 

James Cowen

Grant Jackson

Chip McKinley

Darin Turner

Ping-Ying Wang

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Global Real Estate Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g465064dsp4.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

3 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee

future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (3/31/98) | 6.15 | % |
| &nbsp;&nbsp; 10 Years | 2.48 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.91 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -24.94 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (4/30/04) | 5.47 | % |
| &nbsp;&nbsp; 10 Years | 2.22 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.16 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -25.14 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Global Real Estate Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You** 

 **cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Global Real Estate Fund**

------

**Supplemental Information** 

**Invesco V.I. Global Real Estate Fund's investment objective is total return through growth of capital and current income.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI World Index<sup>SM</sup>** is an unmanaged index considered
representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The **Custom Invesco Global Real Estate Index** is composed of the FTSE EPRA/ Nareit Developed Index (gross) from fund
inception through Feb. 17, 2005; the FTSE EPRA/Nareit Developed Index (net) from Feb. 18, 2005, through June 30, 2014; the FTSE EPRA Nareit Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA Nareit Developed
Index (Net) from July 1, 2021 onward. The FTSE EPRA/Nareit Developed index is considered representative of global real estate companies and REITs. The FTSE EPRA/Nareit Global Index is designed to track the performance of listed real estate
companies and REITS in developed and emerging markets. The net version of indexes is computed using the net return, which withholds taxes for non-resident investors.

∎ The **Lipper VUF Real Estate Funds Classification Average** represents an average of all variable insurance underlying
funds in the Lipper Real Estate Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Global Real Estate Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By country** | **% of total net assets** |
|  United States | 62.55% |
|  Japan | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
|  Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;7.06 |
|  Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.32 |
|  Australia | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
|  United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.03 |
|  Germany | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
|  Countries, each less than 2% of portfolio | &nbsp;&nbsp;&nbsp;&nbsp;6.50 |
|  Money Market Funds Plus Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Prologis, Inc. | 7.15% |
| 2. | UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3.38 |
| 3. | Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| 4. | AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| 5. | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| 6. | Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| 7. | Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| 8. | Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.78 |
| 9. | Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| 10. | Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Global Real Estate Fund**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.88%** | **Common Stocks & Other Equity Interests–97.88%** | **Common Stocks & Other Equity Interests–97.88%** |
|  **Australia–3.13%** | **Australia–3.13%** | **Australia–3.13%** |
|  GPT Group (The) | 425338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214849 |
|  National Storage REIT | 419442 | 659618 |
|  NEXTDC Ltd.<sup>(a)</sup>  | 85517 | 528974 |
|  Region RE Ltd. | 64537 | 118970 |
|  Stockland | 322902 | 797319 |
|  |  | 3319730 |
|  **Belgium–1.26%** |  |  |
|  Aedifica S.A. | 7161 | 582809 |
|  Cofinimmo S.A. | 5036 | 452462 |
|  VGP N.V. | 3630 | 303524 |
|  |  | 1338795 |
|  **Canada–1.02%** |  |  |
|  Chartwell Retirement Residences | 174041 | 1084864 |
|  **France–0.69%** |  |  |
|  Klepierre S.A. | 31414 | 726620 |
|  **Germany–2.45%** |  |  |
|  Aroundtown S.A. | 141821 | 331076 |
|  Instone Real Estate Group SE<sup>(b)</sup>  | 27376 | 236417 |
|  Sirius Real Estate Ltd. | 516938 | 460613 |
|  Vonovia SE | 66492 | 1567041 |
|  |  | 2595147 |
|  **Hong Kong–7.06%** |  |  |
|  CK Asset Holdings Ltd. | 70500 | 434055 |
|  Hang Lung Properties Ltd. | 359000 | 697026 |
|  Hongkong Land Holdings Ltd. | 210900 | 967213 |
|  Hysan Development Co. Ltd. | 116000 | 374212 |
|  Kerry Properties Ltd. | 165000 | 359413 |
|  Link REIT | 280900 | 2062514 |
|  Sun Hung Kai Properties Ltd. | 138500 | 1895320 |
|  Swire Properties Ltd. | 201800 | 510519 |
|  Wharf Real Estate Investment Co. Ltd. | 30000 | 174904 |
|  |  | 7475176 |
|  **Israel–0.42%** |  |  |
|  Azrieli Group Ltd. | 6782 | 450590 |
|  **Italy–0.49%** |  |  |
|  Infrastrutture Wireless Italiane S.p.A.<sup>(b)</sup>  | 51417 | 519386 |
|  **Japan–9.84%** |  |  |
|  Advance Residence Investment Corp. | 239 | 617267 |
|  Daiwa House REIT Investment Corp.<sup>(a)</sup>  | 108 | 241049 |
|  GLP J-Reit<sup>(a)</sup>  | 680 | 782345 |
|  Japan Hotel REIT Investment Corp. | 1553 | 913579 |
|  Japan Metropolitan Fund Investment Corp. | 1046 | 831329 |
|  Japan Prime Realty Investment Corp. | 156 | 438698 |
|  Japan Real Estate Investment Corp. | 64 | 280303 |
|  Kenedix Office Investment Corp. | 168 | 408363 |
|  Mitsubishi Estate Logistics REIT Investment Corp.<sup>(a)</sup>  | 118 | 378147 |
|  Mitsui Fudosan Co. Ltd. | 60958 | 1113638 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  Mitsui Fudosan Logistics Park, Inc.<sup>(a)</sup>  | 154 | $564357 |
|  Nippon Accommodations Fund, Inc. | 106 | 486976 |
|  Nomura Real Estate Holdings, Inc. | 32000 | 684118 |
|  Nomura Real Estate Master Fund, Inc.<sup>(a)</sup>  | 659 | 818400 |
|  Tokyo Tatemono Co. Ltd. | 32900 | 398269 |
|  Tokyu Fudosan Holdings Corp. | 170300 | 808306 |
|  United Urban Investment Corp. | 571 | 653086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10418230 |
|  **Macau–0.37%** |  |  |
|  Galaxy Entertainment Group Ltd. | 60000 | 397290 |
|  **Singapore–3.32%** |  |  |
|  CapitaLand Ascendas REIT | 268700 | 550133 |
|  CapitaLand Integrated Commercial Trust | 274100 | 417942 |
|  CapitaLand Investment Ltd. | 511000 | 1413163 |
|  Digital Core REIT Management Pte Ltd. | 935700 | 511396 |
|  Keppel REIT | 916300 | 622985 |
|  |  | 3515619 |
|  **Spain–1.31%** |  |  |
|  Cellnex Telecom S.A.<sup>(b)</sup>  | 15272 | 507880 |
|  Merlin Properties SOCIMI S.A. | 92934 | 875739 |
|  |  | 1383619 |
|  **Sweden–0.94%** |  |  |
|  Castellum AB<sup>(c)</sup>  | 63029 | 760500 |
|  Neobo Fastigheter AB<sup>(a)(d)</sup>  | 7417 | 13896 |
|  Samhallsbyggnadsbolaget i Norden AB, Class B<sup>(c)</sup>  | 74173 | 124494 |
|  Wihlborgs Fastigheter AB | 12831 | 97034 |
|  |  | 995924 |
|  **United Kingdom–3.03%** |  |  |
|  Capital & Counties Properties PLC | 183747 | 236664 |
|  Derwent London PLC | 33221 | 951788 |
|  LondonMetric Property PLC | 322147 | 670532 |
|  Segro PLC | 85507 | 790471 |
|  UNITE Group PLC (The) | 50552 | 556626 |
|  |  | 3206081 |
|  **United States–62.55%** |  |  |
|  Agree Realty Corp. | 10252 | 727174 |
|  Alexandria Real Estate Equities, Inc. | 17576 | 2560296 |
|  American Tower Corp. | 7349 | 1556959 |
|  AvalonBay Communities, Inc. | 21397 | 3456043 |
|  Brixmor Property Group, Inc. | 71866 | 1629202 |
|  CubeSmart | 41062 | 1652746 |
|  Digital Realty Trust, Inc. | 30468 | 3055026 |
|  Equinix, Inc. | 4502 | 2948945 |
|  Equity LifeStyle Properties, Inc. | 33516 | 2165134 |
|  Essential Properties Realty Trust, Inc. | 39308 | 922559 |
|  Federal Realty Investment Trust | 9639 | 973925 |
|  Gaming and Leisure Properties, Inc. | 24499 | 1276153 |
|  Healthcare Realty Trust, Inc. | 92119 | 1775133 |
|  Healthpeak Properties, Inc. | 103915 | 2605149 |
|  Host Hotels & Resorts, Inc. | 90020 | 1444821 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Real Estate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
|  **United States–(continued)** |  |  |  |
|  Invitation Homes, Inc. | 97093 | $| 2877837 |
|  Kilroy Realty Corp. | 39266 |  | 1518416 |
|  Kimco Realty Corp. | 122549 |  | 2595588 |
|  Lamar Advertising Co., Class A | 4030 |  | 380432 |
|  Life Storage, Inc. | 19583 |  | 1928926 |
|  Prologis, Inc. | 67167 |  | 7571736 |
|  Realty Income Corp. | 45055 |  | 2857839 |
|  Rexford Industrial Realty, Inc. | 54408 |  | 2972853 |
|  Ryman Hospitality Properties, Inc. | 1385 |  | 113265 |
|  Sun Communities, Inc. | 24905 |  | 3561415 |
|  Terreno Realty Corp. | 17958 |  | 1021271 |
|  UDR, Inc. | 92427 |  | 3579698 |
|  Ventas, Inc. | 42607 |  | 1919445 |
|  VICI Properties, Inc. | 105404 |  | 3415090 |
|  Welltower, Inc. | 18148 |  | 1189601 |
|  |  |  | 66252677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $111,282,188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $111,282,188) |  | 103679748 |
|  **Money Market Funds–1.69%** | **Money Market Funds–1.69%** | **Money Market Funds–1.69%** | **Money Market Funds–1.69%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(e)(f)</sup>  | 615324 |  | 615324 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–(continued)** |  |  |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(e)(f)</sup>  | 467149 | $467289 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(e)(f)</sup>  | 703227 | 703227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,785,789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,785,789) | 1785840 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.57%<br>(Cost $113,067,977) | TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.57%<br>(Cost $113,067,977) | 105465588 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.73%** | **Money Market Funds–0.73%** |  |
|  Invesco Private Government Fund, 4.28%<sup>(e)(f)(g)</sup>  | 217153 | 217153 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(e)(f)(g)</sup>  | 558227 | 558395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $775,532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $775,532) | 775548 |
|  TOTAL INVESTMENTS IN SECURITIES–100.30%<br>(Cost $113,843,509) | TOTAL INVESTMENTS IN SECURITIES–100.30%<br>(Cost $113,843,509) | 106241136 |
|  OTHER ASSETS LESS LIABILITIES–(0.30)% | OTHER ASSETS LESS LIABILITIES–(0.30)% | (316213) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $105924923 |

---

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, 2022 was $1,263,683, which represented 1.19% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2022.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $414569 | $12825214 | $(12624459) | $- | $- | $615324 | $5619 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 431297 | 9160867 | (9125006) | 51 | 80 | 467289 | 5998 |
|  Invesco Treasury Portfolio, Institutional Class | 473793 | 14657387 | (14427953) | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 703227 | 8243 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 1268589 | (1051436) | - | - | 217153 | 529\* |
|  Invesco Private Prime Fund | - | 3259263 | (2701109) | 16 | 225 | 558395 | 1,418\* |
|  Total | $1319659 | $41171320 | $(39929963) | $67 | $305 | $2561388 | $21807 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Real Estate Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $111,282,188)\* | $103679748 |
|  Investments in affiliated money market funds, at value (Cost $2,561,321) | 2561388 |
|  Cash | 601 |
|  Foreign currencies, at value (Cost $133,527) | 133358 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 589548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 19848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 511061 |
|  Investment for trustee deferred compensation and retirement plans | 42165 |
|  Other assets | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 107538815 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 664319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 25665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 775532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 51386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 45332 |
|  Trustee deferred compensation and retirement plans | 48756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1613892 |
|  Net assets applicable to shares outstanding | $105924923 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $119530148 |
|  Distributable earnings (loss) | (13605225) |
|  | $105924923 |
|  **Net Assets:** |  |
|  Series I | $83608103 |
|  Series II | $22316820 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 6410046 |
|  Series II | 1753824 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $13.04 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $12.72 |

---

\* At December 31, 2022, securities with an aggregate value of $727,601 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $550 |
|  Dividends (net of foreign withholding taxes of $132,459) | 3106488 |
|  Dividends from affiliated money market funds (includes net securities lending income of $4,115) | 23975 |
|  Foreign withholding tax claims | 117933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3248946 |
|  **Expenses:** |  |
|  Advisory fees | 911879 |
|  Administrative services fees | 199696 |
|  Custodian fees | 64561 |
|  Distribution fees - Series II | 70073 |
|  Transfer agent fees | 6139 |
|  Trustees' and officers' fees and benefits | 18188 |
|  Reports to shareholders | 3284 |
|  Professional services fees | 39238 |
|  Other | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1313919 |
|  Less: Fees waived | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1312626 |
|  Net investment income | 1936320 |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 360543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (38750) |
|  | 322098 |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (39572815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 853 |
|  | (39571895) |
|  Net realized and unrealized gain (loss) | (39249797) |
|  Net increase (decrease) in net assets resulting from operations | $(37313477) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Real Estate Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1936320 | $2301455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 322098 | 16039158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (39571895) | 18597477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (37313477) | 36938090 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (2710055) | (3061258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (651159) | (1034025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (3361214) | (4095283) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (2794358) | (27200184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (10264747) | (208852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (13059105) | (27409036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (53733796) | 5433771 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 159658719 | 154224948 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $105924923 | $159658719 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Real Estate Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $17.99 | $0.25 | $(4.76) | $(4.51) | $(0.44) | $– | $(0.44) | $13.04 | (24.94)% | $83608 | 1.02% | 1.02% | 1.65% | 82% |
|  Year ended 12/31/21 | 14.69 | 0.25 | 3.51 | 3.76 | (0.46) |  | (0.46) | 17.99 | 25.71 | 116762 | 0.97 | 0.97 | 1.51 | 95 |
|  Year ended 12/31/20 | 18.22 | 0.28 | (2.61) | (2.33) | (0.77) | (0.43) | (1.20) | 14.69 | (12.32) | 119114 | 1.04 | 1.04 | 1.86 | 154 |
|  Year ended 12/31/19 | 15.52 | 0.39 | 3.15 | 3.54 | (0.82) | (0.02) | (0.84) | 18.22 | 23.00 | 150255 | 1.04 | 1.04 | 2.22 | 61 |
|  Year ended 12/31/18 | 17.38 | 0.40 | (1.41) | (1.01) | (0.65) | (0.20) | (0.85) | 15.52 | (6.10) | 124816 | 1.01 | 1.01 | 2.38 | 57 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 17.53 | 0.21 | (4.64) | (4.43) | (0.38) |  | (0.38) | 12.72 | (25.14) | 22317 | 1.27 | 1.27 | 1.40 | 82 |
|  Year ended 12/31/21 | 14.33 | 0.20 | 3.43 | 3.63 | (0.43) |  | (0.43) | 17.53 | 25.44 | 42896 | 1.22 | 1.22 | 1.26 | 95 |
|  Year ended 12/31/20 | 17.78 | 0.24 | (2.55) | (2.31) | (0.71) | (0.43) | (1.14) | 14.33 | (12.56) | 35111 | 1.29 | 1.29 | 1.61 | 154 |
|  Year ended 12/31/19 | 15.03 | 0.34 | 3.04 | 3.38 | (0.61) | (0.02) | (0.63) | 17.78 | 22.65 | 45233 | 1.29 | 1.29 | 1.97 | 61 |
|  Year ended 12/31/18 | 16.86 | 0.34 | (1.35) | (1.01) | (0.62) | (0.20) | (0.82) | 15.03 | (6.33) | 26799 | 1.26 | 1.26 | 2.13 | 57 |

---

<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.

**Invesco V.I. Global Real Estate Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Global Real Estate Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is total return through growth of capital and current income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Global Real Estate Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **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 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 *Tax reclaims* on the Statement of Assets and Liabilities.

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. These 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 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.** **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

**Invesco V.I. Global Real Estate Fund**

------

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 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, 2022, fees paid to the Adviser 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.

**K.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**L.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.
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.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**N.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $250 million | 0.740% |
|  Next $500 million | 0.730% |
|  Next $1.5 billion | 0.720% |
|  Next $2.5 billion | 0.710% |
|  Next $2.5 billion | 0.700% |
|  Next $2.5 billion | 0.690% |
|  Over $10 billion | 0.680% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and

**Invesco V.I. Global Real Estate Fund**

------

Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $1,293.

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, 2022, Invesco was paid $18,046 for accounting and fund administrative services and was reimbursed $181,650 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, 2022, 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, 2022, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Australia | $– | $3319730 | $– | $3319730 |
|  Belgium | – | 1338795 | – | 1338795 |
|  Canada | 1084864 | – | – | 1084864 |
|  France | – | 726620 | – | 726620 |
|  Germany | – | 2595147 | – | 2595147 |
|  Hong Kong | – | 7475176 | – | 7475176 |
|  Israel | – | 450590 | – | 450590 |
|  Italy | – | 519386 | – | 519386 |
|  Japan | – | 10418230 | – | 10418230 |
|  Macau | – | 397290 | – | 397290 |
|  Singapore | – | 3515619 | – | 3515619 |
|  Spain | – | 1383619 | – | 1383619 |
|  Sweden | – | 982028 | 13896 | 995924 |
|  United Kingdom | – | 3206081 | – | 3206081 |
|  United States | 66252677 | – | – | 66252677 |
|  Money Market Funds | 1785840 | 775548 | – | 2561388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $69123381 | $37103859 | $13896 | $106241136 |

---

**Invesco V.I. Global Real Estate Fund**

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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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $3361214 | $4095283 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $1203982 |
|  Net unrealized appreciation (depreciation) – investments | (9293242) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (464) |
|  Temporary book/tax differences | (38656) |
|  Capital loss carryforward | (5476845) |
|  Shares of beneficial interest | 119530148 |
|  Total net assets | $105924923 |

---

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 has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $5476845 | $– | $5476845 |

---

\* 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, 2022 was $99,705,440 and $114,023,714, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $4597662 |
|  Aggregate unrealized (depreciation) of investments | (13890904) |
|  Net unrealized appreciation (depreciation) of investments | $(9293242) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $115,534,378.

**Invesco V.I. Global Real Estate Fund**

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**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of REITs and passive foreign investment companies, on December 31, 2022, undistributed net investment income was increased by $597,882, undistributed net realized gain (loss) was decreased by $597,879 and shares of beneficial interest was decreased by $3. This reclassification had no effect on the net assets 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1275223 | $19068846 | 1324364 | $21722305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 962265 | 15158488 | 351404 | 5523380 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 218906 | 2710055 | 175732 | 3061258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 53904 | 651159 | 60897 | 1034025 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1573116) | (24573259) | (3121988) | (51983747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (1709155) | (26074394) | (415673) | (6766257) |
|  Net increase (decrease) in share activity | (771973) | $(13059105) | (1625264) | $(27409036) |

---

<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 59% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Global Real Estate 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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Global Real Estate Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I  | $1000.00 | $933.90 | $4.92 | $1020.11 | $5.14 | 1.01% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;932.70 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;1018.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | 1.26 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Global Real Estate Fund**

------

**Tax Information** 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax 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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 26.14% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. Global Real Estate Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Global Real Estate Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School – Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Global Real Estate Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel - 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Global Real Estate Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Global Real Estate Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

---

**Invesco V.I. Global Real Estate Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E.<br> Atlanta, GA 30309 | 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | 1000 Louisiana Street, Suite 5800<br> Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco V.I. Global Real Estate Fund**

------

![LOGO](g453274dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Global Strategic Income Fund** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE <br> Invesco Distributors, Inc. O-VIGLSI-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Strategic Income Fund (the Fund) outperformed the Bloomberg Global Aggregate Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Global Strategic Income Fund (the Fund) outperformed the Bloomberg Global Aggregate Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report.<br>|  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -11.46 | % |
| &nbsp;&nbsp; Series II Shares | -11.71 |  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>▼</sup>\* | -13.01 |  |
| &nbsp;&nbsp; Bloomberg Global Aggregate Index<sup>▼</sup>\* | -16.25 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |
| &nbsp;&nbsp; \* Effective April 29, 2022, the Fund changed its benchmark index from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund's investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund's performance. | &nbsp;&nbsp; \* Effective April 29, 2022, the Fund changed its benchmark index from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund's investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund's performance. |  |

---

------

**Market conditions and your Fund** 

During the fiscal year ended December 31, 2022, global fixed-income markets remained volatile due to a series of shocks to financial markets from the Russia-Ukraine war, high commodity prices, high inflation, rapid monetary policy tightening, recession fears and slowing growth in China. Throughout the fiscal year, inflation data continued to surprise on the upside, leading both developed market (DM) and emerging market (EM) central banks to hike interest rates aggressively, prompting negative returns across fixed-income markets. In particular, the US Federal Reserve (the Fed) raised policy rates (which have a global impact) during the fiscal year at a pace and scale not seen in the past two decades. This prompted the US dollar to rise over the fiscal year and generated uncertainty to the degree to which EM central banks would need to continue hiking despite getting an earlier start last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towards the end of 2021, concerns about inflation were already heightened, although the Fed left policy rates unchanged in the fourth quarter. They indicated accommodative policies were coming to an end and announced the reduction of their monthly bond purchase program. In the first quarter of 2022, conflict and uncertainty drove sharp moves across risk assets following Russia's invasion of Ukraine. As commodity prices spiked, this exacerbated existing inflationary pressures and forced several central banks to adopt a more hawkish stance. Global monetary policy divergence persisted, as most emerging markets (aside from China) seemed close to the end of their interest rate hiking cycles, while various developed markets are in different stages. Elevated inflation and a tight labor market led the Fed to officially commence its rate hiking cycle and the Bank of England raised rates twice after their initial increase in December, while China signaled a potential increase in its monetary policy

accommodation. The US dollar ended the first quarter of 2022 2.3% higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2022, capital markets were preoccupied with surging inflation that prompted the Fed and subsequently the European Central Bank and Reserve Bank of Australia, to shift toward tighter monetary policy. EM central banks across Latin America and Central Europe followed suit, alongside elevated food and energy prices. Toward the end of June, market focus shifted from inflation fears and the prospect of increasingly aggressive interest rate hikes to recession fears and the anticipation of lower rates. Though US and European economies were already decelerating, growth in Asia remained relatively resilient, supported by post-COVID-19 reopenings, despite some drag from lingering lockdowns in China, which is typically the region's main driver. The US dollar rose considerably in April, fell slightly in May and then rose again in June, ending the second quarter of 2022 almost 6.5%<sup>1</sup> higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The third quarter of 2022 began with a relief rally in July as markets anticipated slowing inflation and possible rate cuts by the Fed in 2023. This narrative quickly reversed course in August and September of 2022 on the back of continued geopolitical uncertainty, rising concerns of a global economic slowdown and persistent elevated inflation. As a result, central banks continued their aggressive rate hiking cycles, with the the Fed hiking 1.5%, the European Central Bank hiking 1.25% and the Bank of England hiking 1%.<sup>1</sup> In emerging markets, central banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China's lackluster reopening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed

to the US dollar's rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the third quarter of 2022 almost 7.1%<sup>1</sup> higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the fourth quarter of 2022, markets finished a volatile fiscal year with gains on the back of US inflation slowing, along with the Fed hinting that future rate hikes would be scaled back and China's relaxation of its stringent zero-COVID-19 policy. Central banks continued to hike rates in the past quarter in an effort to combat persistent inflation, with the the Fed, European Central Bank and Bank of England all hiking their benchmark rates 1.25%<sup>1</sup> over the course of the quarter. Within emerging markets, central banks have begun to slow their hiking cycle, with Brazil and Chile pausing rate hikes in Latin America, India and Indonesia slowing in Asia and all central banks pausing rate hikes except for Egypt in Central and Eastern Europe, Middle East and Africa. Indications of cooling inflation and expectations for a reduced pace of hiking from the Fed contributed to a decline in the US dollar, which ended the quarter almost 7.7%<sup>1</sup> lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To better reflect its global approach to sourcing income, the Fund's benchmark changed to the Bloomberg Global Aggregate Index (previously the Bloomberg U.S. Aggregate Bond Index), effective April 29, 2022. The investment team's philosophy and process remain unchanged and the Fund continues to offer investors a one-stop income solution with global diversification – including meaningful allocations to non-US developed and EM bonds and currencies. The Bloomberg Global Aggregate Index is a multi-currency measure of global investment-grade debt including Treasury, government-related, corporate and securitized fixed-rate bonds from both developed and EM issuers, so this change simply aligns investor expectations of the Fund with the most appropriate benchmark for performance comparison, given the team's approach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compared to the Bloomberg Global Aggregate Bond Index, the Fund's foreign currency positioning and interest rate exposure contributed to relative return, while credit exposure detracted. The top contributors to relative return were interest rate positioning in Germany, positioning in the Euro and positioning in the Japanese Yen, while the top detractors were interest rate positioning in the European Union, positioning in the Argentinian Peso and interest rate positioning in Russia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entering 2022, portfolio positioning favored EM rates and foreign currency exposure given high emerging markets nominal interest rates, with an expectation of inflation being less persistent. As global inflation was exacerbated by the Russia-Ukraine conflict and a delayed reopening in China, DM central banks were forced to raise rates aggressively, which in turn impacted central bank expectations in emerging markets. While we have seen considerable market volatility this fiscal

**Invesco V.I. Global Strategic Income Fund**

------

year from the rapid repricing of inflation expectations and the path of US interest rates, we anticipate the value created from an income and total return perspective is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today the average policy rate is over 6.75%,<sup>1</sup> though there is divergence across regions. While conditions in the US will continue to have an outsized effect on the rest of the world, we continue to find attractive yields abroad, particularly in EMs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After hiking considerably in 2021, EM central banks may be approaching their interest rate peaks (having started their hiking cycles ahead of DM) and we expect the growth picture for EM to remain stronger than that of the US and Europe, where a growth revival could take some time. While uncertainty on the path of US interest rates has prevented markets from unlocking the value we see in EM so far, we believe the path of US interest rates should soon become clearer and inflation expectations in EM should become more anchored. With average EM inflation already lower than US inflation, this makes the realrate differential compelling. Additionally, with the US dollar recently reaching 40-year highs and the Fed getting closer to the end of its hiking cycle, we may be seeing signs of stability and reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall, we believe individual country dynamics will drive performance going forward and we expect the dispersion in returns between countries will be larger than in the past, which argues for an actively managed approach such as ours. We believe the environment remains favorable for global assets, particularly as the Fed's monetary policy trajectory becomes more visible and we remain focused on capitalizing on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the strategy's performance, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part of the Fund's strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment. The degree to which the value of fixed-income securities may decline due to rising interest

rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for investing in Invesco V.I. Global Strategic Income Fund.

1 Source: Bloomberg LP

------

**Portfolio manager(s):** 

Hemant Baijal - Lead

Christopher Kelly

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Global Strategic Income Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g453274dsp4_453274.jpg)

1 Source: RIMES Technologies Corp.

\* Effective April 29, 2022, the Fund changed its benchmark index from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund's investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund's performance. 

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (5/3/93) | 4.63% |
| &nbsp;&nbsp; 10 Years | 0.63 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.30 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -11.46 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (3/19/01) | 3.88% |
| &nbsp;&nbsp; 10 Years | 0.38 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.53 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -11.71 |

---

**Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Global Strategic Income Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Global Strategic Income Fund (renamed Invesco V.I. Global Strategic Income Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures** 

 **reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Global Strategic Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in** 

**the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Global Strategic Income Fund**

------

**Supplemental Information** 

**Invesco V.I. Global Strategic Income Fund's investment objective is to seek total return.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index considered representative of the US investment-grade,
fixed-rate bond market.

∎ The **Bloomberg Global Aggregate Index** is an unmanaged index considered representative of global investment-grade,
fixed-income markets.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Global Strategic Income Fund**

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**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total net assets** |
|  U.S. Dollar Denominated Bonds & Notes | 39.66% |
|  Non-U.S. Dollar Denominated Bonds & Notes | 27.15 |
|  Asset-Backed Securities | 7.62 |
|  U.S. Treasury Securities | 4.99 |
|  Agency Credit Risk Transfer Notes | 2.30 |
|  Options Purchased | 2.08 |
|  Common Stocks & Other Equity Interests | 1.19 |
|  Security Types Each Less Than 1% of Portfolio | 1.01 |
|  Money Market Funds Plus Other Assets Less Liabilities | 14.00 |

---

**Top Five Debt Issuers\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Brazil Notas do Tesouro Nacional | 8.60% |
| 2. | U.S. Treasury | 4.99 |
| 3. | Republic of South Africa Government Bond | 3.47 |
| 4. | Colombian TES | 2.16 |
| 5. | Mexican Bonos | 1.75 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes–39.66%** | **U.S. Dollar Denominated Bonds & Notes–39.66%** | **U.S. Dollar Denominated Bonds & Notes–39.66%** |
|  **Bahamas–0.09%** |  |  |
|  Bahamas Government International Bond, 9.00%, 06/16/2029<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644877 |
|  **Belgium–0.18%** |  |  |
|  Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028<sup>(a)</sup> | 1605000 | 1351032 |
|  **Bermuda–0.04%** |  |  |
|  Bacardi Ltd., 2.75%, 07/15/2026<sup>(a)</sup> | 329000 | 297724 |
|  **Brazil–0.40%** |  |  |
|  CSN Inova Ventures, 6.75%, 01/28/2028<sup>(a)</sup> | 725000 | 693406 |
|  Klabin Austria GmbH, 5.75%, 04/03/2029<sup>(a)</sup> | 290000 | 286186 |
|  Suzano Austria GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2028 | 701000 | 590810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2031 | 750000 | 630886 |
|  Vale Overseas Ltd., 6.88%, 11/10/2039 | 750000 | 792055 |
|  |  | 2993343 |
|  **Canada–1.05%** |  |  |
|  1011778 BC ULC/New Red Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028<sup>(a)</sup> | 97000 | 86985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> | 527000 | 427869 |
|  1375209 BC Ltd., 9.00%, 01/30/2028<sup>(a)</sup> | 316000 | 309285 |
|  Enbridge, Inc., 7.38%, 01/15/2083<sup>(b)</sup> | 2989000 | 2912639 |
|  Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 766000 | 764905 |
|  Hudbay Minerals, Inc., 6.13%, 04/01/2029<sup>(a)</sup> | 468000 | 424563 |
|  Precision Drilling Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/15/2026<sup>(a)</sup> | 86000 | 83341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029<sup>(a)</sup> | 385000 | 358938 |
|  Ritchie Bros. Auctioneers, Inc., 5.38%, 01/15/2025<sup>(a)</sup> | 579000 | 569863 |
|  TransAlta Corp., 7.75%, 11/15/2029 | 465000 | 475521 |
|  Transcanada Trust, Series 16-A, 5.88%, 08/15/2076<sup>(b)</sup> | 1455000 | 1386743 |
|  |  | 7800652 |
|  **Chile–0.55%** |  |  |
|  AES Andes S.A., 6.35%, 10/07/2079<sup>(a)(b)</sup> | 750000 | 692560 |
|  Kenbourne Invest S.A., 4.70%, 01/22/2028<sup>(a)</sup> | 771000 | 602344 |
|  Mercury Chile Holdco LLC, 6.50%, 01/24/2027<sup>(a)</sup> | 2900000 | 2784000 |
|  |  | 4078904 |

---

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Colombia–0.44%** |  |  |
|  Bancolombia S.A., 7.14%, 10/18/2027<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317068 |
|  Colombia Government International Bond, 4.13%, 02/22/2042 | 1475000 | 927516 |
|  |  | 3244584 |
|  **Denmark–0.17%** |  |  |
|  Danske Bank A/S,<br>7.00%<sup>(a)(b)(c)</sup> | 1300000 | 1238250 |
|  **Dominican Republic–0.15%** |  |  |
|  Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/2030<sup>(a)</sup> | 305000 | 260796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/2032<sup>(a)</sup> | 500000 | 416906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/21/2041<sup>(a)</sup> | 550000 | 426455 |
|  |  | 1104157 |
|  **Ecuador–0.06%** |  |  |
|  Ecuador Government International Bond, 5.50%, 07/31/2030<sup>(a)(d)</sup> | 700000 | 453298 |
|  **Egypt–0.14%** |  |  |
|  Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/29/2032<sup>(a)</sup> | 500000 | 371737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/2047<sup>(a)</sup> | 1050000 | 703128 |
|  |  | 1074865 |
|  **Finland–0.22%** |  |  |
|  Nordea Bank Abp, 5.38%, 09/22/2027<sup>(a)</sup> | 1636000 | 1646380 |
|  **France–1.68%** |  |  |
|  Altice France S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/2027<sup>(a)</sup> | 463000 | 422691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029<sup>(a)</sup> | 448000 | 336685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(a)</sup> | 315000 | 240759 |
|  BNP Paribas S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>(a)(b)(c)</sup> | 600000 | 581841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%<sup>(a)(b)(c)</sup> | 1500000 | 1485000 |
|  BPCE S.A., 5.15%, 07/21/2024<sup>(a)</sup> | 1500000 | 1469262 |
|  Credit Agricole S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%<sup>(a)(b)(c)</sup> | 2800000 | 2845360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%<sup>(a)(b)(c)</sup> | 750000 | 719662 |
|  Electricite de France S.A., 5.25%<sup>(a)(b)(c)</sup> | 800000 | 798258 |
|  Iliad Holding S.A.S.U., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2026<sup>(a)</sup> | 200000 | 185837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(a)</sup> | 764000 | 691512 |
|  Societe Generale S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(a)(b)(c)</sup> | 750000 | 719495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<sup>(a)(b)(c)</sup> | 1500000 | 1277021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%<sup>(a)(b)(c)</sup> | 671000 | 690267 |
|  |  | 12463650 |
|  **Guatemala–0.14%** |  |  |
|  CT Trust, 5.13%, 02/03/2032<sup>(a)</sup> | 817000 | 718582 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Guatemala–(continued)** |  |  |
|  Guatemala Government Bond, 3.70%, 10/07/2033<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331282 |
|  |  | 1049864 |
|  **Hong Kong–0.71%** |  |  |
|  Melco Resorts Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/2025<sup>(a)</sup> | 3750000 | 3450216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028<sup>(a)</sup> | 725000 | 607346 |
|  Prudential PLC, 4.88%<sup>(a)(c)</sup> | 1450000 | 1208212 |
|  |  | 5265774 |
|  **India–1.08%** |  |  |
|  Adani Electricity Mumbai Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/12/2030<sup>(a)</sup> | 1500000 | 1149191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/22/2031<sup>(a)</sup> | 750000 | 544683 |
|  JSW Steel Ltd., 3.95%, 04/05/2027<sup>(a)</sup> | 1740000 | 1487740 |
|  Muthoot Finance Ltd., 4.40%, 09/02/2023<sup>(a)</sup> | 1500000 | 1477744 |
|  Network i2i Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%<sup>(a)(b)(c)</sup> | 450000 | 431438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%<sup>(a)(b)(c)</sup> | 450000 | 393750 |
|  Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029<sup>(a)</sup> | 1500000 | 1303695 |
|  Reliance Industries Ltd., 4.88%, 02/10/2045<sup>(a)</sup> | 1400000 | 1200476 |
|  |  | 7988717 |
|  **Indonesia–1.60%** |  |  |
|  Indonesia Government International Bond, 5.45%, 09/20/2052 | 450000 | 443925 |
|  PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025<sup>(a)</sup> | 2610000 | 2440350 |
|  PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026<sup>(a)</sup> | 2025000 | 1894536 |
|  PT Freeport Indonesia, 6.20%, 04/14/2052<sup>(a)</sup> | 1300000 | 1138166 |
|  PT Indonesia Asahan Aluminium (Persero), 4.75%, 05/15/2025<sup>(a)(e)</sup> | 2950000 | 2906527 |
|  PT Pertamina (Persero), 4.18%, 01/21/2050<sup>(a)</sup> | 725000 | 558312 |
|  PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2027<sup>(a)</sup> | 1500000 | 1443443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/05/2050<sup>(a)</sup> | 1400000 | 1051581 |
|  |  | 11876840 |
|  **Iraq–0.06%** |  |  |
|  Iraq International Bond, 5.80%, 01/15/2028<sup>(a)</sup> | 481250 | 444821 |
|  **Ireland–0.50%** |  |  |
|  BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037 | 750000 | 746100 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Ireland–(continued)** |  |  |
|  Coriolanus DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 116, 0.00%, 04/30/2025<sup>(a)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 119, 0.00%, 04/30/2025<sup>(a)(f)</sup> | 378574 | 356562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 120, 0.00%, 04/30/2025<sup>(a)(f)</sup> | 473880 | 446326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122, 0.00%, 04/30/2025<sup>(a)(f)</sup> | 415193 | 391051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 124, 0.00%, 04/30/2025<sup>(a)(f)</sup> | 333470 | 314080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 126, 0.00%, 04/30/2025<sup>(a)(f)</sup> | 373058 | 351366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 127, 0.00%, 04/30/2025<sup>(a)(f)</sup> | 432110 | 406985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/30/2025<sup>(a)(f)</sup> | 339138 | 319418 |
|  |  | 3667041 |
|  **Italy–0.09%** |  |  |
|  Intesa Sanpaolo S.p.A., 7.00%, 11/21/2025<sup>(a)</sup> | 618000 | 630960 |
|  **Ivory Coast–0.12%** |  |  |
|  Ivory Coast Government International Bond, 5.38%, 07/23/2024<sup>(a)</sup> | 900000 | 871281 |
|  **Kazakhstan–0.12%** |  |  |
|  Development Bank of Kazakhstan JSC, 5.75%, 05/12/2025<sup>(a)</sup> | 889000 | 889978 |
|  **Macau–0.50%** |  |  |
|  MGM China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/2024<sup>(a)(e)</sup> | 1505000 | 1454906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/2025<sup>(a)</sup> | 1200000 | 1130421 |
|  Wynn Macau Ltd., 4.88%, 10/01/2024<sup>(a)(e)</sup> | 1160000 | 1097033 |
|  |  | 3682360 |
|  **Malaysia–0.20%** |  |  |
|  1MDB Global Investments Ltd., 4.40%, 03/09/2023<sup>(a)</sup> | 1500000 | 1468616 |
|  **Mexico–2.53%** |  |  |
|  Alpek S.A.B. de C.V., 3.25%, 02/25/2031<sup>(a)</sup> | 656000 | 547561 |
|  America Movil S.A.B. de C.V., 5.38%, 04/04/2032<sup>(a)</sup> | 2024000 | 1829585 |
|  Banco Mercantil del Norte S.A., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%<sup>(a)(b)(c)</sup> | 650000 | 645448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%<sup>(a)(b)(c)</sup> | 710000 | 634417 |
|  Braskem Idesa S.A.P.I., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(a)</sup> | 1450000 | 1147125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 02/20/2032<sup>(a)</sup> | 893000 | 639132 |
|  Cemex S.A.B. de C.V.,<br>5.13%<sup>(a)(b)(c)</sup> | 965000 | 892900 |
|  Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028<sup>(a)</sup> | 3905000 | 3480995 |
|  Nemak S.A.B. de C.V., 3.63%, 06/28/2031<sup>(a)</sup> | 1195000 | 936497 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Mexico–(continued)** |  |  |
|  Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518000 | $4130864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 | 3000000 | 2817198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 725000 | 503283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/2060 | 825000 | 523379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18728384 |
|  **Morocco–0.09%** |  |  |
|  OCP S.A., 3.75%, 06/23/2031<sup>(a)</sup> | 750000 | 630907 |
|  **Netherlands–0.80%** |  |  |
|  ING Groep N.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(b)(c)(e)</sup> | 3100000 | 2938143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(b)(c)</sup> | 2900000 | 2575838 |
|  VZ Secured Financing B.V., 5.00%, 01/15/2032<sup>(a)</sup> | 519000 | 422690 |
|  |  | 5936671 |
|  **Nigeria–0.08%** |  |  |
|  Nigeria Government International Bond, 6.50%, 11/28/2027<sup>(a)</sup> | 750000 | 607478 |
|  **Oman–0.59%** |  |  |
|  Oman Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2026<sup>(a)</sup> | 3018000 | 2923977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/17/2048<sup>(a)</sup> | 1500000 | 1410030 |
|  |  | 4334007 |
|  **Panama–0.09%** |  |  |
|  Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030<sup>(a)</sup> | 750000 | 675019 |
|  **Peru–0.22%** |  |  |
|  Fondo MIVIVIENDA S.A., 4.63%, 04/12/2027<sup>(a)</sup> | 1712000 | 1623608 |
|  **South Africa–0.12%** |  |  |
|  Stillwater Mining Co., 4.00%, 11/16/2026<sup>(a)</sup> | 1000000 | 884346 |
|  **Sweden–0.62%** |  |  |
|  Skandinaviska Enskilda Banken AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%<sup>(a)(b)(c)</sup> | 1600000 | 1496000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%<sup>(a)(b)(c)</sup> | 1600000 | 1539067 |
|  Swedbank AB, Series NC5, 5.63%<sup>(a)(b)(c)</sup> | 1600000 | 1537072 |
|  |  | 4572139 |
|  **Switzerland–1.03%** |  |  |
|  Credit Suisse Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 07/15/2026<sup>(a)(b)</sup> | 375000 | 352402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 08/12/2033<sup>(a)(b)</sup> | 750000 | 659920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%<sup>(a)(b)(c)</sup> | 3015000 | 2376945 |
|  Swiss Re Finance (Luxembourg) S.A., 5.00%, 04/02/2049<sup>(a)(b)</sup> | 1680000 | 1554454 |
|  UBS Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%<sup>(a)(b)(c)</sup> | 1300000 | 1289437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%<sup>(a)(b)(c)</sup> | 1500000 | 1406175 |
|  |  | 7639333 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Tanzania–0.17%** |  |  |
|  HTA Group Ltd., 7.00%, 12/18/2025<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274100 |
|  **Thailand–0.18%** |  |  |
|  GC Treasury Center Co. Ltd., 4.40%, 03/30/2032<sup>(a)</sup> | 750000 | 666289 |
|  Muang Thai Life Assurance PCL, 3.55%,<br>01/27/2037<sup>(a)(b)</sup> | 750000 | 632668 |
|  |  | 1298957 |
|  **United Kingdom–2.33%** |  |  |
|  abrdn PLC, 4.25%, 06/30/2028<sup>(a)</sup> | 675000 | 605772 |
|  BP Capital Markets PLC, 4.88%<sup>(b)(c)</sup> | 910000 | 799094 |
|  British Telecommunications PLC, 4.25%,<br>11/23/2081<sup>(a)(b)</sup> | 4350000 | 3664829 |
|  HSBC Holdings PLC, 2.01%, 09/22/2028<sup>(b)(e)</sup> | 1500000 | 1255998 |
|  Lloyds Banking Group PLC, 4.72%, 08/11/2026<sup>(b)</sup> | 3000000 | 2938258 |
|  M&G PLC, 6.50%, 10/20/2048<sup>(a)(b)</sup> | 675000 | 666488 |
|  NatWest Group PLC,<br>6.00%<sup>(b)(c)(e)</sup> | 1500000 | 1388920 |
|  Standard Chartered PLC, 5.20%, 01/26/2024<sup>(a)</sup> | 2700000 | 2674088 |
|  Virgin Media Finance PLC, 5.00%, 07/15/2030<sup>(a)(e)</sup> | 348000 | 279686 |
|  Virgin Media Secured Finance PLC, 5.50%, 05/15/2029<sup>(a)</sup> | 130000 | 116749 |
|  Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/2081<sup>(b)(e)</sup> | 2743000 | 2293861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/2081<sup>(b)</sup> | 769000 | 571806 |
|  |  | 17255549 |
|  **United States–20.33%** |  |  |
|  Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026<sup>(a)</sup> | 1159000 | 1151004 |
|  Alcoa Nederland Holding B.V., 6.13%, 05/15/2028<sup>(a)</sup> | 2010000 | 1983639 |
|  Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027<sup>(a)</sup> | 114000 | 105913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031<sup>(a)</sup> | 1014000 | 835282 |
|  Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2025 | 521000 | 505266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 | 254000 | 262907 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(a)</sup> | 2130000 | 2052045 |
|  American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028<sup>(a)</sup> | 502000 | 448748 |
|  Apache Corp., 7.75%, 12/15/2029 | 392000 | 412424 |
|  Arconic Corp., 6.13%, 02/15/2028<sup>(a)</sup> | 4070000 | 3825739 |
|  Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 | 130000 | 114616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029<sup>(a)</sup> | 628000 | 529919 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **United States–(continued)** |  |  |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026<sup>(a)</sup> | $414000 | $402230 |
|  Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028<sup>(a)</sup> | 666000 | 424849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028<sup>(a)</sup> | 561000 | 440298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/2030<sup>(a)</sup> | 111000 | 66450 |
|  Becton, Dickinson and Co., 3.79%, 05/20/2050 | 1163000 | 898194 |
|  Boeing Co. (The), 4.51%, 05/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994850 |
|  Callon Petroleum Co., 8.00%, 08/01/2028<sup>(a)</sup> | 434000 | 414287 |
|  Calpine Corp., 3.75%, 03/01/2031<sup>(a)</sup> | 577000 | 465325 |
|  Camelot Finance S.A., 4.50%, 11/01/2026<sup>(a)</sup> | 1561000 | 1465468 |
|  Carnival Corp., 10.50%, 02/01/2026<sup>(a)</sup> | 1450000 | 1459302 |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028<sup>(a)(e)</sup> | 409000 | 420609 |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(a)</sup> | 1031000 | 820055 |
|  CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2023<sup>(a)</sup> | 61000 | 60772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(a)</sup> | 253000 | 236370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028<sup>(a)</sup> | 550000 | 500607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 1683000 | 1455290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(a)(e)</sup> | 2186000 | 1810904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 | 837000 | 667863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)</sup> | 175000 | 129500 |
|  Celanese US Holdings LLC, 5.90%, 07/05/2024 | 1883000 | 1883511 |
|  Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | 816000 | 767096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 474000 | 434227 |
|  Charles Schwab Corp. (The), Series G,<br>5.38%<sup>(b)(c)</sup> | 3025000 | 2973575 |
|  Clarios Global L.P., 6.75%, 05/15/2025<sup>(a)</sup> | 110000 | 110415 |
|  Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027<sup>(a)</sup> | 100000 | 97856 |
|  Clarivate Science Holdings Corp., 4.88%, 07/01/2029<sup>(a)</sup> | 519000 | 442006 |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027<sup>(a)</sup> | 232000 | 201527 |
|  Clearway Energy Operating LLC, 4.75%,<br>03/15/2028<sup>(a)(e)</sup> | 564000 | 521416 |
|  CNX Resources Corp., 7.38%, 01/15/2031<sup>(a)(e)</sup> | 424000 | 406985 |
|  Cogent Communications Group, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | 436000 | 427794 |
|  Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026<sup>(a)</sup> | 1837000 | 1676262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2027<sup>(a)</sup> | 585000 | 530415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(a)</sup> | 341000 | 257735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(a)</sup> | 227000 | 165232 |
|  Comstock Resources, Inc., 6.75%, 03/01/2029<sup>(a)</sup> | 442000 | 399705 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **United States–(continued)** |  |  |
|  Cox Communications, Inc., 2.95%, 10/01/2050<sup>(a)</sup> | $956000 | $577266 |
|  Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029<sup>(a)</sup> | 827000 | 824147 |
|  Crowdstrike Holdings, Inc., 3.00%, 02/15/2029<sup>(e)</sup> | 1452000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226998 |
|  Crown Castle, Inc., 3.25%, 01/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | 850764 |
|  CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027<sup>(a)</sup> | 304000 | 255672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(a)</sup> | 280000 | 229492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> | 780000 | 441632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031<sup>(a)</sup> | 256000 | 178096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031<sup>(a)</sup> | 200000 | 112000 |
|  CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028<sup>(a)</sup> | 519000 | 440702 |
|  CVS Health Corp., 5.05%, 03/25/2048 | 1500000 | 1353953 |
|  DaVita, Inc., 3.75%, 02/15/2031<sup>(a)</sup> | 290000 | 217081 |
|  Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028<sup>(a)</sup> | 513000 | 463403 |
|  Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 1500000 | 1532077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 2600000 | 2649639 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025<sup>(a)</sup> | 173591 | 169447 |
|  DISH DBS Corp., 5.13%, 06/01/2029 | 714000 | 461947 |
|  DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conv., 3.38%, 08/15/2026 | 100000 | 62900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/2027<sup>(a)</sup> | 288000 | 296971 |
|  Diversified Healthcare Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2024 | 247000 | 209105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/2025 | 261000 | 250486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/2031 | 194000 | 123298 |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029<sup>(a)</sup> | 102000 | 87420 |
|  Encompass Health Corp., 4.50%, 02/01/2028<sup>(e)</sup> | 494000 | 449515 |
|  Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 506000 | 502574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 402000 | 394075 |
|  EnerSys, 4.38%, 12/15/2027<sup>(a)</sup> | 635000 | 574469 |
|  EnPro Industries, Inc., 5.75%, 10/15/2026 | 901000 | 878205 |
|  Entegris Escrow Corp., 4.75%, 04/15/2029<sup>(a)</sup> | 340000 | 310744 |
|  EQM Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027<sup>(a)</sup> | 148000 | 145127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027<sup>(a)</sup> | 384000 | 367680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(a)</sup> | 55000 | 45070 |
|  EQT Corp., 5.68%, 10/01/2025 | 1125000 | 1121068 |
|  Everi Holdings, Inc., 5.00%, 07/15/2029<sup>(a)</sup> | 508000 | 437015 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **United States–(continued)** |  |  |
|  Expedia Group, Inc., 2.95%, 03/15/2031 | $311000 | $250819 |
|  FedEx Corp., 4.05%, 02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144434 |
|  FirstCash, Inc., 5.63%, 01/01/2030<sup>(a)</sup> | 466000 | 415376 |
|  FirstEnergy Corp., Series B, 4.40%, 07/15/2027 | 890000 | 829879 |
|  Ford Motor Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/2032 | 509000 | 382626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2043 | 241000 | 173532 |
|  Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/2025 | 4704000 | 4532500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 206000 | 186591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 288000 | 268921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 | 500000 | 467385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029 | 638000 | 579176 |
|  Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028<sup>(a)</sup> | 864000 | 738228 |
|  Freeport-McMoRan, Inc., 4.63%, 08/01/2030<sup>(e)</sup> | 2710000 | 2528632 |
|  Gap, Inc. (The), 3.63%, 10/01/2029<sup>(a)</sup> | 803000 | 567504 |
|  Gartner, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028<sup>(a)(e)</sup> | 371000 | 346551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029<sup>(a)</sup> | 447000 | 393326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030<sup>(a)</sup> | 109000 | 94122 |
|  General Motors Co., 6.80%, 10/01/2027<sup>(e)</sup> | 3000000 | 3119033 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 | 150000 | 143594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 | 274000 | 251134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 | 386000 | 365087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 112000 | 103271 |
|  Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027 | 452000 | 429946 |
|  Gray Escrow II, Inc., 5.38%, 11/15/2031<sup>(a)</sup> | 743000 | 536769 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 510000 | 397137 |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(a)</sup> | 1010000 | 856591 |
|  HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2025 | 244000 | 243902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/2028 | 163000 | 162400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 491000 | 449266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 | 465000 | 402144 |
|  Hess Midstream Operations L.P., 5.63%, 02/15/2026<sup>(a)</sup> | 615000 | 600065 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028<sup>(a)</sup> | 173000 | 156872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 374000 | 333130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> | 107000 | 92489 |
|  Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027<sup>(a)</sup> | 457000 | 449593 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027<sup>(a)</sup> | 505000 | 484697 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **United States–(continued)** |  |  |
|  HP, Inc., 4.75%, 01/15/2028<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916059 |
|  iStar, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/2024 | 439000 | 436457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2026 | 185000 | 184843 |
|  J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026<sup>(a)</sup> | 840000 | 811927 |
|  Jabil, Inc., 3.00%, 01/15/2031 | 1300000 | 1079190 |
|  Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029<sup>(a)</sup> | 489000 | 421247 |
|  JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 02/01/2028<sup>(a)</sup> | 1105000 | 1048919 |
|  Kontoor Brands, Inc., 4.13%, 11/15/2029<sup>(a)</sup> | 522000 | 427312 |
|  Kraft Heinz Foods Co. (The), 5.20%, 07/15/2045 | 3510000 | 3255689 |
|  Lamar Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2029<sup>(e)</sup> | 764000 | 704329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2030<sup>(e)</sup> | 1402000 | 1227837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2031 | 100000 | 82803 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/2029<sup>(a)</sup> | 420000 | 336877 |
|  Lennar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/2024 | 89000 | 87857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/2025 | 244000 | 242669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 381000 | 371146 |
|  Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/2027<sup>(a)</sup> | 200000 | 166850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029<sup>(a)</sup> | 862000 | 621244 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(a)(e)</sup> | 502000 | 413425 |
|  Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039 | 445000 | 304563 |
|  Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(a)</sup> | 182000 | 161411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2030<sup>(a)</sup> | 227000 | 197308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/2034 | 269000 | 187700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2043 | 140000 | 84630 |
|  Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 | 1122000 | 1109055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/2030 | 255000 | 238557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/2032 | 3640000 | 3038079 |
|  Match Group Holdings II LLC, 4.63%, 06/01/2028<sup>(a)</sup> | 743000 | 663670 |
|  Mativ Holdings, Inc., 6.88%, 10/01/2026<sup>(a)</sup> | 2198000 | 1944944 |
|  Mattel, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/2040 | 725000 | 627080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/2041 | 725000 | 591325 |
|  Medline Borrower L.P., 3.88%, 04/01/2029<sup>(a)</sup> | 495000 | 399834 |
|  MGM Resorts International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/2023 | 758000 | 756848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2026 | 221000 | 202938 |
|  Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026<sup>(a)</sup> | 486000 | 455392 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **United States–(continued)** |  |  |
|  Mueller Water Products, Inc., 4.00%, 06/15/2029<sup>(a)</sup> | $270000 | $237607 |
|  Murray Energy Corp., 3.00% PIK Rate, 9.00% Cash Rate, 04/15/2024<sup>(a)(g)(h)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352945 | 2 |
|  Nabors Industries, Inc., 7.38%, 05/15/2027<sup>(a)</sup> | 473000 | 458739 |
|  NCR Corp., 5.75%, 09/01/2027<sup>(a)</sup> | 435000 | 416937 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 721000 | 631812 |
|  Netflix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2028 | 387000 | 393204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029<sup>(a)</sup> | 450000 | 437299 |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026<sup>(a)</sup> | 240000 | 225381 |
|  Novelis Corp., 4.75%, 01/30/2030<sup>(a)</sup> | 469000 | 416857 |
|  NRG Energy, Inc., 4.45%, 06/15/2029<sup>(a)</sup> | 494000 | 437861 |
|  Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/2024 | 78000 | 79618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 | 87000 | 93832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 | 180000 | 182001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 376000 | 368619 |
|  OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2025 | 434000 | 417901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 | 543000 | 517539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 | 274000 | 218246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | 106000 | 86873 |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(a)</sup> | 521000 | 435699 |
|  PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028<sup>(a)</sup> | 500000 | 453606 |
|  Plains All American Pipeline L.P./PAA Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/2026 | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/2030 | 780000 | 679717 |
|  Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(a)</sup> | 875000 | 722702 |
|  Rayonier A.M. Products, Inc., 7.63%, 01/15/2026<sup>(a)</sup> | 482000 | 465381 |
|  Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/2029<sup>(a)</sup> | 207000 | 186381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030<sup>(a)</sup> | 445000 | 392375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040<sup>(a)</sup> | 351000 | 295749 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(a)</sup> | 413000 | 357637 |
|  RR Donnelley & Sons Co., 8.25%, 07/01/2027 | 165000 | 144375 |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 673000 | 609209 |
|  Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(a)</sup> | 595000 | 503370 |
|  Seagate HDD Cayman, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031 | 376000 | 294045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032<sup>(a)</sup> | 531200 | 583335 |
|  Select Medical Corp., 6.25%, 08/15/2026<sup>(a)(e)</sup> | 472000 | 449764 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **United States–(continued)** |  |  |
|  Sempra Energy, 4.13%, 04/01/2052<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389714 |
|  Sensata Technologies B.V., 5.63%, 11/01/2024<sup>(a)</sup> | 163000 | 162227 |
|  Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(a)(e)</sup> | 703000 | 579395 |
|  Service Properties Trust, 4.38%, 02/15/2030 | 591000 | 391439 |
|  Sirius XM Radio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026<sup>(a)</sup> | 869000 | 772702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(a)</sup> | 47000 | 40994 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(a)(e)</sup> | 945000 | 757897 |
|  Southern Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/15/2051<sup>(b)</sup> | 3271000 | 2984787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 3.75%, 09/15/2051<sup>(b)</sup> | 2263000 | 1832920 |
|  Sprint Capital Corp., 8.75%, 03/15/2032 | 341000 | 406593 |
|  Sprint LLC, 7.63%, 03/01/2026 | 421000 | 443947 |
|  SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(a)</sup> | 788000 | 739480 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 518000 | 445318 |
|  Sunoco L.P./Sunoco Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 | 70000 | 69049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2028 | 487000 | 462047 |
|  Tenet Healthcare Corp., 4.88%, 01/01/2026<sup>(a)</sup> | 707000 | 670005 |
|  TransDigm, Inc., 6.25%, 03/15/2026<sup>(a)</sup> | 791000 | 781816 |
|  Twilio, Inc., 3.63%, 03/15/2029 | 515000 | 419055 |
|  Uber Technologies, Inc., Conv., 0.00%, 12/15/2025<sup>(f)</sup> | 2800000 | 2372318 |
|  United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> | 1455000 | 1351151 |
|  United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028 | 480000 | 449685 |
|  Universal Health Services, Inc., 2.65%, 10/15/2030<sup>(e)</sup> | 1460000 | 1165357 |
|  USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | 505000 | 472986 |
|  Valaris Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028<sup>(a)(g)</sup> | 177000 | 178261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028<sup>(g)</sup> | 235000 | 236674 |
|  Valvoline, Inc., 3.63%, 06/15/2031<sup>(a)</sup> | 433000 | 355852 |
|  Viatris, Inc., 3.85%, 06/22/2040 | 780000 | 525457 |
|  Vistra Corp., 7.00%<sup>(a)(b)(c)</sup> | 83000 | 75644 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  **United States–(continued)** | **United States–(continued)** |  |  |  |  |
|  Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026<sup>(a)</sup> |  | $| 87000 | $| 83959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(a)</sup> |  |  | 149000 |  | 141679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(a)</sup> |  |  | 326000 |  | 303276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029<sup>(a)(e)</sup> |  |  | 517000 |  | 446498 |
|  Warnermedia Holdings, Inc., 3.43%, 03/15/2024<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913703 |
|  WMG Acquisition Corp., 3.75%, 12/01/2029<sup>(a)</sup> |  |  | 764000 |  | 658033 |
|  WRKCo, Inc., 3.00%, 06/15/2033<sup>(e)</sup> |  |  | 1820000 |  | 1450564 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029<sup>(a)</sup> |  |  | 494000 |  | 424230 |
|  Yum! Brands, Inc., 5.38%, 04/01/2032<sup>(e)</sup> |  |  | 461000 |  | 427624 |
|  |  |  |  |  | 150537171 |
|  **Zambia–0.19%** |  |  |  |  |  |
|  First Quantum Minerals Ltd., 6.88%, 10/15/2027<sup>(a)</sup> |  |  | 1500000 |  | 1410425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $329,714,414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $329,714,414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $329,714,414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $329,714,414) |  | 293636062 |
|  **Non-U.S. Dollar Denominated Bonds & Notes–27.15%<sup>(j)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes–27.15%<sup>(j)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes–27.15%<sup>(j)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes–27.15%<sup>(j)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes–27.15%<sup>(j)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes–27.15%<sup>(j)</sup>** |
|  **Argentina–0.90%** |  |  |  |  |  |
|  Argentina Treasury Bond BONCER, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 03/25/2023 | ARS |  | 75000000 |  | 1500560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/09/2026 | ARS |  | 380000000 |  | 5178207 |
|  |  |  |  |  | 6678767 |
|  **Austria–0.07%** |  |  |  |  |  |
|  Erste Group Bank AG, 4.25%<sup>(a)(b)(c)</sup> | EUR |  | 600000 |  | 510826 |
|  **Belgium–0.50%** |  |  |  |  |  |
|  KBC Group N.V., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<sup>(a)(b)(c)</sup> | EUR |  | 2000000 |  | 1862560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<sup>(a)(b)(c)</sup> | EUR |  | 1000000 |  | 1023457 |
|  Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050<sup>(a)</sup> | EUR |  | 1114000 |  | 843889 |
|  |  |  |  |  | 3729906 |
|  **Brazil–8.69%** |  |  |  |  |  |
|  Brazil Notas do Tesouro Nacional, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 05/15/2055 | BRL |  | 2300000 |  | 1710424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 10.00%, 01/01/2025 | BRL |  | 145000000 |  | 26274609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 10.00%, 01/01/2027 | BRL |  | 205000000 |  | 35704266 |
|  Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032<sup>(a)</sup> | BRL |  | 3957412 |  | 661474 |
|  |  |  |  |  | 64350773 |
|  **Chile–0.28%** |  |  |  |  |  |
|  Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033<sup>(a)</sup> | CLP |  | 2125000000 |  | 2055607 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount** | **Value** |
|  **Colombia–2.16%** |  |  |  |
|  Colombian TES, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.75%, 09/18/2030 | COP | 31000000000 | $4821020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/30/2032 | COP | 30000000000 | 4222134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.25%, 10/18/2034 | COP | 14325000000 | 1953106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 9.25%, 05/28/2042 | COP | 4875000000 | 728827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.25%, 10/26/2050 | COP | 36450000000 | 4278841 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16003928 |
|  **Czech Republic–0.10%** |  |  |  |
|  CPI Property Group S.A., 4.88%<sup>(a)(b)(c)</sup> | EUR | 1300000 | 707210 |
|  **Egypt–0.10%** |  |  |  |
|  Egypt Government International Bond, 4.75%, 04/16/2026<sup>(a)</sup> | EUR | 800000 | 714671 |
|  **France–0.64%** |  |  |  |
|  Accor S.A., 4.38%<sup>(a)(b)(c)</sup> | EUR | 800000 | 809303 |
|  BPCE S.A., Series NC5, 1.50%, 01/13/2042<sup>(a)(b)</sup> | EUR | 2000000 | 1796229 |
|  Electricite de France S.A., 5.38%<sup>(a)(b)(c)</sup> | EUR | 2100000 | 2145539 |
|  |  |  | 4751071 |
|  **Germany–0.50%** |  |  |  |
|  Bayer AG, 2.38%, 11/12/2079<sup>(a)(b)</sup> | EUR | 1500000 | 1445227 |
|  Deutsche Lufthansa AG, 4.38%, 08/12/2075<sup>(a)(b)</sup> | EUR | 1400000 | 1282827 |
|  Nidda Healthcare Holding GmbH, 7.50%, 08/21/2026<sup>(a)</sup> | EUR | 453000 | 464584 |
|  Volkswagen International Finance N.V., 4.63%<sup>(a)(b)(c)</sup> | EUR | 520000 | 530143 |
|  |  |  | 3722781 |
|  **Greece–0.18%** |  |  |  |
|  Hellenic Republic Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/24/2052<sup>(a)</sup> | EUR | 1973000 | 1231903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GDP, 0.00%, 10/15/2042<sup>(f)</sup> | EUR | 23730000 | 62234 |
|  |  |  | 1294137 |
|  **India–1.03%** |  |  |  |
|  India Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 01/17/2032 | INR | 300000000 | 3437689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.26%, 08/22/2032 | INR | 350000000 | 4212015 |
|  |  |  | 7649704 |
|  **Italy–0.34%** |  |  |  |
|  UniCredit S.p.A.,<br>6.63%<sup>(a)(b)(c)</sup> | EUR | 2400000 | 2490593 |
|  **Ivory Coast–0.13%** |  |  |  |
|  Ivory Coast Government International Bond, 4.88%, 01/30/2032<sup>(a)</sup> | EUR | 1150000 | 976307 |
|  **Mexico–1.75%** |  |  |  |
|  Mexican Bonos, Series M, 7.75%, 05/29/2031 | MXN | 272150000 | 12934544 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount** | **Value** |
|  **Netherlands–0.49%** | **Netherlands–0.49%** | **Netherlands–0.49%** | **Netherlands–0.49%** |
|  ABN AMRO Bank N.V., 4.38%<sup>(a)(b)(c)</sup> | EUR | 800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791830 |
|  Cooperatieve Rabobank U.A., 4.38%<sup>(a)(b)(c)</sup> | EUR | 3000000 | 2866546 |
|  |  |  | 3658376 |
|  **New Zealand–0.49%** | **New Zealand–0.49%** | **New Zealand–0.49%** | **New Zealand–0.49%** |
|  New Zealand Government Bond, Series 551, 2.75%, 05/15/2051 | NZD | 8000000 | 3646663 |
|  **Peru–0.47%** | **Peru–0.47%** | **Peru–0.47%** | **Peru–0.47%** |
|  Peru Government Bond, 6.15%, 08/12/2032 | PEN | 15000000 | 3472725 |
|  **Poland–1.22%** | **Poland–1.22%** | **Poland–1.22%** | **Poland–1.22%** |
|  Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | PLN | 60000000 | 9002705 |
|  **Romania–0.11%** | **Romania–0.11%** | **Romania–0.11%** | **Romania–0.11%** |
|  Romanian Government International Bond, 2.00%, 04/14/2033<sup>(a)</sup> | EUR | 1209000 | 832732 |
|  **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
|  Mos.ru, 5.00%, 08/22/2034 | RUB | 22725040 | 0 |
|  **South Africa–3.47%** | **South Africa–3.47%** | **South Africa–3.47%** | **South Africa–3.47%** |
|  Republic of South Africa Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2030, 8.00%, 01/31/2030 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280950000 | 14745069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 8.25%, 03/31/2032 | ZAR | 68700000 | 3448697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2035, 8.88%, 02/28/2035 | ZAR | 70000000 | 3474200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2037, 8.50%, 01/31/2037 | ZAR | 86600000 | 4045793 |
|  |  |  | 25713759 |
|  **Spain–1.14%** | **Spain–1.14%** | **Spain–1.14%** | **Spain–1.14%** |
|  Banco Bilbao Vizcaya Argentaria S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<sup>(a)(b)(c)</sup> | EUR | 600000 | 626559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<sup>(a)(b)(c)</sup> | EUR | 200000 | 204591 |
|  Banco Santander S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>(a)(b)(c)</sup> | EUR | 1800000 | 1642867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(b)(c)</sup> | EUR | 1000000 | 858367 |
|  CaixaBank S.A.,<br>5.25%<sup>(a)(b)(c)</sup> | EUR | 1000000 | 929257 |
|  CaixaBank, S.A., 2.25%, 04/17/2030<sup>(a)(b)</sup> | EUR | 800000 | 781664 |
|  Repsol International Finance B.V.,<br>3.75%<sup>(a)(b)(c)</sup> | EUR | 750000 | 746317 |
|  Telefonica Europe B.V., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%<sup>(a)(b)(c)</sup> | EUR | 1500000 | 1346197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>(a)(b)(c)</sup> | EUR | 1300000 | 1330966 |
|  |  |  | 8466785 |
|  **Supranational–0.68%** | **Supranational–0.68%** | **Supranational–0.68%** | **Supranational–0.68%** |
|  African Development Bank, 0.00%, 01/17/2050<sup>(f)</sup> | ZAR | 78000000 | 474668 |
|  Corp. Andina de Fomento, 6.82%, 02/22/2031<sup>(a)</sup> | MXN | 81800000 | 3458193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount** | **Value** | **Value** |
|  **Supranational–(continued)** | **Supranational–(continued)** | **Supranational–(continued)** | **Supranational–(continued)** | **Supranational–(continued)** |
|  International Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/2029<sup>(a)(f)</sup> | TRY | 3700000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/23/2038<sup>(f)</sup> | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 |  | 1044261 |
|  |  |  |  | 5024947 |
|  **Sweden–0.05%** | **Sweden–0.05%** | **Sweden–0.05%** | **Sweden–0.05%** | **Sweden–0.05%** |
|  Heimstaden Bostad AB, 3.38%<sup>(a)(b)(c)</sup> | EUR | 650000 |  | 400999 |
|  **Switzerland–0.09%** | **Switzerland–0.09%** | **Switzerland–0.09%** | **Switzerland–0.09%** | **Switzerland–0.09%** |
|  Dufry One B.V., 2.00%, 02/15/2027<sup>(a)</sup> | EUR | 750000 |  | 659341 |
|  **United Kingdom–1.57%** | **United Kingdom–1.57%** | **United Kingdom–1.57%** | **United Kingdom–1.57%** | **United Kingdom–1.57%** |
|  Barclays PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%<sup>(a)(b)(c)</sup> | GBP | 1800000 |  | 2156482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(b)(c)</sup> | GBP | 2375000 |  | 2721621 |
|  Bellis Acquisition Co. PLC, 3.25%, 02/16/2026<sup>(a)</sup> | GBP | 436000 |  | 430840 |
|  Gatwick Airport Finance PLC, 4.38%, 04/07/2026<sup>(a)</sup> | GBP | 2175000 |  | 2379741 |
|  HSBC Holdings PLC, 5.88%<sup>(b)(c)</sup> | GBP | 750000 |  | 811114 |
|  International Consolidated Airlines Group S.A., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/25/2025<sup>(a)</sup> | EUR | 600000 |  | 588652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/04/2027<sup>(a)</sup> | EUR | 800000 |  | 669031 |
|  Nationwide Building Society, 5.75%<sup>(a)(b)(c)</sup> | GBP | 725000 |  | 788768 |
|  NatWest Group PLC, 5.13%<sup>(b)(c)</sup> | GBP | 1035000 |  | 1054134 |
|  |  |  |  | 11600383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $227,322,987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $227,322,987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $227,322,987) |  | 201050240 |
|  **Asset-Backed Securities–7.62%** | **Asset-Backed Securities–7.62%** | **Asset-Backed Securities–7.62%** | **Asset-Backed Securities–7.62%** | **Asset-Backed Securities–7.62%** |
|  American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025<sup>(a)</sup> |  | $630926 |  | 629465 |
|  Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036<sup>(k)</sup> |  | 8401 |  | 8056 |
|  Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.53%, 01/15/2051<sup>(l)</sup> |  | 4206239 |  | 83551 |
|  CarMax Auto Owner Trust, Series 2019-3, Class D, 2.85%, 01/15/2026 |  | 990000 |  | 961280 |
|  CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.88%, 11/13/2050<sup>(l)</sup> |  | 1989539 |  | 55507 |
|  Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.64%, 01/25/2036<sup>(m)</sup> |  | 4493 |  | 3933 |
|  Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.04%, 10/12/2050<sup>(l)</sup> |  | 5136382 |  | 176356 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A3, 2.82%, 05/25/2035<sup>(m)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035<sup>(k)</sup> | 38461 | 37007 |
|  COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5, Class XA, IO, 1.09%, 12/10/2045<sup>(l)</sup> | 37031 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | 1600000 | 1526175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 25000 | 23750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class AM, 3.26%, 08/15/2057 | 1000000 | 835594 |
|  Countrywide Home Loans Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, 5.50%, 09/25/2035 | 124981 | 106861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J4, Class A7, 5.50%, 11/25/2035 | 208407 | 169467 |
|  CWHEQ Revolving Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-G, Class 2A, 4.55% (1 mo. USD LIBOR + 0.23%), 12/15/2035<sup>(k)</sup> | 1970 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H, Class 2A1A, 4.47% (1 mo. USD LIBOR + 0.15%), 11/15/2036<sup>(k)</sup> | 8424 | 6796 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1, 5.89%, 06/25/2036<sup>(m)</sup> | 23209 | 19216 |
|  DT Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class D, 3.48%, 02/18/2025<sup>(a)</sup> | 155562 | 154834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class D, 2.85%, 07/15/2025<sup>(a)</sup> | 2050000 | 2013824 |
|  Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 4.13%, 12/16/2024<sup>(a)</sup> | 646038 | 645199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class D, 2.58%, 09/15/2025<sup>(a)</sup> | 2206855 | 2170147 |
|  FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K62, Class B, 3.88%, 01/25/2050<sup>(a)(m)</sup> | 280000 | 261947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K54, Class C, 4.05%, 04/25/2048<sup>(a)(m)</sup> | 1810000 | 1689707 |
|  GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035<sup>(m)</sup> | 2272 | 2091 |
|  ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, 7.08% (1 mo. Term SOFR + 2.74%), 10/15/2039<sup>(a)(k)</sup> | 900000 | 897868 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 235000 | 231467 |
|  JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 3.45%, 07/25/2035<sup>(m)</sup> | 11640 | 11270 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047<sup>(m)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623027 |
|  MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 4.59% (1 mo. USD LIBOR + 0.20%), 08/25/2036<sup>(k)</sup> | 677139 | 240954 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C9, Class AS, 3.46%, 05/15/2046 | 570000 | 563018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class B, 4.87%, 02/15/2047<sup>(m)</sup> | 240000 | 232286 |
|  Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050<sup>(l)</sup> | 1620822 | 55762 |
|  OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A3, 5.70%, 08/25/2062<sup>(a)(d)</sup> | 374517 | 360839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A2, 5.70%, 08/25/2062<sup>(a)(d)</sup> | 720226 | 702026 |
|  Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024<sup>(a)</sup> | 517749 | 516464 |
|  Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | 5450 | 4204 |
|  UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050<sup>(l)</sup> | 2976830 | 97831 |
|  Verus Securitization Trust, Series 2022-7, Class A3, 5.35%, 07/25/2067<sup>(a)(m)</sup> | 503810 | 481344 |
|  WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, 3.84%, 12/25/2035<sup>(m)</sup> | 3072 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, 4.24%, 10/25/2033<sup>(m)</sup> | 17982 | 16742 |
|  Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050<sup>(l)</sup> | 2706158 | 92330 |
|  WFRBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class AS, 3.49%, 06/15/2046 | 640000 | 622520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC14, Class AS, 4.35%, 03/15/2047<sup>(m)</sup> | 395000 | 383711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class AS, 4.18%, 05/15/2047 | 490000 | 472908 |
|  Madison Park Funding XI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-11A, Class DR, 7.57% (3 mo. USD LIBOR + 3.25%), 07/23/2029<sup>(a)(k)</sup> | 250000 | 234569 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount** | **Value** |
|  Alba PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class F, 6.73% (SONIA + 3.37%), 03/17/2039<sup>(a)(j)(k)</sup> | GBP | 818844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class E, 4.68% (SONIA + 1.32%), 03/17/2039<sup>(a)(j)(k)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319268 | 2422630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2, Class F, 6.66% (SONIA + 3.37%), 12/15/2038<sup>(a)(j)(k)</sup> | GBP | 581856 | 652079 |
|  Eurohome UK Mortgages PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class B1, 4.70% (3 mo. GBP LIBOR + 0.90%), 06/15/2044<sup>(a)(j)(k)</sup> | GBP | 780000 | 740015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class B1, 4.81% (SONIA + 1.52%), 09/15/2044<sup>(a)(j)(k)</sup> | GBP | 872000 | 779602 |
|  Eurosail PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2X, Class E1C, 6.66% (SONIA + 3.37%), 12/15/2044<sup>(a)(j)(k)</sup> | GBP | 1830000 | 1781792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4X, Class E1C, 6.37% (SONIA + 3.12%), 12/10/2044<sup>(a)(j)(k)</sup> | GBP | 1608336 | 1679671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2X, Class D1A, 2.81% (3 mo. EURIBOR + 0.80%), 03/13/2045<sup>(a)(j)(k)</sup> | EUR | 1500000 | 1360094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2X, Class D1A, 2.85% (3 mo. EURIBOR + 0.80%), 12/15/2044<sup>(a)(j)(k)</sup> | EUR | 2700000 | 2122466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2X, Class D1C, 4.18% (SONIA + 0.92%), 03/13/2045<sup>(a)(j)(k)</sup> | GBP | 2100000 | 2003612 |
|  Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 5.81% (3 mo. EURIBOR + 3.75%), 06/18/2039<sup>(a)(j)(k)</sup> | EUR | 1780000 | 1767039 |
|  Ludgate Funding PLC, Series 2007-1, Class MA, 4.13% (3 mo. GBP LIBOR + 0.24%), 01/01/2061<sup>(a)(j)(k)</sup> | GBP | 1019780 | 1072727 |
|  Newday Funding Master Issuer PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1X, Class E, 7.34% (SONIA + 4.05%), 03/15/2029<sup>(a)(j)(k)</sup> | GBP | 1823000 | 2141435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3X, Class E, 7.64% (SONIA + 4.35%), 11/15/2029<sup>(a)(j)(k)</sup> | GBP | 1600000 | 1907561 |
|  Stratton Mortgage Funding PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D, 5.53% (SONIA + 2.10%), 09/25/2051<sup>(a)(j)(k)</sup> | GBP | 1300000 | 1506587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class E, 6.18% (SONIA + 2.75%),<br>09/25/2051<sup>(a)(j)(k)</sup> | GBP | 780000 | 891024 |
|  Towd Point Mortgage Funding 2019 - Granite4 PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GR4X, Class FR, 4.90% (SONIA + 2.05%), 10/20/2051<sup>(a)(j)(k)</sup> | GBP | 870000 | 1013424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GR4X, Class GR, 5.35% (SONIA + 2.50%), 10/20/2051<sup>(a)(j)(k)</sup> | GBP | 725000 | 842055 |
|  Prosil Acquisition S.A., Series 2019-1, Class A, 3.58% (3 mo. EURIBOR + 2.00%),<br>10/31/2039<sup>(a)(j)(k)</sup> | EUR | 1646445 | 1538513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount** | **Value** | **Value** |
|  Alhambra SME Funding DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, 3.91% (1 mo. EURIBOR + 2.00%), 11/30/2028<sup>(a)(j)(k)</sup> | EUR | 1159516 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class B, 4.41% (1 mo. EURIBOR + 2.50%), 11/30/2028<sup>(a)(j)(k)</sup> | EUR | 625000 |  | 657834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class D, 11.16% (1 mo. EURIBOR + 9.25%), 11/30/2028<sup>(a)(j)(k)</sup> | EUR | 141425 |  | 117339 |
|  Lusitano Mortgages No. 5 PLC, Class D, 2.34% (3 mo. EURIBOR + 0.96%), 07/15/2059<sup>(a)(j)(k)</sup> | EUR | 775030 |  | 703558 |
|  Futura S.r.l., Series 2019-1, Class A, 3.63% (6 mo. EURIBOR + 3.00%), 07/31/2044<sup>(a)(j)(k)</sup> | EUR | 1366532 |  | 1465743 |
|  Taurus, Series 2018-IT1, Class A, 2.80% (3 mo. EURIBOR + 1.00%), 05/18/2030<sup>(j)(k)</sup> | EUR | 1643925 |  | 1709064 |
|  IM Pastor 4, FTA, Series A, 2.22% (3 mo. EURIBOR + 0.14%), 03/22/2044<sup>(a)(j)(k)</sup> | EUR | 684556 |  | 621086 |
|  Invernea Proteina PYME, Serie II, 1.00%, 08/25/2032<sup>(i)(j)(m)</sup> | ARS | &nbsp;&nbsp;&nbsp;&nbsp;133500000 |  | 941128 |
|  SC Germany Consumer UG, Series 2018-1, Class D, 3.25%, 12/13/2031<sup>(a)(j)</sup> | EUR | 3100000 |  | 3264320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $62,436,592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $62,436,592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $62,436,592) |  | 56435699 |
|  **U.S. Treasury Securities–4.99%** | **U.S. Treasury Securities–4.99%** | **U.S. Treasury Securities–4.99%** | **U.S. Treasury Securities–4.99%** | **U.S. Treasury Securities–4.99%** |
|  **U.S. Treasury Bills–1.98%** | **U.S. Treasury Bills–1.98%** | **U.S. Treasury Bills–1.98%** | **U.S. Treasury Bills–1.98%** | **U.S. Treasury Bills–1.98%** |
|  4.52%, 05/04/2023<sup>(n)</sup> |  | $8864085 |  | 8864303 |
|  4.77%, 11/02/2023<sup>(n)</sup> |  | 5768835 |  | 5772548 |
|  |  |  |  | 14636851 |
|  **U.S. Treasury Inflation – Indexed Bonds–0.84%** | **U.S. Treasury Inflation – Indexed Bonds–0.84%** | **U.S. Treasury Inflation – Indexed Bonds–0.84%** | **U.S. Treasury Inflation – Indexed Bonds–0.84%** | **U.S. Treasury Inflation – Indexed Bonds–0.84%** |
|  0.13%, 02/15/2052<sup>(o)</sup> |  | 7036873 |  | 6248690 |
|  **U.S. Treasury Inflation – Indexed Notes–2.17%** | **U.S. Treasury Inflation – Indexed Notes–2.17%** | **U.S. Treasury Inflation – Indexed Notes–2.17%** | **U.S. Treasury Inflation – Indexed Notes–2.17%** | **U.S. Treasury Inflation – Indexed Notes–2.17%** |
|  0.63%, 07/15/2032<sup>(o)</sup> |  | 16353944 |  | 16077106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $38,023,737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $38,023,737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $38,023,737) |  | 36962647 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Agency Credit Risk Transfer Notes–2.30%** | **Agency Credit Risk Transfer Notes–2.30%** | **Agency Credit Risk Transfer Notes–2.30%** |
|  **United States–2.30%** | **United States–2.30%** | **United States–2.30%** |
|  Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-R07, Class 1M2, 6.79% (1 mo. USD LIBOR + 2.40%), 04/25/2031<sup>(a)(k)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R02, Class 1M2, 6.69% (1 mo. USD LIBOR + 2.30%), 08/25/2031<sup>(a)(k)</sup> | 24777 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R03, Class 1M2, 6.54% (1 mo. USD LIBOR + 2.15%), 09/25/2031<sup>(a)(k)</sup> | 62515 | 62372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.03% (30 Day Average SOFR + 3.10%), 03/25/2042<sup>(a)(k)</sup> | 770000 | 768202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1, 5.83% (30 Day Average SOFR + 1.90%), 04/25/2042<sup>(a)(k)</sup> | 3526015 | 3493854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.53% (30 Day Average SOFR + 3.60%), 07/25/2042<sup>(a)(k)</sup> | 1350000 | 1340934 |
|  Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B, STACR<sup>®</sup>, 6.33% (30 Day Average SOFR + 2.40%), 02/25/2042<sup>(a)(k)</sup> | 1500000 | 1460789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, STACR<sup>®</sup>, 6.83% (30 Day Average SOFR + 2.90%), 04/25/2042<sup>(a)(k)</sup> | 3000000 | 2968669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, STACR<sup>®</sup>, 5.93% (30 Day Average SOFR + 2.00%), 04/25/2042<sup>(a)(k)</sup> | 2252573 | 2242363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1, STACR<sup>®</sup>, 7.93% (30 Day Average SOFR + 4.00%), 07/25/2042<sup>(a)(k)</sup> | 1500000 | 1513970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, STACR<sup>®</sup>, 7.48% (30 Day Average SOFR + 3.55%), 08/25/2042<sup>(a)(k)</sup> | 1500000 | 1489823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M2, STACR<sup>®</sup>, 9.28% (30 Day Average SOFR + 5.35%), 08/25/2042<sup>(a)(k)</sup> | 1605000 | 1524816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $17,325,399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $17,325,399) | 17049685 |
|  | **Shares** |  |
|  **Common Stocks & Other Equity Interests–1.19%** | **Common Stocks & Other Equity Interests–1.19%** | **Common Stocks & Other Equity Interests–1.19%** |
|  **Argentina–1.16%** | **Argentina–1.16%** | **Argentina–1.16%** |
|  TMF Trust Co. S.A.<sup>(i)</sup> | 195636777 | 1106878 |
|  YPF S.A., Class D<sup>(p)</sup> | 420000 | 7461534 |
|  |  | 8568412 |
|  **United States–0.03%** |  |  |
|  ACNR Holdings, Inc. | 911 | 93529 |
|  Claire's Holdings LLC | 235 | 94000 |
|  McDermott International<br>Ltd.<sup>(p)</sup> | 15957 | 5106 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
|  McDermott International Ltd., Series A, Wts., expiring 06/30/2027<sup>(i)(p)</sup> | 31946 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153 |
|  McDermott International Ltd., Series B, Wts., expiring 06/30/2027<sup>(i)(p)</sup> | 35496 |  | 4615 |
|  McDermott International Ltd., Wts.,expiring 12/31/2049<sup>(i)</sup> | 23067 |  | 7012 |
|  Party City Holdco, Inc.<sup>(p)</sup> | 3211 |  | 1174 |
|  Sabine Oil & Gas Holdings, Inc.<sup>(i)</sup> | 837 |  | 435 |
|  Tenerity LLC, Wts., expiring 04/10/2024<sup>(i)</sup> | 775 |  | 0 |
|  Windstream Services LLC, Wts.<sup>(i)</sup> | 176 |  | 1320 |
|  |  |  | 211344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $8,608,902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $8,608,902) |  | 8779756 |
|  | **Principal**<br> **Amount** |  |  |
|  **Variable Rate Senior Loan Interests–0.44%<sup>(q)(r)</sup>** | **Variable Rate Senior Loan Interests–0.44%<sup>(q)(r)</sup>** | **Variable Rate Senior Loan Interests–0.44%<sup>(q)(r)</sup>** | **Variable Rate Senior Loan Interests–0.44%<sup>(q)(r)</sup>** |
|  **Brazil–0.03%** | **Brazil–0.03%** | **Brazil–0.03%** | **Brazil–0.03%** |
|  Patagonia Holdco LLC, First Lien Term Loan B, 9.96% (1 mo. Term SOFR + 5.75%), 08/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324188 |  | 260565 |
|  **United States–0.41%** | **United States–0.41%** | **United States–0.41%** | **United States–0.41%** |
|  Claire's Stores, Inc., Term Loan, 10.88% (1 mo. USD LIBOR + 6.50%), 12/18/2026 | 70787 |  | 64239 |
|  Dun & Bradstreet Corp. (The), Term Loan, 7.64% (1 mo. USD LIBOR + 3.25%), 02/06/2026 | 408745 |  | 405716 |
|  Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 13.50% (1 mo. USD LIBOR + 4.00%), 03/27/2028 | 498687 |  | 402441 |
|  IRB Holding Corp., Term Loan, 7.32% (1 mo. Term SOFR + 3.00%), 12/15/2027 | 407398 |  | 395990 |
|  Mativ Holdings, Inc., Term Loan B, 8.19% (1 mo. USD LIBOR + 3.75%), 04/20/2028 | 949282 |  | 897072 |
|  PetSmart LLC, Term Loan, 8.13% (1 mo. USD LIBOR + 3.75%), 02/11/2028 | 459758 |  | 451280 |
|  United Natural Foods, Inc., Term Loan, 7.69% (3 mo. USD LIBOR + 3.25%), 10/22/2025 | 387244 |  | 386836 |
|  |  |  | 3003574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests<br>(Cost $3,435,498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests<br>(Cost $3,435,498) |  | 3264139 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **U.S. Government Sponsored Agency Mortgage-Backed Securities–0.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–0.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–0.37%** |
|  Fannie Mae Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/25/2023 - 01/25/2024<sup>(s)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/25/2029 - 07/25/2032<sup>(s)</sup> | 195444 | 30645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/25/2032 - 08/25/2035<sup>(l)(s)</sup> | 561617 | 91704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/2034 - 06/25/2035<sup>(s)</sup> | 183274 | 30644 |
|  Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 02/25/2024 - 05/25/2035<sup>(k)(s)</sup> | 145980 | 10280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 11/18/2031 - 12/18/2031<sup>(k)(s)</sup> | 19386 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031<sup>(k)(s)</sup> | 2952 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032<sup>(k)(s)</sup> | 3003 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032<sup>(k)(s)</sup> | 4545 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032<sup>(k)(s)</sup> | 17652 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032<sup>(k)(s)</sup> | 2382 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 07/25/2032 - 09/25/2032<sup>(k)(s)</sup> | 10684 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 12/18/2032<sup>(k)(s)</sup> | 34014 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 02/25/2033 - 05/25/2033<sup>(k)(s)</sup> | 33900 | 4577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/25/2033 - 04/25/2033<sup>(s)</sup> | 95782 | 14425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033<sup>(k)(s)</sup> | 130507 | 13845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 03/25/2035 - 07/25/2038<sup>(k)(s)</sup> | 170171 | 9388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/25/2035 - 05/25/2035<sup>(k)(s)</sup> | 197567 | 6398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035<sup>(k)(s)</sup> | 81526 | 4713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036<sup>(k)(s)</sup> | 156035 | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037<sup>(k)(s)</sup> | 144898 | 10425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/25/2041<sup>(s)</sup> | 250929 | 28643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041<sup>(k)(s)</sup> | 60997 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042<sup>(k)(s)</sup> | 167360 | 16804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/25/2025 | 39843 | 39455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/25/2026 - 03/25/2041 | 19685 | 18602 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/25/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 04/25/2032 - 12/25/2032<sup>(k)</sup> | 132346 | 133385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (1 mo. USD LIBOR + 0.50%), 09/25/2032<sup>(k)</sup> | 31776 | 31417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD LIBOR + 0.50%), 10/18/2032<sup>(k)</sup> | 9995 | 9892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD LIBOR + 0.40%), 11/25/2033<sup>(k)</sup> | 6018 | 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.47% (24.57% - (3.67 x 1mo. USD LIBOR)), 03/25/2036<sup>(k)</sup> | 34815 | 40455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11% (24.20% - (3.67 x 1mo. USD LIBOR)), 06/25/2036<sup>(k)</sup> | 41857 | 46214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 mo. USD LIBOR + 0.94%), 06/25/2037<sup>(k)</sup> | 7786 | 7835 |
|  Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2031 | 36453 | 37525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 80008 | 81871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/2037 | 7438 | 7761 |
|  Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/2029 - 03/01/2033 | 145061 | 151129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/01/2032 - 04/01/2033 | 17595 | 18133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 85405 | 87234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 | 8146 | 8411 |
|  Freddie Mac Multifamily Structured Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO, 0.65%, 02/25/2026<sup>(l)</sup> | 1651161 | 26199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, 1.10%, 05/25/2026<sup>(l)</sup> | 2901122 | 75284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, 0.95%, 05/25/2029<sup>(l)</sup> | 19959725 | 952542 |
|  Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2023 | 13413 | 13367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2024 | 6445 | 6457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2026 | 60809 | 61574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 12/15/2028 - 02/15/2029<sup>(k)</sup> | 86804 | 86062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2029 | 44257 | 44907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2029 - 06/15/2032 | 118624 | 122413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 06/15/2031 - 01/15/2032<sup>(k)</sup> | 74626 | 73970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 02/15/2032 - 03/15/2032<sup>(k)</sup> | 50586 | 50657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 | 15201 | 14526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.92% (24.75% - (3.67 x 1mo. USD LIBOR)), 08/15/2035<sup>(k)</sup> | 30593 | 35952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2038 | 14980 | 14231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2040 | 568 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 03/15/2024 - 04/15/2038<sup>(k)(s)</sup> | 32824 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% (7.95% - (1.00 x 1mo. USD LIBOR)), 12/15/2026<sup>(k)(s)</sup> | 46810 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 07/17/2028<sup>(k)(s)</sup> | 1230 | 19 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029<sup>(k)(s)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102816 | $5103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029<sup>(k)(s)</sup> | 4177 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2032<sup>(k)(s)</sup> | 197122 | 7504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033<sup>(k)(s)</sup> | 50840 | 3196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035<sup>(k)(s)</sup> | 56578 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035<sup>(k)(s)</sup> | 8611 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/2035<sup>(k)(s)</sup> | 184224 | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037<sup>(k)(s)</sup> | 33340 | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038<sup>(k)(s)</sup> | 72856 | 5429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039<sup>(k)(s)</sup> | 20848 | 1345 |
|  Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2028<sup>(s)</sup> | 1227 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029<sup>(s)</sup> | 9749 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(s)</sup> | 22889 | 2962 |
|  Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM, 1.75% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 11/20/2025<sup>(k)</sup> | 432 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/15/2026 | 4188 | 4186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/2028 - 07/15/2028 | 22015 | 22184 |
| &nbsp;&nbsp;&nbsp;&nbsp; IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037<sup>(k)(s)</sup> | 88197 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041<sup>(k)(s)</sup> | 143594 | 8308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,820,668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,820,668) | &nbsp;&nbsp;&nbsp;&nbsp;2709291 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **Preferred Stocks–0.20%** | **Preferred Stocks–0.20%** | **Preferred Stocks–0.20%** |
|  **United States–0.20%** |  |  |
|  AT&T, Inc., 2.88%, Series B,<br>Pfd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | $1443514 |
|  Claire's Holdings LLC, Series A,<br>Pfd.<sup>(i)</sup> | 71 | 18105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $1,841,871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $1,841,871) | 1461619 |
|  **Money Market Funds–6.49%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(t)(u)</sup> | 16537673 | 16537673 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(t)(u)</sup> | 12647121 | 12650915 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(t)(u)</sup> | 18900197 | 18900197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $48,088,136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $48,088,136) | 48088785 |
|  **Options Purchased–2.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,421,426)<sup>(v)</sup> |  | 15385156 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)–92.49%<br>(Cost $753,039,630) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)–92.49%<br>(Cost $753,039,630) | 684823079 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–3.50%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(t)(u)(w)</sup> | 7258494 | 7258494 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(t)(u)(w)</sup> | 18659102 | 18664700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $25,920,590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $25,920,590) | 25923194 |
|  TOTAL INVESTMENTS IN SECURITIES–95.99%<br>(Cost $778,960,220) | TOTAL INVESTMENTS IN SECURITIES–95.99%<br>(Cost $778,960,220) | 710746273 |
|  OTHER ASSETS LESS LIABILITIES–4.01% | OTHER ASSETS LESS LIABILITIES–4.01% | 29714159 |
|  NET ASSETS–100.00% |  | $740460432 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ARM | - Adjustable Rate Mortgage |
| ARS | - Argentina Peso |
| BRL | - Brazilian Real |
| CLP | - Chile Peso |
| Conv. | - Convertible |
| COP | - Colombia Peso |
| Ctfs. | - Certificates |
| EUR | - Euro |
| EURIBOR | - Euro Interbank Offered Rate |
| GBP | - British Pound Sterling |
| INR | - Indian Rupee |
| IO | - Interest Only |
| LIBOR | - London Interbank Offered Rate |
| MXN | - Mexican Peso |
| NZD | - New Zealand Dollar |
| PEN | - Peruvian Sol |
| Pfd. | - Preferred |
| PIK | - Pay-in-Kind |
| PLN | - Polish Zloty |
| REMICs | - Real Estate Mortgage Investment Conduits |
| RUB | - Russian Ruble |
| 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 |
| USD | - U.S. Dollar |
| Wts. | - Warrants |
| ZAR | - South African Rand |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</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, 2022 was $284,800,610, which represented 38.46% of the Fund's Net Assets. 

<sup>(b)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(c)</sup> Perpetual bond with no specified maturity date.

<sup>(d)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(e)</sup> All or a portion of this security was out on loan at December 31, 2022.

<sup>(f)</sup> Zero coupon bond issued at a discount.

<sup>(g)</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>(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, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated. 

<sup>(k)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2022.

<sup>(l)</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, 2022. 

<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, 2022.

<sup>(n)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(o)</sup> Principal amount of security and interest payments are adjusted for inflation. See Note 1J. 

<sup>(p)</sup> Non-income producing security.

<sup>(q)</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>(r)</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 London Interbank Offered Rate ("LIBOR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<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> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized<br>Gain**<br> **(Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
|  Invesco Senior Loan ETF | $29610464 | $- | $(28164761) | $148869 | $(1594572) | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$457022 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class | 36238696 | 163877202 | (183578225) | - | - | 16537673 | 356506 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 26717080 | 117055144 | (131127305) | 2777 | 3219 | 12650915 | 276829 |
|  Invesco Treasury Portfolio, Institutional Class | 41415653 | 187288231 | (209803687) | - | - | 18900197 | 394502 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 13176631 | 72180337 | (78098474) | - | - | 7258494 | 109,404\* |
|  Invesco Private Prime Fund | 30745471 | 118234096 | (130313302) | 2951 | (4516) | 18664700 | 304,214\* |
|  Total | $177903995 | $658635010 | $(761085754) | $154597 | $(1595869) | $74011979 | $1898477 |

---

\* 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>(u)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(v)</sup> The table below details options purchased.

<sup>(w)</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.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased<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** | **Type of<br>Contract** | **Counterparty** | **Expiration<br>Date** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional<br>Value** | **Notional<br>Value** | **Value** |
|  **Currency Risk** |  |  |  |  |  |  |  |  |
|  AUD versus USD | Call | Bank of America, N.A. | 09/27/2023 | USD | 0.68 | AUD | 22058824 | $703839 |
|  AUD versus USD | Call | Goldman Sachs International | 10/12/2023 | USD | 0.80 | AUD | 1125000 | 90563 |
|  AUD versus USD | Call | Standard Chartered Bank PLC | 05/11/2023 | USD | 0.75 | AUD | 1200000 | 75671 |
|  EUR versus USD | Call | Goldman Sachs International | 05/12/2023 | USD | 1.13 | EUR | 1800000 | 370437 |
|  NZD versus USD | Call | Goldman Sachs International | 10/12/2023 | USD | 0.70 | NZD | 2142857 | 392397 |
|  USD versus CNH | Call | Goldman Sachs International | 05/31/2023 | CNH | 7.50 | USD | 1800000 | 69368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Call Options Purchased |  |  |  |  | 1702275 |
|  **Currency Risk** |  |  |  |  |  |  |  |  |
|  EUR versus CZK | Put | J.P. Morgan Chase Bank, N.A. | 07/17/2023 | CZK | 24.00 | EUR | 600000 | 154614 |
|  EUR versus CZK | Put | J.P. Morgan Chase Bank, N.A. | 02/05/2024 | CZK | 24.30 | EUR | 1000000 | 376886 |
|  EUR versus HUF | Put | Bank of America, N.A. | 01/31/2023 | HUF | 400.00 | EUR | 12000000 | 167491 |
|  EUR versus NOK | Put | J.P. Morgan Chase Bank, N.A. | 02/17/2023 | NOK | 9.70 | EUR | 1200000 | 8507 |
|  EUR versus PLN | Put | Bank of America, N.A. | 03/24/2023 | PLN | 4.50 | EUR | 1500000 | 93752 |
|  EUR versus PLN | Put | Bank of America, N.A. | 03/24/2023 | PLN | 4.50 | EUR | 600000 | 37501 |
|  EUR versus SEK | Put | Morgan Stanley and Co. International PLC | 02/17/2023 | SEK | 10.80 | EUR | 7500000 | 6824 |
|  GBP versus USD | Put | Goldman Sachs International | 01/09/2023 | USD | 1.09 | GBP | 1500000 | 265 |
|  USD versus BRL | Put | Bank of America, N.A. | 02/14/2023 | BRL | 5.28 | USD | 16294000 | 363324 |
|  USD versus BRL | Put | Goldman Sachs International | 02/01/2023 | BRL | 5.00 | USD | 1500000 | 218070 |
|  USD versus BRL | Put | Goldman Sachs International | 11/16/2023 | BRL | 4.50 | USD | 480000 | 115107 |
|  USD versus CAD | Put | Goldman Sachs International | 03/10/2023 | CAD | 1.26 | USD | 30000000 | 6390 |
|  USD versus CAD | Put | J.P. Morgan Chase Bank, N.A. | 05/23/2023 | CAD | 1.22 | USD | 750000 | 23015 |
|  USD versus CNH | Put | Morgan Stanley and Co. International PLC | 09/20/2023 | CNH | 6.50 | USD | 900000 | 195796 |
|  USD versus COP | Put | Morgan Stanley and Co. International PLC | 03/17/2023 | COP | 4900.00 | USD | 18000000 | 592290 |
|  USD versus JPY | Put | Goldman Sachs International | 05/23/2023 | JPY | 122.00 | USD | 2250000 | 510991 |
|  USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | 03/14/2023 | JPY | 120.00 | USD | 900000 | 91183 |
|  USD versus MXN | Put | Bank of America, N.A. | 02/03/2023 | MXN | 19.30 | USD | 1500000 | 315834 |
|  USD versus MXN | Put | Bank of America, N.A. | 04/26/2023 | MXN | 19.00 | USD | 750000 | 173657 |
|  USD versus MXN | Put | Morgan Stanley and Co. International PLC | 03/03/2023 | MXN | 18.90 | USD | 600000 | 96347 |
|  USD versus PLN | Put | Goldman Sachs International | 06/27/2023 | PLN | 4.40 | USD | 1500000 | 781483 |
|  USD versus SEK | Put | Goldman Sachs International | 02/14/2023 | SEK | 9.50 | USD | 1800000 | 30866 |
|  USD versus THB | Put | Standard Chartered Bank PLC | 04/26/2023 | THB | 33.75 | USD | 1500000 | 636198 |
|  USD versus ZAR | Put | Goldman Sachs International | 01/19/2023 | ZAR | 16.90 | USD | 7500000 | 74497 |
|  USD versus ZAR | Put | Goldman Sachs International | 04/04/2023 | ZAR | 15.70 | USD | 1950000 | 242471 |
|  USD versus ZAR | Put | Goldman Sachs International | 07/24/2023 | ZAR | 15.75 | USD | 900000 | 374279 |
|  USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | 02/15/2023 | ZAR | 17.10 | USD | 1200000 | 158158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Put Options Purchased |  |  |  |  |  | 5845796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased |  |  |  |  |  | $7548071 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,343,000. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased<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** | **Type of**<br> **Contract** | **Counterparty** | **Exercise<br>Rate** | **Pay/<br>Receive<br>Exercise<br>Rate** | **Floating Rate<br>Index** | **Payment<br>Frequency** | **Expiration<br>Date** | **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
|  **Interest Rate Risk** |  |  |  |  |  |  |  |  |  |  |
|  10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 0.55% | Pay | TONAR | Annually | 05/26/2025 | JPY | 6429000000 | $3146666 |
|  10 Year Interest Rate Swap | Put | Morgan Stanley and Co. International PLC | 3.77 | Pay | SOFR | Annually | 08/07/2023 | USD | 106200000 | 2356554 |
|  30 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 1.93 | Pay | 6 Month<br>EURIBOR | Semi-Annually | 06/12/2023 | EUR | 9000000 | 1320404 |
|  50 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 1.37 | Pay | 6 Month<br>EURIBOR | Semi-Annually | 04/21/2023 | EUR | 4500000 | 1013461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | $7837085 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,343,000. 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Exercise<br>Rate** | **Reference**<br> **Entity** | **(Pay)/<br>Receive<br>Fixed<br>Rate** | **Payment<br>Frequency** | **Expiration<br>Date** | **Implied<br>Credit<br>Spread<sup>(b)</sup>** | **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
|  **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
|  J.P. Morgan Chase Bank, N.A. | Put | 550.00% | Markit iTraxx Europe Index, Series 30, Version 1 | 5.00% | Quarterly | 01/18/2023 | 4.742% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000000 | $(108445) |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,343,000. 

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2022, 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>** |
| **Description** | **Counterparty** | **Expiration<br>Date** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
|  **Currency Risk** |  |  |  |  |  |  |  |
|  AUD versus USD<br> Call | Bank of America, N.A. | 09/27/2023 | USD | 0.75 | AUD | 20000000 | $(145211) |
|  EUR versus HUF<br> Call | Bank of America, N.A. | 01/31/2023 | HUF | 460.00 | EUR | 12000000 | (10919) |
|  EUR versus HUF<br> Call | Goldman Sachs International | 01/13/2023 | HUF | 435.00 | EUR | 18750000 | (11240) |
|  EUR versus HUF<br> Call | J.P. Morgan Chase Bank, N.A. | 02/14/2023 | HUF | 445.00 | EUR | 15000000 | (56086) |
|  EUR versus SEK<br> Call | Morgan Stanley and Co. International PLC | 02/17/2023 | SEK | 11.35 | EUR | 7500000 | (36682) |
|  GBP versus USD<br> Call | Goldman Sachs International | 01/09/2023 | USD | 1.18 | GBP | 1500000 | (1680282) |
|  USD versus BRL<br> Call | Bank of America, N.A. | 02/14/2023 | BRL | 5.87 | USD | 16294000 | (66398) |
|  USD versus BRL<br> Call | Goldman Sachs International | 02/01/2023 | BRL | 5.85 | USD | 1500000 | (82504) |
|  USD versus BRL<br> Call | Goldman Sachs International | 11/16/2023 | BRL | 6.75 | USD | 480000 | (52153) |
|  USD versus BRL<br> Call | J.P. Morgan Chase Bank, N.A. | 03/16/2023 | BRL | 6.05 | USD | 7500000 | (42337) |
|  USD versus CAD<br> Call | J.P. Morgan Chase Bank, N.A. | 05/23/2023 | CAD | 1.40 | USD | 375000 | (71457) |
|  USD versus COP<br> Call | Morgan Stanley and Co. International PLC | 03/17/2023 | COP | 5650.00 | USD | 18000000 | (101034) |
|  USD versus MXN<br> Call | Goldman Sachs International | 11/06/2023 | MXN | 22.00 | USD | 33000000 | (804936) |
|  USD versus MXN<br> Call | Goldman Sachs International | 11/14/2023 | MXN | 22.00 | USD | 18000000 | (453492) |
|  USD versus MXN<br> Call | Morgan Stanley and Co. International PLC | 06/05/2023 | MXN | 21.85 | USD | 5000000 | (47405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Call Options Written |  |  |  |  |  | (3662136) |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written<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** | **Type of<br>Contract** | **Counterparty** | **Expiration<br>Date** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
|  **Currency Risk** |  |  |  |  |  |  |  |  |
|  AUD versus USD | Put | Bank of America, N.A. | 09/27/2023 | USD | 0.60 | AUD | 25104603 | $(139543) |
|  EUR versus SEK | Put | Morgan Stanley and Co. International PLC | 02/17/2023 | SEK | 10.45 | EUR | 7500000 | (458) |
|  USD versus BRL | Put | Bank of America, N.A. | 02/14/2023 | BRL | 4.94 | USD | 16294000 | (68321) |
|  USD versus COP | Put | Morgan Stanley and Co. International PLC | 03/17/2023 | COP | 4510.00 | USD | 18000000 | (113706) |
|  USD versus JPY | Put | Bank of America, N.A. | 03/02/2023 | JPY | 132.00 | USD | 12000000 | (359724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Foreign Currency Put Options Written |  |  |  |  |  | (681752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total – Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total – Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total – Foreign Currency Options Written |  |  |  |  |  | $(4343888) |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,343,000. 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** | **Open Over-The-Counter Interest Rate Swaptions Written<sup>(a)</sup>** |
| **Description** | **Type of**<br> **Contract** | **Counterparty** | **Exercise<br>Rate** | **Floating<br>Rate Index** | **Pay/<br>Receive<br>Exercise<br>Rate** | **Payment<br>Frequency** | **Expiration<br>Date** | | **Notional**<br> **Value** | **Value** |
|  **Interest Rate Risk** |  |  |  |  |  |  |  |  |  |  |
|  30 Year Interest Rate Swap | Call | Bank of America, N.A. | 2.95% | SOFR | Receive | Annually | 01/30/2023 | USD | 11250000 | $(76751) |
|  30 Year Interest Rate Swap | Call | Bank of America, N.A. | 2.95 | SOFR | Receive | Annually | 02/28/2023 | USD | 11250000 | (175647) |
|  10 Year Interest Rate Swap | Call | Bank of America, N.A. | 3.50 | SOFR | Receive | Annually | 01/26/2023 | USD | 45000000 | (401641) |
|  10 Year Interest Rate Swap | Call | Goldman Sachs International | 3.13 | SOFR | Receive | Annually | 03/27/2023 | USD | 90000000 | (759384) |
|  30 Year Interest Rate Swap | Call | Goldman Sachs International | 2.14 | 6 Month<br> EURIBOR | Receive | Annually | 02/07/2023 | EUR | 15000000 | (92078) |
|  10 Year Interest Rate Swap | Call | Goldman Sachs International | 3.25 | SOFR | Receive | Annually | 03/27/2024 | USD | 67500000 | (2655834) |
|  30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, N.A. | 1.95 | 6 Month<br> EURIBOR | Receive | Annually | 09/28/2023 | EUR | 15000000 | (575072) |
|  5 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, N.A. | 3.49 | SOFR | Receive | Annually | 05/30/2023 | USD | 37500000 | (496083) |
|  2 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, N.A. | 2.75 | SOFR | Receive | Annually | 09/16/2024 | USD | 112500000 | (1046617) |
|  10 Year Interest Rate Swap | Call | Morgan Stanley and Co. International PLC | 2.50 | 6 Month<br> EURIBOR | Receive | Annually | 06/16/2023 | EUR | 38400000 | (294644) |
|  10 Year Interest Rate Swap<br>| Call | Morgan Stanley and Co. International PLC | 3.77 | SOFR | Receive | Annually | 08/07/2023 | USD | 106200000 | (5062981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Interest Rate Call Swaptions Written |  |  |  |  |  |  | (11636732) |
|  **Interest Rate Risk** |  |  |  |  |  |  |  |  |  |  |
|  30 Year Interest Rate Swap | Put | Bank of America, N.A. | 3.20 | SOFR | Pay | Annually | 01/30/2023 | USD | 11250000 | (257848) |
|  30 Year Interest Rate Swap | Put | Bank of America, N.A. | 3.20 | SOFR | Pay | Annually | 02/28/2023 | USD | 11250000 | (367498) |
|  30 Year Interest Rate Swap | Put | Barclays Bank PLC | 3.45 | SONIA | Pay | Annually | 02/09/2023 | GBP | 3750000 | (200171) |
|  10 Year Interest Rate Swap | Put | Goldman Sachs International | 3.25 | 6 Month<br> EURIBOR | Pay | Semi-Annually | 06/16/2023 | EUR | 80640000 | (2334807) |
|  10 Year Interest Rate Swap | Put | Goldman Sachs International | 2.75 | 6 Month<br> EURIBOR | Pay | Semi-Annually | 04/22/2024 | EUR | 45000000 | (3082226) |
|  10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 2.39 | 6 Month<br> EURIBOR | Pay | Semi-Annually | 06/12/2023 | EUR | 24300000 | (1962058) |
|  10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 2.16 | 6 Month<br> EURIBOR | Pay | Semi-Annually | 04/21/2023 | EUR | 18000000 | (1767155) |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written<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** | **Counterparty** | **Exercise<br>Rate** | **Floating<br>Rate<br>Index** | **Pay/<br>Receive<br>Exercise<br>Rate** | **Payment<br>Frequency** | **Expiration<br>Date** | **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
|  10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 1.05% | TONAR | Pay | Annually | 05/26/2025 | JPY | 6429000000 | $(1966048) |
|  10 Year Interest Rate Swap | Put | Morgan Stanley and Co. International PLC | 3.75 | SOFR | Pay | Annually | 04/22/2024 | USD | 225000000 | (7170946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Interest Rate Put Swaptions Written |  |  |  |  |  | (19108757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Interest Rate Swaptions Written |  |  |  |  |  | $(30745489) |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,343,000. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Number of<br>Contracts** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Interest Rate Risk** |  |  |  |  |  |
|  Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;91 | March-2023 | $12948831 | $(842604) | $(842604) |
|  Euro-Schatz | 139 | March-2023 | 15685703 | (189077) | (189077) |
|  U.S. Treasury 2 Year Notes | 120 | March-2023 | 24609375 | 31874 | 31874 |
|  U.S. Treasury 10 Year Notes | 356 | March-2023 | 39977688 | (298563) | (298563) |
|  U.S. Treasury 10 Year Ultra Notes | 368 | March-2023 | 43527500 | (155455) | (155455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Long Futures Contracts |  |  |  | (1453825) | (1453825) |
|  **Short Futures Contracts** |  |  |  |  |  |
|  **Interest Rate Risk** |  |  |  |  |  |
|  Euro BTP | 683 | March-2023 | (77231079) | 1877348 | 1877348 |
|  U.S. Treasury 5 Year Notes | 871 | March-2023 | (94006758) | 17342 | 17342 |
|  U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;25 | March-2023 | (3133594) | 19351 | 19351 |
|  U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;78 | March-2023 | (10476375) | 843375 | 843375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Short Futures Contracts |  | 2757416 | 2757416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $1303591 | $1303591 |

---

<sup>(a)</sup> Futures contracts collateralized by $3,648,448 cash held with Merrill Lynch, the futures commission merchant. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation** |
| **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **(Depreciation)** |
| **Currency Risk** | | | | | | |
| 01/27/2023 | Bank of America, N.A. | USD | 3900000 | ZAR | 66725100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19270 |
| 03/15/2023 | Bank of America, N.A. | CAD | 2630559 | USD | 1952584 | 8690 |
| 03/15/2023 | Bank of America, N.A. | GBP | 620000 | USD | 756918 | 6066 |
| 03/15/2023 | Bank of America, N.A. | INR | 646990350 | USD | 7803526 | 18924 |
| 03/15/2023 | Bank of America, N.A. | USD | 20400531 | AUD | 30252746 | 255202 |
| 03/15/2023 | Bank of America, N.A. | USD | 1425171 | CLP | 1306427300 | 101109 |
| 03/15/2023 | Bank of America, N.A. | USD | 19186125 | KRW | 24867769650 | 592721 |
| 03/15/2023 | Bank of America, N.A. | USD | 1330873 | NOK | 13120599 | 12436 |
| 03/15/2023 | Barclays Bank PLC | USD | 5280000 | JPY | 702698304 | 124499 |
| 03/15/2023 | Barclays Bank PLC | USD | 30296783 | ZAR | 528224407 | 606259 |
| 03/15/2023 | BNP Paribas S.A. | USD | 9600000 | EUR | 8993101 | 72833 |
| 03/15/2023 | BNP Paribas S.A. | USD | 3703500 | JPY | 487917792 | 49108 |
| 01/03/2023 | Citibank, N.A. | BRL | 119282474 | USD | 22861122 | 268674 |
| 01/03/2023 | Citibank, N.A. | USD | 22373994 | BRL | 119282474 | 218454 |
| 03/15/2023 | Citibank, N.A. | USD | 15830688 | THB | 548256303 | 106595 |
| 03/16/2023 | Citibank, N.A. | USD | 10021985 | HUF | 4035424611 | 580978 |
| 01/03/2023 | Deutsche Bank AG | BRL | 4770000 | USD | 914196 | 10744 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts–(continued)** | **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** |  | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation** |
| **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **(Depreciation)** |
|  03/15/2023 | Deutsche Bank AG | USD | 7225160 | CHF | 6779008 | $162286 |
|  03/15/2023 | Deutsche Bank AG | USD | 23729426 | CZK | 549882758 | 511356 |
|  03/15/2023 | Deutsche Bank AG | USD | 7283326 | EUR | 6880000 | 116690 |
|  03/15/2023 | Deutsche Bank AG | USD | 6819476 | KRW | 8963860000 | 310026 |
|  03/15/2023 | Deutsche Bank AG | USD | 7540041 | PLN | 34160912 | 210856 |
|  01/11/2023 | Goldman Sachs International | USD | 16112160 | GBP | 14400000 | 1299947 |
|  02/27/2023 | Goldman Sachs International | USD | 2053589 | RUB | 160488000 | 141786 |
|  03/13/2023 | Goldman Sachs International | CAD | 10023187 | USD | 7725000 | 318355 |
|  03/15/2023 | Goldman Sachs International | USD | 3702000 | MXN | 73130485 | 3234 |
|  01/03/2023 | J.P. Morgan Chase Bank, N.A. | BRL | 496407474 | USD | 94947940 | 926921 |
|  02/02/2023 | J.P. Morgan Chase Bank, N.A. | BRL | 372355000 | USD | 70393792 | 252911 |
|  02/17/2023 | J.P. Morgan Chase Bank, N.A. | USD | 1223373 | RUB | 93037500 | 55090 |
|  02/22/2023 | J.P. Morgan Chase Bank, N.A. | USD | 1305643 | RUB | 99555300 | 59290 |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | COP | 46823548650 | USD | 9621607 | 92136 |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | GBP | 3320000 | USD | 4028136 | 7441 |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | USD | 9293829 | CAD | 12653747 | 56863 |
|  05/24/2023 | J.P. Morgan Chase Bank, N.A. | CAD | 4658254 | USD | 3487500 | 42297 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 102161 | CNY | 725000 | 3188 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 68301301 | EUR | 65396057 | 2037633 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 4007826 | GBP | 3331000 | 26191 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 26051799 | JPY | 3510899636 | 950759 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 17876865 | MXN | 358212239 | 272340 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 773050 | PLN | 3500000 | 21078 |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 12767428 | SGD | 17513400 | 322776 |
|  01/03/2023 | Royal Bank of Canada | BRL | 21465000 | USD | 4090207 | 24674 |
|  03/15/2023 | Royal Bank of Canada | USD | 587493 | EUR | 550000 | 4078 |
|  03/15/2023 | Royal Bank of Canada | USD | 614184 | GBP | 510000 | 3453 |
|  03/15/2023 | Standard Chartered Bank PLC | USD | 15000000 | IDR | 234495000000 | 135410 |
|  03/15/2023 | UBS AG | USD | 15897511 | NZD | 25425482 | 257959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation |  |  |  |  | 11679586 |
|  **Currency Risk** |  |  |  |  |  |  |
|  01/27/2023 | Bank of America, N.A. | ZAR | 55524000 | USD | 3000000 | (261345) |
|  02/08/2023 | Bank of America, N.A. | MXN | 80878500 | USD | 4050000 | (74574) |
|  02/16/2023 | Bank of America, N.A. | BRL | 40825073 | USD | 7495240 | (175525) |
|  02/27/2023 | Bank of America, N.A. | RUB | 160488000 | USD | 1800000 | (395376) |
|  03/15/2023 | Bank of America, N.A. | CLP | 4515000000 | USD | 5055991 | (218816) |
|  03/15/2023 | Bank of America, N.A. | CNY | 38666076 | USD | 5537931 | (80631) |
|  03/15/2023 | Bank of America, N.A. | EUR | 8120000 | USD | 8663405 | (70334) |
|  09/29/2023 | Bank of America, N.A. | AUD | 11453004 | USD | 7500000 | (367831) |
|  03/15/2023 | Barclays Bank PLC | ZAR | 477890000 | USD | 27409808 | (548489) |
|  03/15/2023 | BNP Paribas S.A. | CZK | 220654716 | USD | 9600000 | (127243) |
|  01/03/2023 | Citibank, N.A. | BRL | 350890000 | USD | 65816968 | (642618) |
|  01/03/2023 | Citibank, N.A. | USD | 67249938 | BRL | 350890000 | (790352) |
|  03/15/2023 | Citibank, N.A. | ZAR | 195942014 | USD | 11010648 | (452670) |
|  03/16/2023 | Citibank, N.A. | HUF | 4202157500 | USD | 10338174 | (702875) |
|  01/03/2023 | Deutsche Bank AG | USD | 905192 | BRL | 4770000 | (1740) |
|  03/15/2023 | Deutsche Bank AG | CHF | 6779008 | USD | 7313398 | (74048) |
|  03/15/2023 | Deutsche Bank AG | PLN | 43810000 | USD | 9669801 | (270414) |
|  01/23/2023 | Goldman Sachs International | ZAR | 14524950 | USD | 825000 | (28459) |
|  03/15/2023 | Goldman Sachs International | CNY | 38303053 | USD | 5458293 | (107519) |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts–(continued)** | **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**  |  | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation** |
| **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **(Depreciation)** |
|  03/15/2023  | Goldman Sachs International | MXN | 101200000 | USD | 5046715 | $(80691) |
|  05/25/2023 | Goldman Sachs International | JPY | 449955000 | USD | 3300000 | (196187) |
|  06/29/2023 | Goldman Sachs International | PLN | 11410573 | USD | 2215000 | (349672) |
|  07/26/2023 | Goldman Sachs International | ZAR | 42232500 | USD | 2250000 | (194545) |
|  09/29/2023 | Goldman Sachs International | SEK | 50008935 | USD | 4530000 | (326874) |
|  09/29/2023 | Goldman Sachs International | USD | 3600000 | SEK | 37011600 | (5429) |
|  10/16/2023 | Goldman Sachs International | AUD | 1575000 | USD | 996975 | (85334) |
|  10/16/2023 | Goldman Sachs International | NZD | 3500000 | USD | 1958250 | (261772) |
|  11/16/2023 | Goldman Sachs International | MXN | 47483500 | USD | 2300000 | (22) |
|  11/20/2023 | Goldman Sachs International | BRL | 9996480 | USD | 1728000 | (56404) |
|  01/03/2023 | J.P. Morgan Chase Bank, N.A. | USD | 94565241 | BRL | 496407474 | (544222) |
|  02/02/2023 | J.P. Morgan Chase Bank, N.A. | USD | 23452147 | BRL | 124052474 | (84259) |
|  02/17/2023 | J.P. Morgan Chase Bank, N.A. | RUB | 93037500 | USD | 1125000 | (153463) |
|  02/22/2023 | J.P. Morgan Chase Bank, N.A. | RUB | 99555300 | USD | 1170000 | (194933) |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | CLP | 869351061 | USD | 963430 | (52220) |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | CZK | 46730000 | USD | 2010417 | (49608) |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | SGD | 14753933 | USD | 10865264 | (162405) |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | THB | 260695500 | USD | 7500000 | (78168) |
|  03/15/2023 | J.P. Morgan Chase Bank, N.A. | USD | 3677424 | JPY | 477204676 | (7212) |
|  03/20/2023 | J.P. Morgan Chase Bank, N.A. | BRL | 9075000 | USD | 1650000 | (44616) |
|  03/07/2023 | Morgan Stanley and Co. International PLC | MXN | 56075600 | USD | 2800000 | (45439) |
|  03/15/2023 | Morgan Stanley and Co. International PLC | CNY | 77778957 | USD | 10960000 | (342050) |
|  03/15/2023 | Morgan Stanley and Co. International PLC | EUR | 62936296 | USD | 65743530 | (1949724) |
|  03/15/2023 | Morgan Stanley and Co. International PLC | GBP | 38985748 | USD | 46907262 | (306539) |
|  03/15/2023 | Morgan Stanley and Co. International PLC | MXN | 398680000 | USD | 19896441 | (303107) |
|  03/15/2023 | Morgan Stanley and Co. International PLC | USD | 12578228 | SEK | 129277770 | (139723) |
|  03/22/2023 | Morgan Stanley and Co. International PLC | COP | 37283924000 | USD | 7310000 | (268020) |
|  06/07/2023 | Morgan Stanley and Co. International PLC | MXN | 18333000 | USD | 900000 | (14160) |
|  09/22/2023 | Morgan Stanley and Co. International PLC | CNY | 33369360 | USD | 4890000 | (17310) |
|  01/03/2023 | Royal Bank of Canada | USD | 4113882 | BRL | 21465000 | (48348) |
|  03/15/2023 | Standard Chartered Bank PLC | THB | 117390000 | USD | 3392873 | (19542) |
|  05/15/2023 | Standard Chartered Bank PLC | AUD | 2100000 | USD | 1387050 | (50126) |
|  03/15/2023 | UBS AG | NZD | 6708000 | USD | 4194237 | (68057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  |  |  | (11891040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $(211454) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Buy/Sell<br>Protection** | **(Pay)/**<br> **Receive<br>Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity Date** | **Implied<br>Credit<br>Spread<sup>(b)</sup>** | **Notional Value** | **Upfront<br>Payments Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Credit Risk** |  |  |  |  |  |  |  |  |  |
|  Markit iTraxx Europe Index, Series 37, Version 1 | Buy | (1.00)% | Quarterly | 06/20/2027 | 0.842% | EUR 3,225,000 | $(32058) | $(22705) | $9353 |
|  **Credit Risk** |  |  |  |  |  |  |  |  |  |
|  South Africa Republic International Bonds | Buy | (1.00) | Quarterly | 06/20/2027 | 2.308 | USD 1,500,000 | 107368 | 77265 | (30103) |
|  Markit iTraxx Europe Sub Financials, Series 37, Version 1 | Buy | (1.00) | Quarterly | 06/20/2027 | 1.593 | EUR 3,187,500 | 97717 | 81709 | (16008) |
|  Intercontinental Exchange, Inc. | Buy | (5.00) | Quarterly | 12/20/2027 | 4.742 | EUR 24,000,000 | (119621) | (279490) | (159869) |
|  Societe Generale | Sell | 1.00 | Quarterly | 06/20/2027 | 1.051 | EUR 4,500,000 | 4330 | (8271) | (12601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation |  |  | 89794 | (128787) | (218581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements |  |  | $57736 | $(151492) | $(209228) |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $14,184,082 cash held with Counterparties. 

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2022, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements<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** | **Floating Rate Index** | **Payment<br>Frequency** | **(Pay)/<br>Receive<br>Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional Value** | **Notional Value** | **Upfront<br>Payments<br>Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |  |  |  |  |  |  |
|  Receive | COOVIBR | Quarterly | (9.71)% | Quarterly | 07/21/2032 | COP | 5285000000 | $– | $3667 | $3667 |
|  Receive | SOFR | Annually | (3.72) | Annually | 12/30/2027 | USD | 22500000 |  | 33540 | 33540 |
|  Receive | COOVIBR | Quarterly | (8.54) | Quarterly | 05/27/2032 | COP | 4050000000 |  | 60428 | 60428 |
|  Pay | BZDIOVRA | At Maturity | 12.88 | At Maturity | 01/04/2027 | BRL | 31138771 |  | 70361 | 70361 |
|  Pay | BZDIOVRA | At Maturity | 12.90 | At Maturity | 01/04/2027 | BRL | 36818564 |  | 87739 | 87739 |
|  Receive | COOVIBR | Quarterly | (9.06) | Quarterly | 05/16/2032 | COP | 11100000000 |  | 97423 | 97423 |
|  Receive | COOVIBR | Quarterly | (9.01) | Quarterly | 05/24/2032 | COP | 10900000000 |  | 100986 | 100986 |
|  Receive | COOVIBR | Quarterly | (8.88) | Quarterly | 05/09/2032 | COP | 11600000000 |  | 126934 | 126934 |
|  Receive | 3 Month JIBAR | Quarterly | (6.61) | Quarterly | 10/19/2026 | ZAR | 48800000 | 211 | 132450 | 132239 |
|  Receive | 3 Month JIBAR | Quarterly | (6.65) | Quarterly | 10/11/2026 | ZAR | 50750000 |  | 139154 | 139154 |
|  Receive | 3 Month JIBAR | Quarterly | (7.98) | Quarterly | 03/07/2032 | ZAR | 37300000 |  | 156481 | 156481 |
|  Receive | 3 Month JIBAR | Quarterly | (7.95) | Quarterly | 03/07/2032 | ZAR | 38500000 |  | 165836 | 165836 |
|  Receive | 3 Month JIBAR | Quarterly | (6.63) | Quarterly | 02/11/2031 | ZAR | 24250000 |  | 193101 | 193101 |
|  Receive | BZDIOVRA | At Maturity | (13.00) | At Maturity | 01/02/2024 | BRL | 201206364 |  | 227870 | 227870 |
|  Receive | FBIL Overnight MIBOR | Semi-Annually | (5.65) | Semi-Annually | 02/17/2027 | INR | 787500000 |  | 266455 | 266455 |
|  Receive | 28 Day MXN TIIE | 28 Day | (8.35) | 28 Day | 03/06/2025 | MXN | 236250000 |  | 322429 | 322429 |
|  Receive | 3 Month JIBAR | Quarterly | (6.70) | Quarterly | 01/29/2031 | ZAR | 51000000 |  | 392252 | 392252 |
|  Receive | 3 Month JIBAR | Quarterly | (6.70) | Quarterly | 01/27/2031 | ZAR | 52000000 |  | 399875 | 399875 |
|  Receive | 3 Month JIBAR | Quarterly | (7.32) | Quarterly | 07/15/2031 | ZAR | 86900000 |  | 524538 | 524538 |
|  Receive | SOFR | Annually | (2.85) | Annually | 12/21/2052 | USD | 16270000 |  | 1052897 | 1052897 |
|  Receive | CLICP | Semi-Annually | (2.35) | Semi-Annually | 03/11/2026 | CLP | 7500000000 |  | 1077721 | 1077721 |
|  Receive | SOFR | Annually | (2.84) | Annually | 12/09/2032 | USD | 25320000 |  | 1512162 | 1512162 |
|  Pay | SOFR | Annually | 3.77 | Annually | 08/09/2033 | USD | 82410000 | (19834) | 2100331 | 2120165 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal – Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal – Appreciation |  |  |  |  |  |  | (19623) | 9244630 | 9264253 |
|  **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |  |  |  |  |  |  |
|  Pay | SOFR | Annually | 2.41 | Annually | 06/02/2052 | USD | 20490000 |  | (3069635) | (3069635) |
|  Pay | SONIA | Annually | 2.24 | Annually | 10/11/2032 | GBP | 7500000 |  | (1099109) | (1099109) |
|  Pay | BZDIOVRA | At Maturity | 11.30 | At Maturity | 01/02/2026 | BRL | 77898113 |  | (593072) | (593072) |
|  Pay | BZDIOVRA | At Maturity | 11.44 | At Maturity | 01/02/2026 | BRL | 77224124 |  | (544523) | (544523) |
|  Pay | BZDIOVRA | At Maturity | 11.72 | At Maturity | 01/02/2026 | BRL | 74577074 |  | (410603) | (410603) |
|  Pay | BZDIOVRA | At Maturity | 11.27 | At Maturity | 01/02/2029 | BRL | 25745458 |  | (358832) | (358832) |
|  Pay | BZDIOVRA | At Maturity | 8.68 | At Maturity | 01/04/2027 | BRL | 24429011 |  | (340783) | (340783) |
|  Receive | BZDIOVRA | At Maturity | (13.25) | At Maturity | 01/02/2029 | BRL | 36150833 |  | (307150) | (307150) |
|  Receive | BZDIOVRA | At Maturity | (13.11) | At Maturity | 01/02/2029 | BRL | 37926135 |  | (261727) | (261727) |
|  Pay | SOFR | Annually | 3.37 | Annually | 12/15/2032 | USD | 12780000 |  | (198616) | (198616) |
|  Pay | TONAR | Annually | 0.24 | Annually | 09/29/2027 | JPY | 1747500000 | (13592) | (186674) | (173082) |
|  Receive | FBIL Overnight MIBOR | Semi-Annually | (7.02) | Semi-Annually | 05/25/2027 | INR | 562500000 |  | (163286) | (163286) |
|  Pay | TONAR | Annually | 0.30 | Annually | 09/29/2027 | JPY | 1747500000 | (4005) | (149160) | (145155) |
|  Pay | SONIA | Annually | 4.02 | Annually | 11/30/2024 | GBP | 6900000 |  | (68793) | (68793) |
|  Receive | 6 Month WIBOR | Semi-Annually | (7.61) | Annually | 09/21/2024 | PLN | 37800000 |  | (66265) | (66265) |
|  Receive | COOVIBR | Quarterly | (11.50) | Quarterly | 11/02/2024 | COP | 41250000000 |  | (50803) | (50803) |
|  Receive | COOVIBR | Quarterly | (11.46) | Quarterly | 11/01/2024 | COP | 41250000000 |  | (43088) | (43088) |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements<sup>(a)</sup>–(continued)** |
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Payment<br>Frequency** | **(Pay)/<br>Receive<br>Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional Value** | **Notional Value** | **Upfront<br>Payments<br>Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receive | COOVIBR | Quarterly | (9.86)% | Quarterly | 09/09/2032 | COP | 10800000000 | $– | $(10225) | $(10225) |
|  Receive | COOVIBR | Quarterly | (9.85) | Quarterly | 07/21/2032 | COP | 5147000000 |  | (5085) | (5085) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal – Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal – Depreciation |  |  |  |  | (17597) | (7927429) | (7909832) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Centrally Cleared Interest Rate Swap Agreements |  |  |  |  | $(37220) | $1317201 | $1354421 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $14,184,082 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** | **(Pay)/<br>Receive**<br> **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<sup>(b)</sup>** | **Notional Value** | **Notional Value** | **Upfront<br>Payments<br>Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Credit Risk** |  |  |  |  |  |  |  |  |  |  |  |
|  J.P. Morgan<br> Chase Bank,<br> N.A. | Markit iTraxx Europe Index, Series 30, Version 1 | Sell | 1.00% | Quarterly | 12/20/2023 | 11.782% | EUR | 7500000 | $(806606) | $(794350) | $12256 |
|  **Credit Risk** |  |  |  |  |  |  |  |  |  |  |  |
|  Citibank, N.A. | Assicurazioni Generali S.p.A. | Sell | 1.00 | Quarterly | 12/20/2024 | 0.654 | EUR | 2500000 | 9703 | 8865 | (838) |
|  Citibank, N.A. | Assicurazioni Generali S.p.A. | Buy | (1.00) | Quarterly | 12/20/2024 | 0.949 | EUR | 1250000 | 6303 | (1299) | (7602) |
|  Goldman Sachs<br> International | Markit CDX North America High Yield Index, Series 35, Version 1 | Sell | 5.00 | Quarterly | 12/20/2025 | 1.497 | USD | 18200000 | 1966920 | 1772312 | (194608) |
|  Goldman Sachs<br> International | Markit iTraxx Europe Crossover Index, Series 32, Version 5 | Sell | 5.00 | Quarterly | 12/20/2024 | 5.602 | EUR | 2900000 | 148933 | (34859) | (183792) |
|  Goldman Sachs<br> International | Royal Bank of Scotland Group PLC (The) | Buy | (1.00) | Quarterly | 12/20/2027 | 1.403 | EUR | 1500000 | 56163 | 29246 | (26917) |
|  J.P. Morgan<br> Chase Bank,<br> N.A. | Markit CDX North America High Yield Index, Series 35, Version 1 | Sell | 5.00 | Quarterly | 12/20/2025 | 1.497 | USD | 5400000 | 549311 | 525850 | (23461) |
|  J.P. Morgan<br> Chase Bank,<br> N.A. | Royal Bank of Scotland Group PLC (The) | Buy | (1.00) | Quarterly | 06/20/2027 | 1.494 | EUR | 2250000 | 70248 | 48788 | (21460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  |  |  |  |  |  | 2807581 | 2348903 | (458678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Over-The-Counter Credit Default Swap Agreements |  |  |  |  |  | $2000975 | $1554553 | $(446422) |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,343,000. 

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2022, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

Abbreviations:

---

| | |
|:---|:---|
|  AUD | –Australian Dollar |
|  BRL | –Brazilian Real |
|  BZDIOVRA | –Brazil Ceptip DI Interbank Deposit Rate |
|  CAD | –Canadian Dollar |
|  CHF | –Swiss Franc |
|  CLICP | –Sinacofi Chile Interbank Rate Avg (CAMARA) |
|  CLP | –Chile Peso |
|  CNH | –Chinese Renminbi |
|  CNY | –Chinese Yuan Renminbi |
|  COOVIBR | –Colombia IBR Overnight Nominal Interbank Reference Rate |
|  COP | –Colombia Peso |
|  CZK | –Czech Koruna |
|  EUR | –Euro |
|  EURIBOR | –Euro Interbank Offered Rate |
|  FBIL | –Financial Benchmarks India Private Ltd. |
|  GBP | –British Pound Sterling |
|  HUF | –Hungarian Forint |
|  IDR | –Indonesian Rupiah |
|  INR | –Indian Rupee |
|  JIBAR | –Johannesburg Interbank Average Rate |
|  JPY | –Japanese Yen |
|  KRW | –South Korean Won |
|  MIBOR | –Mumbai Interbank Offered Rate |
|  MXN | –Mexican Peso |
|  NOK | –Norwegian Krone |
|  NZD | –New Zealand Dollar |
|  PLN | –Polish Zloty |
|  RUB | –Russian Ruble |
|  SEK | –Swedish Krona |
|  SGD | –Singapore Dollar |
|  SOFR | –Secured Overnight Financing Rate |
|  SONIA | –Sterling Overnight Index Average |
|  THB | –Thai Baht |
|  TIIE | –Interbank Equilibrium Interest Rate |
|  TONAR | –Tokyo Overnight Average Rate |
|  USD | –U.S. Dollar |
|  WIBOR | –Warsaw Interbank Offered Rate |
|  ZAR | –South African Rand |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Assets** 

**and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $704,951,494)\* | $636734294 |
|  Investments in affiliated money market funds, at value (Cost $74,008,726) | 74011979 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable – futures contracts | 4100412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps receivable – OTC | 47567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap agreements – OTC | 12256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid on swap agreements – OTC | 2000975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 11679586 |
|  Deposits with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – exchange–traded futures contracts | 3648448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – centrally cleared swap agreements | 14184082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – OTC Derivatives | 21343000 |
|  Cash | 22139176 |
|  Foreign currencies, at value (Cost $8,495,677) | 8445201 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5741757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 18019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 198205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11143486 |
|  Investment for trustee deferred compensation and retirement plans | 130290 |
|  Other assets | 109101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 815687834 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $27,946,179) | 35197822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable – centrally cleared swap agreements | 466352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 11891040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps payable – OTC | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on swap agreements–OTC | 458678 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 588190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 25920590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 417251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 151871 |
|  Trustee deferred compensation and retirement plans | 130290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 75227402 |
|  Net assets applicable to shares outstanding | $740460432 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $1067230492 |
|  Distributable earnings (loss) | (326770060) |
|  | $740460432 |
|  **Net Assets:** |  |
|  Series I | $259461250 |
|  Series II | $480999182 |

---

---

| | |
|:---|:---|
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 65621117 |
|  Series II | 117810126 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $3.95 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $4.08 |

---

\* At December 31, 2022, securities with an aggregate value of $25,262,728 were on loan to brokers. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest (net of foreign withholding taxes of $112,117) | $33200088 |
|  Dividends | 2026 |
|  Dividends from affiliates (includes net securities lending income of $337,402) | 1822261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 35024375 |
|  **Expenses:** |  |
|  Advisory fees | 5543429 |
|  Administrative services fees | 1318129 |
|  Custodian fees | 105374 |
|  Distribution fees - Series II | 1298360 |
|  Transfer agent fees | 40015 |
|  Trustees' and officers' fees and benefits | 23284 |
|  Professional services fees | 110436 |
|  Other | (29385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8409642 |
|  Less: Fees waived | (142748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8266894 |
|  Net investment income | 26757481 |

---

---

| | |
|:---|:---|
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (52584494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (1595869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (2517606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 5885770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15448051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 2521310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (43053495) |
|  | (75896333) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (52453751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 154597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (545609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1057870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 168769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (7981745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 1427726 |
|  | (58172143) |
|  Net realized and unrealized gain (loss) | (134068476) |
|  Net increase (decrease) in net assets resulting from operations | $(107310995) |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $26757481 | $23756515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (75896333) | (17887423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (58172143) | (39499750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (107310995) | (33630658) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  | (16089003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II |  | (27017441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (43106444) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (39160472) | 303104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (62391076) | 1076421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (101551548) | 1379525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (208862543) | (75357577) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 949322975 | 1024680552 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $740460432 | $949322975 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Financial Highlights** 

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** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup><sup>(e)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $4.46 | $0.14 | $(0.65) | $(0.51) | $– | $3.95 | (11.44)% | $259461 | 0.87% | 0.89% | 3.49% | 85% |
|  Year ended 12/31/21 | 4.83 | 0.12 | (0.27) | (0.15) | (0.22) | 4.46 | (3.00) | 336327 | 0.82 | 0.86 | 2.59 | 209 |
|  Year ended 12/31/20 | 4.97 | 0.15 | (0.01) | 0.14 | (0.28) | 4.83 | 3.19 | 363404 | 0.82 | 0.87 | 3.10 | 324 |
|  Year ended 12/31/19 | 4.66 | 0.24 | 0.26 | 0.50 | (0.19) | 4.97 | 10.80 | 395324 | 0.77 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 4.86 <sup>(g)</sup> | 134 |
|  Year ended 12/31/18 | 5.13 | 0.25 | (0.47) | (0.22) | (0.25) | 4.66 | (4.40) | 346707 | 0.81 <sup>(f)</sup> | 0.88 <sup>(f)</sup> | 5.07 <sup>(g)</sup> | 68 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 4.61 | 0.13 | (0.66) | (0.53) |  | 4.08 | (11.50) | 480999 | 1.12 | 1.14 | 3.24 | 85 |
|  Year ended 12/31/21 | 4.99 | 0.11 | (0.28) | (0.17) | (0.21) | 4.61 | (3.37) | 612996 | 1.07 | 1.11 | 2.34 | 209 |
|  Year ended 12/31/20 | 5.13 | 0.14 | (0.01) | 0.13 | (0.27) | 4.99 | 2.79 | 661276 | 1.07 | 1.12 | 2.85 | 324 |
|  Year ended 12/31/19 | 4.80 | 0.23 | 0.27 | 0.50 | (0.17) | 5.13 | 10.61 | 736339 | 1.02 <sup>(f)</sup> | 1.08 <sup>(f)</sup> | 4.60 <sup>(g)</sup> | 134 |
|  Year ended 12/31/18 | 5.27 | 0.24 | (0.48) | (0.24) | (0.23) | 4.80 | (4.54) | 1081833 | 1.06 <sup>(f)</sup> | 1.13 <sup>(f)</sup> | 4.82 <sup>(g)</sup> | 68 |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.04% and 0.02% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</sup> The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $2,177,497,748 and $2,279,114,634, $2,370,164,194 and $2,399,236,376 for the years ended December 31, 2019 and 2018, respectively. 

<sup>(e)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(f)</sup> Includes the Fund's share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

<sup>(g)</sup> Includes the Fund's share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Global Strategic Income Fund**

------

**Notes to Consolidated Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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.

**Invesco V.I. Global Strategic Income Fund**

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The financial statements are prepared on a consolidated basis in conformity with
accounting principles generally accepted in the United States of America ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial
statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** – The Fund may purchase and sell interests in
corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in
connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less
than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**J.** **Treasury Inflation-Protected Securities** – The Fund may invest in Treasury Inflation-Protected Securities
("TIPS"). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of
TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

**K.** **Structured Securities** – The Fund may invest in structured securities. Structured securities are a type of
derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators ("reference instruments"). Most structured
securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed

**Invesco V.I. Global Strategic Income Fund**

------

(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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 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, 2022, the Fund paid the Adviser $18,597 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 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.

**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 financial 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.

**Invesco V.I. Global Strategic Income Fund**

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**P.** **Call Options Purchased and Written** – The Fund may write covered call options and/or buy call options. A
covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally
will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) 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.

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

**Invesco V.I. Global Strategic Income Fund**

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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 (loss) realized gain 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. 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, 2022, 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.** **LIBOR Risk –** The Fund may have investments in financial instruments that utilize the London Interbank Offered
Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis.
The UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of
most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates ("ARRs") or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain "legacy" USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in "legacy" USD LIBOR instruments held by the Fund could result in losses to the Fund.

**U.** **Leverage Risk** – Leverage exists when the Fund can lose more than it originally invests because it purchases or
sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**V.** **Collateral** – To the extent the Fund has designated or segregated a security as collateral and that security is
subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day.

**W.** **Other Risks** – The Fund may invest in lower-quality debt securities, i.e., "junk bonds". Investments
in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally
unsecured and are often subordinated to other creditors' claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary's investments.

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the "debt ceiling", could increase the risk that the U.S. Government may default on payments on certain

**Invesco V.I. Global Strategic Income Fund**

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U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

**X.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Next $200 million | 0.600% |
|  Next $4 billion | 0.500% |
|  Over $5 billion | 0.480% |

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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, 2022, the effective advisory fee rate incurred by the Fund was 0.69%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary's average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). 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 June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a 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 June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $142,748.

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, 2022, Invesco was paid $115,745 for accounting and fund administrative services and was reimbursed $1,202,384 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

**Invesco V.I. Global Strategic Income 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, 2022, 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, 2022, 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:

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| | |
|:---|:---|
| 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. |

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The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  U.S. Dollar Denominated Bonds & Notes | $– | $293636060 | $2 | $293636062 |
|  Non-U.S. Dollar Denominated Bonds & Notes |  | 201050240 |  | 201050240 |
|  Asset-Backed Securities |  | 55494571 | 941128 | 56435699 |
|  U.S. Treasury Securities |  | 36962647 |  | 36962647 |
|  Agency Credit Risk Transfer Notes |  | 17049685 |  | 17049685 |
|  Common Stocks & Other Equity Interests | 7467814 | 187529 | 1124413 | 8779756 |
|  Variable Rate Senior Loan Interests |  | 3264139 |  | 3264139 |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 2709291 |  | 2709291 |
|  Preferred Stocks |  | 1443514 | 18105 | 1461619 |
|  Money Market Funds | 48088785 | 25923194 |  | 74011979 |
|  Options Purchased |  | 15385156 |  | 15385156 |
|  **Total Investments in Securities** | 55556599 | 653106026 | 2083648 | 710746273 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 2789290 |  |  | 2789290 |
|  Forward Foreign Currency Contracts |  | 11679586 |  | 11679586 |
|  Swap Agreements |  | 9285862 |  | 9285862 |
|  | 2789290 | 20965448 |  | 23754738 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | (1485699) |  |  | (1485699) |
|  Forward Foreign Currency Contracts |  | (11891040) |  | (11891040) |
|  Options Written |  | (35197822) |  | (35197822) |
|  Swap Agreements |  | (8587091) |  | (8587091) |
|  | (1485699) | (55675953) |  | (57161652) |
|  **Total Other Investments** | 1303591 | (34710505) |  | (33406914) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $56860190 | $618395521 | $2083648 | $677339359 |

---

\* 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.

**Invesco V.I. Global Strategic Income Fund**

------

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | **Credit**<br> **Risk** | **Currency**<br> **Risk** | **Interest**<br> **Rate Risk** | **Total** |
|  Unrealized appreciation on futures contracts – Exchange-Traded<sup>(a)</sup> | $– | $– | $2789290 | $2789290 |
|  Unrealized appreciation on swap agreements – Centrally Cleared<sup>(a)</sup> | 9353 |  | 9264253 | 9273606 |
|  Unrealized appreciation on forward foreign currency contracts outstanding |  | 11679586 |  | 11679586 |
|  Unrealized appreciation on swap agreements – OTC | 12256 |  |  | 12256 |
|  Options purchased, at value – OTC<sup>(b)</sup> |  | 7548071 | 7837085 | 15385156 |
|  Total Derivative Assets | 21609 | 19227657 | 19890628 | 39139894 |
|  Derivatives not subject to master netting agreements | (9353) |  | (12053543) | (12062896) |
|  Total Derivative Assets subject to master netting agreements | $12256 | $19227657 | $7837085 | $27076998 |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | **Credit<br>Risk** | **Currency<br>Risk** | **Interest**<br> **Rate Risk** | **Total** |
|  Unrealized depreciation on futures contracts – Exchange-Traded<sup>(a)</sup> | $– | $– | $(1485699) | $(1485699) |
|  Unrealized depreciation on swap agreements – Centrally Cleared<sup>(a)</sup> | (218581) |  | (7909832) | (8128413) |
|  Unrealized depreciation on forward foreign currency contracts outstanding |  | (11891040) |  | (11891040) |
|  Unrealized depreciation on swap agreements – OTC | (458678) |  |  | (458678) |
|  Options written, at value – OTC | (108445) | (4343888) | (30745489) | (35197822) |
|  Total Derivative Liabilities | (785704) | (16234928) | (40141020) | (57161652) |
|  Derivatives not subject to master netting agreements | 218581 |  | 9395531 | 9614112 |
|  Total Derivative Liabilities subject to master netting agreements | $(567123) | $(16234928) | $(30745489) | $(47547540) |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

<sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2022.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Options<br>Purchased** | **Swap**<br> **Agreements** | **Total**<br> **Assets** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Options<br>Written** | **Swap<br>Agreements** | **Total**<br> **Liabilities** | **Net Value of<br>Derivatives** | **Non-Cash** | **Cash** | **Net**<br> **Amount** |
|  Bank of America, N.A. | $1014418 | $1855398 | $– | $2869816 | $(1644432) | $(2069501) | $– | $(3713933) | $(844117) | $– | $1072722 | $228605 |
|  Barclays Bank PLC | 730758 |  |  | 730758 | (548489) | (200171) |  | (748660) | (17902) |  | 17902 |  |
|  BNP Paribas S.A. | 121941 |  |  | 121941 | (127243) |  |  | (127243) | (5302) |  | 5302 |  |
|  Citibank, N.A. | 1174701 |  | 443 | 1175144 | (2588515) |  | (8884) | (2597399) | (1422255) |  | 810000 | (612255) |
|  Deutsche Bank AG | 1321958 |  |  | 1321958 | (346202) |  |  | (346202) | 975756 |  | (800000) | 175756 |
|  Goldman Sachs International | 1763322 | 3277184 | 35468 | 5075974 | (1692908) | (12008936) | (405847) | (14107691) | (9031717) |  | 6930000 | (2101717) |
|  J.P. Morgan Chase Bank, N.A. | 1492949 | 6292894 | 23912 | 7809755 | (1371106) | (8091358) | (45718) | (9508182) | (1698427) |  | 1202344 | (496083) |
|  Morgan Stanley and Co. International PLC | 3633965 | 3247811 |  | 6881776 | (3386072) | (12827856) |  | (16213928) | (9332152) |  | 5021000 | (4311152) |
|  Royal Bank of Canada | 32205 |  |  | 32205 | (48348) |  |  | (48348) | (16143) |  |  | (16143) |
|  Standard Chartered Bank PLC | 135410 | 711869 |  | 847279 | (69668) |  |  | (69668) | 777611 |  | (620000) | 157611 |
|  UBS AG | 257959 |  |  | 257959 | (68057) |  |  | (68057) | 189902 |  |  | 189902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $11679586 | $15385156 | $59823 | $27124565 | $(11891040) | $(35197822) | $(460449) | $(47549311) | $(20424746) | $– | $13639270 | $(6785476) |

---

**Invesco V.I. Global Strategic Income Fund**

------

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
|  | **Credit**<br> **Risk** | **Currency**<br> **Risk** | **Interest**<br> **Rate Risk** | **Total** |
|  Realized Gain (Loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $- | $5885770 | $- | $5885770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 15448051 | 15448051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> |  | (1230650) | 4783427 | 3552777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | (4381706) | 6903016 | 2521310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 2563742 |  | (45617237) | (43053495) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | 1057870 |  | 1057870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 168769 | 168769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> |  | 3094448 | 1693587 | 4788035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 11532 | 1771590 | (9764867) | (7981745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1061423) |  | 2489149 | 1427726 |
|  Total | $1513851 | $6197322 | $(23896105) | $(16184932) |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward**<br> **Foreign Currency**<br> **Contracts** | **Futures<br>Contracts** | **Swaptions<br>Purchased** | **Foreign<br>Currency<br>Options<br>Purchased** | **Swaptions<br>Written** | **Foreign<br>Currency<br>Options<br>Written** | **Swap<br>Agreements** |
|  Average notional value | $1317493376 | $207083776 | $167787572 | $281148765 | $1624048616 | $185946105 | $739266367 |

---

**NOTE 5-Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6-Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7-Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $- | $43106444 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation (depreciation) – investments | $(80121473) |
|  Net unrealized appreciation – foreign currencies | 51752 |
|  Temporary book/tax differences | (128621) |
|  Capital loss carryforward | (246571718) |
|  Shares of beneficial interest | 1067230492 |
|  Total net assets | $740460432 |

---

**Invesco V.I. Global Strategic Income Fund**

------

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, convertible securities, derivative instruments, partnerships 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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $118634849 | $127936869 | $246571718 |

---

\* 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, 2022 was $499,724,817 and $592,760,950, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $41990818 |
|  Aggregate unrealized (depreciation) of investments | (122112291) |
|  Net unrealized appreciation (depreciation) of investments | $(80121473) |

---

Cost of investments for tax purposes is $759,526,753.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating losses, on December 31, 2022, undistributed net investment income was decreased by $23,263,112, undistributed net realized gain (loss) was increased by $40,639,733 and shares of beneficial interest was decreased by $17,376,621. 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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2021** | **Year ended**<br>**December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 2823329 | $11396496 | 7410911 | $34410387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2581887 | 10808107 | 6876383 | 33223398 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  | 3640046 | 16089003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II |  |  | 5899005 | 27017441 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (12686597) | (50556968) | (10741994) | (50196286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (17673992) | (73199183) | (12265619) | (59164418) |
|  Net increase (decrease) in share activity | (24955373) | $(101551548) | 818732 | $1379525 |

---

<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 59% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. 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 Consolidated 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, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the consolidated financial highlights for each of the four years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of Oppenheimer Global Strategic Income Fund/VA and its subsidiary (subsequently renamed Invesco V.I. Global Strategic Income Fund) as of and for the year ended December 31, 2018 and the consolidated financial highlights for the year ended December 31, 2018 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated February 19, 2019 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our 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, 2022 by correspondence with the custodian, transfer agent, brokers, portfolio company investees and agent banks; when replies were not received from brokers, portfolio company investees or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Global Strategic Income Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1034.10 | $4.05 | $1021.22 | $4.02 | 0.79% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1033.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;1019.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | 1.04 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Global 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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**Invesco V.I. Global Strategic Income Fund**

------

**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Global Strategic Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School—Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Global Strategic Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Global Strategic Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg –1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Global Strategic Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Global Strategic Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Global Strategic Income Fund**

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![LOGO](g460570dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Government Money Market Fund** 

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The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. The Fund's Form N-MFP filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIGMKT-AR-1

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**Management's Discussion** 

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| |
|:---|
| **Fund Information** |
| This annual report for Invesco V.I. Government Money Market Fund (the Fund) covers the year ended December 31, 2022.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2022, the Fund's net assets totaled $1,076 million. As of the same date, the Fund's weighted average maturity was 12 days and the Fund's weighted average life was 110 days.<br>Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.<br>|

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**Market conditions affecting money market funds** 

During 2022, money market funds and markets in general were significantly impacted by actions from the US Federal Reserve (Fed). At the beginning of the fiscal year, the effective federal funds rate target range was 0.00% to 0.25%. After raising interest rates a cumulative 425 basis points (bps), the target range ended 2022 at 4.25% to 4.50%.<sup>1</sup> This has been the most aggressive Fed hiking since 1981. As a result of Fed policy and economic conditions, the two- and 10-years curve was inverted for much of the year. Following year end, expectations are for a slowing in the magnitude of policy rate hikes as the Fed continues to assess the impact of tighter monetary policy on inflation, economic activity, and financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation also dominated headlines throughout the fiscal year, with Russia's invasion of Ukraine exacerbating inflationary pressure by driving up commodity prices. In the US, year over year Consumer Price Index increased throughout the year, having started the year at 1.4%, peaking at 9.1% in June, and decreasing slightly to 7.1% at the end of November.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first quarter of 2022, the Fed began its tightening cycle, with the Federal Open Markets Committee (FOMC) raising rates off the zero bound, which moved money market yields off the zero bound as well. Yield increased significantly across the yield curve in anticipation of potentially aggressive Fed rate hikes in the future. The 10-year US Treasury yield rose by 83 bps and two-year Treasuries soared 160 bps, resulting in an inverted yield curve at quarter end.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second quarter proved challenging for both US and global markets, as markets reacted to stubborn inflation data, a slow persistent war in Ukraine, two Fed rate hikes, everchanging expectations of the magnitude of Fed hikes, and the potential implications to inflation, growth, and financial conditions. Inflation continued to increase and reached levels not seen since 1981. The FOMC raised policy rates by a total of 125 bps during the quarter.<sup>1</sup> As a result, yields rose across the

US Treasury yield curve, and the yield curve bear flattened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the third quarter, global central banks including the Fed reiterated their laser focus on inflation risks and continued hiking interest rates at an unprecedented rate. The FOMC raised short-term policy rates by 150 bps in the quarter.<sup>1</sup> Treasury yields at the front end of the curve increased considerably during the quarter, with the two- and 10-year curves inverted once more. Demand for money market securities continued to be evident as the Fed's Overnight Reverse Repo Facility hit an all-time daily usage high of $2.4 trillion on September 30.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fourth quarter saw another increase in federal funds policy rates, as the FOMC pushed the target range for the federal funds rate higher by 125 bps to 4.25% to 4.50%, capping a year where it began at 0.00% to 0.25%.<sup>1</sup> The US Treasury yield curve remained inverted as US Treasury bill yields jumped between 75 bps to 134 bps.<sup>2</sup> Overnight repo rates traded 5 bps above the federal funds lower bound. Participation in the Fed's reverse repo program remained elevated and reached another all-time high participation of $2.55 trillion on December 30.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the close of the year, it is Invesco Global Liquidity's view that while central banks continued to hike policy rates globally, expectations are for a slowing in the magnitude and pace of future rate hikes. In the US, the market is currently pricing in a 100% probability for 0.25% rate hike at the next FOMC meeting, with a probability of just under 40% for a 0.50% hike.<sup>2</sup> We believe it is prudent to monitor developments related to the US debt ceiling due to potential effects on Treasury supply and rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For over 40 years, Invesco Global Liquidity has been a core business for Invesco. We believe in a disciplined investment process, high credit quality solutions, distinguished client engagement and consistent performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We appreciate your continued investment in Invesco V.I. Government Money Market Fund.

1 Source: US Federal Reserve

2 Source: Bloomberg LP

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Government Money Market Fund** 

------

**Team managed by Invesco Advisers, Inc.** 

**You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

---

| | |
|:---|:---|
|  **Portfolio Composition by Maturity\*** | **Portfolio Composition by Maturity\*** |
|  &nbsp;&nbsp;&nbsp;&nbsp;*In days, as of 12/31/2022* |  |
| 1-7 | 71.7% |
| 8-30 | 0.0 |
| 31-60 | 0.9 |
| 61-90 | 0.5 |
| 91-180 | 6.6 |
| 181+ | 20.3 |

---

\*The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

**Invesco V.I. Government Money Market Fund** 

------

**Supplemental Information** 

**Invesco V.I. Government Money Market Fund's investment objective is to provide current income consistent with preservation of capital and liquidity.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and
is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

**Invesco V.I. Government Money Market Fund** 

------

**Schedule of Investments** 

*December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)** | **Value** |
|  **U.S. Treasury Securities-21.40%** |  |  |  |  |
|  **U.S. Treasury Bills-7.61%<sup>(a)</sup>** |  |  |  |  |
|  U.S. Treasury Bills | 1.18% | 02/23/2023 | $4000 | $3993110 |
|  U.S. Treasury Bills | 4.36% | 03/14/2023 | 5000 | 4957000 |
|  U.S. Treasury Bills | 4.46% | 04/11/2023 | 25000 | 24694444 |
|  U.S. Treasury Bills | 4.51% | 04/18/2023 | 30000 | 29604100 |
|  U.S. Treasury Bills | 4.49% | 04/25/2023 | 15000 | 14789813 |
|  U.S. Treasury Bills | 4.12% | 10/05/2023 | 4000 | 3878274 |
|  |  |  |  | 81916741 |
|  **U.S. Treasury Floating Rate Notes-13.79%** |  |  |  |  |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)<sup>(b)</sup> | 4.32% | 04/30/2024 | 69500 | 69442464 |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)<sup>(b)</sup> | 4.44% | 07/31/2024 | 77000 | 76950467 |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)<sup>(b)</sup> | 4.48% | 10/31/2024 | 2000 | 1996432 |
|  |  |  |  | 148389363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $230,306,104) |  |  |  | 230306104 |
|  **U.S. Government Sponsored Agency Securities-6.91%** |  |  |  |  |
|  **Federal Farm Credit Bank (FFCB)-5.58%** |  |  |  |  |
|  Federal Farm Credit Bank (SOFR + 0.03%)<sup>(b)</sup> | 4.33% | 07/07/2023 | 3000 | 3000000 |
|  Federal Farm Credit Bank (SOFR + 0.03%)<sup>(b)</sup> | 4.33% | 09/18/2023 | 3000 | 3000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 09/20/2023 | 7000 | 7000000 |
|  Federal Farm Credit Bank (SOFR + 0.03%)<sup>(b)</sup> | 4.33% | 09/27/2023 | 1000 | 1000000 |
|  Federal Farm Credit Bank (SOFR + 0.06%)<sup>(b)</sup> | 4.35% | 11/07/2023 | 2000 | 2000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 01/25/2024 | 5000 | 5000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 02/05/2024 | 3000 | 3000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.35% | 02/23/2024 | 5000 | 5000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.34% | 03/15/2024 | 12000 | 12000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 03/18/2024 | 10000 | 10000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.34% | 04/25/2024 | 4000 | 4000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.35% | 05/09/2024 | 5000 | 5000000 |
|  |  |  |  | 60000000 |
|  **U.S. International Development Finance Corp. (DFC)-1.33%** |  |  |  |  |
|  U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)<sup>(c)</sup> | 4.46% | 06/15/2025 | 1500 | 1500000 |
|  U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)<sup>(c)</sup> | 4.46% | 07/15/2025 | 142 | 142389 |
|  U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)<sup>(c)</sup> | 4.50% | 02/15/2028 | 5833 | 5833333 |
|  U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)<sup>(c)</sup> | 4.42% | 07/07/2040 | 6837 | 6837008 |
|  |  |  |  | 14312730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Securities (Cost $74,312,730) |  |  |  | 74312730 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-28.31%<br>(Cost $304,618,834) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-28.31%<br>(Cost $304,618,834) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-28.31%<br>(Cost $304,618,834) |  | 304618834 |
|  |  |  | **Repurchase<br>Amount** |  |
|  **Repurchase Agreements-69.37%<sup>(d)</sup>** |  |  |  |  |
|  BMO Capital Markets Corp., joint term agreement dated 12/15/2022, aggregate maturing value of $251,463,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.00%; 01/15/2025 - 08/20/2071)<sup>(e)</sup> | 4.30% | 02/02/2023 | 25146319 | 25000000 |
|  CIBC World Markets Corp., joint term agreement dated 12/15/2022, aggregate maturing value of $854,974,861 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $867,000,035; 1.50% - 7.00%; 07/31/2024 - 08/20/2069)<sup>(e)</sup> | 4.30% | 02/02/2023 | 50292639 | 50000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Money Market Fund** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest<br>Rate** | **Maturity<br>Date** | **Repurchase**<br> **Amount** | **Value** |
|  Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 12/30/2022, aggregate maturing value of $3,001,433,333 (collateralized by U.S. Treasury obligations valued at $3,060,000,253; 0.13% - 4.50%; 12/15/2025 - 11/15/2052) | 4.30% | 01/03/2023 | $65031056 | $65000000 |
|  ING Financial Markets, LLC, joint term agreement dated 12/15/2022, aggregate maturing value of $251,466,597 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 12/01/2033 - 12/01/2052) | 4.31% | 02/02/2023 | 5029332 | 5000000 |
|  J.P. Morgan Securities LLC, joint agreement dated 12/30/2022, aggregate maturing value of $1,650,788,333 (collateralized by agency mortgage-backed securities valued at $1,683,000,000; 1.50% - 7.00%; 05/01/2028 - 12/01/2052) | 4.30% | 01/03/2023 | 100047778 | 100000000 |
|  J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,001; 1.00% - 7.32%; 08/25/2023 - 04/16/2063)<sup>(f)</sup> | 4.32% | 01/03/2023 | 10037517 | 10000000 |
|  Metropolitan Life Insurance Co., joint term agreement dated 12/28/2022, aggregate maturing value of $350,297,916 (collateralized by U.S. Treasury obligations valued at $361,189,950; 0.00%; 08/15/2027 - 08/15/2046)<sup>(e)</sup> | 4.32% | 01/04/2023 | 15012675 | 15000075 |
|  Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 12/30/2022, aggregate maturing value of $500,238,889 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.00%; 12/25/2033 - 02/25/2060) | 4.30% | 01/03/2023 | 100047778 | 100000000 |
|  Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 12/28/2022, aggregate maturing value of $1,805,327,703 (collateralized by U.S. Treasury obligations valued at $1,841,036,930; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)<sup>(e)</sup> | 4.32% | 01/04/2023 | 19328723 | 19312500 |
|  RBC Dominion Securities Inc., joint term agreement dated 12/28/2022, aggregate maturing value of $2,251,881,250 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,295,000,006; 0.00% - 6.38%; 08/15/2023 - 06/25/2059)<sup>(e)</sup> | 4.30% | 01/04/2023 | 100083611 | 100000000 |
|  Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,361; 0.00% - 2.75%; 03/09/2023 - 08/15/2032)<sup>(f)</sup> | 4.30% | 01/03/2023 | 35016722 | 35000000 |
|  Sumitomo Mitsui Banking Corp., joint agreement dated 12/30/2022, aggregate maturing value of $1,000,478,889 (collateralized by agency mortgage-backed securities valued at $1,024,326,971; 2.50% - 5.50%; 11/20/2049 - 10/20/2052) | 4.31% | 01/03/2023 | 72291765 | 72257162 |
|  Wells Fargo Securities, LLC, joint agreement dated 12/30/2022, aggregate maturing value of $200,095,778 (collateralized by agency mortgage-backed securities valued at $204,000,000; 5.50%; 01/01/2053) | 4.31% | 01/03/2023 | 150071833 | 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements (Cost $746,569,737) |  |  |  | 746569737 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-97.68% (Cost $1,051,188,571) |  |  |  | 1051188571 |
|  OTHER ASSETS LESS LIABILITIES-2.32% |  |  |  | 25005232 |
|  NET ASSETS-100.00% |  |  |  | $1076193803 |

---

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

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, 2022.

<sup>(c)</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, 2022.

<sup>(d)</sup> Principal amount equals value at period end. See Note 1I. 

<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> 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>(g)</sup> Also represents cost for federal income tax purposes.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Money Market Fund** 

------

**Statement of Assets and Liabilities** 

*December 31, 2022*

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, excluding repurchase agreements, at value and cost | $304618834 |
|  Repurchase agreements, at value and cost | 746569737 |
|  Cash | 3590 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 24375603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1801250 |
|  Investment for trustee deferred compensation and retirement plans | 23016 |
|  Other assets | 59548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1077451578 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 575560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 54074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 590536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 6201 |
|  Trustee deferred compensation and retirement plans | 31404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1257775 |
|  Net assets applicable to shares outstanding | $1076193803 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $1076560857 |
|  Distributable earnings (loss) | (367054) |
|  | $1076193803 |
|  **Net Assets:** |  |
|  Series I | $968239643 |
|  Series II | $107954160 |
|  **Shares outstanding, no par value,unlimited number of shares authorized:** |  |
|  Series I | 968528328 |
|  Series II | 107986667 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $1.00 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $1.00 |

---

**Statement of Operations** 

*For the year ended December 31, 2022*

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $18463240 |
|  **Expenses:** |  |
|  Advisory fees | 1559948 |
|  Administrative services fees | 1582091 |
|  Distribution fees - Series II | 268812 |
|  Trustees' and officers' fees and benefits | 24732 |
|  Other | (220587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3214996 |
|  Less: Fees waived and expenses reimbursed | (127085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3087911 |
|  Net investment income | 15375329 |
|  Net realized gain (loss) from unaffiliated investment securities | (368529) |
|  Net increase in net assets resulting from operations | $15006800 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Money Market Fund** 

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $15375329 | $54794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (368529) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 15006800 | 54794 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (13929490) | (48851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (1445839) | (5943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (15375329) | (54794) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 279791150 | (22868753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 29452672 | (12306552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 309243822 | (35175305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 308875293 | (35175305) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 767318510 | 802493815 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1076193803 | $767318510 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Money Market Fund** 

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(realized)** | **Total from<br>investment<br>operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Net asset<br>value, end<br>of period** | **Total<br>return<sup>(b)</sup>** | **Net assets,<br>end of period**<br> **(000's omitted)** | **Ratio of<br>expenses<br>to average**<br> **net assets<br>with fee waivers<br>and/or expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without**<br> **fee waivers<br>and/or expenses<br>absorbed** | **Ratio of net**<br> **investment<br>income<br>to average<br>net assets** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $1.00 | $0.01 | $(0.00) | $0.01 | $(0.01) | $1.00 | 1.45% | $968240 | 0.28% | 0.28% | 1.50% |
|  Year ended 12/31/21 | 1.00 | 0.00 |  | 0.00 | (0.00) | 1.00 | 0.01 | 688779 | 0.07 | 0.34 | 0.01 |
|  Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.29 | 711648 | 0.29 | 0.35 | 0.26 |
|  Year ended 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.90 | 598670 | 0.36 | 0.36 | 1.90 |
|  Year ended 12/31/18 | 1.00 | 0.02 | (0.00) | 0.02 | (0.02) | 1.00 | 1.55 | 900901 | 0.36 | 0.36 | 1.55 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.25 | 107954 | 0.48 | 0.53 | 1.30 |
|  Year ended 12/31/21 | 1.00 | 0.00 |  | 0.00 | (0.00) | 1.00 | 0.01 | 78539 | 0.07 | 0.59 | 0.01 |
|  Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.21 | 90846 | 0.36 | 0.60 | 0.19 |
|  Year ended 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.64 | 71978 | 0.61 | 0.61 | 1.65 |
|  Year ended 12/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.30 | 96339 | 0.61 | 0.61 | 1.30 |

---

<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.

**Invesco V.I. Government Money Market Fund** 

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Government Money Market Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to provide current income consistent with preservation of capital and liquidity.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services — Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** - The Fund's securities are recorded on the basis of amortized cost
which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**B.** **Securities Transactions and Investment Income** - Securities transactions are accounted for on
a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes
coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the
securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** - For the purposes of making investment selection decisions and
presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and
which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** - The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material
events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, each Trustee, officer,
employee or other agent of the Trust is indemnified against certain

**Invesco V.I. Government Money Market Fund** 

------

liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Repurchase Agreements** - The Fund may enter into repurchase agreements. Collateral on
repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S.
Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board
of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates ("Joint repurchase agreements"). The principal amount of
the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could
experience losses, including a decline in the value of the collateral and loss of income.

**J.** **Other Risks** - Investments in obligations issued by agencies and instrumentalities of the U.S.
Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if
the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt
limit, commonly called the "debt ceiling", could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility
in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory
action, is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of that entity will be adversely impacted.

**K.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market
closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business
closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic
impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the
macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund's average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser and/or Invesco Distributors, Inc., ("IDI") voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund's yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors. For the year ended December 31, 2022, the Adviser waived advisory fees of $80,730 and IDI reimbursed $46,355 for Series II shares in order to increase the Fund's yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2022, Invesco was paid $457,585 for accounting and fund administrative services and was reimbursed $1,124,506 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon ("BNY Mellon") serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. 12b-1 fees before fee waivers are shown as *Distribution fees* in the Statement of Operations. For the year ended December 31, 2022, 12b-1 fees incurred for Series II shares were $222,457 after waivers of $46,355.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when

**Invesco V.I. Government Money Market Fund** 

------

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, 2022, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2022 and December 31, 2021:</u>** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $15375329 | $54794 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $25913 |
|  Temporary book/tax differences | (24438) |
|  Capital loss carryforward | (368529) |
|  Shares of beneficial interest | 1076560857 |
|  Total net assets | $1076193803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a capital loss carryforward as of December 31, 2022 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $368529 | $- | $368529 |

---

\* 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** | |
|  | | **Years ended December 31,** | **Years ended December 31,** | |
|  | **2022<sup>(a)</sup>** | **2022<sup>(a)</sup>** | **2021** | **2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 2165246114 | $2165246114 | 1772925010 | $1772925010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 76980654 | 76980654 | 39161882 | 39161882 |

---

**Invesco V.I. Government Money Market Fund** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Summary of Share Activity** | **Summary of Share Activity** | |
|  | | **Years ended December 31,** | **Years ended December 31,** | |
|  | **2022<sup>(a)</sup>** | **2022<sup>(a)</sup>** | **2021** | **2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 13692140 | $13692140 | 47696 | $47696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1445837 | 1445837 | 5943 | 5943 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1899147104) | (1899147104) | (1795841459) | (1795841459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (48973819) | (48973819) | (51474377) | (51474377) |
|  Net increase (decrease) in share activity | 309243822 | $309243822 | (35175305) | $(35175305) |

---

<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 87% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Government Money Market Fund** 

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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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Government Money Market Fund** 

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before expenses)** | **HYPOTHETICAL**<br> **(5% annual return before expenses)** | |
| <br>&nbsp;&nbsp;&nbsp;**Class** | <br>**Beginning** <br> **Account Value** <br> **(07/01/22)**  | **Ending** <br> **Account Value** <br> **(12/31/22)<sup>1</sup>**  | **Expenses** <br> **Paid During** <br> **Period<sup>2</sup>**  | **Ending** <br> **Account Value** <br> **(12/31/22)**  | **Expenses** <br> **Paid During** <br> **Period<sup>2</sup>**  | <br>**Annualized <br>Expense <br>Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1013.20 | $1.73 | $1023.49 | $1.73 | 0.34% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1011.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;1022.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | 0.58 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Government Money Market Fund** 

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

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| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** |  |
|  Qualified Dividend Income\* | 0.0% |
|  Qualified Business Income\* | 0.0% |
|  Corporate Dividends Received Deduction\* | 0.0% |
|  U.S. Treasury Obligations\* | 29.05% |
|  Business Interest Income\* | 100.0% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

**Invesco V.I. Government Money Market Fund** 

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Government Money Market Fund** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler —1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman – 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. – 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis – 1950 Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Government Money Market Fund** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;Robert C. Troccoli – 1949 Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort –1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Government Money Market Fund** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris — 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Andrew R. Schlossberg – 1974 Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Government Money Market Fund** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Government Money Market Fund** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | Bank of New York Mellon |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 2 Hanson Place |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Brooklyn, NY 11217-1431 |

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**Invesco V.I. Government Money Market Fund** 

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![LOGO](g429343dsp001a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Government Securities Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at<br> invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIGOV-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Government Securities Fund (the Fund) underperformed the Bloomberg Intermediate U.S. Government Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Government Securities Fund (the Fund) underperformed the Bloomberg Intermediate U.S. Government Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -10.29 | % |
| &nbsp;&nbsp; Series II Shares | -10.58 |  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>▼</sup> (Broad Market Index) | -13.01 |  |
| &nbsp;&nbsp; Bloomberg Intermediate U.S. Government Index<sup>▼</sup> (Style-Specific Index) | -7.73 |  |
| &nbsp;&nbsp; Lipper VUF Intermediate U.S. Government Funds Classification Average<sup>∎</sup> (Peer Group) | -10.75 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

2022 was a year the bond market would like to forget. Expectations coming into 2022 were that inflation was transitory. As of December 31, 2021, futures markets expected the US Federal Reserve (the Fed) to hike three times during 2022 and end with a Fed funds rate of 0.80%.<sup>1</sup> Obviously, the Fed and bond market underappreciated the inflation problem that evolved during the fiscal year. The Fed hiked nine times during 2022 bringing Fed funds to 4.25% as of the end of the fiscal year.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is reason to be more optimistic on bond market prospects for 2023 as headline Consumer Price Index inflation peaked at a rate of 9.1% annualized in June 2022 and has retreated to 7.1% as of November 30,<sup>1</sup> with further reductions expected for the December 2022 figure. The employment situation has remained strong for job seekers and challenging for employers. Average non-farm monthly payrolls registered 385,000 during 2022, but the quarterly average for the fourth quarter had fallen to approximately 250,000<sup>1</sup> monthly new jobs. While this is still higher than where the Fed would desire this figure, progress is being made. Additionally, average hourly earnings fell from 5.6% in the spring to 4.6% as of fiscal year end,<sup>1</sup> indicating some further progress in the Fed's efforts to slow wage inflation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The yield curve flattened and inverted this fiscal year given the unanticipated nature of inflation and Fed moves, with the one-year Treasury rate increasing by 431 basis points, while the 10-year Treasury rate increased by 236 basis points. As of fiscal year end, the one-year rate was 81 basis points higher than the 10-year rate.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given this market backdrop, the Fund's total return for the fiscal year was negative and underperformed its style-specific benchmark, the Bloomberg Intermediate U.S. Government Index. The Fund's overweight in duration relative to the benchmark was the largest detractor from performance. Secondarily, agency mortgages, roughly 50% of the

Fund's assets, had their worst year of performance relative to Treasuries since 2008, further pressuring returns for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund utilizes duration and yield curve positioning for risk management and for generating returns. Duration measures a portfolio's price sensitivity to interest rate changes, with a shorter duration tending to be less sensitive to these changes. Yield curve positioning refers to actively emphasizing points (maturities) along the yield curve with favorable risk-return expectations. During the fiscal year, duration was managed with cash, bonds and futures positions. Buying and selling interest rate futures contracts was an important tool we used to manage interest rate risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that our strategy is implemented using derivative instruments, including futures, swaps and options. Therefore, a portion of the performance of the Fund, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks and asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics, such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience

increased volatility, which may affect the value and/or liquidity of certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We welcome new investors who joined the Fund during the fiscal year and thank you for your investment in Invesco V.I. Government Securities Fund.

1 Source: Bloomberg LP

------

**Portfolio manager(s):** 

Noelle Corum

Clint Dudley

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Government Securities Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g429343dsp004.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (5/5/93) | 3.48% |
| &nbsp;&nbsp; 10 Years | 0.43 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.12 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -10.29 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (9/19/01) | 2.38% |
| &nbsp;&nbsp; 10 Years | 0.17 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.39 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -10.58 |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Government Securities Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.** 

**Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Government Securities Fund**

------

**Supplemental Information** 

**Invesco V.I. Government Securities Fund's investment objective is total return, comprised of current income and capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index considered representative of the US investment-grade,
fixed-rate bond market.

∎ The **Bloomberg Intermediate U.S. Government Index** is composed of the Intermediate US Treasury and US Agency Indexes.

∎ The **Lipper VUF Intermediate U.S. Government Funds Classification Average** represents an average of all variable
insurance underlying funds in the Lipper Intermediate U.S. Government Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Government Securities Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities | 52.21% |
|  U.S. Treasury Securities | 28.87 |
|  Asset-Backed Securities | 8.23 |
|  U.S. Government Sponsored Agency Securities | 3.56 |
|  Certificates of Deposit | 3.45 |
|  Agency Credit Risk Transfer Notes | 1.09 |
|  U.S. Dollar Denominated Bonds & Notes | 1.02 |
|  Money Market Funds | 1.57 |

---

**Top Five Debt Issuers\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | &nbsp;&nbsp; U.S. Treasury | 32.03% |
| 2. | &nbsp;&nbsp; Federal National Mortgage Association | 23.06 |
| 3. | &nbsp;&nbsp; Government National Mortgage Association | 11.24 |
| 4. | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 11.06 |
| 5. | &nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Ctfs. | 6.02 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Government Securities Fund**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **U.S. Government Sponsored Agency Mortgage-Backed Securities–57.93%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–57.93%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities–57.93%** |
|  **Collateralized Mortgage Obligations–12.57%** | **Collateralized Mortgage Obligations–12.57%** | **Collateralized Mortgage Obligations–12.57%** |
|  Fannie Mae ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76% (1 mo. USD LIBOR + 0.59%), 09/25/2023<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;231199 | $230693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 02/25/2029 | 5000000 | 4651392 |
|  Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/25/2026 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/18/2027 | 43680 | 44173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/25/2028 | 929550 | 872733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/25/2032 | 264247 | 273919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/25/2035 | 66854 | 67412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD LIBOR + 0.30%), 05/25/2036<sup>(a)</sup> | 927582 | 908114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD LIBOR + 0.45%), 03/25/2037<sup>(a)</sup> | 496404 | 486595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 06/25/2039<sup>(b)</sup> | 1245055 | 1301962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/25/2040 | 678965 | 653026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (1 mo. USD LIBOR + 0.55%), 02/25/2041<sup>(a)</sup> | 319598 | 318653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (1 mo. USD LIBOR + 0.50%), 05/25/2041<sup>(a)</sup> | 319848 | 317612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (1 mo. USD LIBOR + 0.52%), 11/25/2041<sup>(a)</sup> | 509960 | 503245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% (1 mo. USD LIBOR + 0.32%), 08/25/2044<sup>(a)</sup> | 738754 | 717801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (1 mo. USD LIBOR + 0.48%), 02/25/2056<sup>(a)</sup> | 1369455 | 1372011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% (1 mo. USD LIBOR + 0.42%), 12/25/2056<sup>(a)</sup> | 1750362 | 1698672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11, Class MI, IO, 2.00%, 03/25/2051<sup>(c)</sup> | 2648197 | 360214 |
|  Freddie Mac Multifamily Structured Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KLU1, Class A2, 2.51%, 12/25/2025 | 5000000 | 4738952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG01, Class A7, 2.88%, 04/25/2026 | 5000000 | 4738695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KS11, Class AFX1, 2.15%, 12/25/2028 | 5000000 | 4546196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class A1, 2.76%, 12/25/2028 | 1787784 | 1694419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K092, Class AM, 3.02%, 04/25/2029 | 5000000 | 4534041 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
|  Freddie Mac REMICs, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2026 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (1 mo. USD LIBOR + 0.50%), 12/15/2035 to 03/15/2040<sup>(a)</sup> |  | 825412 | 817990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% (1 mo. USD LIBOR + 0.30%), 03/15/2036 to 09/15/2044<sup>(a)</sup> |  | 995655 | 985175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% (1 mo. USD LIBOR + 0.35%), 11/15/2036<sup>(a)</sup> |  | 1085911 | 1058255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD LIBOR + 0.37%), 03/15/2037<sup>(a)</sup> |  | 498133 | 486646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% (1 mo. USD LIBOR + 0.86%), 11/15/2039<sup>(a)</sup> |  | 270347 | 271062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (1 mo. USD LIBOR + 0.45%), 03/15/2040 to 02/15/2042<sup>(a)</sup> |  | 2256019 | 2218856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 331, Class AF, 4.72% (1 mo. USD LIBOR + 0.40%), 06/15/2037<sup>(a)</sup> |  | 728771 | 713420 |
|  Freddie Mac STRIPS, 3.60% (1 mo. USD LIBOR + 0.35%), 10/15/2037<sup>(a)</sup> |  | 813811 | 800208 |
|  |  |  | 42382148 |
|  **Federal Home Loan Mortgage Corp. (FHLMC)–11.06%** | **Federal Home Loan Mortgage Corp. (FHLMC)–11.06%** | **Federal Home Loan Mortgage Corp. (FHLMC)–11.06%** | **Federal Home Loan Mortgage Corp. (FHLMC)–11.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/01/2023 to 11/01/2035 |  | 1078098 | 1115490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2023 to 12/01/2035 |  | 809821 | 838648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2024 to 02/01/2035 |  | 126629 | 128020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2026 to 08/01/2031 |  | 66886 | 67930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 05/20/2027 |  | 17683 | 17784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2029 to 07/01/2038 |  | 118852 | 121550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/2030 to 06/01/2035 |  | 371990 | 383742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 10/20/2030 |  | 305689 | 310717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 to 01/01/2050 |  | 9908422 | 8921255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2034 to 12/01/2050 |  | 14273945 | 12876275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 to 01/01/2040 |  | 385710 | 391836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2040 to 08/01/2041 |  | 1736407 | 1717888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 |  | 5968289 | 6033563 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM,<br>3.91% (1 yr. USD LIBOR + 1.88%), 09/01/2035<sup>(a)</sup> |  | 925389 | 938645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49% (1 yr. USD LIBOR + 1.87%), 07/01/2036<sup>(a)</sup> |  | 920354 | 930408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% (1 yr. USD LIBOR + 1.57%), 10/01/2036<sup>(a)</sup> |  | 435672 | 440238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16% (1 yr. USD LIBOR + 1.91%), 10/01/2036<sup>(a)</sup> |  | 36723 | 37371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 yr. USD LIBOR + 1.98%), 11/01/2037<sup>(a)</sup> |  | 193168 | 193640 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (1 yr. USD LIBOR + 2.08%), 01/01/2038<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17624 | $17551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% (1 yr. USD LIBOR + 1.86%), 07/01/2038<sup>(a)</sup> |  | 267539 | 271633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (1 yr. USD LIBOR + 1.78%), 06/01/2043<sup>(a)</sup> |  | 333405 | 336303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/2048<sup>(d)</sup> |  | 1242983 | 1203467 |
|  |  |  | 37293954 |
|  **Federal National Mortgage Association (FNMA)–14.74%** | **Federal National Mortgage Association (FNMA)–14.74%** | **Federal National Mortgage Association (FNMA)–14.74%** | **Federal National Mortgage Association (FNMA)–14.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2023 to 11/01/2037 |  | 668434 | 689534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2024 to 08/01/2037 |  | 1632549 | 1686900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2024 |  | 9990 | 10259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/01/2024 to 12/01/2036 |  | 212750 | 223021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2024 to 08/01/2041 |  | 1884185 | 1862185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2025 to 02/01/2036 |  | 479110 | 486226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/01/2025 |  | 1687 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/07/2025 |  | 4000000 | 3598010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/01/2026 to 10/01/2037 |  | 939708 | 989701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2027 to 08/01/2027 |  | 1127630 | 1107830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2027 to 10/01/2038 |  | 501832 | 518796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/08/2027 |  | 6000000 | 5169787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 10/01/2028 |  | 4000000 | 3835795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 to 03/01/2050 |  | 5467667 | 5059175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 to 12/01/2033 |  | 122690 | 121202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2034 to 07/01/2035 |  | 11737606 | 10793947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 to 05/01/2035 |  | 598966 | 619165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2035 to 01/01/2051 |  | 7831402 | 6695209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2043 to 12/01/2048 |  | 4804476 | 4615374 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM,<br>4.46% (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 10/01/2034<sup>(a)</sup> |  | 795337 | 813534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49% (1 yr. U.S. Treasury Yield Curve Rate + 2.19%), 05/01/2035<sup>(a)</sup> |  | 65030 | 66128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89% (1 yr. USD LIBOR + 1.70%), 03/01/2038<sup>(a)</sup> |  | 15549 | 15732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% (1 yr. USD LIBOR + 1.77%), 02/01/2042<sup>(a)</sup> |  | 145808 | 143110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% (1 yr. USD LIBOR + 1.52%), 08/01/2043<sup>(a)</sup> |  | 232492 | 231071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% (1 yr. U.S. Treasury Yield Curve Rate + 1.88%), 05/01/2044<sup>(a)</sup> |  | 334578 | 334844 |
|  |  |  | 49688218 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Government National Mortgage Association (GNMA)–11.24%** | **Government National Mortgage Association (GNMA)–11.24%** | **Government National Mortgage Association (GNMA)–11.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/2023 to 10/15/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;599890 | $620043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2023 to 12/15/2036 | 325617 | 330685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/15/2023 to 09/15/2034 | 1163227 | 1193422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/16/2025 to 08/15/2033 | 211161 | 216841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2025 | 29126 | 29158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 08/20/2025 to 09/20/2026 | 29069 | 29118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2025 to 01/15/2037 | 473781 | 491740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/20/2027 to 12/20/2027 | 54895 | 55105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/20/2033 | 1840860 | 1918818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 08/20/2034<sup>(b)</sup> | 441315 | 451435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2036 to 01/15/2037 | 110691 | 112048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/20/2039<sup>(b)</sup> | 1710517 | 1762163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% (1 mo. USD LIBOR + 0.80%), 09/16/2039<sup>(a)</sup> | 432393 | 433606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% (1 mo. USD LIBOR + 0.70%), 05/20/2040<sup>(a)</sup> | 928776 | 924405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 07/20/2041<sup>(b)</sup> | 248946 | 245288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 09/20/2041 | 956459 | 937769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (1 mo. USD LIBOR + 0.25%), 01/20/2042<sup>(a)</sup> | 11921 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2042 to 06/20/2050 | 5485074 | 5121656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% (1 mo. USD LIBOR + 0.30%), 08/20/2047<sup>(a)</sup> | 1836269 | 1773781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2049 | 2920641 | 2570532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2049 to 11/20/2049 | 5647774 | 5037345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-29, Class PE, 3.00%, 10/20/2048 | 1629654 | 1513238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-52, Class JL, 3.00%, 11/20/2048 | 2046287 | 1902350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-30, Class MA, 3.50%, 03/20/2049 | 361704 | 333692 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA,<br>4.00%, 01/01/2053<sup>(e)</sup> | 3840000 | 3634214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2053<sup>(e)</sup> | 3800000 | 3686855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-137, Class A, 1.50%, 04/16/2062 | 3171216 | 2569024 |
|  |  | 37905951 |
|  **Uniform Mortgage-Backed Securities–8.32%** | **Uniform Mortgage-Backed Securities–8.32%** | **Uniform Mortgage-Backed Securities–8.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA,<br>5.00%, 01/01/2053<sup>(e)</sup> | 13900000 | 13698922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053<sup>(e)</sup> | 14300000 | 14339741 |
|  |  | 28038663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $210,647,594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $210,647,594) | 195308934 |
|  **U.S. Treasury Securities–32.03%** | **U.S. Treasury Securities–32.03%** |  |
|  **U.S. Treasury Bills–0.39%<sup>(f)(g)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% - 4.56%, 05/11/2023 | 1337000 | 1315438 |
|  **U.S. Treasury Bonds–1.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/2031 | 3200000 | 3514438 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **U.S. Treasury Notes–30.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 | $| 3557000 | $3546294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/28/2023 |  | 5557000 | 5519973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/30/2023 |  | 4000000 | 3962876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/2023 |  | 6300000 | 6253367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/2023 |  | 625000 | 609522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/2023<sup>(h)</sup> |  | 1900000 | 1861071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/2024 |  | 7000000 | 6637148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/2024 |  | 3000000 | 2824102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/2024 |  | 2500000 | 2409082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2024 |  | 3200000 | 3074125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/2025 |  | 5480000 | 5209211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 |  | 2800000 | 2650813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% - 2.88%, 11/30/2025 |  | 11500000 | 10457539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/2025 |  | 7000000 | 6256797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 |  | 7000000 | 6260898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 |  | 7450000 | 6792305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/2027 |  | 9159000 | 8144712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2027 |  | 1000000 | 932539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 |  | 1900000 | 1625465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 |  | 2900000 | 2672984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 |  | 1900000 | 1786816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/2028 |  | 4500000 | 3891973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 |  | 7500000 | 7064355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2029 |  | 2600000 | 2364172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/2029 |  | 400000 | 347203 |
|  |  |  | 103155342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $116,674,803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $116,674,803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $116,674,803) | 107985218 |
|  **Asset-Backed Securities–9.13%<sup>(i)</sup>** | **Asset-Backed Securities–9.13%<sup>(i)</sup>** | **Asset-Backed Securities–9.13%<sup>(i)</sup>** | **Asset-Backed Securities–9.13%<sup>(i)</sup>** |
|  Angel Oak Mortgage Trust, Series 2020-6, Class A2, 1.52%, 05/25/2065<sup>(b)(j)</sup> |  | 749888 | 645612 |
|  Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.75%, 09/15/2048<sup>(k)</sup> |  | 13031394 | 214338 |
|  Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 3.87%, 01/25/2035<sup>(b)</sup> |  | 204395 | 189916 |
|  Chase Mortgage Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SH1, Class M3, 3.75%, 04/25/2045<sup>(b)(j)</sup> |  | 960949 | 806173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SH2, Class M3, 3.75%, 12/25/2045<sup>(b)(j)</sup> |  | 1236224 | 1072635 |
|  COLT Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.85%, 03/25/2065<sup>(b)(j)</sup> |  | 146646 | 143693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.40%, 10/25/2066<sup>(b)(j)</sup> |  | 4258340 | 3478168 |
|  FRESB Mortgage Trust, Series 2019- SB63, Class A5, 2.55%, 02/25/2039<sup>(b)</sup> |  | 2915474 | 2820724 |
|  GCAT Trust, Series 2020-NQM1, Class A3, 2.55%, 01/25/2060<sup>(j)(l)</sup> |  | 2715738 | 2607444 |
|  Mello Mortgage Capital Acceptance Trust, Series 2021-INV1, Class A4, 2.50%, 06/25/2051<sup>(b)(j)</sup> |  | 523754 | 450168 |
|  MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056<sup>(b)(j)</sup> |  | 4481059 | 3679340 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class A1S, 5.14% (1 mo. USD LIBOR + 0.75%), 01/25/2048<sup>(a)(j)</sup> | 1195663 | $1150847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A3, 2.77%, 01/26/2060<sup>(b)(j)</sup> | 1158191 | 1027411 |
|  NextGear Floorplan Master Owner Trust, Series 2021-1A, Class A, 0.85%, 07/15/2026<sup>(j)</sup> | 2000000 | 1858751 |
|  SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061<sup>(b)(j)</sup> | 3464977 | 2799176 |
|  SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.34%, 03/17/2053<sup>(j)</sup> | 2033639 | 1783180 |
|  Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, 12/25/2066<sup>(b)(j)</sup> | 1733595 | 1459367 |
|  Textainer Marine Containers VII Ltd. (China), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A, 2.11%, 09/20/2045<sup>(j)</sup> | 1984944 | 1719948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.82%, 04/20/2046<sup>(j)</sup> | 3466667 | 2887502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $35,509,146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $35,509,146) | 30794393 |
|  **U.S. Government Sponsored Agency Securities–3.95%** | **U.S. Government Sponsored Agency Securities–3.95%** | **U.S. Government Sponsored Agency Securities–3.95%** |
|  **Federal Home Loan Bank (FHLB)–3.95%** | **Federal Home Loan Bank (FHLB)–3.95%** | **Federal Home Loan Bank (FHLB)–3.95%** |
|  Federal Home Loan Bank, 0.50%, 04/14/2025<br>(Cost $14,512,700) | 14500000 | 13329357 |
|  **Certificates of Deposit–3.83%** | **Certificates of Deposit–3.83%** | **Certificates of Deposit–3.83%** |
|  **Diversified Banks–3.83%** | **Diversified Banks–3.83%** | **Diversified Banks–3.83%** |
|  Bank of Nova Scotia (The) (Canada), 5.00% (SOFR + 0.70%), 12/13/2023<sup>(a)</sup> | 2900000 | 2902250 |
|  Canadian Imperial Bank of Commerce (Canada), 4.55% (SOFR + 0.25%), 02/21/2023<sup>(a)</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit (Cost $12,900,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit (Cost $12,900,000) | 12902250 |
|  **Agency Credit Risk Transfer Notes–1.21%** | **Agency Credit Risk Transfer Notes–1.21%** | **Agency Credit Risk Transfer Notes–1.21%** |
|  Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2, 8.39% (1 mo. USD LIBOR + 4.00%), 05/25/2025<sup>(a)</sup> | 797064 | 801675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M1, 6.03% (30 Day Average SOFR + 2.10%), 03/25/2042<sup>(a)(j)</sup> | 2059875 | 2046595 |
|  Freddie Mac, Series 2021-DNA3, Class M2, STACR<sup>®</sup>, 6.03% (30 Day Average SOFR + 2.10%), 10/25/2033<sup>(a)(j)</sup> | 1240000 | 1216897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $4,068,705) | &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $4,068,705) | 4065167 |
|  **U.S. Dollar Denominated Bonds & Notes–1.13%** | **U.S. Dollar Denominated Bonds & Notes–1.13%** | **U.S. Dollar Denominated Bonds & Notes–1.13%** |
|  **Sovereign Debt–1.13%** | **Sovereign Debt–1.13%** | **Sovereign Debt–1.13%** |
|  Israel Government AID Bond, 5.13%, 11/01/2024<br>(Cost $3,805,238) | 3800000 | 3820957 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–1.18%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(m)(n)</sup><br>(Cost $3,967,567) | 3967567 | $3967567 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-110.39%<br>(Cost $402,085,753) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-110.39%<br>(Cost $402,085,753) | 372173843 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** |
|  Invesco Private Government Fund, 4.28%<sup>(m)(n)(o)</sup> | 533963 | 533963 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–(continued)** |  |  |
|  Invesco Private Prime Fund,<br>4.46%<sup>(m)(n)(o)</sup>  | 1372635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,907,010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,907,010) | 1907010 |
|  TOTAL INVESTMENTS IN SECURITIES–110.96%<br>(Cost $403,992,763) | TOTAL INVESTMENTS IN SECURITIES–110.96%<br>(Cost $403,992,763) | 374080853 |
|  OTHER ASSETS LESS LIABILITIES–(10.96)% | OTHER ASSETS LESS LIABILITIES–(10.96)% | (36959064) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $337121789 |

---

Investment Abbreviations:

ACES - Automatically Convertible Extendable Security

ARM - Adjustable Rate Mortgage

Ctfs. - Certificates

IO - Interest Only

LIBOR - London Interbank Offered Rate

REMICs - Real Estate Mortgage Investment Conduits

SOFR - Secured Overnight Financing Rate

STACR<sup>®</sup> - Structured Agency Credit Risk

STRIPS - Separately Traded Registered Interest and Principal Security

TBA - To Be Announced

USD - U.S. Dollar

Notes to Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2022.

<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, 2022.

<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 issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1L.

<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> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(h)</sup> All or a portion of this security was out on loan at December 31, 2022.

<sup>(i)</sup> Non-U.S. government sponsored securities.

<sup>(j)</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, 2022 was $30,832,907, which represented 9.15% of the Fund's Net Assets. 

<sup>(k)</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, 2022. 

<sup>(l)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(m)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $10539293 | $76260616 | $(82832342) | $- | $- | $3967567 | $38593 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 48083693 | (47549730) | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 533963 | 4,083\* |
|  Invesco Private Prime Fund | - | 77119484 | (75746058) | &nbsp;&nbsp;&nbsp;&nbsp;- | (379) | 1373047 | 9,995\* |
|  Total | $10539293 | $201463793 | $(206128130) | $- | $(379) | $5874577 | $52671 |

---

\* 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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

<sup>(n)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(o)</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** | **Number of<br>Contracts** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Interest Rate Risk** | | | | | |
|  U.S. Treasury 2 Year Notes | 182 | March-2023 | $37324219 | $48342 | $48342 |
|  U.S. Treasury 5 Year Notes | 273 | March-2023 | 29464805 | 0 | 0 |
|  U.S. Treasury 10 Year Notes | 228 | March-2023 | 25603688 | (145360) | (145360) |
|  U.S. Treasury 10 Year Ultra Notes | 68 | March-2023 | 8043125 | (48484) | (48484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Long Futures Contracts |  |  |  | (145502) | (145502) |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury Long Bonds | 50 | March-2023 | (6267188) | 59135 | 59135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $(86367) | $(86367) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $398,118,186)\* | $368206276 |
|  Investments in affiliated money market funds, at value (Cost $5,874,577) | 5874577 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 84085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 11864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1131943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns | 104922 |
|  Investment for trustee deferred compensation and retirement plans | 154412 |
|  Other assets | 154998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 375723077 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable – futures contracts | 80370 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitment | 35899138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 153766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 168813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 1907010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 180050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 43747 |
|  Trustee deferred compensation and retirement plans | 165200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 38601288 |
|  Net assets applicable to shares outstanding | $337121789 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $386813892 |
|  Distributable earnings (loss) | (49692103) |
|  | $337121789 |
|  **Net Assets:** |  |
|  Series I | $177203289 |
|  Series II | $159918500 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 17580975 |
|  Series II | 16016415 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 |

---

\* At December 31, 2022, security with a value of $1,842,994 was on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $7736258 |
|  Dividends from affiliated money market funds (includes net securities lending income of $2,761) | 41354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7777612 |
|  **Expenses:** |  |
|  Advisory fees | 1825695 |
|  Administrative services fees | 621773 |
|  Custodian fees | 22289 |
|  Distribution fees - Series II | 439796 |
|  Transfer agent fees | 19174 |
|  Trustees' and officers' fees and benefits | 20086 |
|  Reports to shareholders | 2286 |
|  Professional services fees | 42009 |
|  Other | 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2997267 |
|  Less: Fees waived | (1658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2995609 |
|  Net investment income | 4782003 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (5024466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8766975) |
|  | (13791820) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (34256775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (181983) |
|  | (34438758) |
|  Net realized and unrealized gain (loss) | (48230578) |
|  Net increase (decrease) in net assets resulting from operations | $(43448575) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4782003 | $3632319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13791820) | (777077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (34438758) | (13171144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (43448575) | (10315902) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (3798001) | (5864271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (2938195) | (4378930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (6736196) | (10243201) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (31771922) | (10066900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (13777864) | 21041877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (45549786) | 10974977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (95734557) | (9584126) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 432856346 | 442440472 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $337121789 | $432856346 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Government Securities Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $11.48 | $0.15 | $(1.33) | $(1.18) | $(0.22) | $10.08 | (10.29)% | $177203 | 0.68% | 0.68% | 1.38% | 168% |
|  Year ended 12/31/21 | 12.04 | 0.11 | (0.38) | (0.27) | (0.29) | 11.48 | (2.27) | 235924 | 0.68 | 0.68 | 0.92 | 170 |
|  Year ended 12/31/20 | 11.61 | 0.20 | 0.53 | 0.73 | (0.30) | 12.04 | 6.27 | 257369 | 0.67 | 0.67 | 1.64 | 346 |
|  Year ended 12/31/19 | 11.22 | 0.25 | 0.43 | 0.68 | (0.29) | 11.61 | 6.07 | 251440 | 0.68 | 0.68 | 2.18 | 35 |
|  Year ended 12/31/18 | 11.41 | 0.25 | (0.19) | 0.06 | (0.25) | 11.22 | 0.56 | 279476 | 0.69 | 0.69 | 2.25 | 25 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 11.37 | 0.12 | (1.32) | (1.20) | (0.19) | 9.98 | (10.58) | 159919 | 0.93 | 0.93 | 1.13 | 168 |
|  Year ended 12/31/21 | 11.92 | 0.08 | (0.37) | (0.29) | (0.26) | 11.37 | (2.43) | 196932 | 0.93 | 0.93 | 0.67 | 170 |
|  Year ended 12/31/20 | 11.50 | 0.17 | 0.52 | 0.69 | (0.27) | 11.92 | 5.97 | 185071 | 0.92 | 0.92 | 1.39 | 346 |
|  Year ended 12/31/19 | 11.12 | 0.22 | 0.42 | 0.64 | (0.26) | 11.50 | 5.75 | 174828 | 0.93 | 0.93 | 1.93 | 35 |
|  Year ended 12/31/18 | 11.31 | 0.22 | (0.19) | 0.03 | (0.22) | 11.12 | 0.29 | 191725 | 0.94 | 0.94 | 2.00 | 25 |

---

<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.

**Invesco V.I. Government Securities Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Government Securities Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is total return, comprised of current income and capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services - Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** - Securities, including restricted securities, are valued according to the following policy.

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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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.

**Invesco V.I. Government Securities Fund**

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly
attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates -** The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may
occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, each Trustee, officer, employee or other agent
of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Treasury Inflation-Protected Securities** - The Fund may invest in Treasury Inflation-Protected Securities
("TIPS"). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of
TIPS will be shown as *Treasury Inflation-Protected Securities inflation adjustments* in the Statement of Operations, even though investors do not receive their principal until maturity.

**J.** **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 fund* s 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 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

**Invesco V.I. Government Securities Fund**

------

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, 2022, 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. <br>

**K.** **Futures Contracts** - The Fund may enter into futures contracts to manage exposure to interest rate, equity and
market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in
the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon
entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are
recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are
reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing
transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with
futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with
respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all
exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**L.** **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.** **LIBOR Risk -** The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate
("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The
UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of
most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates ("ARRs") or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain "legacy" USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in "legacy" USD LIBOR instruments held by the Fund could result in losses to the Fund.

**N.** **Leverage Risk** - Leverage exists when the Fund can lose more than it originally invests because it purchases or
sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**O.** **Collateral** - To the extent the Fund has designated or segregated a security as collateral and that security is
subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day.

**P.** **Other Risks** - The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government
that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the
issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the
status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the "debt ceiling", could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause
the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S.
Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**Q.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.500% |
|  Over $250 million | 0.450% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.48%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

**Invesco V.I. Government Securities Fund**

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The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $1,658.

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, 2022, Invesco was paid $55,080 for accounting and fund administrative services and was reimbursed $566,693 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, 2022, 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, 2022, 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  U.S. Government Sponsored Agency Mortgage-Backed Securities | $– | $195308934 | $– | $195308934 |
|  U.S. Treasury Securities | – | 107985218 | – | 107985218 |
|  Asset-Backed Securities | – | 30794393 | – | 30794393 |
|  U.S. Government Sponsored Agency Securities | – | 13329357 | – | 13329357 |
|  Certificates of Deposit | – | 12902250 | – | 12902250 |
|  Agency Credit Risk Transfer Notes | – | 4065167 | – | 4065167 |
|  U.S. Dollar Denominated Bonds & Notes | – | 3820957 | – | 3820957 |
|  Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3967567 | 1907010 | – | 5874577 |
|  **Total Investments in Securities** | 3967567 | 370113286 | – | 374080853 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 107477 | – | – | 107477 |

---

**Invesco V.I. Government Securities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | $(193844) | $– | $– | $(193844) |
|  **Total Other Investments** | (86367) |  |  | (86367) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $&nbsp;&nbsp;&nbsp;&nbsp;3881200 | $370113286 | $– | $373994486 |

---

\* 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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Interest<br>Rate Risk** |
|  Unrealized appreciation on futures contracts –Exchange-Traded<sup>(a)</sup> | $107477 |
|  Derivatives not subject to master netting agreements | (107477) |
|  Total Derivative Assets subject to master netting agreements | $– |
|  | **Value** |
| **Derivative Liabilities** | **Interest<br>Rate Risk** |
|  Unrealized depreciation on futures contracts –Exchange-Traded<sup>(a)</sup> | $(193844) |
|  Derivatives not subject to master netting agreements | 193844 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

<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, 2022** 

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** |
|  | **Interest**<br> **Rate Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $(8766975) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (181983) |
|  Total | $(8948958) |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Futures<br>Contracts** |
|  Average notional value | $124962904 |

---

**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

**Invesco V.I. Government Securities Fund**

------

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $6736196 | $10243201 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $6586439 |
|  Net unrealized appreciation (depreciation) – investments | (30129869) |
|  Temporary book/tax differences | (115801) |
|  Capital loss carryforward | (26032872) |
|  Shares of beneficial interest | 386813892 |
|  Total net assets | $337121789 |

---

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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $14806337 | $11226535 | $26032872 |

---

\* 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, 2022 was $1,999,967 and $8,707,071, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
|  **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $537804 |
|  Aggregate unrealized (depreciation) of investments | (30667673) |
|  Net unrealized appreciation (depreciation) of investments | $(30129869) |

---

Cost of investments for tax purposes is $404,124,355.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of dollar rolls and paydowns, on December 31, 2022, undistributed net investment income was increased by $1,820,527 and undistributed net realized gain (loss) was decreased by $1,820,527. 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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2021** | **Year ended**<br>**December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1878890 | $20364358 | 2991166 | $35652293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 727369 | 7709952 | 2806873 | 33046504 |

---

**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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2021** | **Year ended**<br>**December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 381709 | $3798001 | 508610 | $5864271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 297991 | 2938195 | 383444 | 4378930 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (5224411) | (55934281) | (4339665) | (51583464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (2326837) | (24426011) | (1394975) | (16383557) |
|  Net increase (decrease) in share activity | (4265289) | $(45549786) | 955453 | $10974977 |

---

<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. 

**Invesco V.I. Government Securities 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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Government Securities Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $964.30 | $3.37 | $1021.78 | $3.47 | 0.68% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;962.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | 0.93 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Government Securities Fund**

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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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 20.70% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 88.72% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Government Securities Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Government Securities Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Government Securities Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Government Securities Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Government Securities Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Government Securities Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Government Securities Fund**

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![LOGO](g771907dsp1a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Growth and Income Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VK-VIGRI-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Growth and Income Fund (the Fund) outperformed the Russell 1000 Value Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Growth and Income Fund (the Fund) outperformed the Russell 1000 Value Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -5.75 | % |
| &nbsp;&nbsp; Series II Shares | -6.00 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> (Style-Specific Index) | -7.54 |  |
| &nbsp;&nbsp; Lipper VUF Large-Cap Value Funds Index<sup>∎</sup> (Peer Group Index) | -6.90 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the Russell 1000 Value Index, energy, consumer staples, utilities and health care sectors had positive returns, while the other seven sectors posted declines. Energy sector had highest return for the fiscal year, while the information technology (IT) sector had the lowest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in the health care sector was the largest contributor to relative performance during the fiscal year. Within the sector, **Merck**, **McKesson** and **Cigna** were strong individual contributors. Merck benefited from strong sales of its oral anti-viral COVID-19 treatment. McKesson recently divested its underperforming pharmacy business in Europe that was a drag on growth and margins. Cigna's customer retention exceeded management's internal estimates and the company affirmed its earnings outlook for the fiscal year. Cigna also continued its commitment to shareholders by buying back large amounts of stock. We maintained these holdings at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in industrials sector also contributed to the Fund's relative return, due largely to **Raytheon Technologies** and **Quanta Services**. Aerospace and defense company Raytheon Technologies performed

well, particularly due to an increase in defense spending following the Russian invasion of Ukraine. Quanta Services benefited from an increase in spending for renewable energy infrastructure and the recently passed Inflation Reduction Act, which provided incentives for green energy. We sold Quanta during the fiscal year and maintained our position in Raytheon Technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection and an overweight in energy sector also contributed to the Fund's outperformance during the fiscal year. Energy stocks benefited from rising oil prices due to a number of factors including a rebound in demand following the pandemic, the conflict in Ukraine, OPEC (Organization of the Petroleum Exporting Countries) production cuts and energy shortages abroad. Strong individual contributors within the sector included **ConocoPhillips**, **Chevron**, **Devon Energy** and **ExxonMobil**. We held these positions at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's overweight and stock selection in IT sector was the largest detractor from relative performance for the fiscal year, due in part to **Cognizant Technology Solutions** and **Intel**. IT services firm Cognizant Technology Solutions reported better-than-expected margins but weaker than anticipated revenues. Higher labor costs and staffing issues also weighed on the stock. Intel reported earnings that came in far below expectations. The chipmaker also reduced guidance for the remainder of the fiscal year amid worsening macro conditions and weak PC demand. We held both positions at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in consumer discretionary also detracted from the Fund's relative performance, due primarily to **General Motors (GM)** and **Amazon.com**. GM reported better-than-expected earnings but the company provided weaker guidance for the fiscal year. The company has faced ongoing supply-chain related issues that have hurt results. Amazon.com reported weaker-than-expected revenues and operating income. Management also lowered its outlook due to macroeconomic headwinds and inflationary pressures. The online retailer also announced a cost cutting review to help preserve capital in a difficult environment. We held both holdings at fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in the communication services sector was another detractor from the Fund's relative performance. After achieving strong gains and robust new subscriber growth amid the pandemic, **Walt Disney**, **Charter Communications** and **Netflix** faced a weakening outlook as COVID-19 lockdowns eased. In early 2022, Netflix reported a steep drop in new subscriber growth that sent shares of the stock sharply lower. We sold our position in Netflix during the fiscal year. Shares of Charter Communications and Walt Disney also declined amid slowing subscriber growth post-pandemic. However, we maintained our position in these stocks, as we believe, unlike Netflix, these companies have

**Invesco V.I. Growth and Income Fund**

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more diversified revenue streams that are be better able to withstand a period of weakening growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund held currency-forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Fund. These derivatives were not for speculative purposes or leverage and these positions had a positive impact on the Fund's relative performance for the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, the team increased the number of positions in the energy and IT sectors and reduced the number of holdings in financials, industrials, materials and utilities sectors. At fiscal year-end, the Fund's largest overweight exposures relative to the Russell 1000 Value Index were in IT, energy and health care sectors, while the largest underweights were in utilities, consumer staples and materials sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, we thank you for your investment in Invesco V.I. Growth and Income Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

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**Portfolio manager(s):** 

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - Lead

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Growth and Income Fund**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g771907dsp4.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (12/23/96) | 8.66 | % |
| &nbsp;&nbsp; 10 Years | 10.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.04 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -5.75 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/18/00) | 6.79 | % |
| &nbsp;&nbsp; 10 Years | 9.87 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.77 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -6.00 |  |

---

**Effective June 1, 2010, Class I and Class II shares of the predecessor fund, Van Kampen Life Investment Trust Growth and Income Portfolio, advised by Van Kampen Asset Management were reorganized into Series I and Series II shares, respectively, of Invesco Van Kampen V.I. Growth and Income Fund (renamed Invesco V.I. Growth and Income Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class I shares and Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value.** 

**Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Growth and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Growth and Income Fund**

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**Supplemental Information** 

**Invesco V.I. Growth and Income Fund's investment objective is to seek long-term growth of capital and income.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

∎ The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index
considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.

∎ The **Lipper VUF Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value
variable insurance underlying funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Growth and Income Fund**

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.01% |
|  Health Care | &nbsp;&nbsp;&nbsp;&nbsp;19.08 |
|  Industrials | &nbsp;&nbsp;&nbsp;&nbsp;11.70 |
|  Energy | &nbsp;&nbsp;&nbsp;&nbsp;11.36 |
|  Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;11.31 |
|  Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.92 |
|  Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;6.31 |
|  Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.86 |
|  Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
|  Other Sectors, Each Less than 2% of Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
|  Money Market Funds Plus Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |

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**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
| | | **% of total net assets** |
| 1. | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% |
| 2. | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;3.67 |
| 3. | American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| 4. | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| 5. | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| 6. | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| 7. | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| 8. | CBRE Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| 9. | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| 10. | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Growth and Income Fund**

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**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–99.17%** | **Common Stocks & Other Equity Interests–99.17%** | **Common Stocks & Other Equity Interests–99.17%** |
|  **Aerospace & Defense–3.15%** | **Aerospace & Defense–3.15%** | **Aerospace & Defense–3.15%** |
|  Raytheon Technologies Corp. | 217806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21980981 |
|  Textron, Inc. | 221901 | 15710591 |
|  |  | 37691572 |
|  **Apparel Retail–1.90%** | **Apparel Retail–1.90%** | **Apparel Retail–1.90%** |
|  TJX Cos., Inc. (The) | 285142 | 22697303 |
|  **Application Software–0.85%** | **Application Software–0.85%** | **Application Software–0.85%** |
|  Splunk, Inc.<sup>(b)</sup> | 117520 | 10117297 |
|  **Asset Management & Custody Banks–1.11%** | **Asset Management & Custody Banks–1.11%** | **Asset Management & Custody Banks–1.11%** |
|  KKR & Co., Inc., Class A | 286291 | 13289628 |
|  **Automobile Manufacturers–2.49%** | **Automobile Manufacturers–2.49%** | **Automobile Manufacturers–2.49%** |
|  General Motors Co. | 884323 | 29748626 |
|  **Building Products–2.11%** | **Building Products–2.11%** | **Building Products–2.11%** |
|  Johnson Controls International PLC | 394290 | 25234560 |
|  **Cable & Satellite–2.35%** | **Cable & Satellite–2.35%** | **Cable & Satellite–2.35%** |
|  Charter Communications, Inc., Class A<sup>(b)</sup> | 33615 | 11398847 |
|  Comcast Corp., Class A<sup>(c)</sup> | 477830 | 16709715 |
|  |  | 28108562 |
|  **Casinos & Gaming–1.26%** | **Casinos & Gaming–1.26%** | **Casinos & Gaming–1.26%** |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 314061 | 15096912 |
|  **Communications Equipment–1.73%** | **Communications Equipment–1.73%** | **Communications Equipment–1.73%** |
|  Cisco Systems, Inc. | 434187 | 20684669 |
|  **Consumer Finance–1.08%** | **Consumer Finance–1.08%** | **Consumer Finance–1.08%** |
|  American Express Co. | 87160 | 12877890 |
|  **Data Processing & Outsourced Services–2.13%** | **Data Processing & Outsourced Services–2.13%** | **Data Processing & Outsourced Services–2.13%** |
|  Fiserv, Inc.<sup>(b)</sup> | 131316 | 13272108 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 172056 | 12253828 |
|  |  | 25525936 |
|  **Distillers & Vintners–1.34%** | **Distillers & Vintners–1.34%** | **Distillers & Vintners–1.34%** |
|  Diageo PLC (United Kingdom) | 362169 | 15993125 |
|  **Diversified Banks–6.47%** | **Diversified Banks–6.47%** | **Diversified Banks–6.47%** |
|  Bank of America Corp. | 993258 | 32896705 |
|  Wells Fargo & Co. | 1078542 | 44532999 |
|  |  | 77429704 |
|  **Electric Utilities–1.49%** | **Electric Utilities–1.49%** | **Electric Utilities–1.49%** |
|  American Electric Power Co., Inc. | 112237 | 10656903 |
|  Exelon Corp. | 167130 | 7225030 |
|  |  | 17881933 |
|  **Electrical Components & Equipment–1.03%** | **Electrical Components & Equipment–1.03%** | **Electrical Components & Equipment–1.03%** |
|  Emerson Electric Co. | 128391 | 12333239 |
|  **Electronic Manufacturing Services–0.86%** | **Electronic Manufacturing Services–0.86%** | **Electronic Manufacturing Services–0.86%** |
|  TE Connectivity Ltd. (Switzerland) | 90061 | 10339003 |
|  **Fertilizers & Agricultural Chemicals–0.94%** | **Fertilizers & Agricultural Chemicals–0.94%** | **Fertilizers & Agricultural Chemicals–0.94%** |
|  Corteva, Inc. | 191131 | 11234680 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Food Distributors–2.04%** | **Food Distributors–2.04%** | **Food Distributors–2.04%** |
|  Sysco Corp. | 160049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235746 |
|  US Foods Holding Corp.<sup>(b)</sup> | 358370 | 12191747 |
|  |  | 24427493 |
|  **Gold–0.81%** | **Gold–0.81%** | **Gold–0.81%** |
|  Barrick Gold Corp. (Canada) | 567232 | 9745046 |
|  **Health Care Distributors–1.16%** | **Health Care Distributors–1.16%** | **Health Care Distributors–1.16%** |
|  McKesson Corp. | 37016 | 13885442 |
|  **Health Care Equipment–2.69%** | **Health Care Equipment–2.69%** | **Health Care Equipment–2.69%** |
|  Medtronic PLC | 255593 | 19864688 |
|  Zimmer Biomet Holdings, Inc.<sup>(c)</sup> | 96969 | 12363547 |
|  |  | 32228235 |
|  **Health Care Facilities–1.16%** | **Health Care Facilities–1.16%** | **Health Care Facilities–1.16%** |
|  Universal Health Services, Inc.,<br>Class B<sup>(c)</sup> | 98195 | 13834694 |
|  **Health Care Services–3.09%** | **Health Care Services–3.09%** | **Health Care Services–3.09%** |
|  Cigna Corp. | 75554 | 25034062 |
|  CVS Health Corp. | 127860 | 11915274 |
|  |  | 36949336 |
|  **Hotels, Resorts & Cruise Lines–1.16%** | **Hotels, Resorts & Cruise Lines–1.16%** | **Hotels, Resorts & Cruise Lines–1.16%** |
|  Booking Holdings, Inc.<sup>(b)</sup> | 6887 | 13879233 |
|  **Industrial Machinery–2.03%** | **Industrial Machinery–2.03%** | **Industrial Machinery–2.03%** |
|  Parker-Hannifin Corp. | 83570 | 24318870 |
|  **Insurance Brokers–1.60%** | **Insurance Brokers–1.60%** | **Insurance Brokers–1.60%** |
|  Willis Towers Watson PLC | 78339 | 19160153 |
|  **Integrated Oil & Gas–4.63%** | **Integrated Oil & Gas–4.63%** | **Integrated Oil & Gas–4.63%** |
|  Chevron Corp. | 138515 | 24862057 |
|  Exxon Mobil Corp. | 277085 | 30562476 |
|  |  | 55424533 |
|  **Interactive Media & Services–0.71%** | **Interactive Media & Services–0.71%** | **Interactive Media & Services–0.71%** |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 70669 | 8504307 |
|  **Internet & Direct Marketing Retail–1.11%** | **Internet & Direct Marketing Retail–1.11%** | **Internet & Direct Marketing Retail–1.11%** |
|  Amazon.com, Inc.<sup>(b)</sup> | 157506 | 13230504 |
|  **Investment Banking & Brokerage–4.89%** | **Investment Banking & Brokerage–4.89%** | **Investment Banking & Brokerage–4.89%** |
|  Charles Schwab Corp. (The) | 236358 | 19679167 |
|  Goldman Sachs Group, Inc. (The) | 60818 | 20883685 |
|  Morgan Stanley | 210395 | 17887783 |
|  |  | 58450635 |
|  **IT Consulting & Other Services–1.47%** | **IT Consulting & Other Services–1.47%** | **IT Consulting & Other Services–1.47%** |
|  Cognizant Technology Solutions Corp., Class A | 306579 | 17533253 |
|  **Managed Health Care–2.14%** | **Managed Health Care–2.14%** | **Managed Health Care–2.14%** |
|  Centene Corp.<sup>(b)</sup> | 201868 | 16555195 |
|  Elevance Health, Inc. | 17636 | 9046739 |
|  |  | 25601934 |
|  **Movies & Entertainment–1.24%** |  |  |
|  Walt Disney Co. (The)<sup>(b)</sup> | 170466 | 14810086 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Growth and Income Fund**

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---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Multi-line Insurance–3.11%** |  |  |  |
|  American International Group, Inc. | 587526 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37155144 |
|  **Oil & Gas Exploration & Production–6.57%** | **Oil & Gas Exploration & Production–6.57%** | **Oil & Gas Exploration & Production–6.57%** | **Oil & Gas Exploration & Production–6.57%** |
|  ConocoPhillips | 371706 |  | 43861308 |
|  Devon Energy Corp.<sup>(c)</sup> | 279439 |  | 17188293 |
|  Pioneer Natural Resources Co. | 76822 |  | 17545377 |
|  |  |  | 78594978 |
|  **Oil & Gas Refining & Marketing–0.16%** | **Oil & Gas Refining & Marketing–0.16%** | **Oil & Gas Refining & Marketing–0.16%** | **Oil & Gas Refining & Marketing–0.16%** |
|  Phillips 66 | 18702 |  | 1946504 |
|  **Pharmaceuticals–8.84%** | **Pharmaceuticals–8.84%** | **Pharmaceuticals–8.84%** | **Pharmaceuticals–8.84%** |
|  Bristol-Myers Squibb Co. | 283706 |  | 20412647 |
|  GSK PLC | 516294 |  | 8978254 |
|  Johnson & Johnson | 145660 |  | 25730839 |
|  Merck & Co., Inc. | 277412 |  | 30778861 |
|  Sanofi (France) | 205633 |  | 19897177 |
|  |  |  | 105797778 |
|  **Railroads–1.62%** | **Railroads–1.62%** | **Railroads–1.62%** | **Railroads–1.62%** |
|  CSX Corp. | 624848 |  | 19357791 |
|  **Real Estate Services–2.38%** | **Real Estate Services–2.38%** | **Real Estate Services–2.38%** | **Real Estate Services–2.38%** |
|  CBRE Group, Inc., Class A<sup>(b)</sup> | 369553 |  | 28440799 |
|  **Regional Banks–2.75%** | **Regional Banks–2.75%** | **Regional Banks–2.75%** | **Regional Banks–2.75%** |
|  Citizens Financial Group, Inc. | 559137 |  | 22013224 |
|  PNC Financial Services Group, Inc. (The) | 68808 |  | 10867535 |
|  |  |  | 32880759 |
|  **Semiconductor Equipment–1.01%** | **Semiconductor Equipment–1.01%** | **Semiconductor Equipment–1.01%** | **Semiconductor Equipment–1.01%** |
|  Lam Research Corp. | 28688 |  | 12057566 |
|  **Semiconductors–3.26%** | **Semiconductors–3.26%** | **Semiconductors–3.26%** | **Semiconductors–3.26%** |
|  Intel Corp. | 326397 |  | 8626673 |
|  Micron Technology, Inc.<sup>(c)</sup> | 130473 |  | 6521041 |
|  NXP Semiconductors N.V. (China) | 78048 |  | 12333925 |
|  QUALCOMM, Inc. | 104942 |  | 11537323 |
|  |  |  | 39018962 |

---

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Tobacco–1.48%** | **Tobacco–1.48%** | **Tobacco–1.48%** |
|  Philip Morris International, Inc.<sup>(c)</sup> | 175507 | $17763064 |
|  **Trading Companies & Distributors–1.76%** | **Trading Companies & Distributors–1.76%** | **Trading Companies & Distributors–1.76%** |
|  Ferguson PLC<sup>(c)</sup> | 166045 | 21082734 |
|  **Wireless Telecommunication Services–2.01%** | **Wireless Telecommunication Services–2.01%** | **Wireless Telecommunication Services–2.01%** |
|  T-Mobile US, Inc.<sup>(b)</sup> | 171522 | 24013080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $894,239,872) |  | 1186377552 |
|  **Money Market Funds–1.84%** | **Money Market Funds–1.84%** | **Money Market Funds–1.84%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(d)(e)</sup> | 7678640 | 7678640 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 5483098 | 5484743 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 8775589 | 8775589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $21,938,972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $21,938,972) | 21938972 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash<br>collateral from securities on loan)-101.01%<br>(Cost $916,178,844) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash<br>collateral from securities on loan)-101.01%<br>(Cost $916,178,844) | 1208316524 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–4.24%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 14211068 | 14211068 |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 36531787 | 36542746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $50,751,316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $50,751,316) | 50753814 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–105.25%<br>(Cost $966,930,160) | TOTAL INVESTMENTS IN<br>SECURITIES–105.25%<br>(Cost $966,930,160) | 1259070338 |
|  OTHER ASSETS LESS LIABILITIES–(5.25)% | OTHER ASSETS LESS LIABILITIES–(5.25)% | (62800356) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1196269982 |

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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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $11116205 | $&nbsp;&nbsp;&nbsp;&nbsp;218019506 | $&nbsp;&nbsp;&nbsp;&nbsp;(221457071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7678640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$180931 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 6630010 | 155728220 | (156875956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2469 | 5484743 | 134192 |
|  Invesco Treasury Portfolio, Institutional Class | 12704234 | 249165151 | (253093796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | - | 8775589 | 202203 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Growth and Income Fund**

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $3298019 | $349835159 | $(338922110) | $- | $- | $14211068 | $173,010\* |
|  Invesco Private Prime Fund | 7695376 | 733354690 | (704506209) | 2498 | (3609) | 36542746 | 485,498\* |
|  Total | $41443844 | $1706102726 | $(1674855142) | $2498 | $(1140) | $72692786 | $1175834 |

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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, 2022.

<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 1I.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | | | | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| | | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| <br>**Settlement**<br>**Date** | <br>**Counterparty** | | **Deliver** | | **Receive** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Currency Risk** | | | | | | |
|  01/13/2023 | Bank of New York Mellon (The) | GBP | 16998824 | USD | 21102459 | $546848 |
|  01/13/2023 | State Street Bank & Trust Co. | USD | 1236927 | EUR | 1161141 | 6795 |
|  01/13/2023 | State Street Bank & Trust Co. | USD | 1536116 | GBP | 1274550 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation |  |  |  |  | 558760 |
|  **Currency Risk** |  |  |  |  |  |  |
|  01/13/2023 | Bank of New York Mellon (The) | EUR | 14756289 | USD | 15732826 | (72931) |
|  01/13/2023 | State Street Bank & Trust Co. | EUR | 275826 | USD | 292781 | (2662) |
|  01/13/2023 | State Street Bank & Trust Co. | GBP | 288657 | USD | 347647 | (1408) |
|  01/13/2023 | State Street Bank & Trust Co. | USD | 573836 | GBP | 471554 | (3615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  |  |  | (80616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $478144 |

---

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Growth and Income Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $894,239,872)\* | $1186377552 |
|  Investments in affiliated money market funds, at value<br>(Cost $72,690,288) | 72692786 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 558760 |
|  Foreign currencies, at value (Cost $778) | 766 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 16920080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 23369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1750586 |
|  Investment for trustee deferred compensation and retirement plans | 164899 |
|  Other assets | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1278494226 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 80616 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 638203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 23172000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 6627239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 50751316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 729138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 39163 |
|  Trustee deferred compensation and retirement plans | 181773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 82224244 |
|  Net assets applicable to shares outstanding | $1196269982 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $790338214 |
|  Distributable earnings | 405931768 |
|  | $1196269982 |
|  **Net Assets:** |  |
|  Series I | $168515893 |
|  Series II | $1027754089 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 8522026 |
|  Series II | 51995353 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $19.77 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $19.77 |

---

\* At December 31, 2022, securities with an aggregate value of $49,412,001 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $234,903) | $28235098 |
|  Dividends from affiliated money market funds (includes net securities lending income of $66,222) | 583548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 28818646 |
|  **Expenses:** |  |
|  Advisory fees | 7558761 |
|  Administrative services fees | 2182745 |
|  Custodian fees | 28739 |
|  Distribution fees - Series II | 2889835 |
|  Transfer agent fees | 64785 |
|  Trustees' and officers' fees and benefits | 27472 |
|  Reports to shareholders | 1284 |
|  Professional services fees | 42867 |
|  Other | 8583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12805071 |
|  Less: Fees waived | (26401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12778670 |
|  Net investment income | 16039976 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 132164045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (1140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (86872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 3117446 |
|  | 135193479 |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (257925726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (2807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1288423 |
|  | (256637612) |
|  Net realized and unrealized gain (loss) | (121444133) |
|  Net increase (decrease) in net assets resulting from operations | $(105404157) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Growth and Income Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $16039976 | $15846582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 135193479 | 208212387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (256637612) | 188685208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (105404157) | 412744177 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (19093552) | (2756581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (107930095) | (19533376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (127023647) | (22289957) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 11819475 | (11294653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (245213616) | (290467980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (233394141) | (301762633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (465821945) | 88691587 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1662091927 | 1573400340 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1196269982 | $1662091927 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Growth and Income Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $23.70 | $0.31 | $(1.72) | $(1.41) | $(0.38) | $(2.14) | $(2.52) | $19.77 | (5.80)% | $168516 | 0.75% | 0.75% | 1.42% | 36% |
|  Year ended 12/31/21 | 18.72 | 0.26 | 5.07 | 5.33 | (0.35) |  | (0.35) | 23.70 | 28.51 | 186508 | 0.74 | 0.74 | 1.17 | 29 |
|  Year ended 12/31/20 | 19.09 | 0.31 | (0.01) | 0.30 | (0.39) | (0.28) | (0.67) | 18.72 | 2.09 | 157478 | 0.75 | 0.75 | 1.90 | 46 |
|  Year ended 12/31/19 | 17.51 | 0.37 | 3.84 | 4.21 | (0.38) | (2.25) | (2.63) | 19.09 | 25.19 | 187097 | 0.73 | 0.74 | 1.91 | 62 |
|  Year ended 12/31/18 | 22.70 | 0.36 | (2.95) | (2.59) | (0.47) | (2.13) | (2.60) | 17.51 | (13.38) | 166306 | 0.75 | 0.75 | 1.63 | 32 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 23.66 | 0.26 | (1.72) | (1.46) | (0.29) | (2.14) | (2.43) | 19.77 | (6.00) | 1027754 | 1.00 | 1.00 | 1.17 | 36 |
|  Year ended 12/31/21 | 18.70 | 0.20 | 5.07 | 5.27 | (0.31) |  | (0.31) | 23.66 | 28.19 | 1475584 | 0.99 | 0.99 | 0.92 | 29 |
|  Year ended 12/31/20 | 19.06 | 0.27 | (0.01) | 0.26 | (0.34) | (0.28) | (0.62) | 18.70 | 1.85 | 1415923 | 1.00 | 1.00 | 1.65 | 46 |
|  Year ended 12/31/19 | 17.48 | 0.32 | 3.83 | 4.15 | (0.32) | (2.25) | (2.57) | 19.06 | 24.85 | 1513105 | 0.98 | 0.99 | 1.66 | 62 |
|  Year ended 12/31/18 | 22.66 | 0.30 | (2.95) | (2.65) | (0.40) | (2.13) | (2.53) | 17.48 | (13.59) | 1085260 | 1.00 | 1.00 | 1.38 | 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.

**Invesco V.I. Growth and Income Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Growth and Income Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek long-term growth of capital and income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Growth and Income Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $2,905 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.

**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

**Invesco V.I. Growth and Income Fund**

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**K.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a
spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **COVID-19 Risk –** The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.600% |
|  Over $500 million | 0.550% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.57%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $26,401.

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, 2022, Invesco was paid $191,832 for accounting and fund administrative services and was reimbursed $1,990,913 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, 2022, 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

**Invesco V.I. Growth and Income Fund**

------

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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $94,740 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $1141508996 | $44868556 | $– | $1186377552 |
|  Money Market Funds | 21938972 | 50753814 | &nbsp;&nbsp;&nbsp;&nbsp;– | 72692786 |
|  **Total Investments in Securities** | 1163447968 | 95622370 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1259070338 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | 558760 | &nbsp;&nbsp;&nbsp;&nbsp;– | 558760 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | (80616) | &nbsp;&nbsp;&nbsp;&nbsp;– | (80616) |
|  **Total Other Investments** |  | 478144 | &nbsp;&nbsp;&nbsp;&nbsp;– | 478144 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1163447968 | $96100514 | $– | $1259548482 |

---

\* 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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on forward foreign currency contracts outstanding | $558760 |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Assets subject to master netting agreements | $558760 |
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(80616) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(80616) |

---

**Invesco V.I. Growth and Income Fund**

------

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Collateral** | **Collateral** | **Collateral** |
| | | | | **(Received)/Pledged** | **(Received)/Pledged** | **(Received)/Pledged** |
| | | | |  |  | **Net** |
| <br>**Counterparty** | **Financial**<br>**Derivative**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** <br>**Forward Foreign**<br>**Currency Contracts** | **Financial**<br>**Derivative**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** <br>**Forward Foreign**<br>**Currency Contracts** | <br>**Net Value of**<br>**Derivatives** | **Non-Cash** | **Cash** | **Amount** |
|  Bank of New York Mellon (The) | $546848 | $(72931) | $473917 | $– | $– | $473917 |
|  State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | 4227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $558760 | $(80616) | $478144 | $– | $– | $478144 |

---

**Effect of Derivative Investments for the year ended December 31, 2022** 

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>**Currency**<br>**Risk** |
|  Realized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $3117446 |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1288423 |
|  Total | $4405869 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Forward** |
|  | **Foreign Currency** |
|  | **Contracts** |
|  Average notional value | $60348179 |

---

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $24083946 | $22289957 |
|  Long-term capital gain | 102939701 |  |
|  Total distributions | $127023647 | $22289957 |

---

\* Includes short-term capital gain distributions, if any.

**Invesco V.I. Growth and Income Fund**

------

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $15546082 |
|  Undistributed long-term capital gain | 142457974 |
|  Net unrealized appreciation – investments | 248059261 |
|  Net unrealized appreciation – foreign currencies | 1360 |
|  Temporary book/tax differences | (132909) |
|  Shares of beneficial interest | 790338214 |
|  Total net assets | $1196269982 |

---

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, 2022.

**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, 2022 was $464,349,235 and $799,262,326, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $288593817 |
|  Aggregate unrealized (depreciation) of investments | (40534556) |
|  Net unrealized appreciation of investments | $248059261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $1,011,489,221.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions and distributions, on December 31, 2022, undistributed net investment income was decreased by $481,831 and undistributed net realized gain was increased by $481,831. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 542840 | $11918408 | 877576 | $19495913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 14696749 | 311496963 | 312619 | 6923841 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 981674 | 19093552 | 118207 | 2756581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 5549105 | 107930095 | 838702 | 19533376 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (870381) | (19192485) | (1540514) | (33547147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (30606237) | (664640674) | (14516749) | (316925197) |
|  Net increase (decrease) in share activity | (9706250) | $(233394141) | (13910159) | $(301762633) |

---

<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 77% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Growth and Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Growth and Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Growth and Income Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Growth and Income Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1086.40 | $3.94 | $1021.42 | $3.82 | 0.75% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1085.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | 1.00 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Growth and Income Fund**

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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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $102939701 |
|  Qualified Dividend Income\* | 100.00% |
|  Corporate Dividends Received Deduction\* | 100.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Growth and Income Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Growth and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Growth and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Growth and Income Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Growth and Income Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes- 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Growth and Income Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Growth and Income Fund**

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![LOGO](g812067dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Health Care Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. I-VIGHC-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Health Care Fund (the Fund) underperformed the S&P Composite 1500 Health Care Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Health Care Fund (the Fund) underperformed the S&P Composite 1500 Health Care Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -13.32 | % |
| &nbsp;&nbsp; Series II Shares | -13.54 |  |
| &nbsp;&nbsp; MSCI World Index<sup>▼</sup> (Broad Market Index) | -18.14 |  |
| &nbsp;&nbsp; S&P Composite 1500 Health Care Index<sup>▼</sup> (Style-Specific Index) | -3.31 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.1 Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.3 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, the Fund underperformed the S&P Composite 1500 Health Care Index. Underperformance was mainly attributed to weaker stock selection in health care equipment and biotechnology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the stock level, the top three individual contributors to absolute Fund performance during the fiscal year were **Eli Lilly, Merck** and **AbbVie.** All three companies benefited from the general outperformance of the pharmaceuticals industry this fiscal year as it is typically viewed as a defensive industry in down markets. Eli Lilly also reported positive data for its drug Tirzepatide and received FDA (Food and Drug Administration) approval to use the drug for adults with type 2 diabetes. Merck and AbbVie both reported good quarterly results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the stock level, the top three individual detractors from absolute Fund performance during the fiscal year were **IDEXX Laboratories, Intuitive Surgical** and **Thermo Fisher Scientific.** IDEXX Laboratories makes products and services to test and diagnose companion animals, livestock and poultry and to test water and dairy. The stock declined because clinical veterinary visits have decreased due to capacity constraints. However, demand for veterinary care remains strong. Intuitive Surgical, maker of health care robotic

products used in surgeries, fell in sympathy with the market sell-off during the COVID-19 winter surge with the Omicron variant. Thermo Fisher Scientific, a provider of life science instruments and consumables, was affected by the underperformance of the life science tools and services sectors the industry experienced during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We invest in premier health care companies that we believe are positioned to compound multi-year growth. We combine in-depth health care experience with bottom-up fundamental analysis to evaluate company management, identify growth prospects and manage risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your investment in the Invesco V.I. Health Care Fund.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Justin Livengood

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Health Care Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g812067dsp3.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (5/21/97) | 8.44% |
| &nbsp;&nbsp; 10 Years | 10.24 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.30 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -13.32 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (4/30/04) | 7.76% |
| &nbsp;&nbsp; 10 Years | 9.96 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.03 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -13.54 |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Health Care Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund** 

**and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Health Care Fund**

------

**Supplemental Information** 

**Invesco V.I. Health Care Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI World Index<sup>SM</sup>** is an unmanaged index considered
representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The **S&P Composite 1500<sup>®</sup> Health Care Index** comprises
those companies included in the S&P Composite 1500 that are classified as members of the GICS<sup>®</sup> Health Care sector.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Health Care Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By country** | **% of total net assets** |
|  United States | 88.34% |
|  Denmark | 4.45 |
|  United Kingdom | 3.24 |
|  Countries, each less than 2% of portfolio | 1.22 |
|  Money Market Funds Plus Other Assets Less Liabilities | 2.75 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | UnitedHealth Group, Inc. | 9.20% |
| 2. | Eli Lilly and Co. | 6.77 |
| 3. | Merck & Co., Inc. | 5.09 |
| 4. | AbbVie, Inc. | 4.50 |
| 5. | Elevance Health, Inc. | 3.85 |
| 6. | Thermo Fisher Scientific, Inc. | 3.74 |
| 7. | Novo Nordisk A/S, Class B | 3.64 |
| 8. | Humana, Inc. | 3.37 |
| 9. | Danaher Corp. | 3.27 |
| 10. | AstraZeneca PLC, ADR | 2.84 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Health Care Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.25%** | **Common Stocks & Other Equity Interests–97.25%** | **Common Stocks & Other Equity Interests–97.25%** |
|  **Biotechnology–21.44%** |  |  |
|  AbbVie, Inc. | 54540 | $8814210 |
|  Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 8571 | 2036898 |
|  Amgen, Inc. | 12937 | 3397774 |
|  Argenx SE, ADR (Netherlands)<sup>(b)</sup> | 5445 | 2062729 |
|  Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup> | 3411 | 416586 |
|  BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 28844 | 331129 |
|  Biogen, Inc.<sup>(b)</sup> | 4508 | 1248355 |
|  BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 5245 | 542805 |
|  Cytokinetics, Inc.<sup>(b)</sup> | 7471 | 342321 |
|  Genmab A/S, ADR (Denmark)<sup>(b)</sup> | 27789 | 1177698 |
|  Gilead Sciences, Inc. | 16402 | 1408112 |
|  Halozyme Therapeutics, Inc.<sup>(b)</sup> | 27018 | 1537324 |
|  Horizon Therapeutics PLC<sup>(b)</sup> | 13199 | 1502046 |
|  Incyte Corp.<sup>(b)</sup> | 24573 | 1973703 |
|  IVERIC bio, Inc.<sup>(b)</sup> | 21198 | 453849 |
|  Karuna Therapeutics, Inc.<sup>(b)(c)</sup> | 2046 | 402039 |
|  Legend Biotech Corp., ADR<sup>(b)(c)</sup> | 10993 | 548771 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup> | 14485 | 1730088 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 6014 | 4339041 |
|  Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 6772 | 877516 |
|  United Therapeutics Corp.<sup>(b)</sup> | 4915 | 1366812 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 19026 | 5494328 |
|  |  | 42004134 |
|  **Health Care Distributors–4.31%** |  |  |
|  AmerisourceBergen Corp. | 25464 | 4219639 |
|  McKesson Corp. | 11272 | 4228353 |
|  |  | 8447992 |
|  **Health Care Equipment–14.47%** |  |  |
|  AtriCure, Inc.<sup>(b)</sup> | 13726 | 609160 |
|  Axonics, Inc.<sup>(b)(c)</sup> | 14058 | 879047 |
|  Becton, Dickinson and Co. | 5514 | 1402210 |
|  Boston Scientific Corp.<sup>(b)</sup> | 99155 | 4587902 |
|  DexCom, Inc.<sup>(b)</sup> | 25798 | 2921365 |
|  Globus Medical, Inc., Class A<sup>(b)(c)</sup> | 16327 | 1212606 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup> | 1818 | 741671 |
|  Inari Medical, Inc.<sup>(b)</sup> | 6238 | 396487 |
|  Inspire Medical Systems, Inc.<sup>(b)</sup> | 6800 | 1712784 |
|  Insulet Corp.<sup>(b)</sup> | 7425 | 2185846 |
|  Intuitive Surgical, Inc.<sup>(b)</sup> | 16273 | 4318041 |
|  iRhythm Technologies, Inc.<sup>(b)</sup> | 5893 | 551997 |
|  ResMed, Inc. | 5005 | 1041691 |
|  Shockwave Medical, Inc.<sup>(b)</sup> | 6973 | 1433719 |
|  Stryker Corp. | 17851 | 4364391 |
|  |  | 28358917 |
|  **Health Care Facilities–1.64%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup> | 15969 | 1314568 |
|  HCA Healthcare, Inc. | 4676 | 1122053 |
|  Surgery Partners, Inc.<sup>(b)</sup> | 27539 | 767237 |
|  |  | 3203858 |
|  **Health Care Services–1.14%** |  |  |
|  AMN Healthcare Services, Inc.<sup>(b)</sup> | 6835 | 702775 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Health Care Services–(continued)** |  |  |
|  Guardant Health, Inc.<sup>(b)</sup> | 7871 | $214091 |
|  Option Care Health, Inc.<sup>(b)</sup> | 31705 | 954003 |
|  Privia Health Group, Inc.<sup>(b)(c)</sup> | 16267 | 369424 |
|  |  | 2240293 |
|  **Health Care Supplies–0.47%** |  |  |
|  Lantheus Holdings, Inc.<sup>(b)</sup> | 4278 | 218007 |
|  Silk Road Medical, Inc.<sup>(b)</sup> | 13372 | 706710 |
|  |  | 924717 |
|  **Health Care Technology–0.30%** |  |  |
|  Evolent Health, Inc., Class A<sup>(b)</sup> | 21018 | 590185 |
|  **Life Sciences Tools & Services–11.54%** | **Life Sciences Tools & Services–11.54%** | **Life Sciences Tools & Services–11.54%** |
|  Agilent Technologies, Inc.<sup>(c)</sup> | 20266 | 3032807 |
|  Bio-Techne Corp. | 5405 | 447966 |
|  Danaher Corp. | 24100 | 6396622 |
|  IQVIA Holdings, Inc.<sup>(b)</sup> | 5231 | 1071779 |
|  Lonza Group AG (Switzerland) | 657 | 323361 |
|  Maravai LifeSciences Holdings, Inc., Class A<sup>(b)</sup> | 20915 | 299294 |
|  Medpace Holdings, Inc.<sup>(b)</sup> | 3571 | 758516 |
|  Mettler-Toledo International, Inc.<sup>(b)</sup> | 1009 | 1458459 |
|  Repligen Corp.<sup>(b)(c)</sup> | 8815 | 1492468 |
|  Thermo Fisher Scientific, Inc. | 13323 | 7336843 |
|  |  | 22618115 |
|  **Managed Health Care–18.13%** | **Managed Health Care–18.13%** | **Managed Health Care–18.13%** |
|  Elevance Health, Inc. | 14688 | 7534503 |
|  HealthEquity, Inc.<sup>(b)</sup> | 11494 | 708490 |
|  Humana, Inc.<sup>(c)</sup> | 12889 | 6601617 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 8054 | 2659592 |
|  UnitedHealth Group, Inc. | 33992 | 18021879 |
|  |  | 35526081 |
|  **Pharmaceuticals–23.81%** | **Pharmaceuticals–23.81%** | **Pharmaceuticals–23.81%** |
|  AstraZeneca PLC (United Kingdom) | 5753 | 780771 |
|  AstraZeneca PLC, ADR (United Kingdom) | 82107 | 5566855 |
|  Eli Lilly and Co. | 36262 | 13266090 |
|  Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 10216 | 562902 |
|  Intra-Cellular Therapies, Inc.<sup>(b)</sup> | 12021 | 636151 |
|  Merck & Co., Inc. | 89938 | 9978621 |
|  Novo Nordisk A/S, Class B (Denmark) | 52730 | 7139640 |
|  Pfizer, Inc. | 102312 | 5242467 |
|  Roche Holding AG | 2251 | 707403 |
|  Royalty Pharma PLC, Class A | 45962 | 1816418 |
|  Zoetis, Inc. | 6539 | 958290 |
|  |  | 46655608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $136,825,184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $136,825,184) | 190569900 |
|  **Money Market Funds–2.93%** | **Money Market Funds–2.93%** | **Money Market Funds–2.93%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup> | 1967200 | 1967200 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 1520715 | 1521171 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Health Care Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 2248229 | $| 2248229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $5,735,927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $5,735,927) |  | 5736600 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.18% (Cost $142,561,111) |  |  | 196306500 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–7.80%** | **Money Market Funds–7.80%** | **Money Market Funds–7.80%** | **Money Market Funds–7.80%** |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 4282046 |  | 4282046 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 11007673 | $11010975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,292,628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,292,628) | 15293021 |
|  TOTAL INVESTMENTS IN SECURITIES–107.98% (Cost $157,853,739) |  | 211599521 |
|  OTHER ASSETS LESS LIABILITIES—(7.98)% | OTHER ASSETS LESS LIABILITIES—(7.98)% | (15640818) |
|  NET ASSETS–100.00% |  | $195958703 |

---

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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $1179487 | $16734275 | $(15946562) | $- | $- | $1967200 | $29033 |
|  Invesco Liquid Assets Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958442 | &nbsp;&nbsp;&nbsp;&nbsp;11953054 | &nbsp;&nbsp;&nbsp;&nbsp;(11390402) | &nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;(375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28033 |
|  Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347986 | &nbsp;&nbsp;&nbsp;&nbsp;19124886 | &nbsp;&nbsp;&nbsp;&nbsp;(18224643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39322 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022223 | &nbsp;&nbsp;&nbsp;&nbsp;39332534 | &nbsp;&nbsp;&nbsp;&nbsp;(40072711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,809\* |
|  Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;11718519 | &nbsp;&nbsp;&nbsp;&nbsp;84111573 | &nbsp;&nbsp;&nbsp;&nbsp;(84819850) | &nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;11010975 | &nbsp;&nbsp;&nbsp;&nbsp;128,208\* |
|  Total | $20226657 | $171256322 | $(170454168) | $846 | $(36) | $21029621 | $271405 |

---

\* 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, 2022.

<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 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Health Care Fund**

------

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities**<br>*December 31, 2022* | **Statement of Operations**<br>*For the year ended December 31, 2022* |

---

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $136,825,184)\* | $190569900 |
|  Investments in affiliated money market funds, at value (Cost $21,028,555) | 21029621 |
|  Cash | 2115 |
|  Foreign currencies, at value (Cost $17,960) | 17590 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 29047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 262449 |
|  Investment for trustee deferred compensation and retirement plans | 47663 |
|  Other assets | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 211959819 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 507922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 15292628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 97194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 46025 |
|  Trustee deferred compensation and retirement plans | 54392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16001116 |
|  Net assets applicable to shares outstanding | $195958703 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $151472700 |
|  Distributable earnings | 44486003 |
|  | $195958703 |
|  **Net Assets:** |  |
|  Series I | $130673248 |
|  Series II | $65285455 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 5194912 |
|  Series II | 2821446 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $25.15 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $23.14 |

---

\* At December 31, 2022, securities with an aggregate value of $14,928,547 were on loan to brokers. 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $26,870) | $1875868 |
|  Dividends from affiliated money market funds (includes net securities lending income of $13,073) | 109461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1985329 |
|  **Expenses:** |  |
|  Advisory fees | 1487661 |
|  Administrative services fees | 326164 |
|  Custodian fees | 13534 |
|  Distribution fees - Series II | 167770 |
|  Transfer agent fees | 9955 |
|  Trustees' and officers' fees and benefits | 18710 |
|  Reports to shareholders | 1414 |
|  Professional services fees | 48350 |
|  Other | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2076471 |
|  Less: Fees waived | (6163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2070308 |
|  Net investment income (loss) | (84979) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (9148376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 3316 |
|  | (9145096) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (23254427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (2975) |
|  | (23256556) |
|  Net realized and unrealized gain (loss) | (32401652) |
|  Net increase (decrease) in net assets resulting from operations | $(32486631) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Health Care Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(84979) | $(760156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9145096) | 29032173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (23256556) | (1313917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (32486631) | 26958100 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (18037512) | (16710371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (9812066) | (8901270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (27849578) | (25611641) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 11383845 | 1693474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 4718828 | 5567811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 16102673 | 7261285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (44233536) | 8607744 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 240192239 | 231584495 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $195958703 | $240192239 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Health Care Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $33.86 | $0.01 | $(4.68) | $(4.67) | $– | $(4.04) | $(4.04) | $25.15 | (13.32)% | $130673 | 0.96% | 0.96% | 0.04% | 47% |
|  Year ended 12/31/21 | 33.69 | (0.08) | 4.17 | 4.09 | (0.07) | (3.85) | (3.92) | 33.86 | 12.30 | 158669 | 0.97 | 0.97 | (0.25) | 55 |
|  Year ended 12/31/20 | 30.23 | 0.04 | 4.26 | 4.30 | (0.10) | (0.74) | (0.84) | 33.69 | 14.46 | 155598 | 0.98 | 0.98 | 0.13 | 46 |
|  Year ended 12/31/19 | 23.41 | 0.08 | 7.40 | 7.48 | (0.01) | (0.65) | (0.66) | 30.23 | 32.50 | 149954 | 0.97 | 0.97 | 0.32 | 8 |
|  Year ended 12/31/18 | 26.44 | 0.03 <sup>(d)</sup> | 0.59 | 0.62 | – | (3.65) | (3.65) | 23.41 | 0.90 | 129377 | 1.00 | 1.00 | 0.10 <sup>(d)</sup> | 35 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 31.62 | (0.05) | (4.39) | (4.44) |  | (4.04) | (4.04) | 23.14 | (13.54) | 65285 | 1.21 | 1.21 | (0.21) | 47 |
|  Year ended 12/31/21 | 31.70 | (0.16) | 3.93 | 3.77 | (0.00)<sup>(e)</sup> | (3.85) | (3.85) | 31.62 | 12.05 | 81524 | 1.22 | 1.22 | (0.50) | 55 |
|  Year ended 12/31/20 | 28.49 | (0.03) | 4.01 | 3.98 | (0.03) | (0.74) | (0.77) | 31.70 | 14.20 | 75986 | 1.23 | 1.23 | (0.12) | 46 |
|  Year ended 12/31/19 | 22.14 | 0.02 | 6.98 | 7.00 |  | (0.65) | (0.65) | 28.49 | 32.18 | 70763 | 1.22 | 1.22 | 0.07 | 8 |
|  Year ended 12/31/18 | 25.25 | (0.04)<sup>(d)</sup> | 0.58 | 0.54 |  | (3.65) | (3.65) | 22.14 | 0.62 | 60306 | 1.25 | 1.25 | (0.15)<sup>(d)</sup> | 35 |

---

<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 investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.00 and (0.03)%, $(0.07) and (0.28)%, for Series I and Series II shares, respectively. 

<sup>(e)</sup> Amount represents less than $(0.005) per share. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Health Care Fund**

------

**Notes to Financial Statements** 

*December 31, 2022*

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Health Care Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Health Care Fund**

------

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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, 2022, the Fund paid the Adviser $582 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.

**J.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2)

**Invesco V.I. Health Care Fund**

------

currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**K.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **Other Risks** - The Fund's performance is vulnerable to factors affecting the health care industry, including
government regulation, obsolescence caused by scientific advances and technological innovations.

**M.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $250 million | 0.740% |
|  Next $500 million | 0.730% |
|  Next $1.5 billion | 0.720% |
|  Next $2.5 billion | 0.710% |
|  Next $2.5 billion | 0.700% |
|  Next $2.5 billion | 0.690% |
|  Over $10 billion | 0.680% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $6,163.

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, 2022, Invesco was paid $28,813 for accounting and fund administrative services and was reimbursed $297,351 for fees paid to insurance

**Invesco V.I. Health Care Fund**

------

companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees.*

For the year ended December 31, 2022, the Fund incurred $3,654 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $181618725 | $8951175 | $- | $190569900 |
|  Money Market Funds | 5736600 | 15293021 | &nbsp;&nbsp;&nbsp;&nbsp;- | 21029621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $187355325 | $24244196 | $- | $211599521 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers*' *Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2733642 |
|  Long-term capital gain | 27849578 | 22877999 |
|  Total distributions | $27849578 | $25611641 |
|  \* Includes short-term capital gain distributions, if any. |  |  |

---

**Invesco V.I. Health Care Fund**

------

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $53385341 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (1134) |
|  Temporary book/tax differences | (42197) |
|  Capital loss carryforward | (8856007) |
|  Shares of beneficial interest | 151472700 |
|  Total net assets | $195958703 |

---

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 has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $8699050 | $156957 | $8856007 |

---

\* 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, 2022 was $91,058,986 and $104,832,775, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $55966569 |
|  Aggregate unrealized (depreciation) of investments | (2581228) |
|  Net unrealized appreciation of investments | $53385341 |

---

Cost of investments for tax purposes is $158,214,180.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $70,413, undistributed net realized gain (loss) was decreased by $3,975 and shares of beneficial interest was decreased by $66,438. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 657218 | $18436295 | 472288 | $16102493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 175484 | 4624773 | 247161 | 7991522 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 745044 | 18037512 | 499861 | 16710371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 440398 | 9812066 | 285023 | 8901270 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (892888) | (25089962) | (904760) | (31119390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (372986) | (9718011) | (350544) | (11324981) |
|  Net increase in share activity | 752270 | $16102673 | 249029 | $7261285 |

---

<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. 

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Health Care Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I  | $1000.00 | $1058.10 | $4.98 | $1020.37 | $4.89 | 0.96% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series II  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1056.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;1019.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | 1.21 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Health Care Fund**

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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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $27849578 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

**Invesco V.I. Health Care Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Health Care Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Health Care Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Health Care Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Health Care Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Health Care Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Health Care Fund**

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![LOGO](g812186dsp001a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. High Yield Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIHYI-AR-1

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**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. High Yield Fund (the Fund) outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. High Yield Fund (the Fund) outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -9.55 | % |
| &nbsp;&nbsp; Series II Shares | -9.55 |  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>▼</sup> (Broad Market Index) | -13.01 |  |
| &nbsp;&nbsp; Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index<sup>▼</sup> (Style-Specific Index) | -11.18 |  |
| &nbsp;&nbsp; Lipper VUF High Yield Bond Funds Classification Average<sup>∎</sup> (Peer Group) | -9.47 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

To begin 2022 major central banks were focused on taming inflation. Major developed central banks such as the US Federal Reserve (the Fed), the Bank of Canada and the Bank of England all took steps to tighten monetary policy during the fiscal year, as inflation remained persistent. The Bank of Canada raised its benchmark interest rate by 100 basis points, the largest amount in more than 20 years. Even the Swiss National Bank made a surprise decision in June to tighten monetary policy, beginning the end of an era of ultra-loose monetary policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early in the second half of the fiscal year asset classes experienced swings in performance as the yield curve started to invert. As of June 30, the 10-year Treasury was 2.98% and rose to 3.88% by the end of the fiscal year.<sup>1</sup> Short-term yields increased more than yields on the longer dated maturities over the same period with the two-year Treasury yield increasing from 2.92% to end the fiscal year at 4.41%.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toward the end of the fiscal year inflation appeared to peak in some Western economies, including the United States and Canada and risk assets rallied as investors got more clarity around the rate hike cycle. The US dollar weakened against other major currencies in anticipation that the Fed might pause its tightening during 2023, along with expectations that other central banks would become relatively more aggressive in their tightening during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our base case is that inflation will moderate, leading to a pause in central bank tightening in the first half of 2023. We expect a rising global risk appetite, reflecting a positive repricing of recession risks in terms of timing, duration and magnitude. In the shorter term, we would expect a tug of war between 'risk on' and 'risk off' market environments. However, as the fiscal year unfolds, we would expect risk assets to perform better, which is likely to result in better relative performance for equity markets in value-oriented regions and cyclical sectors of the stock market, as

well as risky credit and investment-grade credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no defaults in the high-yield market during the fourth quarter.<sup>2</sup> The trailing 12-month default rate ended the fourth quarter at 0.84%, remaining well below the historical 25-year average of roughly 3.01%. High-yield mutual funds experienced inflows of $7.3 billion for the fourth quarter. Rising interest rates curtailed new high-yield issuance, with $16.6 billion brought to market during the quarter.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index, which measures the performance of the US high yield bond market and is the Fund's style-specific index, returned -11.18% for the fiscal year ended December 31, 2022.3 Likewise, the Fund generated a negative return for the fiscal year, but outperformed its style-specific index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, the Fund benefited from its security selection in the midstream and retail sectors. The Fund had an overweight allocation to the oil field services and independent energy sectors relative to the style-specific index, which also contributed positively as the energy sector was the best performing sector in the high yield market. The Fund's underweight allocation to pharmaceuticals was also beneficial to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, security selection in the real estate investment trusts and insurance sectors detracted from Fund performance relative to the style-specific index. The Fund's underweight allocation to capital goods also detracted from relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and

magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon, and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for investing in Invesco V.I. High Yield Fund and for sharing our long-term investment horizon.

1 Source: US Department of the Treasury

2 Source: JP Morgan Markets

3 Source: Bloomberg LP

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**Portfolio manager(s):** 

Niklas Nordenfelt

Rahim Shad

Philip Susser

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. High Yield Fund**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g812186dsp04.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (5/1/98) | 3.73% |
| &nbsp;&nbsp; 10 Years | 2.92 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.36 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -9.55 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (3/26/02) | 5.46% |
| &nbsp;&nbsp; 10 Years | 2.67 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.10 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -9.55 |

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**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. High Yield Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance** 

**figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. High Yield Fund**

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**Supplemental Information** 

**Invesco V.I. High Yield Fund's investment objective is total return, comprised of current income and capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index considered representative of the US investment-grade,
fixed-rate bond market.

∎ The **Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index** is an unmanaged index considered representative of the
US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.

∎ The **Lipper VUF High Yield Bond Funds Classification Average** represents an average of all variable insurance
underlying funds in the Lipper High Yield Bond Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. High Yield Fund**

------

**Fund Information** 

**Portfolio Composition<sup>†</sup>** 

---

| | |
|:---|:---|
| **By credit quality** | **% of total investments** |
|  BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 |
|  BB | &nbsp;&nbsp;&nbsp;&nbsp;42.67 |
|  B | &nbsp;&nbsp;&nbsp;&nbsp;44.41 |
|  CCC and below | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 |
|  Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
|  Not-rated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

**Top Five Debt Issuers\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp; CCO Holdings, LLC/CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp; Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp; Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp; Allison Transmission, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp; Altice France S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |

---

\* Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. 

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. High Yield Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes–85.30%** | **U.S. Dollar Denominated Bonds & Notes–85.30%** | **U.S. Dollar Denominated Bonds & Notes–85.30%** |
|  **Advertising–0.99%** | **Advertising–0.99%** | **Advertising–0.99%** |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;389000 | $337905 |
|  Lamar Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2030 | 15000 | 13137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2031 | 1324000 | 1096308 |
|  |  | 1447350 |
|  **Aerospace & Defense–0.50%** | **Aerospace & Defense–0.50%** | **Aerospace & Defense–0.50%** |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/2026 | 750000 | 733548 |
|  **Airlines–1.07%** | **Airlines–1.07%** | **Airlines–1.07%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(b)</sup>  | 1309000 | 1261093 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025<sup>(b)</sup>  | 309186 | 301804 |
|  |  | 1562897 |
|  **Alternative Carriers–0.32%** | **Alternative Carriers–0.32%** | **Alternative Carriers–0.32%** |
|  Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039 | 678000 | 464031 |
|  **Aluminum–0.50%** | **Aluminum–0.50%** | **Aluminum–0.50%** |
|  Novelis Corp., 4.75%, 01/30/2030<sup>(b)</sup>  | 820000 | 728832 |
|  **Apparel Retail–0.87%** | **Apparel Retail–0.87%** | **Apparel Retail–0.87%** |
|  Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup>  | 1793000 | 1267167 |
|  **Apparel, Accessories & Luxury Goods–0.45%** | **Apparel, Accessories & Luxury Goods–0.45%** | **Apparel, Accessories & Luxury Goods–0.45%** |
|  Kontoor Brands, Inc., 4.13%, 11/15/2029<sup>(b)</sup>  | 799000 | 654065 |
|  **Application Software–1.39%** | **Application Software–1.39%** | **Application Software–1.39%** |
|  NCR Corp., 5.75%, 09/01/2027<sup>(b)</sup>  | 700000 | 670932 |
|  SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(b)</sup>  | 1442000 | 1353211 |
|  |  | 2024143 |
|  **Auto Parts & Equipment–1.61%** | **Auto Parts & Equipment–1.61%** | **Auto Parts & Equipment–1.61%** |
|  Clarios Global L.P., 6.75%, 05/15/2025<sup>(b)</sup>  | 148000 | 148558 |
|  Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027<sup>(b)</sup>  | 1123000 | 1098919 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(b)</sup>  | 1253000 | 1098004 |
|  |  | 2345481 |
|  **Automobile Manufacturers–5.12%** | **Automobile Manufacturers–5.12%** | **Automobile Manufacturers–5.12%** |
|  Allison Transmission, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027<sup>(b)</sup>  | 1264000 | 1174331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031<sup>(b)</sup>  | 1152000 | 948960 |
|  Ford Motor Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/2032 | 168000 | 126289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2043 | 646000 | 465151 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |  |
|  Ford Motor Credit Co. LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;564000 | $529139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 251000 | 227351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 1232000 | 1150386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029 | 920000 | 835176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 402000 | 330768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/2031 | 340000 | 267532 |
|  J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026<sup>(b)</sup>  | 1470000 | 1420873 |
|  |  | 7475956 |
|  **Automotive Retail–4.08%** |  |  |
|  Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 | 205000 | 180741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029<sup>(b)</sup>  | 885000 | 746781 |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(b)</sup>  | 1709000 | 1449420 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/2029<sup>(b)</sup>  | 1739000 | 1394832 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(b)</sup>  | 1314000 | 1082151 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(b)</sup>  | 1373000 | 1101157 |
|  |  | 5955082 |
|  **Cable & Satellite–7.17%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026<sup>(b)</sup>  | 767000 | 743783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(b)</sup>  | 84000 | 78479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028<sup>(b)</sup>  | 772000 | 702670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(b)</sup>  | 531000 | 459156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(b)</sup>  | 1316000 | 1090188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 | 467000 | 372631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(b)</sup>  | 647000 | 478780 |
|  CSC Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(b)</sup>  | 745000 | 610613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(b)</sup>  | 1003000 | 567894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030<sup>(b)</sup>  | 500000 | 277419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031<sup>(b)</sup>  | 391000 | 272014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031<sup>(b)</sup>  | 200000 | 112000 |
|  DISH DBS Corp.,<br>5.13%, 06/01/2029 | 1058000 | 684510 |
|  DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conv., 3.38%, 08/15/2026 | 1216000 | 764864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/2027<sup>(b)</sup>  | 157000 | 161891 |
|  Gray Escrow II, Inc., 5.38%, 11/15/2031<sup>(b)</sup>  | 1133000 | 818519 |
|  Sirius XM Radio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026<sup>(b)</sup>  | 1327000 | 1179948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(b)</sup>  | 87000 | 75883 |
|  Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029<sup>(b)</sup>  | 425000 | 381678 |
|  VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032<sup>(b)</sup>  | 793000 | 645844 |
|  |  | 10478764 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Casinos & Gaming–3.10%** | **Casinos & Gaming–3.10%** | **Casinos & Gaming–3.10%** |
|  Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027<sup>(b)(c)(d)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51959 | $30916 |
|  Everi Holdings, Inc., 5.00%, 07/15/2029<sup>(b)</sup>  | 773000 | 664986 |
|  Melco Resorts Finance Ltd.<br>(Hong Kong), 5.38%, 12/04/2029<sup>(b)</sup>  | 988000 | 794441 |
|  MGM China Holdings Ltd. (Macau), 4.75%, 02/01/2027<sup>(b)</sup>  | 424000 | 375640 |
|  Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026<sup>(b)</sup>  | 766000 | 717757 |
|  Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029<sup>(b)</sup>  | 1169000 | 864762 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029<sup>(b)</sup>  | 1255000 | 1077750 |
|  |  | 4526252 |
|  **Commodity Chemicals–0.72%** | **Commodity Chemicals–0.72%** | **Commodity Chemicals–0.72%** |
|  Mativ Holdings, Inc., 6.88%, 10/01/2026<sup>(b)</sup>  | 1195000 | 1057420 |
|  **Construction & Engineering–1.09%** | **Construction & Engineering–1.09%** | **Construction & Engineering–1.09%** |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(b)</sup>  | 765000 | 595705 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027<sup>(b)</sup>  | 1042000 | 1000108 |
|  |  | 1595813 |
|  **Consumer Electronics–0.31%** | **Consumer Electronics–0.31%** | **Consumer Electronics–0.31%** |
|  Sensata Technologies B.V., 4.00%, 04/15/2029<sup>(b)</sup>  | 529000 | 456977 |
|  **Consumer Finance–0.86%** | **Consumer Finance–0.86%** | **Consumer Finance–0.86%** |
|  FirstCash, Inc., 5.63%, 01/01/2030<sup>(b)</sup>  | 706000 | 629304 |
|  OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 | 314000 | 299276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 | 417000 | 332149 |
|  |  | 1260729 |
|  **Copper–0.50%** | **Copper–0.50%** | **Copper–0.50%** |
|  First Quantum Minerals Ltd. (Zambia), 6.88%, 10/15/2027<sup>(b)</sup>  | 775000 | 728719 |
|  **Data Processing & Outsourced Services–0.71%** | **Data Processing & Outsourced Services–0.71%** | **Data Processing & Outsourced Services–0.71%** |
|  Clarivate Science Holdings Corp., 4.88%, 07/01/2029<sup>(b)</sup>  | 1216000 | 1035606 |
|  **Department Stores–0.69%** | **Department Stores–0.69%** | **Department Stores–0.69%** |
|  Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2030<sup>(b)</sup>  | 217000 | 188616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/2034 | 974000 | 679628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2043 | 226000 | 136617 |
|  |  | 1004861 |
|  **Diversified Metals & Mining–0.47%** | **Diversified Metals & Mining–0.47%** | **Diversified Metals & Mining–0.47%** |
|  Hudbay Minerals, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2026<sup>(b)</sup>  | 369000 | 335628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2029<sup>(b)</sup>  | 392000 | 355616 |
|  |  | 691244 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Diversified REITs–0.45%** | **Diversified REITs–0.45%** | **Diversified REITs–0.45%** |
|  iStar, Inc., | iStar, Inc., | iStar, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | $35792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2026 | 621000 | 620472 |
|  |  | 656264 |
|  **Diversified Support Services–0.46%** | **Diversified Support Services–0.46%** | **Diversified Support Services–0.46%** |
|  Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025<sup>(b)</sup>  | 688000 | 677143 |
|  **Electric Utilities–0.76%** | **Electric Utilities–0.76%** | **Electric Utilities–0.76%** |
|  NRG Energy, Inc., 4.45%, 06/15/2029<sup>(b)</sup>  | 776000 | 687813 |
|  Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(b)</sup>  | 380000 | 361328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(b)</sup>  | 70000 | 65121 |
|  |  | 1114262 |
|  **Electrical Components & Equipment–0.73%** | **Electrical Components & Equipment–0.73%** | **Electrical Components & Equipment–0.73%** |
|  EnerSys, 4.38%, 12/15/2027<sup>(b)</sup>  | 1182000 | 1069326 |
|  **Electronic Components–0.56%** | **Electronic Components–0.56%** | **Electronic Components–0.56%** |
|  Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030<sup>(b)</sup>  | 115000 | 100312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031<sup>(b)</sup>  | 876000 | 721977 |
|  |  | 822289 |
|  **Food Distributors–1.12%** | **Food Distributors–1.12%** | **Food Distributors–1.12%** |
|  American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028<sup>(b)</sup>  | 1073000 | 959176 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(b)</sup>  | 705000 | 678513 |
|  |  | 1637689 |
|  **Health Care Facilities–2.00%** | **Health Care Facilities–2.00%** | **Health Care Facilities–2.00%** |
|  Encompass Health Corp., 4.50%, 02/01/2028 | 870000 | 791656 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2025 | 431000 | 430827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 | 205000 | 204791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 | 395000 | 341606 |
|  Tenet Healthcare Corp., 4.88%, 01/01/2026<sup>(b)</sup>  | 1214000 | 1150475 |
|  |  | 2919355 |
|  **Health Care REITs–1.38%** | **Health Care REITs–1.38%** | **Health Care REITs–1.38%** |
|  CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028<sup>(b)</sup> | 786000 | 667421 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2024 | 385000 | 325933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/2031 | 1610000 | 1023250 |
|  |  | 2016604 |
|  **Health Care Services–2.30%** | **Health Care Services–2.30%** | **Health Care Services–2.30%** |
|  Community Health Systems, Inc., | Community Health Systems, Inc., | Community Health Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026<sup>(b)</sup>  | 673000 | 614112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(b)</sup>  | 557000 | 420993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(b)</sup>  | 371000 | 270049 |
|  DaVita, Inc., 3.75%, 02/15/2031<sup>(b)</sup>  | 448000 | 335353 |
|  Hadrian Merger Sub, Inc., 8.50%, 05/01/2026<sup>(b)</sup>  | 308000 | 272643 |
|  HCA, Inc., 5.88%, 02/15/2026 | 290000 | 292122 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
|  Select Medical Corp., 6.25%, 08/15/2026<sup>(b)</sup>  | 1219000 | $1161573 |
|  |  | 3366845 |
|  **Health Care Supplies–0.51%** | **Health Care Supplies–0.51%** | **Health Care Supplies–0.51%** |
|  Medline Borrower L.P., 3.88%, 04/01/2029<sup>(b)</sup>  | 915000 | 739087 |
|  **Hotel & Resort REITs–1.08%** | **Hotel & Resort REITs–1.08%** | **Hotel & Resort REITs–1.08%** |
|  Service Properties Trust, | Service Properties Trust, | Service Properties Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2025 | 212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 | 772000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/2029 | 319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 | 740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490128 |
|  |  | 1579177 |
|  **Household Products–0.97%** | **Household Products–0.97%** | **Household Products–0.97%** |
|  Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(b)</sup>  | 1719000 | 1419800 |
|  **Independent Power Producers & Energy Traders–2.17%** | **Independent Power Producers & Energy Traders–2.17%** | **Independent Power Producers & Energy Traders–2.17%** |
|  Calpine Corp., 3.75%, 03/01/2031<sup>(b)</sup>  | 785000 | 633068 |
|  Clearway Energy Operating LLC, 4.75%, 03/15/2028<sup>(b)</sup>  | 715000 | 661015 |
|  TransAlta Corp. (Canada), 7.75%, 11/15/2029 | 1161000 | 1187269 |
|  Vistra Corp., 7.00%<sup>(b)(e)(f)</sup>  | 754000 | 687179 |
|  |  | 3168531 |
|  **Industrial Machinery–1.56%** | **Industrial Machinery–1.56%** | **Industrial Machinery–1.56%** |
|  EnPro Industries, Inc., 5.75%, 10/15/2026 | 1141000 | 1112133 |
|  Mueller Water Products, Inc., 4.00%, 06/15/2029<sup>(b)</sup>  | 599000 | 527135 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(b)</sup>  | 747000 | 646864 |
|  |  | 2286132 |
|  **Integrated Oil & Gas–1.56%** | **Integrated Oil & Gas–1.56%** | **Integrated Oil & Gas–1.56%** |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 | 408000 | 412535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 383000 | 391524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 769000 | 753905 |
|  Transocean, Inc., | Transocean, Inc., | Transocean, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/2025<sup>(b)</sup>  | 392000 | 347234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2026<sup>(b)</sup>  | 439000 | 370261 |
|  |  | 2275459 |
|  **Integrated Telecommunication Services–3.52%** | **Integrated Telecommunication Services–3.52%** | **Integrated Telecommunication Services–3.52%** |
|  Altice France S.A. (France), | Altice France S.A. (France), | Altice France S.A. (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/2027<sup>(b)</sup>  | 527000 | 481119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029<sup>(b)</sup>  | 1485000 | 1116019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(b)</sup>  | 685000 | 523556 |
|  Embarq Corp., 8.00%, 06/01/2036 | 1393000 | 650817 |
|  Iliad Holding S.A.S.U. (France), | Iliad Holding S.A.S.U. (France), | Iliad Holding S.A.S.U. (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2026<sup>(b)</sup>  | 400000 | 371673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(b)</sup>  | 1056000 | 955807 |
|  Level 3 Financing, Inc., 3.75%, 07/15/2029<sup>(b)</sup>  | 1441000 | 1038529 |
|  |  | 5137520 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Interactive Home Entertainment–0.68%** | **Interactive Home Entertainment–0.68%** | **Interactive Home Entertainment–0.68%** |
|  WMG Acquisition Corp., 3.75%, 12/01/2029<sup>(b)</sup>  | $1151000 | $991356 |
|  **Interactive Media & Services–0.45%** | **Interactive Media & Services–0.45%** | **Interactive Media & Services–0.45%** |
|  Match Group Holdings II LLC, 4.63%, 06/01/2028<sup>(b)</sup>  | 742000 | 662777 |
|  **Internet Services & Infrastructure–0.49%** | **Internet Services & Infrastructure–0.49%** | **Internet Services & Infrastructure–0.49%** |
|  Cogent Communications Group, Inc., 7.00%, 06/15/2027<sup>(b)</sup>  | 729000 | 715279 |
|  **IT Consulting & Other Services–0.85%** | **IT Consulting & Other Services–0.85%** | **IT Consulting & Other Services–0.85%** |
|  Gartner, Inc., | Gartner, Inc., | Gartner, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028<sup>(b)</sup>  | 755000 | 705245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029<sup>(b)</sup>  | 374000 | 329092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030<sup>(b)</sup>  | 247000 | 213285 |
|  |  | 1247622 |
|  **Leisure Facilities–0.55%** | **Leisure Facilities–0.55%** | **Leisure Facilities–0.55%** |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028<sup>(b)</sup>  | 779000 | 801112 |
|  **Managed Health Care–0.89%** | **Managed Health Care–0.89%** | **Managed Health Care–0.89%** |
|  Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | 372000 | 349705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 438000 | 401248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 662000 | 544167 |
|  |  | 1295120 |
|  **Oil & Gas Drilling–3.32%** | **Oil & Gas Drilling–3.32%** | **Oil & Gas Drilling–3.32%** |
|  Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028<sup>(b)</sup>  | 1060000 | 957519 |
|  Nabors Industries Ltd., | Nabors Industries Ltd., | Nabors Industries Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2026<sup>(b)</sup>  | 55000 | 51919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(b)</sup>  | 421000 | 385837 |
|  Nabors Industries, Inc., 7.38%, 05/15/2027<sup>(b)</sup>  | 215000 | 208518 |
|  Precision Drilling Corp. (Canada), | Precision Drilling Corp. (Canada), | Precision Drilling Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/15/2026<sup>(b)</sup>  | 76000 | 73650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029<sup>(b)</sup>  | 585000 | 545400 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/2029<sup>(b)</sup>  | 678000 | 610464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030<sup>(b)</sup>  | 250000 | 220435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040<sup>(b)</sup>  | 532000 | 448258 |
|  Transocean, Inc., 7.50%, 04/15/2031 | 600000 | 403140 |
|  Valaris Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028<sup>(b)(c)</sup>  | 404000 | 406879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028<sup>(c)</sup>  | 535000 | 538812 |
|  |  | 4850831 |
|  **Oil & Gas Equipment & Services–1.77%** | **Oil & Gas Equipment & Services–1.77%** | **Oil & Gas Equipment & Services–1.77%** |
|  Enerflex Ltd. (Canada), 9.00%, 10/15/2027<sup>(b)</sup>  | 1180000 | 1178313 |
|  USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | 757000 | 709010 |
|  Weatherford International Ltd., 8.63%, 04/30/2030<sup>(b)</sup>  | 727000 | 699442 |
|  |  | 2586765 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value** |
|  **Oil & Gas Exploration & Production–5.23%** | **Oil & Gas Exploration & Production–5.23%** |  |
|  Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026<sup>(b)</sup>  | $2103000 | $2088492 |
|  Apache Corp., 7.75%, 12/15/2029 | 600000 | 631261 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026<sup>(b)</sup>  | 630000 | 612089 |
|  Callon Petroleum Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2028<sup>(b)</sup>  | 429000 | 409514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2030<sup>(b)</sup>  | 335000 | 306961 |
|  CNX Resources Corp., 7.38%, 01/15/2031<sup>(b)</sup>  | 645000 | 619116 |
|  Comstock Resources, Inc., 6.75%, 03/01/2029<sup>(b)</sup>  | 1158000 | 1047191 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028<sup>(b)</sup>  | 294000 | 266592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(b)</sup>  | 171000 | 152313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(b)</sup>  | 217000 | 187572 |
|  SM Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026 | 543000 | 528027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 | 503000 | 485294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 | 325000 | 312011 |
|  |  | 7646433 |
|  **Oil & Gas Storage & Transportation–3.70%** | **Oil & Gas Storage & Transportation–3.70%** |  |
|  Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029<sup>(b)</sup>  | 1602000 | 1596474 |
|  EQM Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027<sup>(b)</sup>  | 216000 | 211806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027<sup>(b)</sup>  | 625000 | 598438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(b)</sup>  | 182000 | 149141 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 | 1039000 | 952292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 | 298000 | 281854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 219000 | 201931 |
|  Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027 | 765000 | 727673 |
|  Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027<sup>(b)</sup>  | 696000 | 684719 |
|  |  | 5404328 |
|  **Other Diversified Financial Services–1.18%** | **Other Diversified Financial Services–1.18%** |  |
|  Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029<sup>(b)</sup>  | 732000 | 630578 |
|  Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(b)</sup>  | 1286000 | 1087956 |
|  |  | 1718534 |
|  **Pharmaceuticals–1.33%** |  |  |
|  Bausch Health Cos., Inc., 4.88%, 06/01/2028<sup>(b)</sup>  | 1909000 | 1217773 |
|  Par Pharmaceutical, Inc., 7.50%, 04/01/2027<sup>(b)(g)</sup>  | 950000 | 723995 |
|  |  | 1941768 |
|  **Research & Consulting Services–0.67%** | **Research & Consulting Services–0.67%** |  |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029<sup>(b)</sup>  | 1145000 | 981337 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Restaurants–2.16%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028<sup>(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | $372152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(b)</sup>  |  | 961000 | 780231 |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(b)</sup>  |  | 1624000 | 1358111 |
|  Yum! Brands, Inc., 5.38%, 04/01/2032 |  | 689000 | 639116 |
|  |  |  | 3149610 |
|  **Retail REITs–0.71%** |  |  |  |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026<sup>(b)</sup>  |  | 1101000 | 1033935 |
|  **Semiconductor Equipment–0.37%** | **Semiconductor Equipment–0.37%** | **Semiconductor Equipment–0.37%** | **Semiconductor Equipment–0.37%** |
|  Entegris Escrow Corp., 4.75%, 04/15/2029<sup>(b)</sup>  |  | 586000 | 535576 |
|  **Specialized Consumer Services–0.98%** | **Specialized Consumer Services–0.98%** | **Specialized Consumer Services–0.98%** |  |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(b)</sup>  |  | 1805000 | 1435694 |
|  **Specialized REITs–0.92%** |  |  |  |
|  SBA Communications Corp., 3.88%, 02/15/2027 |  | 1479000 | 1338811 |
|  **Specialty Chemicals–1.01%** |  |  |  |
|  Braskem Idesa S.A.P.I. (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(b)</sup>  |  | 609000 | 481793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 02/20/2032<sup>(b)</sup>  |  | 446000 | 319208 |
|  Rayonier A.M. Products, Inc., 7.63%, 01/15/2026<sup>(b)</sup>  |  | 702000 | 677795 |
|  |  |  | 1478796 |
|  **Specialty Stores–0.23%** |  |  |  |
|  PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028<sup>(b)</sup>  |  | 371000 | 336576 |
|  **Steel–0.53%** |  |  |  |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(b)</sup>  |  | 893000 | 767701 |
|  **Systems Software–1.58%** |  |  |  |
|  Camelot Finance S.A., 4.50%, 11/01/2026<sup>(b)</sup>  |  | 1755000 | 1647595 |
|  Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 786000 | 664201 |
|  |  |  | 2311796 |
|  **Trading Companies & Distributors–0.94%** | **Trading Companies & Distributors–0.94%** | **Trading Companies & Distributors–0.94%** |  |
|  Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028<sup>(b)</sup>  |  | 1615000 | 1379904 |
|  **Wireless Telecommunication Services–1.11%** | **Wireless Telecommunication Services–1.11%** | **Wireless Telecommunication Services–1.11%** |  |
|  Vmed O2 UK Financing I PLC (United Kingdom), 4.75%, 07/15/2031<sup>(b)</sup>  |  | 884000 | 719846 |
|  Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081<sup>(e)</sup>  |  | 1214000 | 902695 |
|  |  |  | 1622541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $137,347,748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $137,347,748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $137,347,748) | 124614622 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

---

| | | |
|:---|:---|:---|
| | <br> **Shares** | **Value** |
|  **Exchange-Traded Funds–7.20%** | **Exchange-Traded Funds–7.20%** | **Exchange-Traded Funds–7.20%** |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 63000 | $2576070 |
|  iShares Broad USD High Yield Corporate Bond ETF<sup>(h)</sup>  | 115000 | 3970950 |
|  iShares iBoxx High Yield Corporate Bond ETF<sup>(h)</sup>  | 54000 | 3976020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds<br>(Cost $10,590,230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds<br>(Cost $10,590,230) | 10523040 |
|  | **Principal**<br> **Amount** |  |
|  **Variable Rate Senior Loan Interests–2.53%<sup>(i)(j)</sup>**  | **Variable Rate Senior Loan Interests–2.53%<sup>(i)(j)</sup>**  | **Variable Rate Senior Loan Interests–2.53%<sup>(i)(j)</sup>**  |
|  **Commodity Chemicals–0.92%** | **Commodity Chemicals–0.92%** | **Commodity Chemicals–0.92%** |
|  Mativ Holdings, Inc., Term Loan B, 8.19% (1 mo. USD LIBOR + 3.75%), 04/20/2028 | $1422178 | 1343958 |
|  **Integrated Telecommunication Services–0.29%** | **Integrated Telecommunication Services–0.29%** | **Integrated Telecommunication Services–0.29%** |
|  Patagonia Holdco LLC (Brazil), First Lien Term Loan B, 9.96% (1 mo. Term SOFR + 5.75%), 08/01/2029 | 523687 | 420914 |
|  **Pharmaceuticals–0.40%** | **Pharmaceuticals–0.40%** | **Pharmaceuticals–0.40%** |
|  Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 13.50% (1 mo. PRIME + 6.00%), 03/27/2028 | 720875 | 581746 |
|  **Restaurants–0.47%** | **Restaurants–0.47%** | **Restaurants–0.47%** |
|  IRB Holding Corp., Term Loan, 7.32% (1 mo. SOFR + 3.10%), 12/15/2027 | 703806 | 684100 |
|  **Specialty Stores–0.45%** | **Specialty Stores–0.45%** | **Specialty Stores–0.45%** |
|  PetSmart LLC, Term Loan, 8.13% (3 mo. USD LIBOR + 3.75%), 02/11/2028 | 680950 | 668393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests<br>(Cost $3,938,248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests<br>(Cost $3,938,248) | 3699111 |
|  **Non-U.S. Dollar Denominated Bonds & Notes–1.82%<sup>(k)</sup>**  | **Non-U.S. Dollar Denominated Bonds & Notes–1.82%<sup>(k)</sup>**  | **Non-U.S. Dollar Denominated Bonds & Notes–1.82%<sup>(k)</sup>**  |
|  **Casinos & Gaming–0.17%** | **Casinos & Gaming–0.17%** | **Casinos & Gaming–0.17%** |
|  Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate,<br>09/30/2026<sup>(b)(c)(d)</sup>  | EUR 259,599 | 249626 |
|  **Food Retail–1.10%** | **Food Retail–1.10%** | **Food Retail–1.10%** |
|  Bellis Acquisition Co. PLC (United Kingdom), 3.25%, 02/16/2026<sup>(b)</sup>  | GBP 721,000 | 712467 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Conv. | - Convertible |
| ETF | - Exchange-Traded Fund |
| EUR | - Euro |
| GBP | - British Pound Sterling |
| LIBOR | - London Interbank Offered Rate |
| PIK | - Pay-in-Kind |
| REIT | - Real Estate Investment Trust |
| SOFR | - Secured Overnight Financing Rate |
| USD | - U.S. Dollar |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value** |
|  **Food Retail–(continued)** | **Food Retail–(continued)** | **Food Retail–(continued)** |
|  Casino Guichard Perrachon SA (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%<sup>(b)(e)(f)</sup>  | EUR 2,100,000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2026<sup>(b)</sup>  | EUR 832,000 | 488725 |
|  |  | 1613420 |
|  **Pharmaceuticals–0.55%** |  |  |
|  Nidda Healthcare Holding GmbH (Germany), 7.50%, 08/21/2026<sup>(b)</sup>  | EUR 779,000 | 798920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,588,929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,588,929) | 2661966 |
|  | **Shares** |  |
|  **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** |
|  **Cable & Satellite–0.12%** |  |  |
|  Altice USA, Inc., Class A<br>(Cost $431,863) | 39000 | 179400 |
|  **Money Market Funds–1.15%** | **Money Market Funds–1.15%** |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(l)(m)</sup>  | 574301 | 574301 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(l)(m)</sup>  | 444950 | 445083 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(l)(m)</sup>  | 656345 | 656345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $1,675,666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $1,675,666) | 1675729 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.12%<br>(Cost $156,572,684) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.12%<br>(Cost $156,572,684) | 143353868 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–5.27%** | **Money Market Funds–5.27%** | **Money Market Funds–5.27%** |
|  Invesco Private Government Fund, 4.28%<sup>(l)(m)(n)</sup>  | 2154920 | 2154920 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(l)(m)(n)</sup>  | 5539562 | 5541224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,695,962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,695,962) | 7696144 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–103.39%<br>(Cost $164,268,646) | TOTAL INVESTMENTS IN<br>SECURITIES–103.39%<br>(Cost $164,268,646) | 151050012 |
|  OTHER ASSETS LESS LIABILITIES–(3.39)% | OTHER ASSETS LESS LIABILITIES–(3.39)% | (4947979) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $146102033 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

Notes to Schedule of Investments:

<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, 2022 was $96,822,299, which represented 66.27% 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> Restricted security. The aggregate value of these securities at December 31, 2022 was $280,542, which represented less than 1% of the Fund's Net Assets. 

<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> Perpetual bond with no specified maturity date.

<sup>(g)</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, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(h)</sup> All or a portion of this security was out on loan at December 31, 2022.

<sup>(i)</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>(j)</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 London Interbank Offered Rate ("LIBOR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(k)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated. 

<sup>(l)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $1478960 | $30784790 | $(31689449) | $- | $- | $574301 | $18288 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1125866 | 21989136 | (22670594) | (6) | 681 | 445083 | 18231 |
|  Invesco Treasury Portfolio, Institutional Class | 1690240 | 35182617 | (36216512) | - | - | 656345 | 26903 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 25621351 | (23466431) | - | - | 2154920 | 14,406\* |
|  Invesco Private Prime Fund | - | 63660266 | (58119931) | 182 | 707 | 5541224 | 40,315\* |
|  Total | $4295066 | $177238160 | $(172162917) | $176 | $1388 | $9371873 | $118143 |

---

\* 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>(m)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(n)</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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | **Contract to** | **Contract to** | **Contract to** | **Contract to** | |
| <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Currency Risk** |  |  |  |  |  |  |
|  02/17/2023 | Deutsche Bank AG | EUR | &nbsp;&nbsp;&nbsp;&nbsp;750000 | USD | 780270 | $(24936) |
|  02/17/2023 | Goldman Sachs International | GBP | &nbsp;&nbsp;&nbsp;&nbsp;478000 | USD | 565290 | (13236) |
|  02/17/2023 | State Street Bank & Trust Co. | EUR | 924000 | USD | 959637 | (32376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $(70548) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Buy/Sell<br>Protection** | **(Pay)/<br>Receive<br>Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<sup>(b)</sup>** | **Notional Value** | **Upfront<br>Payments Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation** |
|  **Credit Risk** | | | | | | | | | |
|  Markit CDX North America High Yield Index, Series 39, Version 1 | Buy | (5.00)% | Quarterly | 12/20/2027 | 4.8491% | USD 6,000,000 | $(114640) | $(36948) | $77692 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $392,928 cash held with Bank of America. 

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2022, 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: |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $154,897,018)\* | $141678139 |
|  Investments in affiliated money market funds, at value (Cost $9,371,628) | 9371873 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable–centrally cleared swap agreements | 125727 |
|  Deposits with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – centrally cleared swap agreements | 392928 |
|  Foreign currencies, at value<br>(Cost $37,636) | 38536 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 274646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 27606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 16418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2156796 |
|  Investment for trustee deferred compensation and retirement plans | 28849 |
|  Other assets | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 154112668 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 70548 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 28975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 37177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 7695962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 89079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 51502 |
|  Trustee deferred compensation and retirement plans | 34519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8010635 |
|  Net assets applicable to shares outstanding | $146102033 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $182660686 |
|  Distributable earnings (loss) | (36558653) |
|  | $146102033 |
|  **Net Assets:** |  |
|  Series I | $46465522 |
|  Series II | $99636511 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 10315484 |
|  Series II | 22395935 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $4.50 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $4.45 |

---

\* At December 31, 2022, securities with an aggregate value of $7,544,645 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $7713942 |
|  Dividends | 150955 |
|  Dividends from affiliated money market funds (includes net securities lending income of $33,717) | 97139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7962036 |
|  **Expenses:** |  |
|  Advisory fees | 860695 |
|  Administrative services fees | 226624 |
|  Custodian fees | 9754 |
|  Distribution fees - Series II | 258229 |
|  Transfer agent fees | 6708 |
|  Trustees' and officers' fees and benefits | 18224 |
|  Reports to shareholders | 694 |
|  Professional services fees | 55381 |
|  Other | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1439885 |
|  Less: Fees waived | (3205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1436680 |
|  Net investment income | 6525356 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (5835095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (134039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 202738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 114491 |
|  | (5650517) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (15470305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (5012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (95095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 77692 |
|  | (15492544) |
|  Net realized and unrealized gain (loss) | (21143061) |
|  Net increase (decrease) in net assets resulting from operations | $(14617705) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6525356 | $5684446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5650517) | 2472496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (15492544) | (2060099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (14617705) | 6096843 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1444687) | (2336863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (4579519) | (5125668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (6024206) | (7462531) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 10604240 | (3063988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1281907 | 11176700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 11886147 | 8112712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (8755764) | 6747024 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 154857797 | 148110773 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $146102033 | $154857797 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. High Yield Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br> assets without <br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $5.23 | $0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | $4.50 | (9.55)% | $46466 | 0.86% | 0.86% | 4.92% | 89% |
|  Year ended 12/31/21 | 5.26 | 0.20 | 0.03 | 0.23 | (0.26) | 5.23 | 4.38 | 40989 | 0.94 | 0.94 | 3.83 | 103 |
|  Year ended 12/31/20 | 5.41 | 0.28 | (0.12) | 0.16 | (0.31) | 5.26 | 3.32 | 44543 | 0.93 | 0.94 | 5.39 | 89 |
|  Year ended 12/31/19 | 5.06 | 0.29 | 0.39 | 0.68 | (0.33) | 5.41 | 13.51 | 50190 | 0.88 | 0.89 | 5.45 | 54 |
|  Year ended 12/31/18 | 5.51 | 0.26 | (0.43) | (0.17) | (0.28) | 5.06 | (3.35) | 55703 | 1.17 | 1.17 | 4.84 | 66 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 5.16 | 0.22 | (0.72) | (0.50) | (0.21) | 4.45 | (9.55) | 99637 | 1.11 | 1.11 | 4.67 | 89 |
|  Year ended 12/31/21 | 5.20 | 0.19 | 0.02 | 0.21 | (0.25) | 5.16 | 4.00 | 113869 | 1.19 | 1.19 | 3.58 | 103 |
|  Year ended 12/31/20 | 5.36 | 0.26 | (0.12) | 0.14 | (0.30) | 5.20 | 2.90 | 103568 | 1.18 | 1.19 | 5.14 | 89 |
|  Year ended 12/31/19 | 5.02 | 0.28 | 0.37 | 0.65 | (0.31) | 5.36 | 13.16 | 104929 | 1.13 | 1.14 | 5.20 | 54 |
|  Year ended 12/31/18 | 5.46 | 0.25 | (0.42) | (0.17) | (0.27) | 5.02 | (3.43) | 86236 | 1.42 | 1.42 | 4.59 | 66 |

---

<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.

**Invesco V.I. High Yield Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. High Yield Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is total return, comprised of current income and capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services - Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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.

**Invesco V.I. High Yield Fund**

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** – The Fund may purchase and sell interests in
corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in
connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less
than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**J.** **Lower-Rated Securities** – The Fund normally invests at least 80% of its net assets in lower-quality debt
securities, i.e., "junk bonds". Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default
by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims.

**K.** **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

**Invesco V.I. High Yield Fund**

------

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 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, 2022, the Fund paid the Adviser $2,279 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.

**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.** **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 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

**Invesco V.I. High Yield Fund**

------

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. 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. 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, 2022, 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.

**O.** **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.

**P.** **Other Risks** – The Fund invests in corporate loans from U.S. or non-U.S. companies (the "Borrowers"). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a
syndicate of lenders ("Lenders") or one of the participants in the syndicate ("Participant"), one or more of which administers the loan on behalf of all the Lenders (the "Agent Bank"), the Fund would be required to rely
on the Lender that sold the participation interest not only for the enforcement of the Fund's rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is
subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as "Intermediate Participants".

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**Q.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.625% |
|  Next $300 million | 0.550% |
|  Next $500 million | 0.500% |
|  Over $1 billion | 0.450% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

**Invesco V.I. High Yield Fund**

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Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $3,205.

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, 2022, Invesco was paid $20,260 for accounting and fund administrative services and was reimbursed $206,364 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, 2022, 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, 2022, 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  U.S. Dollar Denominated Bonds & Notes | $– | $124614622 | $– | $124614622 |
|  Exchange-Traded Funds | 10523040 |  |  | 10523040 |
|  Variable Rate Senior Loan Interests |  | 3699111 |  | 3699111 |
|  Non-U.S. Dollar Denominated Bonds & Notes |  | 2661966 |  | 2661966 |
|  Common Stocks & Other Equity Interests | 179400 |  |  | 179400 |
|  Money Market Funds | 1675729 | 7696144 |  | 9371873 |
|  **Total Investments in Securities** | 12378169 | 138671843 |  | 151050012 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Swap Agreements |  | 77692 |  | 77692 |

---

**Invesco V.I. High Yield Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $– | $(70548) | $– | $(70548) |
|  **Total Other Investments** |  | 7144 |  | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $12378169 | $138678987 | $– | $151057156 |

---

\* 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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Credit** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on swap agreements – Centrally Cleared<sup>(a)</sup>  | $77692 |
|  Derivatives not subject to master netting agreements | (77692) |
|  Total Derivative Assets subject to master netting agreements | $– |

---

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(70548) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(70548) |

---

<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, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial<br>Derivative<br>Liabilities** |  | **Collateral**<br>**(Received)/Pledged** | **Collateral**<br>**(Received)/Pledged** | **Collateral**<br>**(Received)/Pledged** |
|  | **Forward Foreign** | **Net Value of** |  |  | **Net** |
| **Counterparty** | **Currency Contracts** | **Derivatives** | **Non-Cash** | **Cash** | **Amount** |
|  Deutsche Bank AG | $(24936) | $(24936) | $– | $– | $(24936) |
|  Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;(13236) | &nbsp;&nbsp;&nbsp;&nbsp;(13236) |  |  | (13236) |
|  State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;(32376) | &nbsp;&nbsp;&nbsp;&nbsp;(32376) |  |  | (32376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(70548) | $(70548) | $– | $– | $(70548) |

---

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
|  | **Credit** | **Currency** | |
|  | **Risk** | **Risk** | **Total** |
|  Realized Gain: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $- | $202738 | $202738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 114491 |  | 114491 |
|  Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (95095) | (95095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 77692 |  | 77692 |
|  Total | $192183 | $107643 | $299826 |

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**Invesco V.I. High Yield Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below summarizes the average notional value of derivatives held during the period.

---

| | | |
|:---|:---|:---|
|  | **Forward** | |
|  | **Foreign Currency** | **Swap** |
|  | **Contracts** | **Agreements** |
|  Average notional value | $1664208 | $4319346 |

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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 may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $6024206 | $7462531 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $6634898 |
|  Net unrealized appreciation (depreciation) – investments | (13414519) |
|  Net unrealized appreciation – foreign currencies | 7072 |
|  Temporary book/tax differences | (28747) |
|  Capital loss carryforward | (29757357) |
|  Shares of beneficial interest | 182660686 |
|  Total net assets | $146102033 |

---

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, amortization and accretion on debt securities, defaulted bonds 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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $8881417 | $20875940 | $29757357 |

---

\* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**Invesco V.I. High Yield Fund**

------

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $133,829,366 and $117,400,621, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $995588 |
|  Aggregate unrealized (depreciation) of investments | (14410107) |
|  Net unrealized appreciation (depreciation) of investments | $(13414519) |

---

Cost of investments for tax purposes is $164,471,675.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions, amortization and accretion on debt securities and derivative instruments, on December 31, 2022, undistributed net investment income was increased by $225,089 and undistributed net realized gain (loss) was decreased by $225,089. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 11040834 | $51972034 | 7893916 | $42260178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1527673 | 7263410 | 2595725 | 13694035 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 326114 | 1444687 | 451132 | 2336863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1045552 | 4579519 | 1001107 | 5125668 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (8895958) | (42812481) | (8967393) | (47661029) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (2226426) | (10561022) | (1449620) | (7643003) |
|  Net increase in share activity | 2817789 | $11886147 | 1524867 | $8112712 |

---

<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 77% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. High Yield Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. High Yield Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. High Yield Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. High Yield Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I  | $1000.00 | $1035.10 | $4.36 | $1020.92 | $4.33 | 0.85% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series II  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1034.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;1019.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | 1.10 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. High Yield Fund**

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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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Qualified Dividend Income\* | 1.36% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 96.68% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

**Invesco V.I. High Yield Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. High Yield Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair<br> (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman - 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. High Yield Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

**Invesco V.I. High Yield Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

---

**Invesco V.I. High Yield Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. High Yield Fund**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco V.I. High Yield Fund**

------

![LOGO](g463360dsp1.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco Oppenheimer V.I. International Growth Fund** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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| | |
|:---|:---|
| NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE | NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |
| Invesco Distributors, Inc. | O-VIIGR-AR-1 |

---

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco Oppenheimer V.I. International Growth Fund (the Fund) underperformed the MSCI All Country World ex USA Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco Oppenheimer V.I. International Growth Fund (the Fund) underperformed the MSCI All Country World ex USA Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -27.13 | % |
| &nbsp;&nbsp; Series II Shares | -27.17 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> | -16.00 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter of 2022, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite the rebound in the fourth quarter of 2022, at the end of the fiscal year ended December 31, 2022, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We identify structural growth trends in the global economy, investing in companies that can monetize them sustainably for many years – often decades. We buy these companies when they are trading at attractive valuations and hold them in the portfolio for a long period of time to benefit from the compounding of the returns they produce. This is a discipline that we have been following for over 25 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite a challenging fiscal year in the equity markets, the structural trends in which we are invested continue to create, we believe, growth opportunities for our companies. The Internet of things is becoming a reality. Electric vehicles require more computer chips. Reshoring is engineering demand for semiconductor production equipment and factory automation systems. Affluent consumers buy luxury goods regardless of general economic conditions. Aging populations need drugs and devices to maintain their quality of life. Travelers the world over are returning to the air, restoring the long-term trend lines for aircraft and pilot demand. Businesses continue to digitize their operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As we have highlighted before, we believe the value of a company is determined by the return on capital it provides to investors. As monetary policy normalizes relative to the 15 years and investors adjust to a regime in which capital has an appreciable cost, that fundamental rule will matter more than ever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed relative to its benchmark, the MSCI All Country World ex USA Index, during the fiscal year ending December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It was a difficult fiscal year for our high-quality growth strategy, as both high-quality and growth were out of favor in the broader market. From a sector perspective, stock selections in the industrials, information technology (IT) and materials sectors were the biggest areas of relative underperformance. The Fund's structural underweights to energy and financials have also detracted from performance, both sectors held up relatively well in a down year for nearly everything.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual contributors to absolute Fund performance for the fiscal year have been **Swedish Match**, **Novo Nordisk** and **Edenred**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Match is a consumer goods company focused on the smokeless tobacco market. During May 2022, Philip Morris International bid for the company at a roughly 40% premium over the price of the shares at the time. The deal closed on January 2, 2023. We exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk is a Danish pharmaceutical company which has long been known as a leader in diabetes care, including its preeminent

GLP-1 franchise under the brand name Ozempic. They've also launched a drug called Wegovy, that is targeted at obesity. Sadly, both diabetes and obesity are chronic conditions that affect an increasing number of people across the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred is an IT services company that focuses on payment solutions for businesses. They are big players in areas like employee benefits, meal vouchers, loyalty programs and corporate payments. The stock performed well this fiscal year as the reduction in pandemic restrictions led to more work being done from offices, rather than at home.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from absolute Fund performance for the fiscal year were **Ocado Group**, **James Hardie Industries** and **EPAM Systems**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocado Group is a UK company that builds and operates fully automated fulfillment warehouses for brick-and-mortar grocery chains, under license. During the pandemic Ocado's marketing activities were largely curtailed, no new contracts have been announced and the share price has suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries, a company of Australian origin, is the maker of Hardie Plank, the fiber cement product that has been steadily taking share in the home siding market. The company has introduced a substitute for stucco as well. Since 2008, home construction has been below the long-term average, with the result that housing stock is relatively low and demand for new construction is rising. James Hardie Industries' share price has reacted favorably, reaching new highs last fiscal year. This fiscal year, concerns over inflationary pressure and potentially lower demand have prompted profit taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems is an IT company offering businesses a wide range of services, from consulting through engineering and implementation. At the time of the Russian invasion of Ukraine, roughly 60% of EPAM Systems workforce was located in Ukraine, Russia and Belarus and the share price dropped dramatically. We continued to hold the stock as we believed that it could adjust its workforce as necessary to continue servicing clients. This has proved to be the case and the share price has recovered significantly. However, the stock still has not fully recovered from the losses earlier in the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued investment in Invesco Oppenheimer V.I. International Growth Fund.

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**Portfolio manager(s):** 

Robert B. Dunphy

George R. Evans

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be* 

**Invesco Oppenheimer V.I. International Growth Fund**

------

*relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco Oppenheimer V.I. International Growth Fund**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g463360dsp4.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (5/13/92) | 6.33 | % |
| &nbsp;&nbsp; 10 Years | 4.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.23 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -27.13 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (3/19/01) | 4.99 | % |
| &nbsp;&nbsp; 10 Years | 3.99 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.01 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -27.17 |  |

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**Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer International Growth Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. International Growth Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.** 

**Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco Oppenheimer V.I. International Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco Oppenheimer V.I. International Growth Fund**

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**Supplemental Information** 

**Invesco Oppenheimer V.I. International Growth Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **MSCI All Country World ex USA<sup>®</sup> Index** is an index
considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco Oppenheimer V.I. International Growth Fund**

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Consumer Discretionary | 20.78% |
|  Industrials | 19.74 |
|  Health Care | 18.27 |
|  Information Technology | 14.02 |
|  Consumer Staples | 9.90 |
|  Communication Services | 4.35 |
|  Energy | 3.52 |
|  Financials | 3.44 |
|  Materials | 2.88 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.10 |

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**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Novo Nordisk A/S, Class B | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Hermes International | 4.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Reliance Industries Ltd. | 3.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | LVMH Moet Hennessy Louis Vuitton SE | 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Compass Group PLC | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Alimentation Couche-Tard, Inc. | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Epiroc AB, Class A | 2.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | London Stock Exchange Group PLC | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | ResMed, Inc. | 2.44 |
| 10. | Airbus SE | 2.42 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.90%** | **Common Stocks & Other Equity Interests–96.90%** | **Common Stocks & Other Equity Interests–96.90%** |
|  **Australia–5.05%** | **Australia–5.05%** | **Australia–5.05%** |
|  CSL Ltd. | 32305 | $6299178 |
|  Flutter Entertainment PLC<sup>(a)</sup> | 47643 | 6511971 |
|  James Hardie Industries PLC, CDI<sup>(a)</sup> | 171514 | 3071937 |
|  |  | 15883086 |
|  **Canada–5.99%** |  |  |
|  Alimentation Couche-Tard, Inc. | 213007 | 9360352 |
|  CAE, Inc.<sup>(a)</sup> | 95641 | 1849954 |
|  Dollarama, Inc. | 130308 | 7621189 |
|  |  | 18831495 |
|  **China–0.34%** |  |  |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 95600 | 1055535 |
|  **Denmark–5.58%** |  |  |
|  Ascendis Pharma A/S, ADR<sup>(a)(b)</sup> | 18096 | 2210064 |
|  Novo Nordisk A/S, Class B | 113305 | 15341492 |
|  |  | 17551556 |
|  **France–17.61%** |  |  |
|  Airbus SE | 64120 | 7624013 |
|  Capgemini SE | 1897 | 318153 |
|  Dassault Systemes SE | 111520 | 4022200 |
|  Edenred | 90930 | 4947878 |
|  EssilorLuxottica S.A. | 16040 | 2920822 |
|  Hermes International | 8311 | 12825035 |
|  Kering S.A. | 3775 | 1931979 |
|  L'Oreal S.A. | 12893 | 4625271 |
|  LVMH Moet Hennessy Louis Vuitton SE | 14506 | 10537810 |
|  Sartorius Stedim Biotech | 16237 | 5289922 |
|  Schneider Electric SE | 2338 | 328815 |
|  |  | 55371898 |
|  **Germany–4.71%** |  |  |
|  AIXTRON SE | 12521 | 361561 |
|  CTS Eventim AG & Co. KGaA<sup>(a)</sup> | 101957 | 6504050 |
|  HelloFresh SE<sup>(a)</sup> | 14027 | 307520 |
|  SAP SE | 17647 | 1821160 |
|  Siemens AG | 12105 | 1680085 |
|  Siemens Healthineers AG<sup>(c)</sup> | 82728 | 4138547 |
|  |  | 14812923 |
|  **India–4.47%** |  |  |
|  Dr Lal PathLabs Ltd.<sup>(c)</sup> | 109858 | 3002185 |
|  Reliance Industries Ltd. | 360980 | 11073470 |
|  |  | 14075655 |
|  **Italy–2.00%** |  |  |
|  Davide Campari-Milano N.V. | 620552 | 6289437 |
|  **Japan–8.99%** |  |  |
|  Benefit One, Inc. | 97400 | 1428408 |
|  Daikin Industries Ltd. | 36200 | 5568629 |
|  Hitachi Ltd. | 60800 | 3059750 |
|  Hoya Corp. | 31893 | 3085813 |
|  Keyence Corp. | 14224 | 5568763 |
|  Kobe Bussan Co. Ltd.<sup>(b)</sup> | 133900 | 3865131 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  Nidec Corp. | 47700 | $2484072 |
|  Nihon M&A Center Holdings, Inc. | 259300 | 3216327 |
|  |  | 28276893 |
|  **Netherlands–5.10%** |  |  |
|  Aalberts N.V. | 67135 | 2609959 |
|  Adyen N.V.<sup>(a)(c)</sup> | 2241 | 3101132 |
|  ASML Holding N.V. | 13976 | 7565250 |
|  Universal Music Group N.V. | 114874 | 2772963 |
|  |  | 16049304 |
|  **New Zealand–0.43%** |  |  |
|  Xero Ltd.<sup>(a)</sup> | 28053 | 1339125 |
|  **Spain–1.81%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup> | 110636 | 5705504 |
|  **Sweden–4.77%** |  |  |
|  Atlas Copco AB, Class A | 493235 | 5839586 |
|  Epiroc AB, Class A | 500848 | 9152662 |
|  |  | 14992248 |
|  **Switzerland–3.93%** |  |  |
|  Barry Callebaut AG | 817 | 1618676 |
|  Lonza Group AG | 4761 | 2343259 |
|  Sika AG | 24753 | 5972636 |
|  VAT Group AG<sup>(a)(c)</sup> | 8776 | 2417051 |
|  |  | 12351622 |
|  **Taiwan–0.56%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 122000 | 1778107 |
|  **United Kingdom–18.34%** |  |  |
|  Abcam PLC, ADR<sup>(a)</sup> | 21159 | 329234 |
|  Auto Trader Group PLC<sup>(c)</sup> | 50358 | 314248 |
|  Britvic PLC | 412342 | 3877368 |
|  Compass Group PLC<sup>(a)</sup> | 414782 | 9584347 |
|  ConvaTec Group PLC<sup>(c)</sup> | 979431 | 2754047 |
|  Entain PLC | 290355 | 4655459 |
|  JD Sports Fashion PLC | 255325 | 389746 |
|  Legal & General Group PLC | 1020334 | 3081558 |
|  London Stock Exchange Group PLC | 89532 | 7725183 |
|  Next PLC | 82668 | 5820707 |
|  Ocado Group PLC<sup>(a)</sup> | 159494 | 1200221 |
|  Rentokil Initial PLC | 1012912 | 6225648 |
|  Rightmove PLC | 658523 | 4077003 |
|  RS GROUP PLC | 300321 | 3255582 |
|  Trainline PLC<sup>(a)(c)</sup> | 1324006 | 4397391 |
|  |  | 57687742 |
|  **United States–7.22%** |  |  |
|  EPAM Systems, Inc.<sup>(a)</sup> | 23245 | 7618316 |
|  Ferguson PLC | 42322 | 5347094 |
|  Medtronic PLC | 26313 | 2045047 |
|  ResMed, Inc. | 36933 | 7686865 |
|  |  | 22697322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $195,570,092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $195,570,092) | 304749452 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco Oppenheimer V.I. International Growth Fund**

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–2.68%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup> | 2957395 | $2957395 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 2105326 | 2105957 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 3379880 | 3379880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $8,443,086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $8,443,086) | 8443232 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-99.58%<br>(Cost $204,013,178) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-99.58%<br>(Cost $204,013,178) | 313192684 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.04%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 34575 | 34575 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–(continued)** |  |  |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup> | 88879 | $88906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $123,472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $123,472) | 123481 |
|  TOTAL INVESTMENTS IN SECURITIES–99.62%<br>(Cost $204,136,650) | TOTAL INVESTMENTS IN SECURITIES–99.62%<br>(Cost $204,136,650) | 313316165 |
|  OTHER ASSETS LESS LIABILITIES–0.38% | OTHER ASSETS LESS LIABILITIES–0.38% | 1196823 |
|  NET ASSETS–100.00% |  | $314512988 |

---

Investment Abbreviations:

ADR - American Depositary Receipt <br> CDI - CREST Depository Interest

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, 2022.

<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, 2022 was $20,124,601, which represented 6.40% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain**<br> **(Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$963741 | $32397977 | $(30404323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $2957395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35608 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 688191 | 23141413 | (21723788) | 146 | (5) | 2105957 | 36413 |
|  Invesco Treasury Portfolio, Institutional Class | 1101419 | 37026260 | (34747799) | - | - | 3379880 | 54222 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 63225 | 17310095 | (17338745) | - | - | 34575 | 12,796\* |
|  Invesco Private Prime Fund | 147525 | 41116637 | (41176017) | 9 | 752 | 88906 | 34,410\* |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;$2964101 | $150992382 | $(145390672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$747 | $8566713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173449 |

---

\* 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, 2022.

<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.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $195,570,092)\* | $304749452 |
|  Investments in affiliated money market funds, at value (Cost $8,566,558) | 8566713 |
|  Cash | 500000 |
|  Foreign currencies, at value (Cost $469,022) | 464827 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 12283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 896326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 203167 |
|  Investment for trustee deferred compensation and retirement plans | 46068 |
|  Other assets | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 315440806 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 389803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 146427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 123472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 172554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 46358 |
|  Trustee deferred compensation and retirement plans | 46068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 927818 |
|  Net assets applicable to shares outstanding | $314512988 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $207614774 |
|  Distributable earnings | 106898214 |
|  | $314512988 |
|  **Net Assets:** |  |
|  Series I | $167154187 |
|  Series II | $147358801 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 99547613 |
|  Series II | 82977075 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $1.68 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $1.78 |

---

\* At December 31, 2022, securities with an aggregate value of $118,560 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $525 |
|  Dividends (net of foreign withholding taxes of $719,668) | 4720889 |
|  Dividends from affiliated money market funds (includes net securities lending income of $11,073) | 137316 |
|  Foreign withholding tax claims | 267093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5125823 |
|  **Expenses:** |  |
|  Advisory fees | 3255816 |
|  Administrative services fees | 556640 |
|  Custodian fees | 90352 |
|  Distribution fees - Series II | 400557 |
|  Transfer agent fees | 16692 |
|  Trustees' and officers' fees and benefits | 20171 |
|  Reports to shareholders | 7262 |
|  Professional services fees | 50387 |
|  Other | 6705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4404582 |
|  Less: Fees waived | (617790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3786792 |
|  Net investment income | 1339031 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $23,400) | (2194222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 206301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2959 |
|  | (1984215) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $182,682) | (120826893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (61782) |
|  | (120888520) |
|  Net realized and unrealized gain (loss) | (122872735) |
|  Net increase (decrease) in net assets resulting from operations | $(121533704) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1339031 | $(1498133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1984215) | 65006948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (120888520) | (10388878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (121533704) | 53119937 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (33742047) | (21477246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (28139590) | (25805990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (61881637) | (47283236) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 29232375 | 3387374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 24369164 | (66781008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 53601539 | (63393634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (129813802) | (57556933) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 444326790 | 501883723 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $314512988 | $444326790 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $2.92 | $0.01 | $(0.83) | $(0.82) | $– | $(0.42) | $(0.42) | $1.68 | (27.13)% | $167154 | 1.00% | 1.18% | 0.51% | 26% |
|  Year ended 12/31/21 | 2.91 | (0.00) | 0.30 | 0.30 |  | (0.29) | (0.29) | 2.92 | 10.22 | 235425 | 1.00 | 1.13 | (0.16) | 22 |
|  Year ended 12/31/20 | 2.45 | (0.00) | 0.52 | 0.52 | (0.02) | (0.04) | (0.06) | 2.91 | 21.50 | 230463 | 1.00 | 1.15 | (0.01) | 37 |
|  Year ended 12/31/19 | 2.03 | 0.02 | 0.54 | 0.56 | (0.02) | (0.12) | (0.14) | 2.45 | 28.60 | 221944 | 1.00 | 1.13 | 0.91 | 51 |
|  Year ended 12/31/18 | 2.59 | 0.02 | (0.51) | (0.49) | (0.02) | (0.05) | (0.07) | 2.03 | (19.42) | 267220 | 1.00 | 1.10 | 0.83 | 25 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 3.06 | 0.01 | (0.87) | (0.86) |  | (0.42) | (0.42) | 1.78 | (27.17) | 147359 | 1.25 | 1.43 | 0.26 | 26 |
|  Year ended 12/31/21 | 3.04 | (0.01) | 0.32 | 0.31 |  | (0.29) | (0.29) | 3.06 | 10.12 | 208901 | 1.25 | 1.38 | (0.41) | 22 |
|  Year ended 12/31/20 | 2.56 | (0.01) | 0.55 | 0.54 | (0.02) | (0.04) | (0.06) | 3.04 | 21.04 | 271421 | 1.25 | 1.40 | (0.26) | 37 |
|  Year ended 12/31/19 | 2.12 | 0.02 | 0.56 | 0.58 | (0.02) | (0.12) | (0.14) | 2.56 | 27.95 | 252753 | 1.25 | 1.38 | 0.67 | 51 |
|  Year ended 12/31/18 | 2.70 | 0.01 | (0.52) | (0.51) | (0.02) | (0.05) | (0.07) | 2.12 | (19.55) | 199636 | 1.25 | 1.35 | 0.58 | 25 |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</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.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco Oppenheimer V.I. International Growth Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco Oppenheimer V.I. International Growth Fund**

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computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **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 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 *Tax reclaims* on the Statement of Assets and Liabilities.

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. These 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 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.** **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 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

**Invesco Oppenheimer V.I. International Growth Fund**

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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, 2022, fees paid to the Adviser 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.

**K.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**L.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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** – Emerging markets (also referred to as developing markets) are generally subject to greater
market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging
markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in
emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market
countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

**N.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 1.000% |
|  Next $250 million | 0.900% |
|  Next $500 million | 0.850% |
|  Over $1 billion | 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, 2022, the effective advisory fee rate incurred by the Fund was 0.96%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.00% and Series II shares to 1.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

**Invesco Oppenheimer V.I. International Growth Fund**

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Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $617,790.

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, 2022, Invesco was paid $48,832 for accounting and fund administrative services and was reimbursed $507,808 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, 2022, 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, 2022, 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:

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| | |
|:---|:---|
| 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. |

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The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $– | $15883086 | $– | $15883086 |
|  Canada | 18831495 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 18831495 |
|  China |  | 1055535 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1055535 |
|  Denmark | 2210064 | 15341492 | &nbsp;&nbsp;&nbsp;&nbsp;– | 17551556 |
|  France |  | 55371898 | &nbsp;&nbsp;&nbsp;&nbsp;– | 55371898 |
|  Germany |  | 14812923 | &nbsp;&nbsp;&nbsp;&nbsp;– | 14812923 |
|  India |  | 14075655 | &nbsp;&nbsp;&nbsp;&nbsp;– | 14075655 |
|  Italy |  | 6289437 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6289437 |
|  Japan |  | 28276893 | &nbsp;&nbsp;&nbsp;&nbsp;– | 28276893 |
|  Netherlands |  | 16049304 | &nbsp;&nbsp;&nbsp;&nbsp;– | 16049304 |
|  New Zealand |  | 1339125 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1339125 |
|  Spain |  | 5705504 | &nbsp;&nbsp;&nbsp;&nbsp;– | 5705504 |
|  Sweden |  | 14992248 | &nbsp;&nbsp;&nbsp;&nbsp;– | 14992248 |
|  Switzerland |  | 12351622 | &nbsp;&nbsp;&nbsp;&nbsp;– | 12351622 |
|  Taiwan |  | 1778107 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1778107 |
|  United Kingdom | 329234 | 57358508 | &nbsp;&nbsp;&nbsp;&nbsp;– | 57687742 |
|  United States | 17350228 | 5347094 | &nbsp;&nbsp;&nbsp;&nbsp;– | 22697322 |
|  Money Market Funds | 8443232 | 123481 | &nbsp;&nbsp;&nbsp;&nbsp;– | 8566713 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $47164253 | $266151912 | $– | $313316165 |

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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

**Invesco Oppenheimer V.I. International Growth Fund**

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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, 2022** 

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** |
| | **Currency**<br>**Risk** |
|  Realized Gain: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | $2959 |

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
| | **Forward**<br>**Foreign Currency**<br>**Contracts** |
|  Average notional value | $327952 |

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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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $2115 | $– |
|  Long-term capital gain | 61879522 | 47283236 |
|  Total distributions | $61881637 | $47283236 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $1521041 |
|  Net unrealized appreciation – investments | 106622711 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (36458) |
|  Temporary book/tax differences | (44679) |
|  Capital loss carryforward | (1164401) |
|  Shares of beneficial interest | 207614774 |
|  Total net assets | $314512988 |

---

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.

**Invesco Oppenheimer V.I. International Growth Fund**

------

The Fund has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $1164401 | $– | $1164401 |

---

\* 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, 2022 was $86,961,337 and $100,128,008, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $117175898 |
|  Aggregate unrealized (depreciation) of investments | (10553187) |
|  Net unrealized appreciation of investments | $106622711 |

---

Cost of investments for tax purposes is $206,693,454.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and foreign currency transactions, on December 31, 2022, undistributed net investment income was increased by $191,349 and undistributed net realized gain (loss) was decreased by $191,349. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 11634403 | $25105861 | 11253855 | $34403309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 10347046 | 23575662 | 11397486 | 36490806 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 21491750 | 33742047 | 7207130 | 21477246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 16951560 | 28139590 | 8271150 | 25805990 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (14119652) | (29615533) | (17177393) | (52493181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (12498832) | (27346088) | (40674516) | (129077804) |
|  Net increase (decrease) in share activity | 33806275 | $53601539 | (19722288) | $(63393634) |

---

<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. 

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. International Growth Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. International Growth Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer International Growth Fund/VA (subsequently renamed Invesco Oppenheimer V.I. International Growth Fund) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1048.20 | $5.16 | $1020.16 | $5.09 | 1.00% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1046.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;1018.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | 1.25 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Tax Information** 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $61879522 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 2.99% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 186 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Christopher L. Wilson – 1957<br> Trustee and Chair | 2017 | Retired<br>Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 186 | Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 186 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 186 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 186 | Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 186 | Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 186 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 186 |  |

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**Invesco Oppenheimer V.I. International Growth Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 186 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 186 | Formerly: Elucida Oncology (nanotechnology & medical particles company) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ann Barnett Stern – 1957<br> Trustee | 2017 | President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution<br>Formerly: Executive Vice President, Texas Children's Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children's Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP | 186 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management) | 186 | Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds |

---

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Andrew R. Schlossberg – 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

---

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company<br>Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

---

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers—(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Michael McMaster – 1962<br> Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC<br>Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco Oppenheimer V.I. International Growth Fund**

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![LOGO](g463424dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Main Street Fund<sup>®</sup>** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE <br> Invesco Distributors, Inc. O-VIMST-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Main Street Fund<sup>®</sup> (the Fund) underperformed the S&P 500 Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Main Street Fund<sup>®</sup> (the Fund) underperformed the S&P 500 Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report.<br>|  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -20.13 | % |
| &nbsp;&nbsp; Series II Shares | -20.31 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup>  | -18.11 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data

on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, stock selection in the communication services, an underweight in the consumer discretionary sector and an overweight in the industrials sector were the largest contributors to the Fund's relative performance versus the S&P 500 Index. This was offset by weaker stock selection in the information technology, financials and consumer staples sectors.

The largest individual contributors to the Fund's performance relative to the benchmark during the fiscal year included **Eli Lilly**, **AstraZeneca** and **O'Reilly Auto Parts**. Eli Lilly reported favorable data for an obesity drug and received Food and Drug Administration (FDA) approval to use the drug for type 2 diabetes in adults. AstraZeneca reported solid earnings during the fiscal year and raised its dividend. Both companies also benefited from pharmaceutical companies being viewed as a defensive industry, which the market favored during the equity market sell-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Auto Parts, an auto parts retailer, reported solid earnings and did a significant stock buyback program that was well received. The company's business model was also considered relatively defensive as car repairs are non-discretionary and many consumers paid for maintenance versus buying a new vehicle due to the economic uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from the Fund's performance relative to the benchmark during the fiscal year included **Advanced Micro Devices (AMD)**, **Airbnb** and **Qualcomm**. AMD, a semiconductor company,

saw weakened demand for the company's consumer central processing units and graphics processing units businesses due to global macro-economic headwinds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb underperformed due to the combined sell-off of higher-growth technology and travel-related stocks. Specific to travel-related stocks, fears of a weakening economy along with higher gasoline prices hurt investor sentiment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm, a provider of semiconductors, software and services related to wireless technology, underperformed as semiconductor stocks, and technology stocks more broadly, were out of favor with investors. The company was also affected by COVID-19-related headwinds in China, which caused weakness in the handset market that was critical to Qualcomm's growth plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are outexecuting peers. We believe this disciplined approach is essential to generating attractive long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco V.I. Main Street Fund<sup>®</sup>.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Manind Govil - Lead

Benjamin Ram

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g463424dsp003a.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (7/5/95) | 8.66% |
| &nbsp;&nbsp; 10 Years | 10.76 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.15 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -20.13 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (7/13/00) | 5.33% |
| &nbsp;&nbsp; 10 Years | 10.49 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.89 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -20.31 |

---

**Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Fund<sup>®</sup>/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Fund<sup>®</sup> (renamed Invesco V.I. Main Street Fund<sup>®</sup> on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on** 

**Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Main Street Fund<sup>®</sup>, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Supplemental Information** 

**Invesco V.I. Main Street Fund's<sup>®</sup> investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **S&P 500 <sup>®</sup> Index** is an unmanaged index
considered representative of the US stock market.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 26.20% |
|  Health Care | 13.19 |
|  Financials | 13.11 |
|  Industrials | 11.89 |
|  Communication Services | 8.66 |
|  Consumer Staples | 7.10 |
|  Consumer Discretionary | 5.41 |
|  Energy | 5.14 |
|  Utilities | 2.91 |
|  Real Estate | 2.76 |
|  Materials | 2.71 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.92 |

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**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Microsoft Corp. | 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Apple, Inc. | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | JPMorgan Chase & Co. | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Exxon Mobil Corp. | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Prologis, Inc. | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | United Parcel Service, Inc., Class B | 2.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Netflix, Inc. | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | UnitedHealth Group, Inc. | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | VMware, Inc., Class A | 2.20 |
| 10. | Mastercard, Inc., Class A | 2.04 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–99.08%** | **Common Stocks & Other Equity Interests–99.08%** | **Common Stocks & Other Equity Interests–99.08%** |
|  **Advertising–0.97%** | **Advertising–0.97%** | **Advertising–0.97%** |
|  Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6794674 |
|  **Aerospace & Defense–1.80%** | **Aerospace & Defense–1.80%** | **Aerospace & Defense–1.80%** |
|  Lockheed Martin Corp. | 11472 | 5581013 |
|  Raytheon Technologies Corp. | 68987 | 6962168 |
|  |  | 12543181 |
|  **Agricultural & Farm Machinery–1.76%** | **Agricultural & Farm Machinery–1.76%** |  |
|  Deere & Co. | 28565 | 12247529 |
|  **Air Freight & Logistics–2.66%** |  |  |
|  United Parcel Service, Inc., Class B | 106622 | 18535168 |
|  **Application Software–1.91%** |  |  |
|  Manhattan Associates, Inc.<sup>(b)</sup>  | 19162 | 2326267 |
|  Synopsys, Inc.<sup>(b)</sup>  | 19771 | 6312682 |
|  Tyler Technologies, Inc.<sup>(b)</sup>  | 14402 | 4643349 |
|  |  | 13282298 |
|  **Auto Parts & Equipment–0.25%** |  |  |
|  Mobileye Global, Inc., Class A (Israel)<sup>(b)</sup>  | 50105 | 1756681 |
|  **Automobile Manufacturers–1.07%** | **Automobile Manufacturers–1.07%** |  |
|  General Motors Co. | 222349 | 7479820 |
|  **Automotive Retail–1.43%** |  |  |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 11831 | 9985719 |
|  **Biotechnology–1.90%** |  |  |
|  Gilead Sciences, Inc. | 98391 | 8446867 |
|  Seagen, Inc.<sup>(b)</sup>  | 37097 | 4767336 |
|  |  | 13214203 |
|  **Commodity Chemicals–1.01%** |  |  |
|  Valvoline, Inc. | 214667 | 7008878 |
|  **Communications Equipment–0.78%** | **Communications Equipment–0.78%** |  |
|  Motorola Solutions, Inc. | 21158 | 5452628 |
|  **Construction Materials–1.44%** |  |  |
|  Vulcan Materials Co. | 57503 | 10069350 |
|  **Consumer Finance–1.67%** |  |  |
|  American Express Co. | 78737 | 11633392 |
|  **Data Processing & Outsourced Services–5.21%** | **Data Processing & Outsourced Services–5.21%** | **Data Processing & Outsourced Services–5.21%** |
|  Fiserv, Inc.<sup>(b)</sup>  | 97876 | 9892327 |
|  Mastercard, Inc., Class A | 40972 | 14247194 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 58672 | 12189695 |
|  |  | 36329216 |
|  **Distillers & Vintners–1.86%** |  |  |
|  Constellation Brands, Inc., Class A | 55920 | 12959460 |
|  **Diversified Banks–3.59%** |  |  |
|  JPMorgan Chase & Co. | 186464 | 25004822 |
|  **Electric Utilities–2.91%** |  |  |
|  FirstEnergy Corp. | 293862 | 12324572 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Electric Utilities–(continued)** |  |  |  |
|  Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111166 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938364 |
|  |  |  | 20262936 |
|  **Environmental & Facilities Services–0.71%** | **Environmental & Facilities Services–0.71%** |  |  |
|  Waste Connections, Inc. | 37310 |  | 4945814 |
|  **Financial Exchanges & Data–1.12%** | **Financial Exchanges & Data–1.12%** |  |  |
|  Intercontinental Exchange, Inc. | 76065 |  | 7803508 |
|  **Food Distributors–0.54%** |  |  |  |
|  Sysco Corp. | 48925 |  | 3740316 |
|  **General Merchandise Stores–0.61%** | **General Merchandise Stores–0.61%** |  |  |
|  Dollar General Corp.<sup>(c)</sup>  | 17347 |  | 4271699 |
|  **Health Care Equipment–0.92%** |  |  |  |
|  Zimmer Biomet Holdings, Inc. | 50463 |  | 6434033 |
|  **Health Care Facilities–2.96%** |  |  |  |
|  HCA Healthcare, Inc. | 58705 |  | 14086852 |
|  Tenet Healthcare Corp. | 133679 |  | 6522198 |
|  |  |  | 20609050 |
|  **Health Care Services–1.36%** |  |  |  |
|  CVS Health Corp. | 101481 |  | 9457014 |
|  **Hotels, Resorts & Cruise Lines–0.99%** | **Hotels, Resorts & Cruise Lines–0.99%** |  |  |
|  Airbnb, Inc., Class A<sup>(b)</sup>  | 81044 |  | 6929262 |
|  **Industrial Conglomerates–1.59%** |  |  |  |
|  Honeywell International, Inc. | 51626 |  | 11063452 |
|  **Industrial Machinery–1.73%** |  |  |  |
|  Otis Worldwide Corp. | 154392 |  | 12090438 |
|  **Industrial REITs–2.76%** |  |  |  |
|  Prologis, Inc. | 170641 |  | 19236360 |
|  **Integrated Oil & Gas–3.12%** |  |  |  |
|  Exxon Mobil Corp. | 196947 |  | 21723254 |
|  **Integrated Telecommunication Services–0.66%** | **Integrated Telecommunication Services–0.66%** | **Integrated Telecommunication Services–0.66%** | **Integrated Telecommunication Services–0.66%** |
|  Verizon Communications, Inc. | 117420 |  | 4626348 |
|  **Interactive Home Entertainment–0.48%** | **Interactive Home Entertainment–0.48%** |  |  |
|  Electronic Arts, Inc. | 27410 |  | 3348954 |
|  **Interactive Media & Services–3.26%** | **Interactive Media & Services–3.26%** |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 129461 |  | 11422344 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 93898 |  | 11299685 |
|  |  |  | 22722029 |
|  **Investment Banking & Brokerage–1.65%** | **Investment Banking & Brokerage–1.65%** |  |  |
|  Charles Schwab Corp. (The) | 138215 |  | 11507781 |
|  **IT Consulting & Other Services–0.68%** | **IT Consulting & Other Services–0.68%** |  |  |
|  Amdocs Ltd.<sup>(c)</sup>  | 52363 |  | 4759797 |
|  **Managed Health Care–2.44%** |  |  |  |
|  UnitedHealth Group, Inc. | 32077 |  | 17006584 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Movies & Entertainment–2.63%** |  |  |  |
|  Netflix, Inc.<sup>(b)</sup>  | 62285 | $| 18366601 |
|  **Oil & Gas Exploration & Production–1.11%** | **Oil & Gas Exploration & Production–1.11%** |  |  |
|  APA Corp. | 165365 |  | 7719238 |
|  **Oil & Gas Storage & Transportation–0.91%** | **Oil & Gas Storage & Transportation–0.91%** |  |  |
|  Cheniere Energy, Inc. | 19613 |  | 2941166 |
|  Magellan Midstream Partners L.P. | 67172 |  | 3372706 |
|  |  |  | 6313872 |
|  **Other Diversified Financial Services–2.03%** | **Other Diversified Financial Services–2.03%** |  |  |
|  Equitable Holdings, Inc. | 494006 |  | 14177972 |
|  **Personal Products–0.53%** |  |  |  |
|  Coty, Inc., Class A<sup>(b)</sup>  | 428605 |  | 3668859 |
|  **Pharmaceuticals–3.61%** |  |  |  |
|  AstraZeneca PLC, ADR (United Kingdom) | 198094 |  | 13430773 |
|  Bristol-Myers Squibb Co. | 88379 |  | 6358869 |
|  Eli Lilly and Co. | 14761 |  | 5400165 |
|  |  |  | 25189807 |
|  **Property & Casualty Insurance–1.80%** | **Property & Casualty Insurance–1.80%** |  |  |
|  Allstate Corp. (The) | 92278 |  | 12512897 |
|  **Railroads–1.08%** |  |  |  |
|  Union Pacific Corp. | 36480 |  | 7553914 |
|  **Regional Banks–0.85%** | **Regional Banks–0.85%** | **Regional Banks–0.85%** | **Regional Banks–0.85%** |
|  First Citizens BancShares, Inc., Class A | 7815 |  | 5926583 |
|  **Research & Consulting Services–0.56%** | **Research & Consulting Services–0.56%** |  |  |
|  Equifax, Inc. | 19930 |  | 3873595 |
|  **Restaurants–1.06%** |  |  |  |
|  Starbucks Corp. | 74809 |  | 7421053 |
|  **Semiconductor Equipment–1.21%** |  |  |  |
|  Applied Materials, Inc. | 86426 |  | 8416164 |
|  **Semiconductors–2.79%** |  |  |  |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 118812 |  | 7695453 |
|  Monolithic Power Systems, Inc.<sup>(c)</sup>  | 4577 |  | 1618473 |
|  QUALCOMM, Inc. | 92311 |  | 10148672 |
|  |  |  | 19462598 |
|  **Soft Drinks–3.13%** |  |  |  |
|  Coca-Cola Co. (The) | 187790 |  | 11945322 |
|  PepsiCo, Inc. | 54549 |  | 9854822 |
|  |  |  | 21800144 |
|  **Specialty Chemicals–0.26%** | **Specialty Chemicals–0.26%** |  |  |
|  DuPont de Nemours, Inc. | 26369 |  | 1809704 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Systems Software–8.69%** |  |  |
|  Crowdstrike Holdings, Inc., Class A<sup>(b)</sup>  | 13502 | $1421626 |
|  Microsoft Corp. | 165042 | 39580372 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 10991 | 4267476 |
|  VMware, Inc., Class A | 124745 | 15313696 |
|  |  | 60583170 |
|  **Technology Hardware, Storage & Peripherals–4.93%** | **Technology Hardware, Storage & Peripherals–4.93%** | **Technology Hardware, Storage & Peripherals–4.93%** |
|  Apple, Inc. | 264583 | 34377269 |
|  **Thrifts & Mortgage Finance–0.40%** |  |  |
|  Rocket Cos., Inc., Class A<sup>(c)</sup>  | 401005 | 2807035 |
|  **Tobacco–1.04%** |  |  |
|  British American Tobacco PLC, ADR (United Kingdom)<sup>(c)</sup>  | 180585 | 7219788 |
|  **Wireless Telecommunication Services–0.66%** | **Wireless Telecommunication Services–0.66%** |  |
|  T-Mobile US, Inc.<sup>(b)</sup>  | 33016 | 4622240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other<br>Equity Interests<br>(Cost $571,038,526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other<br>Equity Interests<br>(Cost $571,038,526) | 690658151 |
|  **Money Market Funds–0.85%** | **Money Market Funds–0.85%** | **Money Market Funds–0.85%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup>  | 2088349 | 2088349 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup>  | 1471184 | 1471625 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup>  | 2386684 | 2386684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $5,946,453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $5,946,453) | 5946658 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.93%<br>(Cost $576,984,979) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.93%<br>(Cost $576,984,979) | 696604809 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–4.03%** |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup>  | 7864950 | 7864950 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup>  | 20218093 | 20224158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $28,087,657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $28,087,657) | 28089108 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–103.96%<br>(Cost $605,072,636) | TOTAL INVESTMENTS IN<br>SECURITIES–103.96%<br>(Cost $605,072,636) | 724693917 |
|  OTHER ASSETS LESS LIABILITIES–(3.96)% | OTHER ASSETS LESS LIABILITIES–(3.96)% | (27592327) |
|  NET ASSETS–100.00% |  | $697101590 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $2 | $105300809 | $(103212462) | $- | $- | &nbsp;&nbsp;&nbsp;&nbsp;$2088349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39875 |
|  Invesco Liquid Assets Portfolio, Institutional Class |  | 75214863 | (73744612) | 205 | 1169 | 1471625 | 35211 |
|  Invesco Treasury Portfolio, Institutional Class | 2 | 120343782 | (117957100) | - | - | 2386684 | 55353 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 931933 | 135912689 | (128979672) | - | - | 7864950 | 94,749\* |
|  Invesco Private Prime Fund | 2174510 | 337847466 | (319804505) | 1451 | 5236 | 20224158 | 259,194\* |
|  Total | $3106447 | $774619609 | $(743698351) | $1656 | $6405 | &nbsp;&nbsp;&nbsp;&nbsp;$34035766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$484382 |

---

\* 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, 2022.

<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.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $571,038,526)\* | $690658151 |
|  Investments in affiliated money market funds, at value (Cost $34,034,110) | 34035766 |
|  Cash | 702283 |
|  Foreign currencies, at value (Cost $267) | 248 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 14387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 449230 |
|  Investment for trustee deferred compensation and retirement plans | 131953 |
|  Other assets | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 725995942 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 275815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 28087657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 359508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 35628 |
|  Trustee deferred compensation and retirement plans | 131953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28894352 |
|  Net assets applicable to shares outstanding | $697101590 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $549238922 |
|  Distributable earnings | 147862668 |
|  | $697101590 |
|  **Net Assets:** |  |
|  Series I | $312360708 |
|  Series II | $384740882 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 19376866 |
|  Series II | 24450474 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $16.12 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $15.74 |

---

\* At December 31, 2022, securities with an aggregate value of $27,429,236 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $55,492) | $12298945 |
|  Dividends from affiliated money market funds (includes net securities lending income of $27,169) | 157608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12456553 |
|  **Expenses:** |  |
|  Advisory fees | 5573967 |
|  Administrative services fees | 1211381 |
|  Custodian fees | 30208 |
|  Distribution fees - Series II | 1150525 |
|  Transfer agent fees | 41566 |
|  Trustees' and officers' fees and benefits | 24340 |
|  Reports to shareholders | 4860 |
|  Professional services fees | 37498 |
|  Other | 7292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8081637 |
|  Less: Fees waived | (471686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7609951 |
|  Net investment income | 4846602 |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(99029)) | 36266959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 6405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 3540 |
|  | 36276904 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (240430411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1058) |
|  | (240429813) |
|  Net realized and unrealized gain (loss) | (204152909) |
|  Net increase (decrease) in net assets resulting from operations | $(199306307) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4846602 | $7112726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 36276904 | 299853435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (240429813) | (10075326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (199306307) | 296890835 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (135811682) | (35554579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (173529085) | (48316102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (309340767) | (83870681) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 104097255 | (175913315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 80847496 | (118915828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 184944751 | (294829143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (323702323) | (81808989) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1020803913 | 1102612902 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $697101590 | $1020803913 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**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** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $35.83 | $0.20 | $(7.70) | $(7.50) | $(0.46) | $(11.75) | $(12.21) | $16.12 | (20.13)% | $312361 | 0.80% | 0.86% | 0.74% | 58% |
|  Year ended 12/31/21 | 29.91 | 0.25 | 7.93 | 8.18 | (0.25) | (2.01) | (2.26) | 35.83 | 27.57 | 428274 | 0.79 | 0.79 | 0.73 | 55 |
|  Year ended 12/31/20 | 29.44 | 0.22 | 3.63 | 3.85 | (0.45) | (2.93) | (3.38) | 29.91 | 13.94 | 505877 | 0.80 | 0.84 | 0.78 | 46 |
|  Year ended 12/31/19 | 26.82 | 0.32 | 7.73 | 8.05 | (0.34) | (5.09) | (5.43) | 29.44 | 32.03 | 570821 | 0.80 | 0.82 | 1.11 | 43 |
|  Year ended 12/31/18 | 32.25 | 0.32 | (2.55) | (2.23) | (0.38) | (2.82) | (3.20) | 26.82 | (7.89) | 485230 | 0.80 | 0.80 | 1.03 | 65 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 35.28 | 0.13 | (7.58) | (7.45) | (0.34) | (11.75) | (12.09) | 15.74 | (20.31) | 384741 | 1.05 | 1.11 | 0.49 | 58 |
|  Year ended 12/31/21 | 29.49 | 0.16 | 7.82 | 7.98 | (0.18) | (2.01) | (2.19) | 35.28 | 27.28 | 592530 | 1.04 | 1.04 | 0.48 | 55 |
|  Year ended 12/31/20 | 29.05 | 0.15 | 3.57 | 3.72 | (0.35) | (2.93) | (3.28) | 29.49 | 13.65 | 596736 | 1.05 | 1.09 | 0.53 | 46 |
|  Year ended 12/31/19 | 26.51 | 0.25 | 7.64 | 7.89 | (0.26) | (5.09) | (5.35) | 29.05 | 31.74 | 731463 | 1.05 | 1.07 | 0.86 | 43 |
|  Year ended 12/31/18 | 31.91 | 0.24 | (2.53) | (2.29) | (0.29) | (2.82) | (3.11) | 26.51 | (8.10) | 631398 | 1.05 | 1.05 | 0.78 | 65 |

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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. 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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</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.

**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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.** **Master Limited Partnerships** – The Fund invests in Master Limited Partnerships ("MLPs"). MLPs are
publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Fund invests in MLPs engaged in, among other things, the
transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund's allocable share
of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP's may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

**F.** **Return of Capital** – Distributions received from the Fund's investments in MLPs generally are comprised of
income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that
results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each
MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

**G.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**H.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**I.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**J.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

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 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, 2022, the Fund paid the Adviser $2,225 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.

**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.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2 – Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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\*** |
|  Up to $200 million | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Next $200 million | 0.600% |
|  Next $4 billion | 0.580% |
|  Over $5 billion | 0.560% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. 

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver

**Invesco V.I. Main Street Fund<sup>®</sup>** 

------

agreement, it will terminate on April 30, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $471,686.

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, 2022, Invesco was paid $116,278 for accounting and fund administrative services and was reimbursed $1,095,103 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $4,031 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: .

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| | |
|:---|:---|
| 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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $690658151 | $— | $— | $690658151 |
|  Money Market Funds | 5946658 | 28089108 |  | 34035766 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $696604809 | $28089108 | $— | $724693917 |

---

**NOTE 4–Security Transactions with Affiliated Funds** 

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended December 31, 2022, the Fund engaged in securities sales of $896,404, which resulted in net realized gains (losses) of $(99,029).

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $49179540 | $7791256 |
|  Long-term capital gain | 260161227 | 76079425 |
|  Total distributions | $309340767 | $83870681 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $4338493 |
|  Undistributed long-term capital gain | 42752719 |
|  Net unrealized appreciation – investments | 107701400 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (207) |
|  Temporary book/tax differences | (6929737) |
|  Shares of beneficial interest | 549238922 |
|  Total net assets | $697101590 |

---

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 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 does not have a capital loss carryforward as of December 31, 2022.

**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, 2022 was $467,421,518 and $592,557,097, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $142249568 |
|  Aggregate unrealized (depreciation) of investments | (34548168) |
|  Net unrealized appreciation of investments | $107701400 |

---

Cost of investments for tax purposes is $616,992,517.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was increased by $2,110,584 and undistributed net realized gain was decreased by $2,110,584. 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** | |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 338730 | $9210812 | 387014 | $13025614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1324308 | 36332684 | 4770397 | 166386375 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 8622964 | 135811682 | 1022271 | 35554579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 11282775 | 173529085 | 1410277 | 48316100 |

---

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Summary of Share Activity** | **Summary of Share Activity** | |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1538503) | $(40925239) | (6367300) | $(224493508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (4952966) | (129014273) | (9616161) | (333618303) |
|  Net increase (decrease) in share activity | 15077308 | $184944751 | (8393502) | $(294829143) |

---

<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 45% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Main Street Fund<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<sup>®</sup>

***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<sup>®</sup> (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Main Street Fund<sup>®</sup>/VA (subsequently renamed Invesco V.I. Main Street Fund<sup>®</sup>) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1020.90 | $4.08 | $1021.17 | $4.08 | 0.80% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1019.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1.05 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. 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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $260161227 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 33.04% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair<br> (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Main Street Fund<sup>®</sup>**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Main Street Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco V.I. Main Street Fund<sup>®</sup>**

------

![LOGO](g463295dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIMCCE-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> (the Fund) outperformed the Russell Midcap Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> (the Fund) outperformed the Russell Midcap Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -14.26 | % |
| &nbsp;&nbsp; Series II Shares | -14.45 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp; Russell Midcap Index<sup>▼</sup> (Style-Specific Index) | -17.32 |  |
| &nbsp;&nbsp; Lipper VUF Mid-Cap Core Funds Index<sup>∎</sup> (Peer Group Index) | -14.63 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, stock selection in the information technology, communication services and industrials sectors were the largest contributors to the Fund's relative performance versus its style-specific benchmark, the Russell Midcap Index. This was offset by weaker stock selection in the energy and consumer staples sectors and an overweight exposure to the consumer discretionary sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual contributors to the Fund's performance relative to the style-specific benchmark during the fiscal year included **Chesapeake Energy**, **Schlumberger** and **Acadia Healthcare**. Chesapeake Energy, an exploration and production company focused on oil and natural gas, benefited from the general outperformance of the energy sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger, an oil and gas services company, also benefited from the outperformance of the energy sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare, a provider of behavioral healthcare services, continued to see strong demand for mental health services and favorable pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from the Fund's performance relative to the benchmark during the fiscal year included Expedia

**Group**, **MKS Instruments** and **Block**. Expedia Group underperformed as investors grew increasingly worried that a weakening US economy would impact leisure travel. Well-publicized airline capacity issues, flight delays/ cancellations and generally high airfare and hotel prices also raised concerns about the sustainability of the travel recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, a provider of semiconductor equipment, came under pressure due to a weaker demand backdrop as a result of macro concerns including inflation and a rising rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block was under pressure due to concerns surrounding the cryptocurrency market and the company's exposure to Bitcoin. We have exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continued to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are outexecuting peers. We believe this disciplined approach is essential to generating attractive long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

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**Portfolio manager(s):** 

Joy Budzinski

Belinda Cavazos - Lead

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g463295dsp003.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (9/10/01) | 7.11 | % |
| &nbsp;&nbsp; 10 Years | 7.99 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.10 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.26 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/10/01) | 6.84 | % |
| &nbsp;&nbsp; 10 Years | 7.72 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 4.83 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.45 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.** 

**Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Supplemental Information** 

**Invesco V.I. Main Street Mid Cap Fund's<sup>®</sup> investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index** is an unmanaged index considered
representative of the US stock market.

∎ The **Russell Midcap<sup>®</sup> Index** is an unmanaged index considered
representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.

∎ The **Lipper VUF Mid-Cap Core Funds Index** is an unmanaged index considered representative of mid-cap core variable
insurance underlying funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 18.34% |
|  Financials | 14.98 |
|  Consumer Discretionary | 13.42 |
|  Information Technology | 13.05 |
|  Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
|  Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;6.65 |
|  Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.49 |
|  Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
|  Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.78 |
|  Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
|  Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.29 |
|  Money Market Funds Plus Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

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**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Synopsys, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.99% |
| 2. | Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| 3. | Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| 4. | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| 5. | D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| 6. | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| 7. | Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| 8. | Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| 9. | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| 10. | Acadia Healthcare Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–99.50%** | **Common Stocks & Other Equity Interests–99.50%** | **Common Stocks & Other Equity Interests–99.50%** |
|  **Advertising–1.17%** | **Advertising–1.17%** | **Advertising–1.17%** |
|  Interpublic Group of Cos., Inc. (The) | 68163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270510 |
|  **Aerospace & Defense–2.90%** | **Aerospace & Defense–2.90%** | **Aerospace & Defense–2.90%** |
|  Curtiss-Wright Corp. | 18615 | 3108519 |
|  Howmet Aerospace, Inc. | 64012 | 2522713 |
|  |  | 5631232 |
|  **Application Software–5.81%** | **Application Software–5.81%** | **Application Software–5.81%** |
|  Manhattan Associates, Inc.<sup>(b)</sup> | 22688 | 2754323 |
|  Paylocity Holding Corp.<sup>(b)</sup> | 10473 | 2034485 |
|  Synopsys, Inc.<sup>(b)</sup> | 12095 | 3861813 |
|  Tyler Technologies, Inc.<sup>(b)</sup> | 8142 | 2625062 |
|  |  | 11275683 |
|  **Asset Management & Custody Banks–1.98%** | **Asset Management & Custody Banks–1.98%** | **Asset Management & Custody Banks–1.98%** |
|  Federated Hermes, Inc., Class B | 51361 | 1864918 |
|  Northern Trust Corp. | 22329 | 1975893 |
|  |  | 3840811 |
|  **Auto Parts & Equipment–2.79%** | **Auto Parts & Equipment–2.79%** | **Auto Parts & Equipment–2.79%** |
|  Aptiv PLC<sup>(b)</sup> | 29845 | 2779465 |
|  Mobileye Global, Inc., Class A (Israel)<sup>(b)</sup> | 13842 | 485301 |
|  Visteon Corp.<sup>(b)</sup> | 16416 | 2147705 |
|  |  | 5412471 |
|  **Automotive Retail–1.31%** | **Automotive Retail–1.31%** | **Automotive Retail–1.31%** |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 3020 | 2548971 |
|  **Biotechnology–0.90%** | **Biotechnology–0.90%** | **Biotechnology–0.90%** |
|  Seagen, Inc.<sup>(b)</sup> | 13614 | 1749535 |
|  **Building Products–1.72%** | **Building Products–1.72%** | **Building Products–1.72%** |
|  Carrier Global Corp.<sup>(c)</sup> | 80932 | 3338445 |
|  **Casinos & Gaming–0.81%** | **Casinos & Gaming–0.81%** | **Casinos & Gaming–0.81%** |
|  Boyd Gaming Corp. | 28941 | 1578153 |
|  **Communications Equipment–1.46%** | **Communications Equipment–1.46%** | **Communications Equipment–1.46%** |
|  Motorola Solutions, Inc. | 11018 | 2839449 |
|  **Construction & Engineering–1.08%** | **Construction & Engineering–1.08%** | **Construction & Engineering–1.08%** |
|  Valmont Industries, Inc. | 6357 | 2102069 |
|  **Construction Materials–2.00%** | **Construction Materials–2.00%** | **Construction Materials–2.00%** |
|  Summit Materials, Inc., Class A<sup>(b)</sup> | 58296 | 1655015 |
|  Vulcan Materials Co. | 12718 | 2227049 |
|  |  | 3882064 |
|  **Distillers & Vintners–1.00%** | **Distillers & Vintners–1.00%** | **Distillers & Vintners–1.00%** |
|  Constellation Brands, Inc., Class A | 8357 | 1936735 |
|  **Distributors–0.90%** | **Distributors–0.90%** | **Distributors–0.90%** |
|  LKQ Corp. | 32757 | 1749551 |
|  **Electric Utilities–1.21%** | **Electric Utilities–1.21%** | **Electric Utilities–1.21%** |
|  American Electric Power Co., Inc. | 24830 | 2357609 |
|  **Electrical Components & Equipment–3.54%** | **Electrical Components & Equipment–3.54%** | **Electrical Components & Equipment–3.54%** |
|  Generac Holdings, Inc.<sup>(b)</sup> | 16811 | 1692195 |
|  Hubbell, Inc. | 10112 | 2373084 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** |
|  Rockwell Automation, Inc. | 10924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813695 |
|  |  | 6878974 |
|  **Electronic Equipment & Instruments–1.92%** | **Electronic Equipment & Instruments–1.92%** | **Electronic Equipment & Instruments–1.92%** |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 21757 | 3721970 |
|  **Environmental & Facilities Services–1.62%** | **Environmental & Facilities Services–1.62%** | **Environmental & Facilities Services–1.62%** |
|  Republic Services, Inc. | 24369 | 3143357 |
|  **Fertilizers & Agricultural Chemicals–1.29%** | **Fertilizers & Agricultural Chemicals–1.29%** | **Fertilizers & Agricultural Chemicals–1.29%** |
|  Mosaic Co. (The) | 56980 | 2499713 |
|  **Financial Exchanges & Data–1.25%** | **Financial Exchanges & Data–1.25%** | **Financial Exchanges & Data–1.25%** |
|  Cboe Global Markets, Inc. | 19270 | 2417807 |
|  **Food Distributors–0.88%** | **Food Distributors–0.88%** | **Food Distributors–0.88%** |
|  Sysco Corp. | 22270 | 1702542 |
|  **Gas Utilities–1.15%** | **Gas Utilities–1.15%** | **Gas Utilities–1.15%** |
|  Atmos Energy Corp. | 19859 | 2225598 |
|  **General Merchandise Stores–0.74%** | **General Merchandise Stores–0.74%** | **General Merchandise Stores–0.74%** |
|  Dollar General Corp.<sup>(c)</sup> | 5874 | 1446473 |
|  **Health Care Equipment–1.23%** | **Health Care Equipment–1.23%** | **Health Care Equipment–1.23%** |
|  DexCom, Inc.<sup>(b)</sup> | 21051 | 2383815 |
|  **Health Care Facilities–2.57%** | **Health Care Facilities–2.57%** | **Health Care Facilities–2.57%** |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup> | 34792 | 2864077 |
|  Tenet Healthcare Corp. | 43763 | 2135197 |
|  |  | 4999274 |
|  **Health Care Supplies–1.34%** | **Health Care Supplies–1.34%** | **Health Care Supplies–1.34%** |
|  Cooper Cos., Inc. (The) | 7848 | 2595098 |
|  **Homebuilding–2.51%** | **Homebuilding–2.51%** | **Homebuilding–2.51%** |
|  D.R. Horton, Inc. | 36911 | 3290246 |
|  TopBuild Corp.<sup>(b)</sup> | 10067 | 1575385 |
|  |  | 4865631 |
|  **Hotels, Resorts & Cruise Lines–2.31%** | **Hotels, Resorts & Cruise Lines–2.31%** | **Hotels, Resorts & Cruise Lines–2.31%** |
|  Choice Hotels International, Inc.<sup>(c)</sup> | 20291 | 2285578 |
|  Expedia Group, Inc.<sup>(b)</sup> | 25220 | 2209272 |
|  |  | 4494850 |
|  **Household Products–1.25%** | **Household Products–1.25%** | **Household Products–1.25%** |
|  Church & Dwight Co., Inc. | 30014 | 2419429 |
|  **Human Resource & Employment Services–1.98%** | **Human Resource & Employment Services–1.98%** | **Human Resource & Employment Services–1.98%** |
|  ASGN, Inc.<sup>(b)</sup> | 22089 | 1799812 |
|  Korn Ferry | 40405 | 2045301 |
|  |  | 3845113 |
|  **Hypermarkets & Super Centers–1.22%** | **Hypermarkets & Super Centers–1.22%** | **Hypermarkets & Super Centers–1.22%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 35936 | 2377526 |
|  **Industrial Machinery–3.32%** | **Industrial Machinery–3.32%** | **Industrial Machinery–3.32%** |
|  Evoqua Water Technologies Corp.<sup>(b)</sup> | 54956 | 2176258 |
|  Lincoln Electric Holdings, Inc.<sup>(c)</sup> | 8022 | 1159099 |
|  Otis Worldwide Corp. | 39698 | 3108750 |
|  |  | 6444107 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrial REITs–1.10%** | **Industrial REITs–1.10%** | **Industrial REITs–1.10%** |
|  First Industrial Realty Trust, Inc.<sup>(c)</sup> | 44221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134105 |
|  **Insurance Brokers–1.41%** | **Insurance Brokers–1.41%** | **Insurance Brokers–1.41%** |
|  Arthur J. Gallagher & Co. | 14517 | 2737035 |
|  **Interactive Home Entertainment–1.32%** | **Interactive Home Entertainment–1.32%** | **Interactive Home Entertainment–1.32%** |
|  Electronic Arts, Inc. | 20931 | 2557350 |
|  **Interactive Media & Services–0.89%** | **Interactive Media & Services–0.89%** | **Interactive Media & Services–0.89%** |
|  Pinterest, Inc., Class A<sup>(b)</sup> | 71575 | 1737841 |
|  **Internet Services & Infrastructure–0.96%** | **Internet Services & Infrastructure–0.96%** | **Internet Services & Infrastructure–0.96%** |
|  MongoDB, Inc.<sup>(b)</sup> | 9452 | 1860532 |
|  **Investment Banking & Brokerage–1.70%** | **Investment Banking & Brokerage–1.70%** | **Investment Banking & Brokerage–1.70%** |
|  Raymond James Financial, Inc.<sup>(c)</sup> | 30851 | 3296429 |
|  **Life Sciences Tools & Services–0.45%** | **Life Sciences Tools & Services–0.45%** | **Life Sciences Tools & Services–0.45%** |
|  Illumina, Inc.<sup>(b)</sup> | 4337 | 876941 |
|  **Managed Health Care–1.41%** | **Managed Health Care–1.41%** | **Managed Health Care–1.41%** |
|  Centene Corp.<sup>(b)</sup> | 33464 | 2744383 |
|  **Metal & Glass Containers–2.20%** | **Metal & Glass Containers–2.20%** | **Metal & Glass Containers–2.20%** |
|  Crown Holdings, Inc. | 22458 | 1846272 |
|  Silgan Holdings, Inc. | 46742 | 2423105 |
|  |  | 4269377 |
|  **Movies & Entertainment–0.91%** | **Movies & Entertainment–0.91%** | **Movies & Entertainment–0.91%** |
|  Endeavor Group Holdings, Inc., Class A<sup>(b)(c)</sup> | 78834 | 1776918 |
|  **Multi-line Insurance–1.30%** | **Multi-line Insurance–1.30%** | **Multi-line Insurance–1.30%** |
|  Hartford Financial Services Group, Inc. (The) | 33347 | 2528703 |
|  **Multi-Utilities–2.42%** | **Multi-Utilities–2.42%** | **Multi-Utilities–2.42%** |
|  CMS Energy Corp. | 37291 | 2361639 |
|  WEC Energy Group, Inc. | 24909 | 2335468 |
|  |  | 4697107 |
|  **Oil & Gas Exploration & Production–4.00%** | **Oil & Gas Exploration & Production–4.00%** | **Oil & Gas Exploration & Production–4.00%** |
|  APA Corp. | 68073 | 3177647 |
|  Chesapeake Energy Corp. | 27972 | 2639718 |
|  Marathon Oil Corp. | 72211 | 1954752 |
|  |  | 7772117 |
|  **Oil & Gas Storage & Transportation–1.22%** | **Oil & Gas Storage & Transportation–1.22%** | **Oil & Gas Storage & Transportation–1.22%** |
|  Cheniere Energy, Inc. | 15791 | 2368018 |
|  **Other Diversified Financial Services–1.29%** | **Other Diversified Financial Services–1.29%** | **Other Diversified Financial Services–1.29%** |
|  Equitable Holdings, Inc. | 87168 | 2501722 |
|  **Pharmaceuticals–1.03%** | **Pharmaceuticals–1.03%** | **Pharmaceuticals–1.03%** |
|  Catalent, Inc.<sup>(b)</sup> | 44264 | 1992323 |
|  **Property & Casualty Insurance–1.41%** | **Property & Casualty Insurance–1.41%** | **Property & Casualty Insurance–1.41%** |
|  Allstate Corp. (The) | 20124 | 2728814 |
|  **Regional Banks–4.64%** | **Regional Banks–4.64%** | **Regional Banks–4.64%** |
|  Comerica, Inc. | 37385 | 2499187 |
|  First Citizens BancShares, Inc., Class A | 2683 | 2034680 |
|  SVB Financial Group<sup>(b)</sup> | 8505 | 1957341 |
|  Webster Financial Corp. | 53175 | 2517304 |
|  |  | 9008512 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Research & Consulting Services–2.18%** | **Research & Consulting Services–2.18%** | **Research & Consulting Services–2.18%** |
|  CACI International, Inc., Class A<sup>(b)</sup> | 8842 | $2657817 |
|  TransUnion | 27810 | 1578217 |
|  |  | 4236034 |
|  **Residential REITs–1.41%** | **Residential REITs–1.41%** | **Residential REITs–1.41%** |
|  American Homes 4 Rent, Class A<sup>(c)</sup> | 90638 | 2731829 |
|  **Retail REITs–1.40%** | **Retail REITs–1.40%** | **Retail REITs–1.40%** |
|  Kimco Realty Corp. | 128359 | 2718644 |
|  **Semiconductor Equipment–2.02%** | **Semiconductor Equipment–2.02%** | **Semiconductor Equipment–2.02%** |
|  KLA Corp. | 5398 | 2035208 |
|  MKS Instruments, Inc.<sup>(c)</sup> | 22344 | 1893207 |
|  |  | 3928415 |
|  **Semiconductors–0.88%** | **Semiconductors–0.88%** | **Semiconductors–0.88%** |
|  Marvell Technology, Inc. | 45884 | 1699543 |
|  **Specialized REITs–2.74%** | **Specialized REITs–2.74%** | **Specialized REITs–2.74%** |
|  Lamar Advertising Co., Class A | 23092 | 2179885 |
|  National Storage Affiliates Trust | 42347 | 1529574 |
|  SBA Communications Corp., Class A | 5731 | 1606456 |
|  |  | 5315915 |
|  **Specialty Stores–2.05%** | **Specialty Stores–2.05%** | **Specialty Stores–2.05%** |
|  Bath & Body Works, Inc. | 33053 | 1392853 |
|  Tractor Supply Co. | 11474 | 2581306 |
|  |  | 3974159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $165,639,739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $165,639,739) | 193167331 |
|  **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup> | 350226 | 350226 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup> | 250095 | 250170 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 400258 | 400258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $1,000,654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $1,000,654) | 1000654 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $166,640,393) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $166,640,393) | 194167985 |
|  **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%** |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 4444805 | 4444805 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup> | 11426072 | 11429500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,873,851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,873,851) | 15874305 |
|  TOTAL INVESTMENTS IN SECURITIES–108.19%<br>(Cost $182,514,244) | TOTAL INVESTMENTS IN SECURITIES–108.19%<br>(Cost $182,514,244) | 210042290 |
|  OTHER ASSETS LESS LIABILITIES–(8.19)% | OTHER ASSETS LESS LIABILITIES–(8.19)% | (15908398) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $194133892 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $766908 | $19634361 | $(20051043) | $- | $- | $350226 | $5472 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 589006 | 14024544 | (14363369) | (41) | 30 | 250170 | 6335 |
|  Invesco Treasury Portfolio, Institutional Class | 876466 | 22439270 | (22915478) | - | - | 400258 | 8272 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 3441734 | 75300046 | (74296975) | - | - | 4444805 | 80,352\* |
|  Invesco Private Prime Fund | 8030714 | 173051006 | (169650401) | 635 | (2454) | 11429500 | 224,618\* |
|  Total | $13704828 | $304449227 | $(301277266) | $594 | $(2424) | $16874959 | $325049 |

---

\* 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, 2022.

<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.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $165,639,739)\* | $193167331 |
|  Investments in affiliated money market funds, at value (Cost $16,874,505) | 16874959 |
|  Cash | 26009 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 176935 |
|  Investment for trustee deferred compensation and retirement plans | 75383 |
|  Other assets | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 210326116 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 90085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 15873851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 108116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 34789 |
|  Trustee deferred compensation and retirement plans | 82390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16192224 |
|  Net assets applicable to shares outstanding | $194133892 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $170371565 |
|  Distributable earnings | 23762327 |
|  | $194133892 |
|  **Net Assets:** |  |
|  Series I | $116146053 |
|  Series II | $77987839 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 13536675 |
|  Series II | 9472524 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.58 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.23 |

---

\* At December 31, 2022, securities with an aggregate value of $15,486,874 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends | $2999842 |
|  Dividends from affiliated money market funds (includes net securities lending income of $22,802) | 42881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3042723 |
|  **Expenses:** |  |
|  Advisory fees | 1532703 |
|  Administrative services fees | 348039 |
|  Custodian fees | 5676 |
|  Distribution fees - Series II | 209552 |
|  Transfer agent fees | 10528 |
|  Trustees' and officers' fees and benefits | 18803 |
|  Reports to shareholders | 4757 |
|  Professional services fees | 40866 |
|  Other | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2174086 |
|  Less: Fees waived | (1289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2172797 |
|  Net investment income | 869926 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (2649273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (2424) |
|  | (2651697) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (33884086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (4) |
|  | (33883496) |
|  Net realized and unrealized gain (loss) | (36535193) |
|  Net increase (decrease) in net assets resulting from operations | $(35665267) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $869926 | $(228545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2651697) | 48538214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (33883496) | 3531989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (35665267) | 51841658 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (26504560) | (677745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (18104337) | (246199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (44608897) | (923944) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 8914269 | (27093711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 10523728 | (10631791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 19437997 | (37725502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (60836167) | 13192212 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 254970059 | 241777847 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $194133892 | $254970059 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**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.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover (c)** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $12.97 | $0.06 | $(1.97) | $(1.91) | $(0.04) | $(2.44) | $(2.48) | $8.58 | (14.26)% | $116146 | 0.93% | 0.93% | 0.51% | 60% |
|  Year ended 12/31/21 | 10.57 | 0.00 | 2.46 | 2.46 | (0.06) |  | (0.06) | 12.97 | 23.24 | 155200 | 0.93 | 0.93 | 0.01 | 58 |
|  Year ended 12/31/20 | 12.18 | 0.05 | 0.80 | 0.85 | (0.08) | (2.38) | (2.46) | 10.57 | 9.25 | 150990 | 0.94 | 0.94 | 0.49 | 75 |
|  Year ended 12/31/19 | 10.97 | 0.09 | 2.57 | 2.66 | (0.06) | (1.39) | (1.45) | 12.18 | 25.28 | 157959 | 0.93 | 0.94 | 0.70 | 114 |
|  Year ended 12/31/18 | 14.41 | 0.06 | (1.39) | (1.33) | (0.07) | (2.04) | (2.11) | 10.97 | (11.35) | 148078 | 0.91 | 0.94 | 0.46 | 27 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 12.55 | 0.03 | (1.90) | (1.87) | (0.01) | (2.44) | (2.45) | 8.23 | (14.45) | 77988 | 1.18 | 1.18 | 0.26 | 60 |
|  Year ended 12/31/21 | 10.24 | (0.03) | 2.37 | 2.34 | (0.03) |  | (0.03) | 12.55 | 22.86 | 99770 | 1.18 | 1.18 | (0.24) | 58 |
|  Year ended 12/31/20 | 11.88 | 0.02 | 0.78 | 0.80 | (0.06) | (2.38) | (2.44) | 10.24 | 8.94 | 90788 | 1.19 | 1.19 | 0.24 | 75 |
|  Year ended 12/31/19 | 10.72 | 0.05 | 2.53 | 2.58 | (0.03) | (1.39) | (1.42) | 11.88 | 25.04 | 89057 | 1.18 | 1.19 | 0.45 | 114 |
|  Year ended 12/31/18 | 14.11 | 0.03 | (1.36) | (1.33) | (0.02) | (2.04) | (2.06) | 10.72 | (11.60) | 71829 | 1.16 | 1.19 | 0.21 | 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.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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.** **Master Limited Partnerships** – The Fund invests in Master Limited Partnerships ("MLPs"). MLPs are
publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Fund invests in MLPs engaged in, among other things, the
transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund's allocable share
of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP's may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

**F.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue
Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject
to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

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 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, 2022, the Fund paid the Adviser $1,237 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.

**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.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.725% |
|  Next $500 million | 0.700% |
|  Next $500 million | 0.675% |
|  Over $1.5 billion | 0.650% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.73%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

------

For the year ended December 31, 2022, the Adviser waived advisory fees of $1,289.

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, 2022, Invesco was paid $31,091 for accounting and fund administrative services and was reimbursed $316,948 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $1,877 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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $193167331 | $– | $– | $193167331 |
|  Money Market Funds | 1000654 | 15874305 | &nbsp;&nbsp;&nbsp;&nbsp;– | 16874959 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $194167985 | $15874305 | $– | $210042290 |

---

**NOTE 4–Security Transactions with Affiliated Funds** 

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended December 31, 2022, the Fund engaged in securities purchases of $444,437.

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $13212681 | $923944 |
|  Long-term capital gain | 31396216 |  |
|  Total distributions | $44608897 | $923944 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $26841031 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (27) |
|  Temporary book/tax differences | (59847) |
|  Capital loss carryforward | (3018830) |
|  Shares of beneficial interest | 170371565 |
|  Total net assets | $194133892 |

---

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 has a capital loss carryforward as of December 31, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $3018830 | $- | $3018830 |

---

\* 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, 2022 was $126,339,598 and $149,649,762, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $37713595 |
|  Aggregate unrealized (depreciation) of investments | (10872564) |
|  Net unrealized appreciation of investments | $26841031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $183,201,259.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was increased by $579,304, undistributed net realized gain (loss) was decreased by $526,613 and shares of beneficial interest was decreased by $52,691. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 238081 | $2453533 | 358949 | $4352727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1596236 | 17412968 | 625586 | 7241868 |

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**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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 3159066 | $26504560 | 53961 | $677745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2248986 | 18104337 | 20230 | 246199 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1830307) | (20043824) | (2726129) | (32124183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (2321559) | (24993577) | (1563200) | (18119858) |
|  **Net increase (decrease) in share activity** | 3090503 | $19437997 | (3230603) | $(37725502) |

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<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 71% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**Invesco V.I. Main Street Mid Cap Fund<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<sup>®</sup>

***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<sup>®</sup> (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br>Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1068.20 | $4.85 | $1020.52 | $4.74 | 0.93% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1066.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;1019.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. 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, 2022:

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| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $31396216 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 15.97% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s) During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s) Held by<br>Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>**

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![LOGO](g435869dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIMSS-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Main Street Small Cap Fund<sup>®</sup> (the Fund) outperformed the Russell 2000 Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Main Street Small Cap Fund<sup>®</sup> (the Fund) outperformed the Russell 2000 Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -15.83 | % |
| &nbsp;&nbsp; Series II Shares | -16.04 |  |
| &nbsp;&nbsp; Russell 2000 Index<sup>▼</sup>  | -20.44 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.<br>|  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data

on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, stock selection in the industrials, consumer discretionary and communication services sectors were the largest contributors to the Fund's relative performance versus its benchmark, the Russell 2000 Index. This was partially offset by weaker stock selection in the energy and materials sectors and a moderate underweight allocation to the energy sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual contributors to the Fund's performance relative to the style-specific benchmark during the fiscal year included **Acadia Healthcare**, **Chesapeake Energy** and **Valmont**. Acadia Healthcare, a provider of behavioral health care services, continued to show strong management execution and saw accelerated revenue growth due to strong demand for mental health services and favorable pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy, an exploration and production company mainly focused on natural gas production, benefited from a rise in natural gas prices and the general outperformance of the energy sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont, a manufacturer of engineered fabricated metal products, benefited from strong infrastructure spending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest individual detractors from the Fund's performance relative to the benchmark during the fiscal year included **Q2 Holdings**, **Tandem Diabetes** and **Cryoport**. Q2 Holdings, a provider of digital banking solutions, was negatively impacted by the sharp sell-off in growth related stocks driven by macro factors which were made worse by

company specific headwinds as budgets for back-office software solutions were deprioritized during 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tandem Diabetes underperformed given competitive concerns after speculation of a merger between two key peers which could have negative implications for Tandem Diabetes. The position was exited during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cryoport, a provider of logistics solutions to the life science industry, experienced a fire at one of its facilities that negatively impacted sales while the facility was not operating at full production. The company also faced headwinds due to temporary supply chain constraints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to maintain our discipline around valuation and focus on companies which we believe have skilled management teams that are outexecuting peers. We believe this disciplined approach is essential to generating attractive long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco V.I. Main Street Small Cap Fund<sup>®</sup>.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

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**Portfolio manager(s):** 

Joy Budzinski

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g435869dsp4.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee

future results.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (5/1/98) | 8.26 | % |
| &nbsp;&nbsp; 10 Years | 10.88 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.01 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -15.83 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (7/16/01) | 8.82 | % |
| &nbsp;&nbsp; 10 Years | 10.60 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.74 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -16.04 |  |

---

**Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Small Cap Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Small Cap Fund<sup>®</sup> (renamed Invesco V.I. Main Street Small Cap Fund<sup>®</sup> on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction** 

**of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Supplemental Information** 

**Invesco V.I. Main Street Small Cap Fund's<sup>®</sup> investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Russell 2000 <sup>®</sup> Index** is an unmanaged
index considered representative of small-cap stocks. The Russell 2000<sup>®</sup> Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 20.68% |
|  Financials | 15.58 |
|  Health Care | 15.04 |
|  Information Technology | 12.45 |
|  Consumer Discretionary | 9.88 |
|  Energy | 5.53 |
|  Materials | 5.22 |
|  Consumer Staples | 4.32 |
|  Real Estate | 4.22 |
|  Utilities | 2.77 |
|  Communication Services | 1.82 |
|  Money Market Funds Plus Other Assets Less Liabilities | 2.49 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Acadia Healthcare Co., Inc. | 2.31% |
| 2. | Inspire Medical Systems, Inc. | 2.26 |
| 3. | AutoNation, Inc. | 2.00 |
| 4. | Ziff Davis, Inc. | 1.83 |
| 5. | Curtiss-Wright Corp. | 1.77 |
| 6. | KBR, Inc. | 1.73 |
| 7. | CACI International, Inc., Class A | 1.71 |
| 8. | Stifel Financial Corp. | 1.69 |
| 9. | Four Corners Property Trust, Inc. | 1.67 |
| 10. | BJ's Wholesale Club Holdings, Inc. | 1.58 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.51%** | **Common Stocks & Other Equity Interests–97.51%** | **Common Stocks & Other Equity Interests–97.51%** |
|  **Aerospace & Defense–2.61%** | **Aerospace & Defense–2.61%** | **Aerospace & Defense–2.61%** |
|  BWX Technologies, Inc.<sup>(b)</sup>  | 101910 | $5918933 |
|  Curtiss-Wright Corp. | 74859 | 12500704 |
|  |  | 18419637 |
|  **Air Freight & Logistics–1.00%** | **Air Freight & Logistics–1.00%** | **Air Freight & Logistics–1.00%** |
|  Hub Group, Inc., Class A<sup>(c)</sup>  | 88413 | 7027949 |
|  **Aluminum–0.93%** | **Aluminum–0.93%** | **Aluminum–0.93%** |
|  Kaiser Aluminum Corp.<sup>(b)</sup>  | 86034 | 6535143 |
|  **Application Software–4.67%** | **Application Software–4.67%** | **Application Software–4.67%** |
|  Consensus Cloud Solutions, Inc.<sup>(c)</sup>  | 83155 | 4470413 |
|  Coupa Software, Inc.<sup>(c)</sup>  | 52638 | 4167350 |
|  Envestnet, Inc.<sup>(b)(c)</sup>  | 93216 | 5751427 |
|  HashiCorp, Inc., Class A<sup>(c)</sup>  | 120046 | 3282058 |
|  Paycor HCM, Inc.<sup>(b)(c)</sup>  | 387919 | 9492378 |
|  Sprout Social, Inc., Class A<sup>(b)(c)</sup>  | 101904 | 5753500 |
|  |  | 32917126 |
|  **Asset Management & Custody Banks–2.35%** | **Asset Management & Custody Banks–2.35%** | **Asset Management & Custody Banks–2.35%** |
|  Federated Hermes, Inc., Class B | 199589 | 7247077 |
|  Focus Financial Partners, Inc., Class A<sup>(b)(c)</sup>  | 250208 | 9325252 |
|  |  | 16572329 |
|  **Auto Parts & Equipment–2.57%** | **Auto Parts & Equipment–2.57%** | **Auto Parts & Equipment–2.57%** |
|  Dorman Products, Inc.<sup>(c)</sup>  | 107425 | 8687460 |
|  Visteon Corp.<sup>(c)</sup>  | 72018 | 9422115 |
|  |  | 18109575 |
|  **Automotive Retail–2.00%** | **Automotive Retail–2.00%** | **Automotive Retail–2.00%** |
|  AutoNation, Inc.<sup>(b)(c)</sup>  | 131356 | 14094499 |
|  **Biotechnology–1.90%** | **Biotechnology–1.90%** | **Biotechnology–1.90%** |
|  ADMA Biologics, Inc.<sup>(c)</sup>  | 1033224 | 4008909 |
|  Avid Bioservices, Inc.<sup>(b)(c)</sup>  | 376995 | 5191221 |
|  Prometheus Biosciences, Inc.<sup>(b)(c)</sup>  | 38394 | 4223340 |
|  |  | 13423470 |
|  **Building Products–1.04%** | **Building Products–1.04%** | **Building Products–1.04%** |
|  Zurn Elkay Water Solutions Corp. | 347911 | 7358318 |
|  **Casinos & Gaming–0.88%** |  |  |
|  Boyd Gaming Corp. | 113226 | 6174214 |
|  **Construction & Engineering–1.49%** | **Construction & Engineering–1.49%** | **Construction & Engineering–1.49%** |
|  Valmont Industries, Inc.<sup>(b)</sup>  | 31759 | 10501749 |
|  **Construction Machinery & Heavy Trucks–1.02%** | **Construction Machinery & Heavy Trucks–1.02%** | **Construction Machinery & Heavy Trucks–1.02%** |
|  Allison Transmission Holdings, Inc. | 172809 | 7188854 |
|  **Construction Materials–1.52%** | **Construction Materials–1.52%** | **Construction Materials–1.52%** |
|  Summit Materials, Inc., Class A<sup>(b)(c)</sup>  | 378529 | 10746442 |
|  **Data Processing & Outsourced Services–1.29%** | **Data Processing & Outsourced Services–1.29%** | **Data Processing & Outsourced Services–1.29%** |
|  Paya Holdings, Inc., Class A<sup>(c)</sup>  | 555655 | 4373005 |
|  Payoneer Global, Inc.<sup>(c)</sup>  | 867224 | 4743715 |
|  |  | 9116720 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Diversified Banks–0.52%** |  |  |
|  Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 123810 | $3690776 |
|  **Diversified Metals & Mining–0.89%** | **Diversified Metals & Mining–0.89%** | **Diversified Metals & Mining–0.89%** |
|  Compass Minerals International, Inc. | 153665 | 6300265 |
|  **Electrical Components & Equipment–3.22%** | **Electrical Components & Equipment–3.22%** | **Electrical Components & Equipment–3.22%** |
|  Atkore, Inc.<sup>(c)</sup>  | 94897 | 10763218 |
|  Regal Rexnord Corp.<sup>(b)</sup>  | 61911 | 7428082 |
|  Vertiv Holdings Co.<sup>(b)</sup>  | 332672 | 4544299 |
|  |  | 22735599 |
|  **Electronic Components–1.35%** | **Electronic Components–1.35%** | **Electronic Components–1.35%** |
|  Belden, Inc. | 84081 | 6045424 |
|  Vishay Intertechnology, Inc. | 161785 | 3489702 |
|  |  | 9535126 |
|  **Electronic Equipment & Instruments–0.79%** | **Electronic Equipment & Instruments–0.79%** | **Electronic Equipment & Instruments–0.79%** |
|  Itron, Inc.<sup>(c)</sup>  | 110285 | 5585935 |
|  **Environmental & Facilities Services–0.91%** | **Environmental & Facilities Services–0.91%** | **Environmental & Facilities Services–0.91%** |
|  Casella Waste Systems, Inc., Class A<sup>(c)</sup>  | 80822 | 6409993 |
|  **Gas Utilities–2.77%** | **Gas Utilities–2.77%** | **Gas Utilities–2.77%** |
|  National Fuel Gas Co. | 167743 | 10618132 |
|  Northwest Natural Holding Co.<sup>(b)</sup>  | 166171 | 7908078 |
|  Suburban Propane Partners L.P. | 66381 | 1007663 |
|  |  | 19533873 |
|  **Health Care Equipment–3.72%** | **Health Care Equipment–3.72%** | **Health Care Equipment–3.72%** |
|  AtriCure, Inc.<sup>(b)(c)</sup>  | 163471 | 7254843 |
|  Inspire Medical Systems, Inc.<sup>(c)</sup>  | 63372 | 15962139 |
|  TransMedics Group, Inc.<sup>(c)</sup>  | 48862 | 3015763 |
|  |  | 26232745 |
|  **Health Care Facilities–3.44%** | **Health Care Facilities–3.44%** | **Health Care Facilities–3.44%** |
|  Acadia Healthcare Co., Inc.<sup>(c)</sup>  | 197488 | 16257212 |
|  Tenet Healthcare Corp. | 164158 | 8009269 |
|  |  | 24266481 |
|  **Health Care Services–2.42%** | **Health Care Services–2.42%** | **Health Care Services–2.42%** |
|  Addus HomeCare Corp.<sup>(c)</sup>  | 104715 | 10418095 |
|  Guardant Health, Inc.<sup>(c)</sup>  | 61087 | 1661567 |
|  Option Care Health, Inc.<sup>(c)</sup>  | 165980 | 4994338 |
|  |  | 17074000 |
|  **Home Furnishings–0.69%** | **Home Furnishings–0.69%** | **Home Furnishings–0.69%** |
|  Tempur Sealy International, Inc.<sup>(b)</sup>  | 141158 | 4845954 |
|  **Homebuilding–1.85%** | **Homebuilding–1.85%** | **Homebuilding–1.85%** |
|  Skyline Champion Corp.<sup>(c)</sup>  | 78717 | 4054713 |
|  TopBuild Corp.<sup>(c)</sup>  | 57612 | 9015702 |
|  |  | 13070415 |
|  **Hotel & Resort REITs–1.26%** | **Hotel & Resort REITs–1.26%** | **Hotel & Resort REITs–1.26%** |
|  DiamondRock Hospitality Co.<sup>(b)</sup>  | 1083724 | 8875700 |
|  **Human Resource & Employment Services–2.37%** | **Human Resource & Employment Services–2.37%** | **Human Resource & Employment Services–2.37%** |
|  ASGN, Inc.<sup>(c)</sup>  | 111024 | 9046236 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Human Resource & Employment Services–(continued)** | **Human Resource & Employment Services–(continued)** | **Human Resource & Employment Services–(continued)** |
|  Korn Ferry<sup>(b)</sup>  | 152047 | $7696619 |
|  |  | 16742855 |
|  **Hypermarkets & Super Centers–1.58%** | **Hypermarkets & Super Centers–1.58%** | **Hypermarkets & Super Centers–1.58%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(c)</sup>  | 168020 | 11116203 |
|  **Industrial Machinery–3.57%** | **Industrial Machinery–3.57%** | **Industrial Machinery–3.57%** |
|  EnPro Industries, Inc. | 100165 | 10886934 |
|  Esab Corp.<sup>(b)</sup>  | 87477 | 4104421 |
|  Evoqua Water Technologies Corp.<sup>(c)</sup>  | 257156 | 10183377 |
|  |  | 25174732 |
|  **Interactive Media & Services–1.82%** | **Interactive Media & Services–1.82%** | **Interactive Media & Services–1.82%** |
|  Ziff Davis, Inc.<sup>(b)(c)</sup>  | 162736 | 12872418 |
|  **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** |
|  Stifel Financial Corp.<sup>(b)</sup>  | 203616 | 11885066 |
|  **Leisure Products–0.58%** | **Leisure Products–0.58%** | **Leisure Products–0.58%** |
|  Topgolf Callaway Brands Corp.<sup>(b)(c)</sup>  | 206672 | 4081772 |
|  **Life Sciences Tools & Services–2.01%** | **Life Sciences Tools & Services–2.01%** | **Life Sciences Tools & Services–2.01%** |
|  Azenta, Inc.<sup>(b)</sup>  | 122484 | 7131018 |
|  BioLife Solutions, Inc.<sup>(b)(c)</sup>  | 168981 | 3075454 |
|  CryoPort, Inc.<sup>(b)(c)</sup>  | 228216 | 3959548 |
|  |  | 14166020 |
|  **Metal & Glass Containers–1.21%** | **Metal & Glass Containers–1.21%** | **Metal & Glass Containers–1.21%** |
|  Silgan Holdings, Inc. | 165309 | 8569619 |
|  **Oil & Gas Drilling–1.19%** | **Oil & Gas Drilling–1.19%** | **Oil & Gas Drilling–1.19%** |
|  Helmerich & Payne, Inc. | 169554 | 8404792 |
|  **Oil & Gas Equipment & Services–1.06%** | **Oil & Gas Equipment & Services–1.06%** | **Oil & Gas Equipment & Services–1.06%** |
|  NOV, Inc. | 358798 | 7495290 |
|  **Oil & Gas Exploration & Production–2.71%** | **Oil & Gas Exploration & Production–2.71%** | **Oil & Gas Exploration & Production–2.71%** |
|  Chesapeake Energy Corp.<sup>(b)</sup>  | 98069 | 9254771 |
|  CNX Resources Corp.<sup>(b)(c)</sup>  | 585776 | 9864468 |
|  |  | 19119239 |
|  **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** |
|  Equitrans Midstream Corp. | 601446 | 4029688 |
|  **Packaged Foods & Meats–0.68%** | **Packaged Foods & Meats–0.68%** | **Packaged Foods & Meats–0.68%** |
|  Lancaster Colony Corp. | 24375 | 4809187 |
|  **Personal Products–1.42%** | **Personal Products–1.42%** | **Personal Products–1.42%** |
|  BellRing Brands, Inc.<sup>(c)</sup>  | 389437 | 9985165 |
|  **Pharmaceuticals–1.55%** | **Pharmaceuticals–1.55%** | **Pharmaceuticals–1.55%** |
|  Collegium Pharmaceutical, Inc.<sup>(c)</sup>  | 216888 | 5031802 |
|  Intra-Cellular Therapies, Inc.<sup>(c)</sup>  | 111897 | 5921589 |
|  |  | 10953391 |
|  **Property & Casualty Insurance–1.46%** | **Property & Casualty Insurance–1.46%** | **Property & Casualty Insurance–1.46%** |
|  Definity Financial Corp. (Canada) | 362512 | 10302409 |
|  **Regional Banks–8.71%** | **Regional Banks–8.71%** | **Regional Banks–8.71%** |
|  BankUnited, Inc.<sup>(b)</sup>  | 261989 | 8899766 |
|  Berkshire Hills Bancorp, Inc.<sup>(b)</sup>  | 220742 | 6600186 |
|  Cathay General Bancorp | 219315 | 8945859 |
|  Columbia Banking System, Inc.<sup>(b)</sup>  | 323085 | 9734551 |
|  Heritage Financial Corp. | 201549 | 6175461 |
|  OceanFirst Financial Corp. | 261930 | 5566013 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Regional Banks–(continued)** |  |  |
|  Pacific Premier Bancorp, Inc. | 272713 | $8606822 |
|  Webster Financial Corp.<sup>(b)</sup>  | 145780 | 6901225 |
|  |  | 61429883 |
|  **Research & Consulting Services–3.45%** | **Research & Consulting Services–3.45%** | **Research & Consulting Services–3.45%** |
|  CACI International, Inc., Class A<sup>(c)</sup>  | 40221 | 12090030 |
|  KBR, Inc.<sup>(b)</sup>  | 231537 | 12225154 |
|  |  | 24315184 |
|  **Restaurants–1.31%** | **Restaurants–1.31%** | **Restaurants–1.31%** |
|  Texas Roadhouse, Inc.<sup>(b)</sup>  | 101877 | 9265713 |
|  **Semiconductor Equipment–0.79%** | **Semiconductor Equipment–0.79%** | **Semiconductor Equipment–0.79%** |
|  MKS Instruments, Inc.<sup>(b)</sup>  | 65832 | 5577945 |
|  **Semiconductors–2.53%** | **Semiconductors–2.53%** | **Semiconductors–2.53%** |
|  Allegro MicroSystems, Inc.<br>(Japan)<sup>(b)(c)</sup>  | 226833 | 6809527 |
|  Ambarella, Inc.<sup>(c)</sup>  | 64973 | 5342730 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(c)</sup>  | 90346 | 5689991 |
|  |  | 17842248 |
|  **Soft Drinks–0.64%** | **Soft Drinks–0.64%** | **Soft Drinks–0.64%** |
|  Coca-Cola Consolidated, Inc. | 8880 | 4549757 |
|  **Specialized REITs–2.96%** | **Specialized REITs–2.96%** | **Specialized REITs–2.96%** |
|  Four Corners Property Trust, Inc.<sup>(b)</sup>  | 453518 | 11759722 |
|  National Storage Affiliates Trust | 251734 | 9092632 |
|  |  | 20852354 |
|  **Specialty Chemicals–0.67%** | **Specialty Chemicals–0.67%** | **Specialty Chemicals–0.67%** |
|  NewMarket Corp. | 15145 | 4711761 |
|  **Systems Software–1.03%** | **Systems Software–1.03%** | **Systems Software–1.03%** |
|  Gitlab, Inc., Class A<sup>(b)(c)</sup>  | 49520 | 2250189 |
|  Progress Software Corp.<sup>(b)</sup>  | 99017 | 4995407 |
|  |  | 7245596 |
|  **Thrifts & Mortgage Finance–0.86%** | **Thrifts & Mortgage Finance–0.86%** | **Thrifts & Mortgage Finance–0.86%** |
|  WSFS Financial Corp.<sup>(b)</sup>  | 134419 | 6094557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $495,425,924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $495,425,924) | 687935731 |
|  **Money Market Funds–2.13%** | **Money Market Funds–2.13%** | **Money Market Funds–2.13%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup>  | 5254271 | 5254271 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup>  | 3749073 | 3750198 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup>  | 6004881 | 6004881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $15,008,658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $15,008,658) | 15009350 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.64%<br>(Cost $510,434,582) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.64%<br>(Cost $510,434,582) | 702945081 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–18.90%** | **Money Market Funds–18.90%** |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup>  | 37640295 | 37640295 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup>  | 95661218 | $95689915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $133,316,973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $133,316,973) | 133330210 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–118.54%<br>(Cost $643,751,555) | TOTAL INVESTMENTS IN<br>SECURITIES–118.54%<br>(Cost $643,751,555) | 836275291 |
|  OTHER ASSETS LESS LIABILITIES–(18.54)% | OTHER ASSETS LESS LIABILITIES–(18.54)% | (130817127) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;705458164 |

---

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, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** |<br>**Realized**<br>**Gain** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $5719425 | $60202066 | $(60667220) | $- | $- | $5254271 | $51729 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 3797951 | 43001475 | (43050055) | 692 | 135 | 3750198 | 52349 |
|  Invesco Treasury Portfolio, Institutional Class | 6536485 | 68802361 | (69333965) | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6004881 | 78291 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 25179539 | 277299033 | (264838277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 37640295 | 617,125\* |
|  Invesco Private Prime Fund | 58752256 | 616108659 | (579187964) | 13764 | 3200 | 95689915 | 1,691,116\* |
|  Total | $99985656 | $1065413594 | $(1017077481) | $14456 | $3335 | $148339560 | $2490610 |

---

\* 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, 2022.

<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.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $495,425,924)\* | $687935731 |
|  Investments in affiliated money market funds, at value (Cost $148,325,631) | 148339560 |
|  Cash | 923736 |
|  Foreign currencies, at value (Cost $28,055) | 28011 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2511815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 268949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 518985 |
|  Investment for trustee deferred compensation and retirement plans | 74704 |
|  Other assets | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 840605070 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1054532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 235056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 133316973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 430633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 31407 |
|  Trustee deferred compensation and retirement plans | 74704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 135146906 |
|  Net assets applicable to shares outstanding | $705458164 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $545684694 |
|  Distributable earnings | 159773470 |
|  | $705458164 |
|  **Net Assets:** |  |
|  Series I | $142702604 |
|  Series II | $562755560 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 6183578 |
|  Series II | 24948391 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $23.08 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $22.56 |

---

\* At December 31, 2022, securities with an aggregate value of $130,693,234 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $21,425) | $8956890 |
|  Dividends from affiliated money market funds (includes net securities lending income of $156,939) | 339308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 9296198 |
|  **Expenses:** |  |
|  Advisory fees | 5162158 |
|  Administrative services fees | 1222773 |
|  Custodian fees | 18431 |
|  Distribution fees - Series II | 1509065 |
|  Transfer agent fees | 37200 |
|  Trustees' and officers' fees and benefits | 22904 |
|  Professional services fees | 36725 |
|  Other | (836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8008420 |
|  Less: Fees waived | (197855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7810565 |
|  Net investment income | 1485633 |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (23753646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (74) |
|  | (23750385) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (116250046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 14456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (44) |
|  | (116235634) |
|  Net realized and unrealized gain (loss) | (139986019) |
|  Net increase (decrease) in net assets resulting from operations | $(138500386) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**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, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1485633 | $(1535551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (23750385) | 91687356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (116235634) | 74780052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (138500386) | 164931857 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (17665623) | (9909775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (72522192) | (45346362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (90187815) | (55256137) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 27595256 | 21710271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 38792050 | (33389733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 66387306 | (11679462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (162300895) | 97996258 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 867759059 | 769762801 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $705458164 | $867759059 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $31.47 | $0.11 | $(5.12) | $(5.01) | $(0.15) | $(3.23) | $(3.38) | $23.08 | (15.83)% | $142703 | 0.84% | 0.87% | 0.41% | 32% |
|  Year ended 12/31/21 | 27.42 | 0.01 | 6.19 | 6.20 | (0.12) | (2.03) | (2.15) | 31.47 | 22.55 | 158060 | 0.80 | 0.84 | 0.03 | 32 |
|  Year ended 12/31/20 | 23.32 | 0.09 | 4.47 | 4.56 | (0.14) | (0.32) | (0.46) | 27.42 | 19.93 | 119377 | 0.80 | 0.91 | 0.41 | 35 |
|  Year ended 12/31/19 | 20.36 | 0.11 | 5.06 | 5.17 | (0.05) | (2.16) | (2.21) | 23.32 | 26.47 | 109695 | 0.80 | 0.86 | 0.49 | 36 |
|  Year ended 12/31/18 | 25.79 | 0.07 | (2.07) | (2.00) | (0.08) | (3.35) | (3.43) | 20.36 | (10.32) | 123962 | 0.80 | 0.83 | 0.28 | 45 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 30.83 | 0.04 | (5.01) | (4.97) | (0.07) | (3.23) | (3.30) | 22.56 | (16.04) | 562756 | 1.09 | 1.12 | 0.16 | 32 |
|  Year ended 12/31/21 | 26.91 | (0.07) | 6.08 | 6.01 | (0.06) | (2.03) | (2.09) | 30.83 | 22.26 | 709699 | 1.05 | 1.09 | (0.22) | 32 |
|  Year ended 12/31/20 | 22.89 | 0.03 | 4.39 | 4.42 | (0.08) | (0.32) | (0.40) | 26.91 | 19.63 | 650386 | 1.05 | 1.16 | 0.16 | 35 |
|  Year ended 12/31/19 | 20.03 | 0.05 | 4.97 | 5.02 | 0.00 | (2.16) | (2.16) | 22.89 | 26.13 | 605327 | 1.05 | 1.11 | 0.25 | 36 |
|  Year ended 12/31/18 | 25.42 | 0.01 | (2.03) | (2.02) | (0.02) | (3.35) | (3.37) | 20.03 | (10.54) | 735969 | 1.05 | 1.08 | 0.03 | 45 |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</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.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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.** **Master Limited Partnerships** – The Fund invests in Master Limited Partnerships ("MLPs"). MLPs are
publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Fund invests in MLPs engaged in, among other things, the
transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund's allocable share
of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP's may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

**F.** **Return of Capital** – Distributions received from the Fund's investments in MLPs generally are comprised of
income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that
results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each
MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

**G.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**H.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**I.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**J.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

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 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, 2022, the Fund paid the Adviser $7,591 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.

**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.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $200 million | 0.720% |
|  Next $200 million | 0.690% |
|  Next $200 million | 0.660% |
|  Next $200 million | 0.600% |
|  Next $4 billion | 0.580% |
|  Over $5 billion | 0.560% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. 

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

Effective May 1, 2022 through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $197,855.

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, 2022, Invesco was paid $107,156 for accounting and fund administrative services and was reimbursed $1,115,617 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $814 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Common Stocks & Other Equity Interests | $687935731 | $– | $– | $687935731 |
|  Money Market Funds | 15009350 | 133330210 | &nbsp;&nbsp;&nbsp;&nbsp;– | 148339560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $702945081 | $133330210 | $– | $836275291 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $19301176 | $9108838 |
|  Long-term capital gain | 70886639 | 46147299 |
|  Total distributions | $90187815 | $55256137 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $369066 |
|  Net unrealized appreciation – investments | 181775815 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (44) |
|  Temporary book/tax differences | (8801112) |
|  Capital loss carryforward | (13570255) |
|  Shares of beneficial interest | 545684694 |
|  Total net assets | $705458164 |

---

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 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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $13570255 | $– | $13570255 |

---

\* 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, 2022 was $239,135,050 and $262,354,085, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $205694197 |
|  Aggregate unrealized (depreciation) of investments | (23918382) |
|  Net unrealized appreciation of investments | $181775815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $654,499,476.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was decreased by $7,416,891, undistributed net realized gain (loss) was increased by $7,538,252 and shares of beneficial interest was decreased by $121,361. This reclassification had no effect on the net assets of the Fund.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**NOTE 9–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1513424 | $40286449 | 1168250 | $37302772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 6330860 | 168624857 | 2282180 | 70992182 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 771088 | 17665623 | 312217 | 9909775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 3236153 | 72522192 | 1457614 | 45346362 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1123240) | (30356816) | (811387) | (25502276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (7638283) | (202354999) | (4884772) | (149728277) |
|  Net increase (decrease) in share activity | 3090002 | $66387306 | (475898) | $(11679462) |

---

<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 52% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**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<sup>®</sup>

***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<sup>®</sup> (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Main Street Small Cap Fund/VA (subsequently renamed Invesco V.I. Main Street Small Cap Fund<sup>®</sup>) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I  | $1000.00 | $1055.70 | $4.46 | $1020.87 | $4.38 | 0.86% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1054.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;1019.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | 1.11 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. 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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $70886639 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 28.83% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;Sheri Morris - 1964 President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Andrew R. Schlossberg - 1974 Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E.<br> Atlanta, GA 30309 | 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Main Street Small Cap Fund<sup>®</sup>**

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![LOGO](g381983dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VINDQD-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December (the Fund) outperformed the Nasdaq-100 Index. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December (the Fund) outperformed the Nasdaq-100 Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -24.30 | % |
| &nbsp;&nbsp; Series II Shares | -24.50 |  |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>▼</sup> | -32.97 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>Bloomberg LP<br>|  |  |

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| | |
|:---|:---|
| <br> **Market conditions and your Fund**<br> Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on | the economy and corporate earnings<sup>1</sup>. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -32.97%, as measured by the Nasdaq-100 Index.<sup>1</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund – December** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the Nasdaq-100 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.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 24.60%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on January 1, 2023 and ending on the following December 31, 2023.**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the one-year period that ended December 31, 2022, the Nasdaq-100 Index returned -32.97%,<sup>1</sup> whilst the Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund – December (share |

---

class I) returned -24.30% net of fees. The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

------

**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/21

![LOGO](g381983dsp3.jpg)

1 Source: Bloomberg LP

Past performance cannot guarantee

future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (12/31/21) | -24.30 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -24.30 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (12/31/21) | -24.50 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -24.50 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable** 

 **product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the Nasdaq-100 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Nasdaq-100 Index<sup>®</sup> (Price Only)** is a price-only index
that includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | 94.17% |
|  Money Market Funds | 5.83 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Schedule of Investments** 

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–6.36%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 101714 | $101714 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 72628 | 72650 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 100521 | 100521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $274,871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $274,871) | 274885 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Options Purchased–102.77%** | **Options Purchased–102.77%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,435,482)<sup>(c)</sup> |  | $4440955 |
|  TOTAL INVESTMENTS IN SECURITIES-109.13%<br>(Cost $4,710,353) | TOTAL INVESTMENTS IN SECURITIES-109.13%<br>(Cost $4,710,353) | 4715840 |
|  OTHER ASSETS LESS LIABILITIES-(9.13)% | OTHER ASSETS LESS LIABILITIES-(9.13)% | (394492) |
|  NET ASSETS-100.00% |  | $4321348 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $1050007 | $910776 | $(1859069) | $- | $- | $101714 | $903 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1500010 | (99450) | (1327923) | 14 | (1) | 72650 | 927 |
|  Invesco Treasury Portfolio, Institutional Class | 1200008 | 1021222 | (2120709) | - | - | 100521 | 1103 |
|  Total | $3750025 | $1832548 | $(5307701) | $14 | $(1) | $274885 | $2933 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | | | | |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** | | | | | | | | |
|  Invesco QQQ Trust, Series 1 | Call | 12/29/2023 | 35 | USD | 7.99 | USD | 27965 | $899093 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 12/29/2023 | 35 | USD | 266.28 | USD | 931980 | 83594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  |  |  | $982687 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | | | | |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** | | | | | | | | |
|  NASDAQ 100 Index | Call | 12/29/2023 | 3 | USD | 328.19 | USD | 98457 | $3163671 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 12/29/2023 | 3 | USD | 10939.76 | USD | 3281928 | 294597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  |  |  | $3458268 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | | | | | |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Call | 12/29/2023 | 35 | USD | 331.78 | USD | 1161230 | $(30644) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 12/29/2023 | 35 | USD | 239.65 | USD | 838775 | (52864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  |  |  | $(83508) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | | | | | |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Call | 12/29/2023 | 3 | USD | 13630.94 | USD | 4089282 | $(106986) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 12/29/2023 | 3 | USD | 9845.78 | USD | 2953734 | (186306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  |  |  | $(293292) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Statement of Assets and Liabilities** 

*December 31, 2022*

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $4,435,482) | $4440955 |
|  Investments in affiliated money market funds, at value<br>(Cost $274,871) | 274885 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6438607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 98023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 598 |
|  Investment for trustee deferred compensation and retirement plans | 3755 |
|  Other assets | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 11257545 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $379,812) | 376800 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5875550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 568087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 23032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 83737 |
|  Trustee deferred compensation and retirement plans | 3755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6936197 |
|  Net assets applicable to shares outstanding | $4321348 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $5579029 |
|  Distributable earnings (loss) | (1257681) |
|  | $4321348 |
|  **Net Assets:** |  |
|  Series I | $863759 |
|  Series II | $3457589 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 114034 |
|  Series II | 457195 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $7.57 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $7.56 |

---

**Statement of Operations** 

*For the year ended December 31, 2022*

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $2933 |
|  **Expenses:** |  |
|  Advisory fees | 20054 |
|  Administrative services fees | 3287 |
|  Custodian fees | 1950 |
|  Distribution fees - Series II | 8727 |
|  Transfer agent fees | 239 |
|  Trustees' and officers' fees and benefits | 15572 |
|  Licensing fees | 2060 |
|  Reports to shareholders | 8962 |
|  Professional services fees | 86374 |
|  Other | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 148062 |
|  Less: Fees waived and/or expenses reimbursed | (106083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 41979 |
|  Net investment income (loss) | (39046) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (6481136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 5216622 |
|  | (1264515) |
|  Change in net unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 5473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 3012 |
|  | 8499 |
|  Net realized and unrealized gain (loss) | (1256016) |
|  Net increase (decrease) in net assets resulting from operations | $(1295062) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Statement of Changes in Net Assets** 

*For the year ended December 31, 2022 and for the period December 31, 2021 (commencement date) through December 31, 2021*

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31, 2022** | **December 31, 2021<br>(commencement date) through<br>December 31, 2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(39046) | $(68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1264515) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 8499 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1295062) | (68) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (270590) | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2887068 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 2616478 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets | 1321416 | 2999932 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2999932 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4321348 | $2999932 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 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** | **Net<br>investment<br>income<br>(loss)<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from**<br> **investment**<br> **operations** | **Net asset**<br> **value, end**<br> **of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net**<br> **investment**<br> **income<br>(loss)<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $10.00 | $(0.05) | $(2.38) | $(2.43) | $7.57 | (24.30)% | $864 | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;2.92% | (0.64)% | &nbsp;&nbsp;&nbsp;&nbsp;0% |
|  Period ended 12/31/21<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(0.00) | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1500 | 0.70<sup>(e)</sup> | 428.89<sup>(e)</sup> | (0.70)<sup>(e)</sup> | 0 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;7.56 | (24.40) | 3458 | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | (0.89) | 0 |
|  Period ended 12/31/21<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(0.00) | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1500 | 0.95<sup>(e)</sup> | 429.14<sup>(e)</sup> | (0.95)<sup>(e)</sup> | 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.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco<sup>®</sup> V.I. Nasdaq 100 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 Nasdaq 100 Index<sup>®</sup> (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 Invesco QQQ Trust, which is an affiliated 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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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, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

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For the year ended December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $20,054 and reimbursed Fund expenses of $86,028.

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, 2022, Invesco was paid $704 for accounting and fund administrative services and was reimbursed $2,583 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, 2022, 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, 2022, 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:

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| | |
|:---|:---|
| 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. |

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The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $274885 | $– | $– | $274885 |
|  Options Purchased |  | 4440955 | &nbsp;&nbsp;&nbsp;&nbsp;– | 4440955 |
|  **Total Investments in Securities** | 274885 | 4440955 | &nbsp;&nbsp;&nbsp;&nbsp;– | 4715840 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (376800) | &nbsp;&nbsp;&nbsp;&nbsp;– | (376800) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $274885 | $4064155 | $– | $4339040 |

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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.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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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, 2022:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Equity**<br> **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $4440955 |
|  Derivatives not subject to master netting agreements | (4440955) |
|  Total Derivative Assets subject to master netting agreements | $- |
|  | **Value** |
| **Derivative Liabilities** | **Equity**<br> **Risk** |
|  Options written, at value | $(376800) |
|  Derivatives not subject to master netting agreements | 376800 |
|  Total Derivative Liabilities subject to master netting agreements | $- |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
| | **Equity**<br>**Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | $(6481238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 5216622 |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | 5473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 3012 |
|  Total | $(1256131) |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity**<br>**Options**<br>**Purchased** | **Index**<br>**Options**<br>**Purchased** | **Equity**<br>**Options**<br>**Written** | **Index**<br>**Options**<br>**Written** |
|  Average notional value | $3914947 | $1822586 | $7896089 | $3692629 |
|  Average contracts | 193 | 2 | 193 | 2 |

---

**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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

There were no ordinary income or long-term capital gain distributions paid during the year ended December 31, 2022 and the period December 31, 2021 (commencement date) through December 31, 2021.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $6 |
|  Temporary book/tax differences | (1665) |
|  Capital loss carryforward | (1256022) |
|  Shares of beneficial interest | 5579029 |
|  Total net assets | $4321348 |

---

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.

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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $502344 | $753678 | $1256022 |

---

\* 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** 

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, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $1528 |
|  Aggregate unrealized (depreciation) of investments | (1522) |
|  Net unrealized appreciation of investments | $6 |

---

Cost of investments for tax purposes is $4,339,034.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $37,381 and shares of beneficial interest was decreased by $37,381. 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** | **Year ended** | | |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021<sup>(b)</sup>** | **December 31, 2021<sup>(b)</sup>** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1556 | $13456 | 150001 | $1500010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 395784 | 3582891 | 150001 | 1500010 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (37522) | (284046) | (1) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (88589) | (695823) | (1) | (10) |
|  Net increase in share activity | 271229 | $2616478 | 300000 | $3000000 |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 61% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 39% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

<sup>(b)</sup> Commencement date of December 31, 2021.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**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<sup>®</sup> V.I. Nasdaq 100 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<sup>®</sup> V.I. Nasdaq 100 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, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period December 31, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period December 31, 2021 (commencement of operations) 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, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $964.30 | $3.47 | $1021.68 | $3.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;963.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br>Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - December**

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![LOGO](g381984dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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| | |
|:---|:---|
| NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |  |
| Invesco Distributors, Inc. | VINDQJ-AR-1 |

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------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June (the Fund) incepted on June 30, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the Nasdaq-100 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** | &nbsp;&nbsp; Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June (the Fund) incepted on June 30, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the Nasdaq-100 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Cumulative total returns, 6/30/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Cumulative total returns, 6/30/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -2.20 | % |
| &nbsp;&nbsp; Series II Shares | -2.30 |  |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>▼</sup>  | -4.90 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>Bloomberg LP |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses,"

and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -32.97%, as measured by the Nasdaq-100 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund – June** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the Nasdaq-100 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 26.50%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on July 1, 2022 and ending on the following June 30, 2023. This market commentary discussed herein focuses on factors influencing the Nasdaq-100 Index for the fiscal year ended December 31, 2022. Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

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**3 Source: US Bureau of Labor Statistics** 

------

**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 6/30/22

![LOGO](g381984dsp003.jpg)

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

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| | |
|:---|:---|
|  **Cumulative Total Returns** |  |
|  *As of 12/31/22* |  |
|  **Series I Shares** |  |
|  Inception (6/30/22) | -2.20% |
|  **Series II Shares** |  |
|  Inception (6/30/22) | -2.30% |

---

**Because the period for which performance is shown above does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund** 

**directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the Nasdaq-100 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **Nasdaq-100 Index <sup>®</sup> (Price Only)** is a price-only index that includes 100 of the largest domestic and international non-financial companies listed
on the Nasdaq Stock Market based on market capitalization.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | 95.37% |
|  Money Market Funds | 4.63 |

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Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

**Schedule of Investments** 

*December 31, 2022*

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–4.87%** | **Money Market Funds–4.87%** | **Money Market Funds–4.87%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup>  | 102073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102074 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup>  | 72915 | 72936 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup>  | 116656 | 116656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $291,656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $291,656) | 291666 |

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| | |
|:---|:---|
| **Shares** | **Value** |
| **Options Purchased–100.31%<br> (Cost $6,440,005)<sup>(c)</sup>**  | $6005484 |
| TOTAL INVESTMENTS IN SECURITIES–105.18%<br>(Cost $6,731,661) | 6297150 |
| OTHER ASSETS LESS LIABILITIES–(5.18)% | (309979) |
| NET ASSETS–100.00% | $5987171 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the period ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021\*** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $- | $1176562 | $(1074488) | $- | $- | $102074 | $794 |
|  Invesco Liquid Assets Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767492) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
|  Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1344642 | &nbsp;&nbsp;&nbsp;&nbsp;(1227986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;116656 | &nbsp;&nbsp;&nbsp;&nbsp;1213 |
|  Total | $- | $3361605 | $(3069966) | $10 | $17 | $291666 | $2806 |

---

\* Commencement date of June 30, 2022.

<sup>(b)</sup> The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** |
| **Description** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>**  | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Call | 06/30/2023 | 90 | USD 8.41 | USD 75,690 | $2315006 |
|  **Equity Risk** |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 06/30/2023 | 90 | USD 280.28 | USD 2,522,520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  | $2537082 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>**  | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  NASDAQ 100 Index | Call | 06/30/2023 | 3 | USD 345.11 | USD 103,533 | $3165564 |
|  **Equity Risk** |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 06/30/2023 | 3 | USD 11,503.72 | USD 3,451,116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  | $3468402 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** |
| **Description** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Call | 06/30/2023 | 90 | USD 354.55 | USD 3,190,950 | $(7240) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** |
| **Description** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>**  | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 06/30/2023 | 90 | USD 252.25 | USD 2,270,250 | $(118945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  | $(126185) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>**  | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  NASDAQ 100 Index | Call | 06/30/2023 | 3 | USD 14,552.21 | USD 4,365,663 | $(9571) |
|  **Equity Risk** |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 06/30/2023 | 3 | USD 10,353.35 | USD 3,106,005 | &nbsp;&nbsp;&nbsp;&nbsp;(161820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  | $(171391) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

**Statement of Assets and Liabilities** 

*December 31, 2022*

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $6,440,005) | $6005484 |
|  Investments in affiliated money market funds, at value (Cost $291,656) | 291666 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 63756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 538 |
|  Investment for trustee deferred compensation and retirement plans | 1242 |
|  Other assets | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6363300 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $556,609) | 297576 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 15724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 56626 |
|  Trustee deferred compensation and retirement plans | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 376129 |
|  Net assets applicable to shares outstanding | $5987171 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $6177391 |
|  Distributable earnings (loss) | (190220) |
|  | $5987171 |
|  **Net Assets:** |  |
|  Series I | $1466887 |
|  Series II | $4520284 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 150000 |
|  Series II | 462713 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.78 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.77 |

---

**Statement of Operations** 

*For the period June 30, 2022 (commencement date) through December 31, 2022*

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $2806 |
|  **Expenses:** |  |
|  Advisory fees | 11948 |
|  Administrative services fees | 2316 |
|  Custodian fees | 620 |
|  Distribution fees - Series II | 5168 |
|  Transfer agent fees | 122 |
|  Trustees' and officers' fees and benefits | 9151 |
|  Licensing fees | 1126 |
|  Reports to shareholders | 8411 |
|  Professional services fees | 59890 |
|  Other | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 99270 |
|  Less: Fees waived and/or expenses reimbursed | (74283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 24987 |
|  Net investment income (loss) | (22181) |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (10686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (2936) |
|  | (13605) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (434521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 259033 |
|  | (175478) |
|  Net realized and unrealized gain (loss) | (189083) |
|  Net increase (decrease) in net assets resulting from operations | $(211264) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

**Statement of Changes in Net Assets** 

*For the period June 30, 2022 (commencement date) through December 31, 2022*

---

| | |
|:---|:---|
|  | **June 30, 2022**<br> **(commencement date) through**<br> **December 31, 2022** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(22181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (175478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (211264) |
|  **Share transactions–net:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 4698435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 6198435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 5987171 |
|  **Net assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5987171 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the period indicated.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<br>(loss)<sup>(a)</sup>** | **Net gains<br>(losses)**<br> **on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses**<br> **to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net**<br> **investment<br>income<br>(loss)**<br> **to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup>  | $10.00 | $(0.03) | $(0.19) | $(0.22) | $9.78 | (2.20)% | $1467 | 0.70 %<sup>(e)</sup> | 3.31 %<sup>(e)</sup> | (0.60)%<sup>(e)</sup> | 0% |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup>  | 10.00 | (0.04) | (0.19) | (0.23) | 9.77 | (2.30) | 4520 | 0.95 <sup>(e)</sup> | 3.56 <sup>(e)</sup> | (0.85)<sup>(e)</sup> | 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></sup>

<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.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

**Notes to Financial Statements** 

*December 31, 2022*

**NOTE 1–Significant Accounting Policies** 

Invesco<sup>®</sup> V.I. Nasdaq 100 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 Nasdaq 100 Index<sup>®</sup> (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 Invesco QQQ Trust, which is an affiliated 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a
particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

---

For the period June 30, 2022 (commencement date) through December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective June 30, 2022, the Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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,

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the period June 30, 2022 (commencement date) through December 31, 2022, the Adviser waived advisory fees of $11,948 and reimbursed fund level expenses of $62,336.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the period June 30, 2022 (commencement date) through December 31, 2022, Invesco was paid $402 for accounting and fund administrative services and was reimbursed $1,914 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 period June 30, 2022 (commencement date) through December 31, 2022, 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 period June 30, 2022 (commencement date) through December 31, 2022, 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $291666 | $– | $– | $291666 |
|  Options Purchased |  | 6005484 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6005484 |
|  **Total Investments in Securities** | 291666 | 6005484 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6297150 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (297576) | &nbsp;&nbsp;&nbsp;&nbsp;– | (297576) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $291666 | $5707908 | $– | $5999574 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Equity**<br> **Risk** |
|  Options purchased, at value<sup>(a)</sup>  | $6005484 |
|  Derivatives not subject to master netting agreements | (6005484) |
|  Total Derivative Assets subject to master netting agreements | $– |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | **Equity**<br> **Risk** |
|  Options written, at value | $(297576) |
|  Derivatives not subject to master netting agreements | 297576 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the period June 30, 2022 (commencement date) through December 31, 2022** 

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** |
|  | **Equity**<br> **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup>  | $(10686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2936) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup>  | (434521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 259033 |
|  Total | $(189110) |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** | **Index** | **Equity** | **Index** |
|  | **Options** | **Options** | **Options** | **Options** |
|  | **Purchased** | **Purchased** | **Written** | **Written** |
|  Average notional value | $2000209 | $3385380 | $4204257 | $7115874 |
|  Average contracts | 139 | 6 | 139 | 6 |

---

**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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

There were no ordinary income or long-term capital gain distributions paid during the period June 30, 2022 (commencement date) through December 31, 2022.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $10 |
|  Temporary book/tax differences | (1137) |
|  Capital loss carryforward | (189093) |
|  Shares of beneficial interest | 6177391 |
|  Total net assets | $5987171 |

---

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.

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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $75627 | $113466 | $189093 |

---

\* 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** 

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 period June 30, 2022 (commencement date) through December 31, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $259043 |
|  Aggregate unrealized (depreciation) of investments | (259033) |
|  Net unrealized appreciation of investments | $10 |

---

Cost of investments for tax purposes is $5,999,564.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, organizational expenses and stock issuance costs, on December 31, 2022, undistributed net investment income (loss) was increased by $21,044 and shares of beneficial interest was decreased by $21,044. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

---

| | | |
|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **December 31, 2022<sup>(a)(b)</sup>** | **December 31, 2022<sup>(a)(b)</sup>** |
|  | **Shares** | **Amount** |
|  **Sold:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 150001 | $1500010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 473898 | 4810387 |
|  **Reacquired:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (11185) | (111952) |
|  Net increase in share activity | 612713 | $6198435 |

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<sup>(a)</sup> Commencement date of June 30, 2022.

<sup>(b)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 51% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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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<sup>®</sup> V.I. Nasdaq 100 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<sup>®</sup> V.I. Nasdaq 100 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, 2022, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 30, 2022 (commencement of operations) 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, 2022, the results of its operations, the changes in its net assets and the financial highlights for the period June 30, 2022 (commencement of operations) 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value** <br> **(07/01/22)** | **Ending** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)<sup>1</sup>**  | **Expenses <br> Paid During <br>Period<sup>2</sup>** | **Ending** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $978.00 | $3.49 | $1021.68 | $3.57 | 0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;977.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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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 the period June 30, 2022 (commencement date) through December 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  <br>\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's period June 30, 2022 (commencement date) through December 31, 2022. | <br>\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's period June 30, 2022 (commencement date) through December 31, 2022. |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal<br> Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey –1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering<br> Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - June** 

------

![LOGO](g381986dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE <br> Invesco Distributors, Inc. VINDQM-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March (the Fund) incepted on March 31, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the Nasdaq-100 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March (the Fund) incepted on March 31, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the Nasdaq-100 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Cumulative total returns, 3/31/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Cumulative total returns, 3/31/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -18.30 | % |
| &nbsp;&nbsp; Series II Shares | -18.40 |  |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>▼</sup> | -26.27 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>Bloomberg LP |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.1 Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.3 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses,"

and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on

the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.3 Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -32.97%, as measured by the Nasdaq-100 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund – March** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the Nasdaq-100 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 18.50%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on April 1, 2022 and ending on the following March 31, 2023. This market commentary discussed herein focuses on factors influencing the Nasdaq-100 Index for the fiscal year ended December 31, 2022. Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

------

**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 3/31/22

![LOGO](g381986dsp3.jpg)

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Cumulative Total Returns** | &nbsp;&nbsp; **Cumulative Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (3/31/22) | -18.30% |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (3/31/22) | -18.40% |

---

**Because the period for which performance is shown above does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the** 

**Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the Nasdaq-100 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Nasdaq-100 Index<sup>®</sup> (Price Only)** is a price-only index
that includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | 97.57% |
|  Money Market Funds | 2.43 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–2.90%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 36620 | $36620 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 26240 | 26248 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 41852 | 41852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $104,713) |  | 104720 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Options Purchased–116.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,509,506)<sup>(c)</sup> |  | $4202011 |
|  TOTAL INVESTMENTS IN SECURITIES–119.21%<br>(Cost $4,614,219) |  | 4306731 |
|  OTHER ASSETS LESS LIABILITIES–(19.21)% |  | (693899) |
|  NET ASSETS–100.00% |  | $3612832 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the period ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021\*** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $1491598 | $(1454978) | $- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $36620 | $700 |
| Invesco Liquid Assets Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | 1065428 | (1039270) | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;83 | 26248 | 520 |
| Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | 1704684 | (1662832) | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 41852 | 779 |
| Total | $- | $4261710 | $(4157080) | $7 | $83 | $104720 | $1999 |

---

\* Commencement date of March 31, 2022.

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** |
| **Description** | **Type of**<br> **Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** | | | | | | | | |
|  Invesco QQQ Trust, Series 1 | Call | 03/31/2023 | 80 | USD | 10.88 | USD | 87040 | $2041366 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 03/31/2023 | 80 | USD | 362.54 | USD | 2900320 | 738503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  |  |  | $2779869 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Type of**<br> **Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** | | | | | | | | |
|  NASDAQ 100 Index | Call | 03/31/2023 | 1 | USD | 445.15 | USD | 44515 | $1046865 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 03/31/2023 | 1 | USD | 14838.49 | USD | 1483849 | 375277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  |  |  | $1422142 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Call | 03/31/2023 | 80 | USD | 429.61 | USD | 3436880 | $(1) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 03/31/2023 | 80 | USD | 326.29 | USD | 2610320 | (456141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  |  |  | $(456142) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Type of**<br> **Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Call | 03/31/2023 | 1 | USD | 17583.61 | USD | 1758361 | $(0) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 03/31/2023 | 1 | USD | 13354.64 | USD | 1335464 | (230202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  |  |  | $(230202) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

USD -U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $4,509,506) | $4202011 |
|  Investments in affiliated money market funds, at value<br>(Cost $104,713) | 104720 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 81133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 419 |
|  Investment for trustee deferred compensation and retirement plans | 2512 |
|  Other assets | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4391410 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $365,260) | 686344 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 12905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 74039 |
|  Trustee deferred compensation and retirement plans | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 778578 |
|  Net assets applicable to shares outstanding | $3612832 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $4264728 |
|  Distributable earnings (loss) | (651896) |
|  | $3612832 |
|  **Net Assets:** |  |
|  Series I | $1238534 |
|  Series II | $2374298 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** |  |
|  Series I | 151511 |
|  Series II | 290970 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.17 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.16 |

---

**Statement of Operations** 

*For the period March 31, 2022 (commencement date) through December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $1999 |
|  **Expenses:** |  |
|  Advisory fees | 11430 |
|  Administrative services fees | 801 |
|  Custodian fees | 618 |
|  Distribution fees - Series II | 4316 |
|  Transfer agent fees | 137 |
|  Trustees' and officers' fees and benefits | 11306 |
|  Licensing fees | 1124 |
|  Reports to shareholders | 12232 |
|  Professional services fees | 78698 |
|  Other | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 121976 |
|  Less: Fees waived and/or expenses reimbursed | (98713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 23263 |
|  Net investment income (loss) | (21264) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (18838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (2270) |
|  | (21025) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (307495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (321084) |
|  | (628572) |
|  Net realized and unrealized gain (loss) | (649597) |
|  Net increase (decrease) in net assets resulting from operations | $(670861) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Statement of Changes in Net Assets** 

*For the period March 31, 2022 (commencement date) through December 31, 2022* 

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| | |
|:---|:---|
| | **March 31, 2022**<br>**(commencement date) through**<br>**December 31, 2022** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(21264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (628572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (670861) |
|  **Share transactions–net:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1513161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 2770532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 4283693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 3612832 |
|  **Net assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | – |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3612832 |

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See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the period indicated.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup> | $10.00 | $(0.04) | $(1.79) | $(1.83) | $8.17 | (18.30)% | $1239 | 0.70 %<sup>(e)</sup> | 4.32 %<sup>(e)</sup> | (0.63)%<sup>(e)</sup> | 0% |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup> | 10.00 | (0.06) | (1.78) | (1.84) | 8.16 | (18.40) | 2374 | 0.95 <sup>(e)</sup> | 4.57 <sup>(e)</sup> | (0.88)<sup>(e)</sup> | 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.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco<sup>®</sup> V.I. Nasdaq 100 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 Nasdaq 100 Index<sup>®</sup> (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 Invesco QQQ Trust, which is an affiliated 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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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, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

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For the period March 31, 2022 (commencement date) through December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 31, 2022, the Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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,

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the period March 31, 2022 (commencement date) through December 31, 2022, the Adviser waived advisory fees of $11,430 and reimbursed fund level expenses of $87,283.

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 period March 31, 2022 (commencement date) through December 31, 2022, Invesco was paid $403 for accounting and fund administrative services and was reimbursed $398 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 period March 31, 2022 (commencement date) through December 31, 2022, 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 period March 31, 2022 (commencement date) through December 31, 2022, 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $104720 | $– | $– | $104720 |
|  Options Purchased |  | 4202011 | &nbsp;&nbsp;&nbsp;&nbsp;– | 4202011 |
|  **Total Investments in Securities** | 104720 | 4202011 | &nbsp;&nbsp;&nbsp;&nbsp;– | 4306731 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (686344) | &nbsp;&nbsp;&nbsp;&nbsp;– | (686344) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $104720 | $3515667 | $– | $3620387 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Equity**<br> **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $4202011 |
|  Derivatives not subject to master netting agreements | (4202011) |
|  Total Derivative Assets subject to master netting agreements | $– |
|  | **Value** |
| **Derivative Liabilities** | **Equity**<br> **Risk** |
|  Options written, at value | $(686344) |
|  Derivatives not subject to master netting agreements | 686344 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the period March 31, 2022 (commencement date) through December 31, 2022** 

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** |
| | **Equity**<br> **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | $(18838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (2270) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | (307495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (321084) |
|  Total | $(649687) |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** | **Index** | **Equity** | **Index** |
|  | **Options** | **Options** | **Options** | **Options** |
|  | **Purchased** | **Purchased** | **Written** | **Written** |
|  Average notional value | $2640079 | $1528364 | $5344213 | $3093825 |
|  Average contracts | 141 | 2 | 141 | 2 |

---

**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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

There were no ordinary income or long-term capital gain distributions paid during the period March 31, 2022 (commencement date) through December 31, 2022.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $6 |
|  Temporary book/tax differences | (2298) |
|  Capital loss carryforward | (649604) |
|  Shares of beneficial interest | 4264728 |
|  Total net assets | $3612832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $259792 | $389812 | $649604 |

---

\* 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** 

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 period March 31, 2022 (commencement date) through December 31, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $478231 |
|  Aggregate unrealized (depreciation) of investments | (478225) |
|  Net unrealized appreciation of investments | $6 |

---

Cost of investments for tax purposes is $3,620,381.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of organizational expenses and net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $18,965 and shares of beneficial interest was decreased by $18,965. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

---

| | | |
|:---|:---|:---|
| | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **December 31, 2022<sup>(a)(b)</sup>** | **December 31, 2022<sup>(a)(b)</sup>** |
| | **Shares** | **Amount** |
|  **Sold:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 151516 | $1513204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 300201 | 2852940 |
|  **Reacquired:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (5) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (9231) | (82408) |
|  Net increase in share activity | 442481 | $4283693 |

---

<sup>(a)</sup> Commencement date of March 31, 2022.

<sup>(b)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 32% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 68% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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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<sup>®</sup> V.I. Nasdaq 100 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<sup>®</sup> V.I. Nasdaq 100 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, 2022, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period March 31, 2022 (commencement of operations) 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, 2022, the results of its operations, the changes in its net assets and the financial highlights for the period March 31, 2022 (commencement of operations) 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $977.30 | $3.49 | $1021.68 | $3.57 | 0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;977.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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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 the period March 31, 2022 (commencement date) through December 31, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's period March 31, 2022 (commencement date) through December 31, 2022. 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - March**

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![LOGO](g381987dsp001a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at

invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VINDQS-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September (the Fund) outperformed the Nasdaq-100 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September (the Fund) outperformed the Nasdaq-100 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -21.04 | % |
| &nbsp;&nbsp; Series II Shares | -21.15 |  |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>▼</sup> | -32.97 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>Bloomberg LP |  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -32.97%, as measured by the Nasdaq-100 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund – September** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the Nasdaq-100 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 26.70%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on October 1, 2022 and ending on the following September 30, 2023. This market commentary discussed herein focuses on factors influencing the Nasdaq-100 Index for the fiscal year ended December 31, 2022. Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the one-year period that ended September 30, 2022, the Nasdaq-100 Index returned -25.31%,<sup>1</sup> whilst the Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund – September (share class I) returned -17.20% net of fees. The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

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**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 9/30/21

![LOGO](g381987dsp004.jpg)

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |
| &nbsp;&nbsp; Inception (9/30/21) | -13.25% |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -21.04 |
| &nbsp;&nbsp; **Series II Shares** |  |
| &nbsp;&nbsp; Inception (9/30/21) | -13.41% |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -21.15 |

---

**Because the period for which performance is shown above does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund -September, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered** 

**through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the Nasdaq-100 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **Nasdaq-100 Index<sup>®</sup> (Price Only)** is a price-only index
that includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | 95.72% |
|  Money Market Funds | 4.28 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–4.56%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 77357 | $77357 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 55175 | 55192 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 83385 | 83385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $215,930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $215,930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215934 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Options Purchased–101.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,940,775)<sup>(c)</sup> |  | $4829209 |
|  TOTAL INVESTMENTS IN SECURITIES–106.53%<br>(Cost $5,156,705) | TOTAL INVESTMENTS IN SECURITIES–106.53%<br>(Cost $5,156,705) | 5045143 |
|  OTHER ASSETS LESS LIABILITIES–(6.53)% | OTHER ASSETS LESS LIABILITIES–(6.53)% | (309075) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $4736068 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $50251 | $2581057 | $(2553951) | $- | $- | $77357 | $863 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 35819 | 1843613 | (1824251) | &nbsp;&nbsp;&nbsp;&nbsp;7 | 4 | 55192 | 796 |
|  Invesco Treasury Portfolio, Institutional Class | 28748 | 2949780 | (2895143) | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 83385 | 1067 |
|  Total | $114818 | $7374450 | $(7273345) | $7 | $4 | $215934 | $2726 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** |
| | | | | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | | | |
|  Invesco QQQ Trust, Series 1 | Call | 09/29/2023 | 50 | USD | 8.02 | USD | 40100 | $1286480 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 09/29/2023 | 50 | USD | 267.26 | USD | 1336300 | 109236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  |  |  | $1395716 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | | | |
|  NASDAQ 100 Index | Call | 09/29/2023 | 3 | USD | 329.14 | USD | 98742 | $3164947 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 09/29/2023 | 3 | USD | 10971.22 | USD | 3291366 | 268546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  |  |  | $3433493 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** |
|  | **Type of** | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| **Description** | **Contract** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Call | 09/29/2023 | 50 | USD | 338.62 | USD | 1693100 | $(22074) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Invesco QQQ Trust, Series 1 | Put | 09/29/2023 | 50 | USD | 240.53 | USD | 1202650 | (65039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  |  |  | $(87113) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  | **Type of** | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| **Description** | **Contract** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Call | 09/29/2023 | 3 | USD | 13900.54 | USD | 4170162 | $(52709) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  NASDAQ 100 Index | Put | 09/29/2023 | 3 | USD | 9874.10 | USD | 2962230 | (159822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  |  |  | $(212531) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations: <br> USD - U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $4,940,775) | $4829209 |
|  Investments in affiliated money market funds, at value (Cost $215,930) | 215934 |
|  Cash | 10500 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 103081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 383 |
|  Investment for trustee deferred compensation and retirement plans | 5217 |
|  Other assets | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5164946 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $463,748) | 299644 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 92789 |
|  Trustee deferred compensation and retirement plans | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 428878 |
|  Net assets applicable to shares outstanding | $4736068 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $5454863 |
|  Distributable earnings (loss) | (718795) |
|  | $4736068 |
|  **Net Assets:** |  |
|  Series I | $1336056 |
|  Series II | $3400012 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 159563 |
|  Series II | 407304 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.37 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.35 |

---

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $2726 |
|  **Expenses:** |  |
|  Advisory fees | 17859 |
|  Administrative services fees | 634 |
|  Custodian fees | 2559 |
|  Distribution fees - Series II | 7004 |
|  Transfer agent fees | 222 |
|  Trustees' and officers' fees and benefits | 16092 |
|  Licensing fees | 1771 |
|  Reports to shareholders | 11020 |
|  Professional services fees | 74844 |
|  Other | (2300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 129705 |
|  Less: Fees waived and/or expenses reimbursed | (93089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 36616 |
|  Net investment income (loss) | (33890) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (452855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (315735) |
|  | (768586) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (332066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 193385 |
|  | (138674) |
|  Net realized and unrealized gain (loss) | (907260) |
|  Net increase (decrease) in net assets resulting from operations | $(941150) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Statement of Changes in Net Assets** 

*For the year ended December 31, 2022 and for the period September 30, 2021 (commencement date) through December 31, 2021* 

---

| | | |
|:---|:---|:---|
| |<br>**Year Ended**<br>**December 31, 2022** | **September 30, 2021**<br>**(commencement date) through**<br>**December 31, 2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(33890) | $(7030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (768586) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (138674) | 191216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (941150) | 184111 |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 92618 | 1500010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1923398 | 1977081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 2016016 | 3477091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 1074866 | 3661202 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3661202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4736068 | $3661202 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $10.60 | $(0.06) | $(2.17) | $(2.23) | $8.37 | (21.04)% | $1336 | 0.70% | 2.89% | (0.64)% | 0% |
|  Period ended 12/31/21<sup>(d)</sup> | 10.00 | (0.02) | 0.62 | 0.60 | 10.60 | 6.00 | 1589 | 0.70 <sup>(e)</sup> | 7.73 <sup>(e)</sup> | (0.70)<sup>(e)</sup> | 0 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 10.59 | (0.08) | (2.16) | (2.24) | 8.35 | (21.15) | 3400 | 0.95 | 3.14 | (0.89) | 0 |
|  Period ended 12/31/21<sup>(d)</sup> | 10.00 | (0.03) | 0.62 | 0.59 | 10.59 | 5.90 | 2072 | 0.95 <sup>(e)</sup> | 7.98 <sup>(e)</sup> | (0.95)<sup>(e)</sup> | 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.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1—Significant Accounting Policies** 

Invesco<sup>®</sup> V.I. Nasdaq 100 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 Nasdaq 100 Index<sup>®</sup> (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 Invesco QQQ Trust, which is an affiliated 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

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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, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

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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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

---

For the year ended December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

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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, 2024. 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. <br>

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $17,859 and reimbursed fund level expenses of $75,230.

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, 2022, Invesco was paid $634 for accounting and fund administrative services and was reimbursed $0 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, 2022, 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, 2022, 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:

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| | |
|:---|:---|
| 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. |

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The following is a summary of the tiered valuation input levels, as of December 31, 2022. 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** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $215934 | $– | $– | $215934 |
|  Options Purchased |  | 4829209 |  | 4829209 |
|  **Total Investments in Securities** | 215934 | 4829209 |  | 5045143 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (299644) |  | (299644) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $215934 | $4529565 | $– | $4745499 |

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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.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

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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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Assets** | **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $4829209 |
|  Derivatives not subject to master netting agreements | (4829209) |
|  Total Derivative Assets subject to master netting agreements | $– |
|  | **Value** |
|  | **Equity** |
| **Derivative Liabilities** | **Risk** |
|  Options written, at value | $(299644) |
|  Derivatives not subject to master netting agreements | 299644 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

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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, 2022** 

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>&nbsp;&nbsp;&nbsp;&nbsp;**Statement of Operations** <br>**Equity**<br>**Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | $(452855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (315735) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | (332066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 193385 |
|  Total | $(907271) |

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<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity**<br>**Options**<br>**Purchased** | **Index**<br>**Options**<br>**Purchased** | **Equity**<br>**Options**<br>**Written** | **Index**<br>**Options**<br>**Written** |
|  Average notional value | $3656144 | $3390108 | $7339905 | $7132392 |
|  Average contracts | 205 | 6 | 205 | 6 |

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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. 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

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**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

There were no ordinary income or long-term capital gain distributions paid during the year ended December 31, 2022 and the period September 30, 2021 (commencement date) through December 31, 2021.

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| | |
|:---|:---|
| **<u>Tax Components of Net Assets at Period-End:</u>** | |
|  | **2022** |
|  Net unrealized appreciation (depreciation) – investments | $(5) |
|  Temporary book/tax differences | (2676) |
|  Capital loss carryforward | (716114) |
|  Shares of beneficial interest | 5454863 |
|  Total net assets | $4736068 |

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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 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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $695885 | $20229 | $716114 |

---

\* 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** 

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, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
|  **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $111561 |
|  Aggregate unrealized (depreciation) of investments | (111566) |
|  Net unrealized appreciation (depreciation) of investments | $(5) |

---

Cost of investments for tax purposes is $4,745,504.

**NOTE 9—Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $31,214 and shares of beneficial interest was decreased by $31,214. 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, 2022<sup>(a)</sup>** | **Year ended**<br>**December 31, 2022<sup>(a)</sup>** | **December 31, 2021<sup>(b)</sup>** | **December 31, 2021<sup>(b)</sup>** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 9753 | $94325 | 150001 | $1500010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 315523 | 2838729 | 196330 | 1984070 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (191) | (1707) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (103888) | (915331) | (661) | (6989) |
|  Net increase in share activity | 221197 | $2016016 | 345670 | $3477091 |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 47% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 53% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

<sup>(b)</sup> Commencement date of September 30, 2021.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**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<sup>®</sup> V.I. Nasdaq 100 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<sup>®</sup> V.I. Nasdaq 100 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, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period September 30, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period September 30, 2021 (commencement of operations) 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, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/PricewaterhouseCoopers LLP |
| Houston, Texas |
| February 14, 2023 |

---

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $974.40 | $3.48 | $1021.68 | $3.57 | 0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;974.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**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, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey – 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco<sup>®</sup> V.I. Nasdaq 100 Buffer Fund - September**

------

![LOGO](g381978dsp001.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

------

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VISP500D-AR-1

------

**Management's Discussion of Fund Performance** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December (the Fund) outperformed the S&P 500 Index.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December (the Fund) outperformed the S&P 500 Index.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -10.70% |
| &nbsp;&nbsp; Series II Shares | -10.90 |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> | -19.44 |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data

on the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -19.44%, as measured by the S&P 500 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – December** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the S&P 500 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 20.00%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on January 1, 2023 and ending on the following December 31, 2023.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the one-year period that ended December 31, 2022, the S&P 500 Index returned -19.44%,<sup>1</sup> whilst the Invesco**<sup>®</sup>** V.I. S&P 500 Buffer Fund - December (share class I)

returned -10.70% net of fees. The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – December.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

------

**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/21

![LOGO](g381978dsp003.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception(12/31/21) | -10.70 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | -10.70 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception(12/31/21) | -10.90 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | -10.90 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable** 

**product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the S&P 500 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index (Price Only)** is an unmanaged
price-only index considered representative of the US stock market.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.98% |
|  Money Market Funds | 4.02 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-4.36%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 136811 | $136811 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 102092 | 102122 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 163051 | 163051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $401,961) |  | 401984 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Options Purchased-103.91%**<br>(Cost $9,574,335)<sup>(c)</sup> | **Options Purchased-103.91%**<br>(Cost $9,574,335)<sup>(c)</sup> | $9585403 |
|  TOTAL INVESTMENTS IN SECURITIES- 108.27%<br>(Cost $9,976,296) |  | 9987387 |
|  OTHER ASSETS LESS LIABILITIES-(8.27)% | OTHER ASSETS LESS LIABILITIES-(8.27)% | (763225) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $9224162 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $700007 | $1989698 | $(2552894) | $- | $- | $136811 | $1558 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1000010 | 1163009 | (2060904) | 23 | (16) | 102122 | 1571 |
|  Invesco Treasury Portfolio, Institutional Class | 800008 | 2280656 | (2917613) | - | - | 163051 | 2346 |
|  Total | $2500025 | $5433363 | $(7531411) | $23 | $(16) | $401984 | $5475 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | | |
| **Description** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Call | 12/29/2023 | 22 | USD 11.47 | USD 25,234 | $805174 |
|  **Equity Risk** |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 12/29/2023 | 22 | USD 382.43 | USD 841,346 | 63216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  | $868390 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | | | |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Call | 12/29/2023 | 22 | USD 115.19 | USD 253,418 | $8081042 |
|  **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Put | 12/29/2023 | 22 | USD 3,839.50 | USD 8,446,900 | 635971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  | $8717013 |

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<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | | | |
| **Description** | **Type of**<br> **Contract** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Call | 12/29/2023 | 22 | USD 458.92 | USD 1,009,624 | $(19270) |
|  **Equity Risk** |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 12/29/2023 | 22 | USD 344.19 | USD 757,218 | (37656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  | $(56926) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | | | |
| **Description** | **Type of**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Contract**  | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Call | 12/29/2023 | 22 | USD 4,607.40 | USD 10,136,280 | $(193625) |
|  **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Put | 12/29/2023 | 22 | USD 3,455.55 | USD 7,602,210 | (378461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  | $(572086) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

ETF SPDR USD –Exchange-Traded Fund –Standard & Poor's Depositary Receipt –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $9,574,335) | $9585403 |
|  Investments in affiliated money market funds, at value<br>(Cost $401,961) | 401984 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11342907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 114270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 920 |
|  Investment for trustee deferred compensation and retirement plans | 3761 |
|  Other assets | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 21449886 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $637,667) | 629012 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 10619304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 836263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 46468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 88184 |
|  Trustee deferred compensation and retirement plans | 3761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12225724 |
|  Net assets applicable to shares outstanding | $9224162 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $10069942 |
|  Distributable earnings (loss) | (845780) |
|  | $9224162 |
|  **Net Assets:** |  |
|  Series I | $476588 |
|  Series II | $8747574 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 53191 |
|  Series II | 979191 |
|  Series I: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $8.96 |
|  Series II: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $8.93 |

---

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $5475 |
|  **Expenses:** |  |
|  Advisory fees | 37707 |
|  Administrative services fees | 12101 |
|  Custodian fees | 1785 |
|  Distribution fees - Series II | 20152 |
|  Transfer agent fees | 446 |
|  Trustees' and officers' fees and benefits | 15591 |
|  Licensing fees | 4909 |
|  Reports to shareholders | 8482 |
|  Professional services fees | 87590 |
|  Other | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 190303 |
|  Less: Fees waived and/or expenses reimbursed | (107630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 82673 |
|  Net investment income (loss) | (77198) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (600286) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | (16) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option contracts written | (261782) |
|  | (862084) |
|  Change in net unrealized appreciation of: | Change in net unrealized appreciation of: |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | 11068 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities | 23 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option contracts written | 8655 |
|  | 19746 |
|  Net realized and unrealized gain (loss) | (842338) |
|  Net increase (decrease) in net assets resulting from operations | $(919536) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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**Statement of Changes in Net Assets** 

*For the year ended December 31, 2022 and for the period December 31, 2021 (commencement date) through December 31, 2021* 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2022** | **December 31, 2021**<br> **(commencement date) through**<br> **December 31, 2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(77198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (862084) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 19746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (919536) | (45) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (418000) | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 8561743 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 8143743 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 7224207 | 1999955 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1999955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9224162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1999955 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net<br>investment<br>income<br>(loss)<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $10.00 | $(0.06) | $(0.98) | $(1.04) | $8.96 | (10.40)% | $477 | 0.70% | 1.90% | (0.64)% | 0% |
|  Period ended 12/31/21<sup>(d)</sup> | 10.00 | (0.00) | - | (0.00) | 10.00 | - | 1000 | 0.70 <sup>(e)</sup> | 643.01 <sup>(e)</sup> | (0.70)<sup>(e)</sup> | 0 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 10.00 | (0.08) | (0.99) | (1.07) | 8.93 | (10.70) | 8748 | 0.95 | 2.15 | (0.89) | 0 |
|  Period ended 12/31/21<sup>(d)</sup> | 10.00 | (0.00) | - | (0.00) | 10.00 | - | 1000 | 0.95 <sup>(e)</sup> | 643.26 <sup>(e)</sup> | (0.95)<sup>(e)</sup> | 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.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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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, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations,
extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains,
layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other
pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual
businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

---

For year ended December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $37,707 and reimbursed fund level expenses of $69,923.

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, 2022, Invesco was paid $1,306 for accounting and fund administrative services and was reimbursed $10,795 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, 2022, 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, 2022, 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $401984 | $– | $– | $401984 |
|  Options Purchased |  | 9585403 | &nbsp;&nbsp;&nbsp;&nbsp;– | 9585403 |
|  **Total Investments in Securities** | 401984 | 9585403 | &nbsp;&nbsp;&nbsp;&nbsp;– | 9987387 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (629012) | &nbsp;&nbsp;&nbsp;&nbsp;– | (629012) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $401984 | $8956391 | $– | $9358375 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Assets** | **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $9585403 |
|  Derivatives not subject to master netting agreements | (9585403) |
|  Total Derivative Assets subject to master netting agreements | $- |
|  | **Value** |
|  | **Equity** |
| **Derivative Liabilities** | **Risk** |
|  Options written, at value | $(629012) |
|  Derivatives not subject to master netting agreements | 629012 |
|  Total Derivative Liabilities subject to master netting agreements | $- |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
|  | **Equity** |
|  | **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | $(600286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (261782) |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | 11068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 8655 |
|  Total | $(842345) |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** | **Index** | **Equity** | **Index** |
|  | **Options** | **Options** | **Options** | **Options** |
|  | **Purchased** | **Purchased** | **Written** | **Written** |
|  Average notional value | $4703403 | $5511467 | $9238740 | $10874487 |
|  Average contracts | 193 | 23 | 193 | 23 |

---

**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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco<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** 

There were no ordinary income or long-term capital gain distributions paid during the year ended December 31, 2022 and the period December 31, 2021 (commencement date) through December 31, 2021.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $13 |
|  Temporary book/tax differences | (3442) |
|  Capital loss carryforward | (842351) |
|  Shares of beneficial interest | 10069942 |
|  Total net assets | $9224162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a capital loss carryforward as of December 31, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $336944 | $505407 | $842351 |

---

\* 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** 

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, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $6347 |
|  Aggregate unrealized (depreciation) of investments | (6334) |
|  Net unrealized appreciation of investments | $13 |

---

Cost of investments for tax purposes is $9,358,362. <br>

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $73,756 and shares of beneficial interest was decreased by $73,756. 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** | **Year ended** | | |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021<sup>(b)</sup>** | **December 31, 2021<sup>(b)</sup>** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  | $- | 100001 | $1000010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1009873 | 9715840 | 100001 | 1000010 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (46809) | (418000) | (1) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (130682) | (1154097) | (1) | (10) |
|  Net increase in share activity | 832382 | $8143743 | 200000 | $2000000 |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 90% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

<sup>(b)</sup> Commencement date of December 31, 2021.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**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<sup>®</sup> 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<sup>®</sup> 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, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period December 31, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period December 31, 2021 (commencement of operations) 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, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1031.20 | $3.58 | $1021.68 | $3.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1030.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering<br> Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December**

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![LOGO](g381979page1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - June** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VISP500J-AR-1

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**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - June (the Fund) incepted on June 30, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the S&P 500 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** | &nbsp;&nbsp; Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - June (the Fund) incepted on June 30, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the S&P 500 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Cumulative total returns, 6/30/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Cumulative total returns, 6/30/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | 2.56 | % |
| &nbsp;&nbsp; Series II Shares | 2.36 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> | 1.43 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>Rimes Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses,"

and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.3 Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -19.44%, as measured by the S&P 500 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund –June** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the S&P 500 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 22.27%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on July 1, 2022 and ending on the following June 30, 2023. This market commentary discussed herein focuses on factors influencing the S&P 500 Index for the fiscal year ended December 31, 2022. Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

------

**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 6/30/22

![LOGO](g381979page03.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Cumulative Total Returns** | &nbsp;&nbsp; **Cumulative Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (6/30/22) | 2.56 | % |
| &nbsp;&nbsp; <br> **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (6/30/22) | 2.36 | % |

---

**Because the period for which performance is shown above does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund -June, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund** 

**directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - June seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the S&P 500 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index (Price Only)** is an unmanaged
price-only index considered representative of the US stock market.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | 95.69% |
|  Money Market Funds | 4.31 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–4.44%** | **Money Market Funds–4.44%** | **Money Market Funds–4.44%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 160718 | $160718 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 114794 | 114828 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 183678 | 183678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br> (Cost $459,222) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459224 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Options Purchased–98.56%** | **Options Purchased–98.56%** | **Options Purchased–98.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,477,279)<sup>(c)</sup> |  | $10189808 |
|  TOTAL INVESTMENTS IN SECURITIES–103.00%<br>(Cost $10,936,501) | TOTAL INVESTMENTS IN SECURITIES–103.00%<br>(Cost $10,936,501) | 10649032 |
|  OTHER ASSETS LESS LIABILITIES–(3.00)% | OTHER ASSETS LESS LIABILITIES–(3.00)% | (310236) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $10338796 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021\*** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** |<br>**Realized**<br>**Gain** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $- | $2586369 | $(2425651) | $- | $- | $160718 | $1278 |
|  Invesco Liquid Assets Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | 1847406 | (1732607) | &nbsp;&nbsp;&nbsp;&nbsp;2 | 27 | 114828 | 1312 |
|  Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | 2955851 | (2772173) | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 183678 | 1995 |
|  Total | $- | $7389626 | $(6930431) | $2 | $27 | $459224 | $4585 |

---

\* Commencement date of June 30, 2022.

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022. <sup></sup>

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** |
| | | | | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | | | |
|  SPDR S&P 500 ETF Trust | Call | 06/30/2023 | 92 | USD | 11.33 | USD | 104236 | $3390614 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 06/30/2023 | 92 | USD | &nbsp;&nbsp;&nbsp;&nbsp;377.56 | USD | 3473552 | 181961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  |  |  | $3572575 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | | | |
|  S&P 500<sup>®</sup> Index | Call | 06/30/2023 | 17 | USD | 113.56 | USD | 193052 | $6281881 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Put | 06/30/2023 | 17 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3785.38 | USD | &nbsp;&nbsp;&nbsp;&nbsp;6435146 | 335352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  |  |  | $6617233 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Exercise**<br>**Price** | **Notional**<br>**Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | |
|  SPDR S&P 500 ETF Trust | Call | 06/30/2023 | 92 | USD 461.64 | USD 4,247,088 | $(15930) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Exercise**<br>**Price** | **Notional**<br>**Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | |
|  SPDR S&P 500 ETF Trust | Put | 06/30/2023 | 92 | USD 339.80 | USD 3,126,160 | $(86477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  | $(102407) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| <br>**Description** | **Type of**<br>**Contract** | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Exercise**<br>**Price** | **Notional**<br>**Value<sup>(a)</sup>** |<br>**Value** |
|  **Equity Risk** | | | | | | |
|  S&P 500<sup>®</sup> Index | Call | 06/30/2023 | 17 | USD 4,628.38 | USD 7,868,246 | $(29235) |
|  **Equity Risk** |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Put | 06/30/2023 | 17 | USD 3,406.84 | USD 5,791,628 | (157252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  | $(186487) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

---

| | |
|:---|:---|
| ETF | – Exchange-Traded Fund |
| SPDR | – Standard & Poor's Depositary Receipt |
| USD | – U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $10,477,279) | $10189808 |
|  Investments in affiliated money market funds, at value<br>(Cost $459,222) | 459224 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 64513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 930 |
|  Investment for trustee deferred compensation and retirement plans | 1242 |
|  Other assets | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 10716641 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $675,751) | 288894 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 26598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 57364 |
|  Trustee deferred compensation and retirement plans | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 377845 |
|  Net assets applicable to shares outstanding | $10338796 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $10327947 |
|  Distributable earnings | 10849 |
|  | $10338796 |
|  **Net Assets:** |  |
|  Series I | $1017793 |
|  Series II | $9321003 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 100000 |
|  Series II | 917210 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.18 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.16 |

---

**Statement of Operations** 

*For the period June 30, 2022 (commencement date) through December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $4585 |
|  **Expenses:** |  |
|  Advisory fees | 17115 |
|  Administrative services fees | 6300 |
|  Custodian fees | 752 |
|  Distribution fees - Series II | 8883 |
|  Transfer agent fees | 124 |
|  Trustees' and officers' fees and benefits | 7759 |
|  Licensing fees | 1715 |
|  Reports to shareholders | 8373 |
|  Professional services fees | 59824 |
|  Other | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 111475 |
|  Less: Fees waived and/or expenses reimbursed | (74216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 37259 |
|  Net investment income (loss) | (32674) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 27 |
|  | 342 |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (287471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 386857 |
|  | 99388 |
|  Net realized and unrealized gain | 99730 |
|  Net increase in net assets resulting from operations | $67056 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Statement of Changes in Net Assets** 

*For the period June 30, 2022 (commencement date) through December 31, 2022* 

---

| | |
|:---|:---|
| | **June 30, 2022<br>(commencement date) through<br>December 31, 2022** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(32674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 99388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 67056 |
|  **Distributions to shareholders from distributable earnings:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (7580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (68489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (76069) |
|  **Share transactions–net:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 9347809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 10347809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 10338796 |
|  **Net assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | – |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $10338796 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the period indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup> | $10.00 | $(0.03) | $0.29 | $0.26 | $(0.08) | $10.18 | 2.56% | $1018 | 0.70 %<sup>(e)</sup> | 2.52 %<sup>(e)</sup> | (0.59)%<sup>(e)</sup> | 0% |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup> | 10.00 | (0.04) | 0.28 | 0.24 | (0.08) | 10.16 | 2.36 | 9321 | 0.95 <sup>(e)</sup> | 2.77 <sup>(e)</sup> | (0.84)<sup>(e)</sup> | 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 June 30, 2022.

<sup>(e)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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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, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or
other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's
servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk
of material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

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For the period June 30, 2022 (commencement date) through December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective June 30, 2022, the Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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,

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the period June 30, 2022 (commencement date) through December 31, 2022, the Adviser waived advisory fees of $17,115 and reimbursed fund level expenses of $57,101.

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 period June 30, 2022 (commencement date) through December 31, 2022, Invesco was paid $492 for accounting and fund administrative services and was reimbursed $5,808 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 period June 30, 2022 (commencement date) through December 31, 2022, 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 period June 30, 2022 (commencement date) through December 31, 2022, 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:

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| | |
|:---|:---|
| 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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $459224 | $– | $– | $459224 |
|  Options Purchased |  | 10189808 | &nbsp;&nbsp;&nbsp;&nbsp;– | 10189808 |
|  **Total Investments in Securities** | 459224 | 10189808 | &nbsp;&nbsp;&nbsp;&nbsp;– | 10649032 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (288894) | &nbsp;&nbsp;&nbsp;&nbsp;– | (288894) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $459224 | $9900914 | $– | $10360138 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Assets** | **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $10189808 |
|  Derivatives not subject to master netting agreements | (10189808) |
|  Total Derivative Assets subject to master netting agreements | $– |
|  | **Value** |
|  | **Equity** |
| **Derivative Liabilities** | **Risk** |
|  Options written, at value | $(288894) |
|  Derivatives not subject to master netting agreements | 288894 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the period June 30, 2022 (commencement date) through December 31, 2022** 

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** |
| | **Equity**<br>**Risk** |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased | $(287471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 386857 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** | **Index** | **Equity** | **Index** |
|  | **Options** | **Options** | **Options** | **Options** |
|  | **Purchased** | **Purchased** | **Written** | **Written** |
|  Average notional value | $2500007 | $5068622 | $5152114 | $10445786 |
|  Average contracts | 129 | 26 | 129 | 26 |

---

**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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

---

| | |
|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the period June 30, 2022 (commencement date) through<br>December 31, 2022:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the period June 30, 2022 (commencement date) through<br>December 31, 2022:</u>** |
|  | **2022** |
|  Ordinary income\* | $32013 |
|  Long-term capital gain | 44056 |
|  Total distributions | $76069 |

---

\* Includes short-term capital gain distributions, if any.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

---

| | |
|:---|:---|
| **<u>Tax Components of Net Assets at Period-End:</u>** | |
|  | **2022** |
|  Undistributed ordinary income | $6346 |
|  Undistributed long-term capital gain | 5637 |
|  Net unrealized appreciation – investments | 3 |
|  Temporary book/tax differences | (1137) |
|  Shares of beneficial interest | 10327947 |
|  Total net assets | $10338796 |

---

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.

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, 2022.

**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 period June 30, 2022 (commencement date) through December 31, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $361501 |
|  Aggregate unrealized (depreciation) of investments | (361498) |
|  Net unrealized appreciation of investments | $3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $10,360,135.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, organizational expenses and stock issuance costs, on December 31, 2022, undistributed net investment income (loss) was increased by $31,537, undistributed net realized gain (loss) was decreased by $11,675 and shares of beneficial interest was decreased by $19,862. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

---

| | | |
|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **December 31, 2022<sup>(a)(b)</sup>** | **December 31, 2022<sup>(a)(b)</sup>** |
|  | **Shares** | **Amount** |
|  **Sold:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 100001 | $1000010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 922857 | 9404470 |
|  **Issued as reinvestment of dividends:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 5989 | 60909 |
|  **Reacquired:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (11636) | (117570) |
|  Net increase in share activity | 1017210 | $10347809 |

---

<sup>(a)</sup> Commencement date of June 30, 2022.

<sup>(b)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 80% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 20% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

**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<sup>®</sup> 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<sup>®</sup> 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, 2022 and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 30, 2022 (commencement of operations) 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, 2022 and the results of its operations, the changes in its net assets and the financial highlights for the period June 30, 2022 (commencement of operations) 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1025.60 | $3.57 | $1021.68 | $3.57 | 0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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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 the period June 30, 2022 (commencement date) through December 31, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $44056 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's period June 30, 2022 (commencement date) through December 31, 2022. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's period June 30, 2022 (commencement date) through December 31, 2022. |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort –1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes– 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering<br> Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June**

------

![LOGO](g381980page1.jpg)

------

---

| | |
|:---|:---|
|  **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

---

| | |
|:---|:---|
| NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE | NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |
| Invesco Distributors, Inc. | VISP500M-AR-1 |

---

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** |  |  |
| &nbsp;&nbsp; Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March (the Fund) incepted on March 31, 2022. From the Fund's inception to the end of the reporting period on December 31, 2022, Series I shares of the Fund outperformed the S&P 500 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Cumulative total returns, 3/31/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Cumulative total returns, 3/31/22 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -8.00 | % |
| &nbsp;&nbsp; Series II Shares | -8.20 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>q</sup> | -15.25 |  |
| &nbsp;&nbsp; Source(s): <sup>q</sup>Rimes Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses,"

and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -19.44%, as measured by the S&P 500 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund –March** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the S&P 500 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 14.60%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on April 1, 2022 and ending on the following March 31, 2023. This market commentary discussed herein focuses on factors influencing the S&P 500 Index for the fiscal year ended December 31, 2022. Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – March.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

------

**Portfolio manager(s)**:

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment — Oldest Share Class(es)** 

Fund and index data from 3/31/22

![LOGO](g381980page3.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
| **Cumulative Total Returns** | **Cumulative Total Returns** |
|  *As of 12/31/22* |  |
| **Series I Shares** |  |
| Inception (3/31/22) | -8.00% |
| **Series II Shares** |  |
| Inception (3/31/22) | -8.20% |

---

**Because the period for which performance is shown above does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund -March, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the** 

**Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the S&P 500 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is
based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index (Price Only)** is an unmanaged price-only index considered representative of the US stock market.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if
applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Options Purchased | 98.45% |
|  Money Market Funds | 1.55 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Money Market Funds–1.63%** | **Money Market Funds–1.63%** | **Money Market Funds–1.63%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 63143 | $63143 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 45181 | 45194 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 72163 | 72163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $180,481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $180,481) | 180500 |

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---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Options Purchased–103.70%** | **Options Purchased–103.70%** | **Options Purchased–103.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,348,731)<sup>(c)</sup> |  | $11471016 |
|  TOTAL INVESTMENTS IN SECURITIES–105.33%<br>(Cost $12,529,212) | TOTAL INVESTMENTS IN SECURITIES–105.33%<br>(Cost $12,529,212) | 11651516 |
|  OTHER ASSETS LESS LIABILITIES—(5.33)% | OTHER ASSETS LESS LIABILITIES—(5.33)% | (589401) |
|  NET ASSETS–100.00% |  | $11062115 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the period ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021\*** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **December 31, 2022** | **Dividend Income** |
|  **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $- | $3822047 | $(3758904) | $- | $- | $63143 | $1685 |
|  Invesco Liquid Assets Portfolio, Institutional Class | - | 2730033 | (2684931) | 19 | 73 | 45194 | 1245 |
|  Invesco Treasury Portfolio, Institutional Class | - | 4368054 | (4295891) | - | - | 72163 | 1865 |
|  Total | $- | $10920134 | $(10739726) | $19 | $73 | $180500 | $4795 |

---

\* Commencement date of March 31, 2022.

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** |
|  | **Type of** | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** |  |
| **Description** | **Contract** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Call | 03/31/2023 | 54 | USD | &nbsp;&nbsp;&nbsp;&nbsp;13.56 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73224 | $1984503 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 03/31/2023 | 54 | USD | 452.11 | USD | 2441394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  |  |  | $2342471 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  | **Type of** | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** |  |
| **Description** | **Contract** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Call | 03/31/2023 | 21 | USD | &nbsp;&nbsp;&nbsp;&nbsp;135.91 | USD | &nbsp;&nbsp;&nbsp;&nbsp;285411 | $7741641 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Put | 03/31/2023 | 21 | USD | 4530.41 | USD | 9513861 | &nbsp;&nbsp;&nbsp;&nbsp;1386904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  |  |  | $9128545 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** |
|  | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** |  |
| **Description** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust<br> Call | 03/31/2023 | 54 | USD | 518.12 | USD | 2797848 | $(64) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** | **Open Equity Options Written–(continued)** |
|  | **Type of** | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| **Description** | **Contract** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 03/31/2023 | 54 | USD | 406.90 | USD | 2197260 | $(151959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  |  |  | $(152023) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  | **Type of** | **Expiration** | **Number of** | **Exercise** | **Exercise** | **Notional** | **Notional** | |
| **Description** | **Contract** | **Date** | **Contracts** | **Price** | **Price** | **Value<sup>(a)</sup>** | **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Call | 03/31/2023 | 21 | USD | 5191.85 | USD | 10902885 | $(334) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Put | 03/31/2023 | 21 | USD | 4077.37 | USD | &nbsp;&nbsp;&nbsp;&nbsp;8562477 | (589923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  |  |  | $(590257) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. Abbreviations:

ETF –Exchange-Traded Fund

SPDR –Standard & Poor's Depositary Receipt

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $12,348,731) | $11471016 |
|  Investments in affiliated money market funds, at value (Cost $180,481) | 180500 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 176867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 100509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 814 |
|  Investment for trustee deferred compensation and retirement plans | 2519 |
|  Other assets | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 11932872 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $806,418) | 742280 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 44201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 79027 |
|  Trustee deferred compensation and retirement plans | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 870757 |
|  Net assets applicable to shares outstanding | $11062115 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $11877906 |
|  Distributable earnings (loss) | (815791) |
|  | $11062115 |
|  **Net Assets:** |  |
|  Series I | $919802 |
|  Series II | $10142313 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 100000 |
|  Series II | 1104692 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.20 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.18 |

---

**Statement of Operations** 

*For the period March 31, 2022 (commencement date) through December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $4795 |
|  **Expenses:** |  |
|  Advisory fees | 33565 |
|  Administrative services fees | 12110 |
|  Custodian fees | 1817 |
|  Distribution fees - Series II | 18233 |
|  Transfer agent fees | 399 |
|  Trustees' and officers' fees and benefits | 11328 |
|  Licensing fees | 4114 |
|  Reports to shareholders | 11927 |
|  Professional services fees | 78717 |
|  Other | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 174620 |
|  Less: Fees waived and/or expenses reimbursed | (100721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 73899 |
|  Net investment income (loss) | (69104) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain from affiliated investment securities | 73 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (877715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 64138 |
|  | (813558) |
|  Net realized and unrealized gain (loss) | (813485) |
|  Net increase (decrease) in net assets resulting from operations | $(882589) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

**Statement of Changes in Net Assets** 

*For the period March 31, 2022 (commencement date) through December 31, 2022*

---

| | |
|:---|:---|
| | **March 31, 2022<br>(commencement date) through<br>December 31, 2022** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(69104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (813558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (882589) |
|  **Share transactions–net:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 10944704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 11944704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 11062115 |
|  **Net assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | – |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11062115 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**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 period indicated.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<br>(loss)<sup>(a)</sup>** | **Net gains<br>(losses)**<br> **on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average**<br> **net assets<br>with fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without**<br> **fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net**<br> **investment**<br> **income<br>(loss)**<br> **to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup> | $10.00 | $(0.04) | $(0.76) | $(0.80) | $9.20 | (8.00)% | $920 | 0.70% <sup>(e)</sup> | 1.96% <sup>(e)</sup> | (0.64)%<sup>(e)</sup> | 0% |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Period ended 12/31/22<sup>(d)</sup> | 10.00 | (0.06) | (0.76) | (0.82) | 9.18 | (8.20) | 10142 | 0.95<sup>(e)</sup> | 2.21<sup>(e)</sup> | (0.89)<sup>(e)</sup> | 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 March 31, 2022.

<sup>(e)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the
Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material
events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee,
officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the
Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market
closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business
closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic
impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the
macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

---

For the period March 31, 2022 (commencement date) through December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 31, 2022, the Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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,

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the period March 31, 2022 (commencement date) through December 31, 2022, the Adviser waived advisory fees of $33,565 and reimbursed fund level expenses of $67,156.

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 period March 31, 2022 (commencement date) through December 31, 2022, Invesco was paid $1,178 for accounting and fund administrative services and was reimbursed $10,932 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 period March 31, 2022 (commencement date) through December 31, 2022, 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 period March 31, 2022 (commencement date) through December 31, 2022, 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.  |

---

---

| | |
|:---|:---|
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $180500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180500 |
|  Options Purchased |  | 11471016 |  | 11471016 |
|  **Total Investments in Securities** | 180500 | 11471016 |  | 11651516 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (742280) |  | (742280) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $180500 | $10728736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $10909236 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

**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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Equity**<br> **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $11471016 |
|  Derivatives not subject to master netting agreements | (11471016) |
|  Total Derivative Assets subject to master netting agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  | **Value** |
| **Derivative Liabilities** | **Equity**<br> **Risk** |
|  Options written, at value | $(742280) |
|  Derivatives not subject to master netting agreements | 742280 |
|  Total Derivative Liabilities subject to master netting agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the period March 31, 2022 (commencement date) through December 31, 2022** 

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** |
|  | **Equity**<br> **Risk** |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | $(877715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 64138 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity**<br>**Options**<br>**Purchased** | **Index**<br>**Options**<br>**Purchased** | **Equity**<br>**Options**<br>**Written** | **Index**<br>**Options**<br>**Written** |
|  Average notional value | $2090858 | $9005998 | $4153340 | $17889595 |
|  Average contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |

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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. 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Distributions to Shareholders and Tax Components of Net Assets** 

There were no ordinary income or long-term capital gain distributions paid during the period March 31, 2022 (commencement date) through December 31, 2022.

**<u>Tax Components of Net Assets at Period-End</u>:** 

---

| | |
|:---|:---|
| | **2022** |
|  Net unrealized appreciation – investments | $19 |
|  Temporary book/tax differences | (2306) |
|  Capital loss carryforward | (813504) |
|  Shares of beneficial interest | 11877906 |
|  Total net assets | $11062115 |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

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.

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, 2022, 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;&nbsp;&nbsp;&nbsp;&nbsp;$325357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$488147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$813504 |

---

\* 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** 

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 period March 31, 2022 (commencement date) through December 31, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $775411 |
|  Aggregate unrealized (depreciation) of investments | (775392) |
|  Net unrealized appreciation of investments | $19 |

---

Cost of investments for tax purposes is $10,909,217.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses and stock issuance costs, on December 31, 2022, undistributed net investment income (loss) was increased by $66,798 and shares of beneficial interest was decreased by $66,798. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

---

| | | |
|:---|:---|:---|
| | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **December 31, 2022<sup>(a)(b)</sup>** | **December 31, 2022<sup>(a)(b)</sup>** |
| | **Shares** | **Amount** |
|  **Sold:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 100001 | $1000010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1150875 | 11356942 |
|  **Reacquired:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (46183) | (412238) |
|  Net increase in share activity | 1204692 | $11944704 |

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<sup>(a)</sup> Commencement date of March 31, 2022.

<sup>(b)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 82% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

In addition, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

**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<sup>®</sup> 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<sup>®</sup> 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, 2022, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period March 31, 2022 (commencement of operations) 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, 2022, the results of its operations, the changes in its net assets and the financial highlights for the period March 31, 2022 (commencement of operations) 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During** <br> **Period<sup>2</sup>** | **Ending<br> Account Value** <br> **(12/31/22)** | **Expenses<br> Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp;Series I | $1000.00 | $1036.00 | $3.59 | $1021.68 | $3.57 | 0.70% |
| &nbsp;&nbsp;&nbsp;Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1035.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period March 31, 2022 (commencement date) through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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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 the period March 31, 2022 (commencement date) through December 31, 2022:

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| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | **<u>Federal and State Income Tax</u>** |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's period March 31, 2022 (commencement date) through December 31, 2022. 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br> Position(s)<br> Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair<br> (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis -1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March** 

------

![LOGO](g381982page1.jpg)

------

---

| | |
|:---|:---|
|  **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at<br> invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

---

| | |
|:---|:---|
| NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE | NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |
| Invesco Distributors, Inc. | VISP500S-AR-1 |

---

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September (the Fund) outperformed the S&P 500 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September (the Fund) outperformed the S&P 500 Index. **Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -9.53 | % |
| &nbsp;&nbsp; Series II Shares | -9.74 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> | -19.44 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.<sup>1</sup> In an attempt to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings.<sup>1</sup> However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>1</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter of 2022.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this environment, US stocks had negative double-digit returns for the fiscal year of -19.44%, as measured by the S&P 500 Index.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September** seeks, over a specified annual Outcome Period (an "Outcome Period"), to provide investors with returns that match those of the S&P 500 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the "Cap"), is 23.50%. This Cap is before considering fees and expenses of the Fund. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period, based on market conditions and other factors. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's current Outcome Period is twelve months, commencing on October 1, 2022 and ending on the following September 30, 2023. This market commentary discussed herein focuses on factors influencing the S&P 500 Index for the fiscal year ended December 31, 2022. Because this period does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the one-year period that ended September 30, 2022, the S&P 500 Index returned -16.76%,<sup>1</sup> whilst the Invesco**<sup>®</sup>** V.I. S&P 500 Buffer Fund - September (share class I) returned -9.18% net of fees. The Fund's performance information is accessible on the Fund's website. The Fund's website also provides important Fund information on a daily basis, including information about the Cap and Buffer, current Outcome Period start and end dates, and information relating to the remaining potential outcomes of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

------

**Portfolio manager(s):** 

Jacob Borbidge

Alessio de Longis

Duy Nguyen

Ali Zouiten

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 9/30/21

![LOGO](g381982page3.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (9/30/21) | -3.41 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -9.53 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/30/21) | -3.66 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -9.74 |  |

---

**Because the period for which performance is shown above does not align with the current Outcome Period of the Fund, the Fund's performance stated over the reporting period does not align with the investment objective of the Fund for the current Outcome Period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through** 

**insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

**Supplemental Information** 

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September seeks, over a specified annual Outcome Period, to provide investors with returns that match those of the S&P 500 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.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **S&P 500<sup>®</sup> Index (Price Only)** is an unmanaged
price-only index considered representative of the US stock market.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By security type** | **% of total investments** |
|  Open Index Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;97.41% |
|  Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.59 |

---

Data presented here are as of December 31, 2022.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–2.71%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> | 139249 | $139249 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(a)(b)</sup> | 99434 | 99463 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(a)(b)</sup> | 161027 | 161027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $399,739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $399,739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399739 |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |
| **Options Purchased–102.08%**<br> (Cost $14,563,668)<sup>(c)</sup> | $15034344 |
| TOTAL INVESTMENTS IN<br>SECURITIES–104.79%<br>(Cost $14,963,407) | 15434083 |
| OTHER ASSETS LESS LIABILITIES–(4.79)% | (705434) |
| NET ASSETS–100.00% | $14728649 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>December 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $788922 | $5138771 | $(5788444) | $- | $- | $139249 | $1941 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 563516 | 3670551 | (4134658) | - | 54 | 99463 | 2053 |
|  Invesco Treasury Portfolio, Institutional Class | 901625 | 5872881 | (6613479) | - | - | 161027 | 3440 |
|  Total | $2254063 | $14682203 | $(16536581) | $- | $54 | $399739 | $7434 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

<sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** | **Open Equity Options Purchased** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Call | 09/29/2023 | 39 | USD | 10.72 | USD | 41808 | $1435032 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 09/29/2023 | 39 | USD | &nbsp;&nbsp;&nbsp;&nbsp;357.17 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1392963 | 69001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Purchased |  |  |  |  |  |  |  | $1504033 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Call | 09/29/2023 | 35 | USD | 107.57 | USD | 376495 | $12913059 |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Put | 09/29/2023 | 35 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3585.62 | USD | &nbsp;&nbsp;&nbsp;&nbsp;12549670 | 617252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Purchased |  |  |  |  |  |  |  | $13530311 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** | **Open Equity Options Written** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Call | 09/29/2023 | 39 | USD | 441.10 | USD | 1720290 | $(36071) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Put | 09/29/2023 | 39 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321.45 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253655 | (38123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Equity Options Written |  |  |  |  |  |  |  | $(74194) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value<sup>(a)</sup>** | **Notional**<br> **Value<sup>(a)</sup>** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Call | 09/29/2023 | 35 | USD | 4428.24 | USD | 15498840 | $(313159) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  S&P 500<sup>®</sup> Index | Put | 09/29/2023 | 35 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227.06 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11294710 | (335011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Index Options Written |  |  |  |  |  |  |  | $(648170) |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

ETF –Exchange-Traded Fund

SPDR –Standard & Poor's Depositary Receipt

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $14,563,668) | $15034344 |
|  Investments in affiliated money market funds, at value (Cost $399,739) | 399739 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 21022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund expenses absorbed | 93808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1078 |
|  Investment for trustee deferred compensation and retirement plans | 5223 |
|  Other assets | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 15557935 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $1,121,306) | 722364 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 93486 |
|  Trustee deferred compensation and retirement plans | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 829286 |
|  Net assets applicable to shares outstanding | $14728649 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $15114236 |
|  Distributable earnings (loss) | (385587) |
|  | $14728649 |
|  **Net Assets:** |  |
|  Series I | $1310535 |
|  Series II | $13418114 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 141416 |
|  Series II | 1452472 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.27 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.24 |

---

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends from affiliated money market funds | $7434 |
|  **Expenses:** |  |
|  Advisory fees | 43103 |
|  Administrative services fees | 10052 |
|  Custodian fees | 3681 |
|  Distribution fees - Series II | 22490 |
|  Transfer agent fees | 427 |
|  Trustees' and officers' fees and benefits | 16098 |
|  Licensing fees | 5369 |
|  Reports to shareholders | 11052 |
|  Professional services fees | 74980 |
|  Other | (685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 186567 |
|  Less: Fees waived and/or expenses reimbursed | (92609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 93958 |
|  Net investment income (loss) | (86524) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (625782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (450988) |
|  | (1076716) |
|  Change in net unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 273363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 420029 |
|  | 693392 |
|  Net realized and unrealized gain (loss) | (383324) |
|  Net increase (decrease) in net assets resulting from operations | $(469848) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Statement of Changes in Net Assets** 

*For the year ended December 31, 2022 and for the period September 30, 2021 (commencement date) through December 31, 2021* 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **September 30, 2021<br>(commencement date) through<br>December 31, 2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(86524) | $(7454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1076716) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 693392 | 176226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (469848) | 168705 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (5398) | (29538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (58760) | (80483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (64158) | (110021) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 382119 | 1018798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 8500517 | 5302537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 8882636 | 6321335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 8348630 | 6380019 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6380019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $14728649 | $6380019 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $10.29 | $(0.06) | $(0.92) | $(0.98) | $(0.04) | $9.27 | (9.53)% | $1311 | 0.70% | 1.60% | (0.63)% | 0% |
|  Period ended 12/31/21<sup>(d)</sup> | 10.00 | (0.02) | 0.60 | 0.58 | (0.29) | 10.29 | 5.84 | 1048 | 0.70 <sup>(e)</sup> | 7.68 <sup>(e)</sup> | (0.70)<sup>(e)</sup> | 0 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 10.29 | (0.08) | (0.93) | (1.01) | (0.04) | 9.24 | (9.82) | 13418 | 0.95 | 1.85 | (0.88) | 0 |
|  Period ended 12/31/21<sup>(d)</sup> | 10.00 | (0.02) | 0.60 | 0.58 | (0.29) | 10.29 | 5.84 | 5332 | 0.95 <sup>(e)</sup> | 7.93 <sup>(e)</sup> | (0.95)<sup>(e)</sup> | 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.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Notes to Financial Statements** 

*December 31, 2022* 

**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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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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, acts of terrorism, 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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are
directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **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 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

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

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.

**J.** **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.

**K.** **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.

**L.** **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.

**M.** **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.

**N.** **Non-Diversified 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.

**O.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.420% |
|  Over $2 billion | 0.400% |

---

For year ended December 31, 2022, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II shares to 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

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

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, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $43,103 and reimbursed fund level expenses of $49,506.

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, 2022, Invesco was paid $1,542 for accounting and fund administrative services and was reimbursed $8,510 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, 2022, 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, 2022, 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Money Market Funds | $399739 | $– | $– | $399739 |
|  Options Purchased |  | 15034344 | &nbsp;&nbsp;&nbsp;&nbsp;– | 15034344 |
|  **Total Investments in Securities** | 399739 | 15034344 | &nbsp;&nbsp;&nbsp;&nbsp;– | 15434083 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written |  | (722364) | &nbsp;&nbsp;&nbsp;&nbsp;– | (722364) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $399739 | $14311980 | $– | $14711719 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

**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, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Assets** | **Risk** |
|  Options purchased, at value<sup>(a)</sup> | $15034344 |
|  Derivatives not subject to master netting agreements | (15034344) |
|  Total Derivative Assets subject to master netting agreements | $– |
|  | **Value** |
|  | **Equity** |
| **Derivative Liabilities** | **Risk** |
|  Options written, at value | $(722364) |
|  Derivatives not subject to master netting agreements | 722364 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2022** 

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** |
| | **Equity**<br>**Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | $(627868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;(450988) |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;273363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;420029 |
|  Total | $(385464) |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity**<br> **Options**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Purchased**  | **Index**<br> **Options**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Purchased**  | **Equity**<br> **Options**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Written**  | **Index**<br> **Options**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Written**  |
|  Average notional value | $3046527 | $7722021 | $6040307 | $15717066 |
|  Average contracts | 140 | 39 | 140 | 39 |

---

**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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco<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 Year Ended December 31, 2022 and the period September 30, 2021 (commencement date) through December 31, 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $63151 | $44001 |
|  Long-term capital gain | 1007 | 66020 |
|  Total distributions | $64158 | $110021 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation (depreciation) – investments | $(5) |
|  Temporary book/tax differences | (4780) |
|  Capital loss carryforward | (380802) |
|  Shares of beneficial interest | 15114236 |
|  Total net assets | $14728649 |

---

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.

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, 2022, as follows:

**Capital Loss Carryforward\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $151031 | $229771 | $380802 |

---

\* 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** 

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, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | |
|  Aggregate unrealized appreciation of investments | $502957 |
|  Aggregate unrealized (depreciation) of investments | (502962) |
|  Net unrealized appreciation (depreciation) of investments | $(5) |

---

Cost of investments for tax purposes is $14,711,725.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $81,744, undistributed net realized gain (loss) was increased by $537 and shares of beneficial interest was decreased by $82,281. 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** | **Year ended** | | |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021<sup>(b)</sup>** | **December 31, 2021<sup>(b)</sup>** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 41448 | $399811 | 101751 | $1018327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1976605 | 18221518 | 514276 | 5261059 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 174 | 1578 | 50 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 6084 | 54940 | 5064 | 51452 |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | | |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021<sup>(b)</sup>** | **December 31, 2021<sup>(b)</sup>** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (2004) | $(19270) | (3) | $(37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (1048600) | (9775941) | (957) | (9974) |
|  Net increase in share activity | 973707 | $8882636 | 620181 | $6321335 |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 87% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, 13% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. <br>

<sup>(b)</sup> Commencement date of September 30, 2021.

**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<sup>®</sup> 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<sup>®</sup> 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, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period September 30, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period September 30, 2021 (commencement of operations) 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, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1032.10 | $3.59 | $1021.68 | $3.57 | 0.70% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1031.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco<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, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $1007 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)<br>| 186 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Christopher L. Wilson – 1957<br> Trustee and Chair | 2017 | Retired<br>Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 186 | Director, ISO New England, Inc. (non-profit organization managing regional electricity market)<br> Formerly: enaible, Inc. (artificial intelligence technology) |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 186 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 186 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 186 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 186 | Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 186 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 186 |  |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 186 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 186 | Formerly: Elucida Oncology (nanotechnology & medical particles company) |
| &nbsp;&nbsp;&nbsp; Ann Barnett Stern – 1957<br> Trustee | 2017 | President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution<br>Formerly: Executive Vice President, Texas Children's Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children's Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP | 186 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 186 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management) | 186 | Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company<br>Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Michael McMaster – 1962<br> Chief Tax Officer, Vice President and<br> Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC<br>Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September**

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![LOGO](g442920dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. Small Cap Equity Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VISCE-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance summary**<br> For the year ended December 31, 2022, Series I shares of Invesco V.I. Small Cap Equity Fund (the Fund) underperformed the Russell 2000 Index, the Fund's style-specific benchmark.<br> Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance summary**<br> For the year ended December 31, 2022, Series I shares of Invesco V.I. Small Cap Equity Fund (the Fund) underperformed the Russell 2000 Index, the Fund's style-specific benchmark.<br> Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes**<br> *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; **Fund vs. Indexes**<br> *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Series I Shares | -20.51 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Series II Shares | -20.73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index<sup>q</sup> (Broad Market Index) | -18.11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000 Index<sup>q</sup> (Style-Specific Index) | -20.44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lipper VUF Small-Cap Core Funds Index<sup>∎</sup> (Peer Group Index) | -17.12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Source(s): <sup>q</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc.<br>|  |  |

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**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

Given this environment, the Fund produced a negative return and underperformed its style-specific benchmark during the fiscal year.

Amid a challenging macro-environment for small-cap and growth-oriented stocks, the Fund benefited from steps taken by the portfolio management team to reposition the portfolio into more defensive and high-quality names offering stable growth and stable margins, while moving away from cyclical and interest rate sensitive areas of the market. At a sector level, positive relative performance was driven by stock selection across a broad set of sectors including financials, information technology, communication services, real estate and industrials. Active underweights in the communication services and real estate sectors as well as the portfolio's ancillary cash position helped relative performance during the fiscal year. Alternatively, stock selection in the health care, materials and consumer discretionary sectors detracted from relative Fund performance. An underweight allocation in the energy, consumer staples and utilities sectors were headwinds as was an overweight allocation to the consumer discretionary sector.

Top individual contributors to the Fund's absolute performance during the fiscal year included **Weatherford International**, **LPL Financial** and **ChemoCentryx**.

Oil service company, Weatherford International was a contributor to absolute Fund performance during the fiscal year despite facing a sell-off earlier in the year when oil prices declined. Demand remains strong, however, and Weatherford International continues to deliver positive fundamental results. With its current attractive valuations and the continued margin expansion opportunities from improved technological infrastructure and consolidating its footprint, it remains a company we continue to have a positive outlook on.

Another leading contributor to absolute Fund performance was LPL Financial, which did relatively well in the fiscal year versus other interest rate sensitive stocks due to its ability to provide good interest rate exposure with less credit risk than a bank, while also delivering strong growth in assets under management as more registered investment advisors join the LPL platform. This is a continuation of trends that have been ongoing for several quarters.

ChemoCentryx is a biopharmaceutical company focused on discovering, developing and commercializing orally administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer, primarily focused on orphan and rare diseases. ChemoCentryx's share price rallied during the fiscal year following an announced buyout offer made by Amgen (not a fund holding) for a whopping 116% premium relative to the most recent closing share price at the time of the announcement. The deal closed in the fourth quarter of 2022 for $52 per share in cash and brought with it recent FDA approved Anti-Neutrophil Cytoplasmic Autoantibody associated vasculitis drug, Tavneos, as well as a few additional drug candidates that are still in the development stage. We exited our position during the fiscal year.

Top individual detractors from the Fund's absolute performance included **MP Materials**, **Quanterix** and **NeoGenomics**.

Las Vegas based rare earth materials company MP Materials was the leading detractor from absolute Fund performance in 2022. MP Materials owns and operates the Mountain Pass mine, the only operating rare earth mine and processing facility in the United States. The stock came under pressure during the fiscal year due to price volatility for rare earth oxides related to demand headwinds in Europe resulting from the war in Ukraine and COVID-19 lockdowns in China. Despite the price volatility, demand for rare earth materials is expected to remain strong as demand for electric vehicles grows.

Another leading detractor from absolute Fund performance was the health care company, Quanterix. Early in 2022 the life sciences and tools company had gross margin issues reported in its first quarter earnings

**Invesco V.I. Small Cap Equity Fund** 

------

report resulting from lower production late in the quarter that yielded less fixed-cost absorption, which was disappointing. As an earlier stage, higher-growth company, Quanterix came under pressure due to rising interest rates and management announced a realignment of business activities to navigate the challenging macro backdrop. We sold our position in Quanterix during the fiscal year as a result of the business realignment.

NeoGenomics detracted from absolute Fund performance during the fiscal year due to a couple of recent developments. Late in the first quarter of 2022, the company announced its CEO of only 11 months, would be stepping down. Additionally, the company withdrew its revenue guidance for 2022, which suggests that their core lab business is continuing to face COVID-19-related headwinds such as limited staffing, patient access and scheduling. We expect these disruptions will abate as we move forward. We exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We wish to remind you that all positioning changes are based on a bottom-up stock selection process. Our portfolio construction is designed to manage risk and ensure alignment with small-cap market sector exposure within modest over- and underweights. At the close of the fiscal year, the Fund's largest underweight exposures relative to the Russell 2000 Index were in the health care, real estate, utilities and consumer staples sectors. Conversely, the Fund's largest overweight exposures were in the industrials, financials and materials sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The war in Ukraine has continued to drive market uncertainty and persistent inflationary pressure. The Fed continued to aggressively raise interest rates to combat inflation, causing meaningful slowing in housing and significantly tighter financial conditions. In our view, the US economy could enter into a recession in 2023, as we expect already the Fed will continue raising rates to combat inflation despite the weakening economy given the labor market remains healthy. We anticipate earnings expectations to further decline as we enter the new year and our overall outlook remains guarded. In this environment, we have repositioned the portfolio into high-quality, stable revenue and energy stocks and away from long-duration growth and cyclical revenue stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your commitment to the Invesco V.I. Small Cap Equity Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Juan Hartsfield - Lead

Davis Paddock

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views* 

*and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Small Cap Equity Fund** 

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g442920dsp4.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | |
|:---|:---|
|  **Average Annual Total Returns** | **Average Annual Total Returns** |
|  *As of 12/31/22* |  |
|  **Series I Shares** |  |
|  Inception (8/29/03) | 8.07% |
|  10 Years | 8.33 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.54 |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -20.51 |
|  **Series II Shares** |  |
|  Inception (8/29/03) | 7.81% |
|  10 Years | 8.05 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -20.73 |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

**Invesco V.I. Small Cap Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.** 

**Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Small Cap Equity Fund** 

------

**Supplemental Information** 

**Invesco V.I. Small Cap Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **S&P 500 <sup>®</sup> Index** is an unmanaged index
considered representative of the US stock market.

∎ The **Russell 2000 <sup>®</sup> Index** is an unmanaged
index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark
of the Frank Russell Co.

∎ The **Lipper VUF Small-Cap Core Funds Index** is an unmanaged index considered
representative of small-cap core variable insurance underlying funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Small Cap Equity Fund** 

------

**Fund Information** 

---

| | |
|:---|:---|
|  **Portfolio Composition** | **Portfolio Composition** |
|  **By sector** | **% of total net assets** |
| Financials | 20.86% |
| Industrials | 19.97 |
| Health Care | 12.17 |
| Information Technology | 11.96 |
| Consumer Discretionary | 10.83 |
| Energy | 6.99 |
| Materials | 5.14 |
| Real Estate | 4.22 |
| Consumer Staples | 2.59 |
| Utilities | 2.22 |
| Communication Services | 1.83 |
| Money Market Funds Plus Other Assets Less Liabilities | 1.22 |

---

---

| | |
|:---|:---|
|  **Top 10 Equity Holdings\*** |  |
|  | **% of total net assets** |
|  &nbsp;&nbsp;&nbsp;&nbsp;1. Weatherford International PLC | 2.46% |
|  &nbsp;&nbsp;&nbsp;&nbsp;2. WillScot Mobile Mini Holdings Corp. | 1.81 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3. Summit Materials, Inc., Class A | 1.64 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4. Blucora, Inc. | 1.62 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5. Reinsurance Group of America, Inc. | 1.58 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6. Matador Resources Co. | 1.54 |
|  &nbsp;&nbsp;&nbsp;&nbsp;7. Gaming and Leisure Properties, Inc. | 1.52 |
|  &nbsp;&nbsp;&nbsp;&nbsp;8. Visteon Corp. | 1.52 |
|  &nbsp;&nbsp;&nbsp;&nbsp;9. Huron Consulting Group, Inc. | 1.49 |
| 10. Flex Ltd. | 1.48 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Small Cap Equity Fund** 

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.78%** | **Common Stocks & Other Equity Interests–98.78%** | **Common Stocks & Other Equity Interests–98.78%** |
|  **Aerospace & Defense–1.29%** | **Aerospace & Defense–1.29%** | **Aerospace & Defense–1.29%** |
|  Curtiss-Wright Corp.<sup>(b)</sup>  | 14982 | $2501844 |
|  **Air Freight & Logistics–0.91%** | **Air Freight & Logistics–0.91%** | **Air Freight & Logistics–0.91%** |
|  Air Transport Services Group, Inc.<sup>(c)</sup>  | 68235 | 1772745 |
|  **Alternative Carriers–1.43%** | **Alternative Carriers–1.43%** | **Alternative Carriers–1.43%** |
|  Iridium Communications, Inc.<sup>(c)</sup>  | 53991 | 2775137 |
|  **Apparel, Accessories & Luxury Goods–1.34%** | **Apparel, Accessories & Luxury Goods–1.34%** | **Apparel, Accessories & Luxury Goods–1.34%** |
|  Oxford Industries, Inc.<sup>(b)</sup>  | 27887 | 2598511 |
|  **Application Software–3.17%** | **Application Software–3.17%** | **Application Software–3.17%** |
|  Descartes Systems Group, Inc. (The) (Canada)<sup>(c)</sup>  | 33851 | 2357722 |
|  Manhattan Associates, Inc.<sup>(c)</sup>  | 18804 | 2282806 |
|  Workiva, Inc.<sup>(b)(c)</sup>  | 18054 | 1515994 |
|  |  | 6156522 |
|  **Asset Management & Custody Banks–2.66%** | **Asset Management & Custody Banks–2.66%** | **Asset Management & Custody Banks–2.66%** |
|  Blucora, Inc.<sup>(c)</sup>  | 123224 | 3145909 |
|  Federated Hermes, Inc., Class B | 55517 | 2015822 |
|  |  | 5161731 |
|  **Auto Parts & Equipment–1.52%** | **Auto Parts & Equipment–1.52%** | **Auto Parts & Equipment–1.52%** |
|  Visteon Corp.<sup>(c)</sup>  | 22536 | 2948385 |
|  **Automotive Retail–0.84%** | **Automotive Retail–0.84%** | **Automotive Retail–0.84%** |
|  Lithia Motors, Inc., Class A<sup>(b)</sup>  | 7938 | 1625226 |
|  **Biotechnology–2.11%** | **Biotechnology–2.11%** | **Biotechnology–2.11%** |
|  Ascendis Pharma A/S, ADR<br>(Denmark)<sup>(b)(c)</sup>  | 11457 | 1399243 |
|  CRISPR Therapeutics AG (Switzerland)<sup>(b)(c)</sup>  | 9460 | 384549 |
|  Karuna Therapeutics, Inc.<sup>(c)</sup>  | 4205 | 826283 |
|  Mirati Therapeutics, Inc.<sup>(b)(c)</sup>  | 10597 | 480150 |
|  Natera, Inc.<sup>(c)</sup>  | 24944 | 1002000 |
|  |  | 4092225 |
|  **Casinos & Gaming–0.50%** | **Casinos & Gaming–0.50%** | **Casinos & Gaming–0.50%** |
|  Penn Entertainment, Inc.<sup>(b)(c)</sup>  | 32927 | 977932 |
|  **Construction & Engineering–1.81%** | **Construction & Engineering–1.81%** | **Construction & Engineering–1.81%** |
|  WillScot Mobile Mini Holdings Corp.<sup>(c)</sup>  | 77725 | 3510838 |
|  **Construction Materials–1.64%** | **Construction Materials–1.64%** | **Construction Materials–1.64%** |
|  Summit Materials, Inc., Class A<sup>(c)</sup>  | 112139 | 3183612 |
|  **Data Processing & Outsourced Services–0.96%** | **Data Processing & Outsourced Services–0.96%** | **Data Processing & Outsourced Services–0.96%** |
|  Concentrix Corp. | 13935 | 1855585 |
|  **Diversified Metals & Mining–0.94%** | **Diversified Metals & Mining–0.94%** | **Diversified Metals & Mining–0.94%** |
|  MP Materials Corp.<sup>(b)(c)</sup>  | 75369 | 1829959 |
|  **Electrical Components & Equipment–2.02%** | **Electrical Components & Equipment–2.02%** | **Electrical Components & Equipment–2.02%** |
|  EnerSys | 25076 | 1851612 |
|  Vertiv Holdings Co.<sup>(b)</sup>  | 151898 | 2074927 |
|  |  | 3926539 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electronic Equipment & Instruments–1.29%** | **Electronic Equipment & Instruments–1.29%** | **Electronic Equipment & Instruments–1.29%** |
|  Badger Meter, Inc.<sup>(b)</sup>  | 22940 | $2501148 |
|  **Electronic Manufacturing Services–2.55%** | **Electronic Manufacturing Services–2.55%** | **Electronic Manufacturing Services–2.55%** |
|  Flex Ltd.<sup>(c)</sup>  | 133279 | 2860167 |
|  Jabil, Inc. | 30702 | 2093877 |
|  |  | 4954044 |
|  **Environmental & Facilities Services–2.10%** | **Environmental & Facilities Services–2.10%** | **Environmental & Facilities Services–2.10%** |
|  Casella Waste Systems, Inc., Class A<sup>(c)</sup>  | 31706 | 2514603 |
|  Montrose Environmental Group, Inc.<sup>(b)(c)</sup>  | 35317 | 1567722 |
|  |  | 4082325 |
|  **Financial Exchanges & Data–1.26%** | **Financial Exchanges & Data–1.26%** | **Financial Exchanges & Data–1.26%** |
|  TMX Group Ltd. (Canada) | 24359 | 2438059 |
|  **Food Retail–1.22%** | **Food Retail–1.22%** | **Food Retail–1.22%** |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup>  | 73224 | 2370261 |
|  **Gas Utilities–0.94%** | **Gas Utilities–0.94%** | **Gas Utilities–0.94%** |
|  ONE Gas, Inc. | 24160 | 1829395 |
|  **General Merchandise Stores–0.85%** | **General Merchandise Stores–0.85%** | **General Merchandise Stores–0.85%** |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup>  | 35203 | 1648909 |
|  **Health Care Distributors–0.58%** | **Health Care Distributors–0.58%** | **Health Care Distributors–0.58%** |
|  Owens & Minor, Inc. | 57549 | 1123932 |
|  **Health Care Equipment–4.30%** | **Health Care Equipment–4.30%** | **Health Care Equipment–4.30%** |
|  AtriCure, Inc.<sup>(c)</sup>  | 46794 | 2076718 |
|  CONMED Corp.<sup>(b)</sup>  | 21647 | 1918790 |
|  Heska Corp.<sup>(b)(c)</sup>  | 20020 | 1244443 |
|  iRhythm Technologies, Inc.<sup>(c)</sup>  | 14359 | 1345007 |
|  QuidelOrtho Corp.<sup>(c)</sup>  | 20564 | 1761718 |
|  |  | 8346676 |
|  **Health Care Facilities–1.72%** | **Health Care Facilities–1.72%** | **Health Care Facilities–1.72%** |
|  Encompass Health Corp.<sup>(b)</sup>  | 29916 | 1789276 |
|  Tenet Healthcare Corp. | 31583 | 1540935 |
|  |  | 3330211 |
|  **Health Care Services–0.61%** | **Health Care Services–0.61%** | **Health Care Services–0.61%** |
|  R1 RCM, Inc.<sup>(c)</sup>  | 109001 | 1193561 |
|  **Health Care Supplies–1.67%** | **Health Care Supplies–1.67%** | **Health Care Supplies–1.67%** |
|  ICU Medical, Inc.<sup>(b)(c)</sup>  | 8195 | 1290549 |
|  OrthoPediatrics Corp.<sup>(b)(c)</sup>  | 49041 | 1948399 |
|  |  | 3238948 |
|  **Health Care Technology–0.82%** | **Health Care Technology–0.82%** | **Health Care Technology–0.82%** |
|  Simulations Plus, Inc. | 43307 | 1583737 |
|  **Homebuilding–1.27%** | **Homebuilding–1.27%** | **Homebuilding–1.27%** |
|  Taylor Morrison Home Corp., Class A<sup>(c)</sup>  | 81283 | 2466939 |
|  **Hotels, Resorts & Cruise Lines–1.09%** | **Hotels, Resorts & Cruise Lines–1.09%** | **Hotels, Resorts & Cruise Lines–1.09%** |
|  Travel + Leisure Co. | 58318 | 2122775 |
|  **Human Resource & Employment Services–0.95%** | **Human Resource & Employment Services–0.95%** | **Human Resource & Employment Services–0.95%** |
|  Alight, Inc., Class A<sup>(b)(c)</sup>  | 221307 | 1850127 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Small Cap Equity Fund** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrial Machinery–2.11%** |  |  |
|  Chart Industries, Inc.<sup>(c)</sup>  | 15265 | $1758986 |
|  ITT, Inc. | 28774 | 2333571 |
|  |  | 4092557 |
|  **Industrial REITs–2.19%** |  |  |
|  EastGroup Properties, Inc.<sup>(b)</sup>  | 14874 | 2202244 |
|  STAG Industrial, Inc.<sup>(b)</sup>  | 63431 | 2049456 |
|  |  | 4251700 |
|  **Interactive Media & Services–0.40%** |  |  |
|  Eventbrite, Inc., Class A<sup>(b)(c)</sup>  | 131067 | 768053 |
|  **Internet & Direct Marketing Retail–0.43%** | **Internet & Direct Marketing Retail–0.43%** |  |
|  Overstock.com, Inc.<sup>(c)</sup>  | 42773 | 828085 |
|  **Investment Banking & Brokerage–2.19%** | **Investment Banking & Brokerage–2.19%** |  |
|  LPL Financial Holdings, Inc. | 9580 | 2070909 |
|  Piper Sandler Cos. | 16747 | 2180292 |
|  |  | 4251201 |
|  **Leisure Products–1.05%** |  |  |
|  Acushnet Holdings Corp.<sup>(b)</sup>  | 47790 | 2029163 |
|  **Life & Health Insurance–1.14%** |  |  |
|  Primerica, Inc. | 15551 | 2205443 |
|  **Oil & Gas Equipment & Services–3.72%** | **Oil & Gas Equipment & Services–3.72%** |  |
|  Cactus, Inc., Class A | 48508 | 2438012 |
|  Weatherford International PLC<sup>(c)</sup>  | 93736 | 4773037 |
|  |  | 7211049 |
|  **Oil & Gas Exploration & Production–3.27%** | **Oil & Gas Exploration & Production–3.27%** |  |
|  Matador Resources Co. | 52033 | 2978369 |
|  Ranger Oil Corp.<sup>(b)</sup>  | 48224 | 1949696 |
|  Southwestern Energy Co.<sup>(c)</sup>  | 242681 | 1419684 |
|  |  | 6347749 |
|  **Packaged Foods & Meats–1.37%** |  |  |
|  Calavo Growers, Inc. | 21451 | 630659 |
|  Hostess Brands, Inc.<sup>(c)</sup>  | 90718 | 2035712 |
|  |  | 2666371 |
|  **Paper Packaging–1.17%** |  |  |
|  Graphic Packaging Holding Co. | 102122 | 2272215 |
|  **Pharmaceuticals–0.36%** |  |  |
|  Arvinas, Inc.<sup>(c)</sup>  | 20421 | 698602 |
|  **Property & Casualty Insurance–3.20%** | **Property & Casualty Insurance–3.20%** |  |
|  Hanover Insurance Group, Inc. (The)<sup>(b)</sup>  | 12632 | 1706962 |
|  RLI Corp.<sup>(b)</sup>  | 18558 | 2436109 |
|  Selective Insurance Group, Inc. | 23345 | 2068600 |
|  |  | 6211671 |
|  **Real Estate Services–0.51%** |  |  |
|  FirstService Corp. (Canada) | 8107 | 992778 |
|  **Regional Banks–6.10%** |  |  |
|  Community Bank System, Inc.<sup>(b)</sup>  | 28197 | 1775001 |
|  Glacier Bancorp, Inc.<sup>(b)</sup>  | 43526 | 2151055 |
|  Pacific Premier Bancorp, Inc. | 57858 | 1825998 |
|  Pinnacle Financial Partners, Inc. | 30917 | 2269308 |
|  South State Corp. | 22322 | 1704508 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** |
|  Webster Financial Corp. | 44715 | 2116808 |
|  |  | 11842678 |
|  **Reinsurance–2.80%** | **Reinsurance–2.80%** | **Reinsurance–2.80%** |
|  Reinsurance Group of America, Inc. | 21576 | 3065734 |
|  RenaissanceRe Holdings Ltd. (Bermuda)<sup>(b)</sup>  | 12883 | 2373435 |
|  |  | 5439169 |
|  **Research & Consulting Services–5.04%** | **Research & Consulting Services–5.04%** | **Research & Consulting Services–5.04%** |
|  CACI International, Inc., Class A<sup>(c)</sup>  | 7733 | 2324463 |
|  Huron Consulting Group, Inc.<sup>(c)</sup>  | 39836 | 2892094 |
|  NV5 Global, Inc.<sup>(c)</sup>  | 15828 | 2094361 |
|  Science Applications International Corp. | 22251 | 2468303 |
|  |  | 9779221 |
|  **Restaurants–1.94%** | **Restaurants–1.94%** | **Restaurants–1.94%** |
|  Bloomin' Brands, Inc. | 88793 | 1786515 |
|  Papa John's International, Inc.<sup>(b)</sup>  | 23942 | 1970666 |
|  |  | 3757181 |
|  **Semiconductors–2.87%** | **Semiconductors–2.87%** | **Semiconductors–2.87%** |
|  Diodes, Inc.<sup>(c)</sup>  | 22258 | 1694724 |
|  Lattice Semiconductor Corp.<sup>(c)</sup>  | 35873 | 2327440 |
|  Power Integrations, Inc. | 21506 | 1542411 |
|  |  | 5564575 |
|  **Specialized REITs–1.52%** | **Specialized REITs–1.52%** | **Specialized REITs–1.52%** |
|  Gaming and Leisure Properties, Inc. | 56647 | 2950742 |
|  **Specialty Chemicals–1.39%** | **Specialty Chemicals–1.39%** | **Specialty Chemicals–1.39%** |
|  Ashland, Inc. | 25144 | 2703734 |
|  **Systems Software–1.12%** | **Systems Software–1.12%** | **Systems Software–1.12%** |
|  CommVault Systems, Inc.<sup>(c)</sup>  | 34538 | 2170368 |
|  **Thrifts & Mortgage Finance–1.51%** | **Thrifts & Mortgage Finance–1.51%** | **Thrifts & Mortgage Finance–1.51%** |
|  Essent Group Ltd. | 39247 | 1525923 |
|  Radian Group, Inc. | 73240 | 1396687 |
|  |  | 2922610 |
|  **Trading Companies & Distributors–2.65%** | **Trading Companies & Distributors–2.65%** | **Trading Companies & Distributors–2.65%** |
|  Applied Industrial Technologies, Inc. | 19313 | 2434017 |
|  Univar Solutions, Inc.<sup>(c)</sup>  | 85070 | 2705226 |
|  |  | 5139243 |
|  **Trucking–1.09%** | **Trucking–1.09%** | **Trucking–1.09%** |
|  Knight-Swift Transportation Holdings, Inc. | 40465 | 2120771 |
|  **Water Utilities–1.28%** | **Water Utilities–1.28%** | **Water Utilities–1.28%** |
|  SJW Group | 30690 | 2491721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $170,314,243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $170,314,243) | 191706488 |
|  **Money Market Funds–1.27%** | **Money Market Funds–1.27%** | **Money Market Funds–1.27%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(d)(e)</sup>  | 862455 | 862455 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup>  | 623726 | 623914 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Small Cap Equity Fund** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |  |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup>  | 985664 | $985664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $2,471,814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $2,471,814) | 2472033 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $172,786,057) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $172,786,057) | 194178521 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–18.07%** | **Money Market Funds–18.07%** |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup>  | 9816737 | 9816737 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 25235467 | $25243037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $35,056,199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $35,056,199) | 35059774 |
|  TOTAL INVESTMENTS IN SECURITIES–118.12%<br>(Cost $207,842,256) | TOTAL INVESTMENTS IN SECURITIES–118.12%<br>(Cost $207,842,256) | 229238295 |
|  OTHER ASSETS LESS LIABILITIES–(18.12)% | OTHER ASSETS LESS LIABILITIES–(18.12)% | (35162778) |
|  NET ASSETS–100.00% |  | $194075517 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

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, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $1751611 | $17485741 | $(18374897) | $- | $- | $862455 | $24950 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 1258606 | 12489815 | (13124926) | 219 | 200 | 623914 | 20091 |
|  Invesco Treasury Portfolio, Institutional Class | 2001841 | 19983703 | (20999880) | - | - | 985664 | 29674 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 8691666 | 103196787 | (102071716) | - | - | 9816737 | 215,419\* |
|  Invesco Private Prime Fund | 20280552 | 230085972 | (225126898) | 4589 | (1178) | 25243037 | 591,530\* |
|  Total | $33984276 | $383242018 | $(379698317) | $4808 | $(978) | $37531807 | $881664 |

---

\* 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, 2022.

<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 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Small Cap Equity Fund** 

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $170,314,243)\* | $191706488 |
|  Investments in affiliated money market funds, at value (Cost $37,528,013) | 37531807 |
|  Cash | 77411 |
|  Cash collateral from securities on loan | 2481345 |
|  Foreign currencies, at value (Cost $151) | 149 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 111871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 70100 |
|  Investment for trustee deferred compensation and retirement plans | 44331 |
|  Other assets | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 232024942 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 212913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 37537544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 108256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 36713 |
|  Trustee deferred compensation and retirement plans | 51009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 37949425 |
|  Net assets applicable to shares outstanding | $194075517 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $169565378 |
|  Distributable earnings | 24510139 |
|  | $194075517 |
|  **Net Assets:** |  |
|  Series I | $100267171 |
|  Series II | $93808346 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** |  |
|  Series I | 6659657 |
|  Series II | 6882097 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $15.06 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $13.63 |

---

\* At December 31, 2022, securities with an aggregate value of $36,574,640 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $10,315) | $2178496 |
|  Dividends from affiliated money market funds (includes net securities lending income of $53,767) | 128482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2306978 |
|  **Expenses:** |  |
|  Advisory fees | 1581208 |
|  Administrative services fees | 349079 |
|  Custodian fees | 5539 |
|  Distribution fees - Series II | 253552 |
|  Transfer agent fees | 10524 |
|  Trustees' and officers' fees and benefits | 18792 |
|  Reports to shareholders | 1355 |
|  Professional services fees | 36852 |
|  Other | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2260028 |
|  Less: Fees waived | (6460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2253568 |
|  Net investment income | 53410 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 4803962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 55 |
|  | 4803039 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (59005202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 4808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (71) |
|  | (59000465) |
|  Net realized and unrealized gain (loss) | (54197426) |
|  Net increase (decrease) in net assets resulting from operations | $(54144016) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Small Cap Equity Fund** 

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $53410 | $(190756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 4803039 | 40454837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (59000465) | 7980852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (54144016) | 48244933 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (19952983) | (7741480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (20047425) | (7308525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (40000408) | (15050005) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 6426270 | (5565314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 12413447 | (2537132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 18839717 | (8102446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (75304707) | 25092482 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 269380224 | 244287742 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $194075517 | $269380224 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Small Cap Equity Fund** 

------

**Financial Highlights** 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br><br>**Net asset**<br>**value,**<br>**beginning**<br>**of period** |<br><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><br><br>**Total from**<br>**investment**<br>**operations** |<br><br>**Dividends**<br>**from net**<br>**investment**<br>**income** |<br><br>**Distributions**<br>**from net**<br>**realized**<br>**gains** |<br><br><br>**Total**<br>**distributions** |<br><br><br>**Net asset**<br>**value, end**<br>**of period** |<br><br><br>**Total**<br>**return <sup>(b)</sup>** |<br><br><br>**Net assets,**<br>**end of period**<br>**(000's omitted)** | **Ratio of**<br>**expenses**<br>**to average**<br>**net assets**<br>**with fee waivers**<br>**and/or**<br>**expenses**<br>**absorbed** | **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><br><br>**Portfolio**<br>**turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $23.49 | $0.03 | $(4.85) | $(4.82) | $– | $(3.61) | $(3.61) | $15.06 | (20.51)% | $100267 | 0.95% | 0.95% | 0.14% | 33% |
|  Year ended 12/31/21 | 20.62 | 0.01 | 4.19 | 4.20 | (0.04) | (1.29) | (1.33) | 23.49 | 20.41 | 142095 | 0.95 | 0.95 | 0.04 | 21 |
|  Year ended 12/31/20 | 17.73 | 0.04 | 4.48 | 4.52 | (0.06) | (1.57) | (1.63) | 20.62 | 27.25 | 129881 | 0.96 | 0.96 | 0.21 | 45 |
|  Year ended 12/31/19 | 15.93 | 0.06 | 4.03 | 4.09 |  | (2.29) | (2.29) | 17.73 | 26.60 | 118208 | 0.96 | 0.96 | 0.34 | 44 |
|  Year ended 12/31/18 | 20.02 | 0.02 | (2.74) | (2.72) | – | (1.37) | (1.37) | 15.93 | (15.08) | 106064 | 0.96 | 0.96 | 0.10 | 22 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 21.75 | (0.02) | (4.49) | (4.51) |  | (3.61) | (3.61) | 13.63 | (20.73) | 93808 | 1.20 | 1.20 | (0.11) | 33 |
|  Year ended 12/31/21 | 19.19 | (0.04) | 3.89 | 3.85 | (0.00) | (1.29) | (1.29) | 21.75 | 20.09 | 127285 | 1.20 | 1.20 | (0.21) | 21 |
|  Year ended 12/31/20 | 16.60 | (0.01) | 4.17 | 4.16 | (0.00) | (1.57) | (1.57) | 19.19 | 26.87 | 114407 | 1.21 | 1.21 | (0.04) | 45 |
|  Year ended 12/31/19 | 15.07 | 0.02 | 3.80 | 3.82 |  | (2.29) | (2.29) | 16.60 | 26.32 | 98043 | 1.21 | 1.21 | 0.09 | 44 |
|  Year ended 12/31/18 | 19.05 | (0.03) | (2.58) | (2.61) | – | (1.37) | (1.37) | 15.07 | (15.27) | 119664 | 1.21 | 1.21 | (0.15) | 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 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.

**Invesco V.I. Small Cap Equity Fund** 

------

**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Small Cap Equity Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Small Cap Equity Fund** 

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 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

**Invesco V.I. Small Cap Equity Fund** 

------

consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $2,987 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.

**J.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**K.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.745% |
|  Next $250 million | 0.730% |
|  Next $500 million | 0.715% |
|  Next $1.5 billion | 0.700% |
|  Next $2.5 billion | 0.685% |
|  Next $2.5 billion | 0.670% |
|  Next $2.5 billion | 0.655% |
|  Over $10 billion | 0.640% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.74%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $6,460.

**Invesco V.I. Small Cap Equity Fund** 

------

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2022, Invesco was paid $31,301 for accounting and fund administrative services and was reimbursed $317,778 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees.*

For the year ended December 31, 2022, the Fund incurred $1,981 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Common Stocks & Other Equity Interests | $191706488 | $– | $– | $191706488 |
|  Money Market Funds | 2472033 | 35059774 | – | 37531807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $194178521 | $35059774 | $– | $229238295 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco V.I. Small Cap Equity Fund** 

------

**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, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $7207812 | $6875002 |
|  Long-term capital gain | 32792596 | 8175003 |
|  Total distributions | $40000408 | $15050005 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed long-term capital gain | $3880489 |
|  Net unrealized appreciation – investments | 20669764 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (2) |
|  Temporary book/tax differences | (40112) |
|  Shares of beneficial interest | 169565378 |
|  Total net assets | $194075517 |

---

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, 2022.

**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, 2022 was $67,910,327 and $86,597,436, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

**Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** 

---

| | |
|:---|:---|
|  Aggregate unrealized appreciation of investments | $41508326 |
|  Aggregate unrealized (depreciation) of investments | (20838562) |
|  Net unrealized appreciation of investments | $20669764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments for tax purposes is $208,568,531.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of REITs, net operating losses and distributions, on December 31, 2022, undistributed net investment income was decreased by $52,637 and undistributed net realized gain was increased by $52,637. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | 451554 | $8663954 | 1024540 | $24082437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II | 685423 | 11924837 | 1032659 | 22351025 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | 1326661 | 19952983 | 331541 | 7741480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II | 1471911 | 20047425 | 337888 | 7308525 |

---

**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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I | (1166955) | $(22190667) | (1605120) | $(37389231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II | (1126692) | (19558815) | (1480025) | (32196682) |
|  Net increase (decrease) in share activity | 1641902 | $18839717 | (358517) | $(8102446) |

---

<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 70% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Small Cap Equity Fund** 

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br>(07/01/22)** | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense<br>Ratio** |
|  | **Beginning<br> Account Value <br>(07/01/22)** | **Ending<br> Account Value <br>(12/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(12/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense<br>Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1069.50 | $4.90 | $1020.47 | $4.79 | 0.94% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1067.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;1019.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | 1.19 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Small Cap Equity Fund** 

------

**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, 2022:

---

| | |
|:---|:---|
|  **<u>Federal and State Income Tax</u>** |  |
|  Long-Term Capital Gain Distributions | $32792596 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 30.95% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

**Invesco V.I. Small Cap Equity Fund** 

------

**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee** <br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex <br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee <br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Small Cap Equity Fund** 

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee** <br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex <br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee <br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

---

**Invesco V.I. Small Cap Equity Fund** 

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee** <br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex <br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee <br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

**Invesco V.I. Small Cap Equity Fund** 

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee** <br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex <br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee <br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris — 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

---

**Invesco V.I. Small Cap Equity Fund** 

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee** <br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex <br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee <br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes- 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

---

**Invesco V.I. Small Cap Equity Fund** 

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee** <br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex <br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee <br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Small Cap Equity Fund** 

------

![LOGO](g434980dsp1.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

---

**Invesco V.I. Technology Fund** 

------

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

---

| | |
|:---|:---|
| NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE | NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |
| Invesco Distributors, Inc. | I-VITEC-AR-1 |

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------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Technology Fund (the Fund) underperformed the NASDAQ Composite Total Return Index, the Fund's broad market/style-specific benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. Technology Fund (the Fund) underperformed the NASDAQ Composite Total Return Index, the Fund's broad market/style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -39.95 | % |
| &nbsp;&nbsp; Series II Shares | -40.11 |  |
| &nbsp;&nbsp; NASDAQ Composite Total Return Index<sup>▼</sup> (Broad Market/Style-Specific Index) | -32.54 |  |
| &nbsp;&nbsp; Lipper VUF Science & Technology Funds Classification Average◾ (Peer Group) | -36.12 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>Bloomberg LP; <sup>◾</sup>Lipper Inc. |  |  |

---

------

**Market conditions and your Fund** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve's (the Fed) shift toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.<sup>1</sup> Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would "taper" its asset purchase program quickly.<sup>2</sup>

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.<sup>3</sup> Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.<sup>1</sup> In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.<sup>2</sup> US equity markets rose in July and August until Fed chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.<sup>2</sup>

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,<sup>4</sup> despite mixed data on the economy and corporate earnings. However, the Fed's message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.<sup>4</sup> As energy prices declined,<sup>1</sup> the rate of inflation slowed modestly in the fourth quarter.<sup>3</sup> Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.<sup>2</sup>

In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.<sup>4</sup>

Given headwinds on all equities and especially those equities that are more growth-oriented, the Fund produced a negative return and underperformed its broad market/ style-specific benchmark, the NASDAQ Composite Total Return Index. Relative underperformance was predominately concentrated within the information technology (IT) sector. Specifically, stock selection within software and to a lesser degree overweight exposure to software and semiconductors detracted from Fund performance relative to its benchmark. Stock selection within semiconductors also detracted. Stock selection and underweight exposure to health care also hurt relative results. Stock selection and underweight exposures to consumer discretionary and communication services was beneficial to relative returns.

The top individual detractors from an absolute perspective during the fiscal year included **NVIDIA**, **Alphabet** and **Amazon.com**.

NVIDIA is a company at the heart of digital transformation as it produces graphics processing units for gaming and PCs, software for building three-dimensional designs and virtual worlds, processors for cryptocurrency mining and participates in other areas such as robotics and artificial intelligence. We believed NVIDIA would be a prime beneficiary of not

only increased adoption of digital gaming but also interest and investment in the metaverse that was announced during 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Search engine and video sharing platform Alphabet has largely been resilient amid increasing macro-economic headwinds delivering better than feared earnings results. Nevertheless, there have been growing concerns surrounding the company including increasing advertising inventory as over-the-top streaming names such as Netflix and Disney+ (not a fund holding) rolled out ad-supported versions of their services. This has the potential to shift a portion of advertising budgets towards other platforms at the expense of Alphabet. Additionally, as companies contend with a slowing economy, many are scaling back advertising spending, which is Alphabet's primary source of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com is the leading global e-commerce platform, positioned to become the leading aggregator of merchandise, content and services – an "everything on demand" platform. Amazon.com is also the leading cloud infrastructure company, through its Amazon Web Services (AWS) division, poised to capture significant technology spending and has high profit margin opportunities in advertising and numerous other investments. The stock struggled for much of the fiscal year as investors waited for the previously strong comparison periods during the height of COVID-19 lockdowns to pass and as investor interest has waned for higher-growth, longer-duration stocks. Amazon.com also wrestled with excess capacity in terms of labor and warehouses, which we believed would be transitory and lessen the need for their typical ramp before the holiday season. Towards the end of the fiscal year, Amazon.com's third quarter earnings report showed slower than expected growth in their AWS division as well as weaker AWS margins given rising wage and energy costs. Amazon.com also lowered fourth quarter guidance that implied slowing retail into the holidays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top individual contributors on an absolute basis during the fiscal year included **Netflix**,

**KnowBe4** and **UnitedHealth Group**. Netflix launched a lower price point ad-supported model during the fiscal year, at a pace that was faster than expected. We believe this cheaper option should support efforts to reduce account sharing and may be somewhat insulated from an economic downturn given that it provides high value in terms of cost-per-hour-of-entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KnowBe4 is a relatively unknown household name, but is the leading vendor of security awareness tools and training to defend against human weaknesses as they relate to IT. We expected growth would remain high with expanding profit margins as the company gained scale. Increased demand for cybersecurity solutions driven by nation-state attacks drove investor demand for the stock during a tumultuous 2022.

**Invesco V.I. Technology Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group is a bellwether in the health care provider space that we believed was well positioned for rising rates and inflation. We also had a favorable view on the managed care space due to conservative (higher) pricing and reimbursement, as well as manageable (lower) utilization tied to COVID-19 and staffing issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that inflation may have peaked and may continue to cool, especially as consumers and enterprises scale back in the face of tighter conditions. The team expects the economy will slow and growth will become scarce. As a result, we continue to evaluate the likelihood for earnings revisions for companies under our purview. Looking forward, we see compelling opportunities for secular growers at attractive valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the close of the fiscal year, the Fund was significantly overweight in the IT sector relative to the broader NASDAQ Total Return Composite Index. Conversely, the Fund was underweight in consumer discretionary, health care, consumer staples and financials sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ash Shah took over as portfolio manager for the Invesco V.I. Technology Fund effective November 28, 2022. Erik Voss announced plans to retire on June 30, 2023, and is no longer the Fund's portfolio manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your commitment to the Invesco V.I. Technology Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

------

**Portfolio manager(s):** 

Ash Shah

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. Technology Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g434980dsp4.jpg)

1 Source: Bloomberg LP

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (5/20/97) | 6.15 | % |
| &nbsp;&nbsp; 10 Years | 10.46 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.31 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -39.95 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (4/30/04) | 7.60 | % |
| &nbsp;&nbsp; 10 Years | 10.17 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.04 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -40.11 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. Technology Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance** 

 **figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. Technology Fund**

------

**Supplemental Information** 

**Invesco V.I. Technology Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **NASDAQ Composite Total Return Index** is a broad-based, market index of the common stocks and similar securities
listed on the Nasdaq stock market.

∎ The **Lipper VUF Science & Technology Funds Classification Average** represents an average of
all variable insurance underlying funds in the Lipper Science & Technology Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. Technology Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 73.40% |
|  Communication Services | 13.66 |
|  Health Care | 4.29 |
|  Consumer Discretionary | 2.94 |
|  Industrials | 2.12 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.59 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Microsoft Corp. | 11.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Alphabet, Inc., Class A | 5.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Apple, Inc. | 4.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | NVIDIA Corp. | 4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Visa, Inc., Class A | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Broadcom, Inc. | 3.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Synopsys, Inc. | 3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Netflix, Inc. | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Workday, Inc., Class A | 2.82 |
| 10. | Marvell Technology, Inc. | 2.65 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. Technology Fund**

------

**Schedule of Investments<sup>(a)</sup>** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.41%** | **Common Stocks & Other Equity Interests–96.41%** | **Common Stocks & Other Equity Interests–96.41%** |
|  **Advertising–1.48%** | **Advertising–1.48%** | **Advertising–1.48%** |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 36880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653330 |
|  **Aerospace & Defense–1.08%** | **Aerospace & Defense–1.08%** | **Aerospace & Defense–1.08%** |
|  Northrop Grumman Corp. | 2204 | 1202524 |
|  **Agricultural & Farm Machinery–1.04%** | **Agricultural & Farm Machinery–1.04%** |  |
|  Deere & Co.<sup>(c)</sup>  | 2707 | 1160653 |
|  **Application Software–12.74%** |  |  |
|  HubSpot, Inc.<sup>(b)</sup>  | 4661 | 1347635 |
|  Intuit, Inc. | 6958 | 2708193 |
|  Paycom Software, Inc.<sup>(b)</sup>  | 8702 | 2700318 |
|  Roper Technologies, Inc. | 2011 | 868933 |
|  Synopsys, Inc.<sup>(b)</sup>  | 10732 | 3426620 |
|  Workday, Inc., Class A<sup>(b)(c)</sup>  | 18762 | 3139445 |
|  |  | 14191144 |
|  **Communications Equipment–2.61%** |  |  |
|  Arista Networks, Inc.<sup>(b)</sup>  | 11705 | 1420402 |
|  Motorola Solutions, Inc. | 5763 | 1485183 |
|  |  | 2905585 |
|  **Data Processing & Outsourced Services–7.69%** | **Data Processing & Outsourced Services–7.69%** | **Data Processing & Outsourced Services–7.69%** |
|  Fiserv, Inc.<sup>(b)</sup>  | 17156 | 1733957 |
|  Mastercard, Inc., Class A | 7541 | 2622232 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 20247 | 4206517 |
|  |  | 8562706 |
|  **Electronic Manufacturing Services–0.78%** | **Electronic Manufacturing Services–0.78%** |  |
|  Flex Ltd.<sup>(b)</sup>  | 40389 | 866748 |
|  **Health Care Equipment–2.08%** |  |  |
|  DexCom, Inc.<sup>(b)</sup>  | 10170 | 1151651 |
|  Intuitive Surgical, Inc.<sup>(b)</sup>  | 4403 | 1168336 |
|  |  | 2319987 |
|  **Interactive Home Entertainment–3.39%** | **Interactive Home Entertainment–3.39%** |  |
|  Electronic Arts, Inc. | 15079 | 1842352 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 18584 | 1935152 |
|  |  | 3777504 |
|  **Interactive Media & Services–5.86%** |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 64234 | 5667366 |
|  Pinterest, Inc., Class A<sup>(b)</sup>  | 35390 | 859269 |
|  |  | 6526635 |
|  **Internet & Direct Marketing Retail–2.94%** | **Internet & Direct Marketing Retail–2.94%** |  |
|  Amazon.com, Inc.<sup>(b)</sup>  | 19229 | 1615236 |
|  JD.com, Inc., ADR (China) | 29633 | 1663300 |
|  |  | 3278536 |
|  **Internet Services & Infrastructure–2.43%** | **Internet Services & Infrastructure–2.43%** |  |
|  MongoDB, Inc.<sup>(b)(c)</sup>  | 7654 | 1506614 |
|  Snowflake, Inc., Class A<sup>(b)(c)</sup>  | 8369 | 1201286 |
|  |  | 2707900 |
|  **IT Consulting & Other Services–1.26%** | **IT Consulting & Other Services–1.26%** |  |
|  EPAM Systems, Inc.<sup>(b)</sup>  | 4270 | 1399450 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Managed Health Care–1.09%** |  |  |  |
|  UnitedHealth Group, Inc. | 2295 | $| 1216763 |
|  **Movies & Entertainment–2.93%** |  |  |  |
|  Netflix, Inc.<sup>(b)(c)</sup>  | 11089 |  | 3269924 |
|  **Pharmaceuticals–1.12%** |  |  |  |
|  Eli Lilly and Co. | 3399 |  | 1243490 |
|  **Semiconductor Equipment–2.60%** |  |  |  |
|  Applied Materials, Inc. | 11046 |  | 1075659 |
|  ASML Holding N.V., New York Shares (Netherlands) | 1968 |  | 1075315 |
|  Enphase Energy, Inc.<sup>(b)</sup>  | 2811 |  | 744803 |
|  |  |  | 2895777 |
|  **Semiconductors–22.68%** |  |  |  |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 43068 |  | 2789514 |
|  Broadcom, Inc. | 7239 |  | 4047542 |
|  GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup>  | 38866 |  | 2094489 |
|  Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 40210 |  | 2608825 |
|  Marvell Technology, Inc. | 79673 |  | 2951088 |
|  Monolithic Power Systems, Inc.<sup>(c)</sup>  | 8044 |  | 2844439 |
|  NVIDIA Corp. | 33332 |  | 4871138 |
|  NXP Semiconductors N.V. (China) | 7056 |  | 1115060 |
|  ON Semiconductor Corp.<sup>(b)</sup>  | 31273 |  | 1950497 |
|  |  |  | 25272592 |
|  **Systems Software–15.94%** |  |  |  |
|  KnowBe4, Inc., Class A<sup>(b)</sup>  | 72544 |  | 1797641 |
|  Microsoft Corp. | 53521 |  | 12835406 |
|  Palo Alto Networks, Inc.<sup>(b)(c)</sup>  | 1974 |  | 275452 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 7353 |  | 2854949 |
|  |  |  | 17763448 |
|  **Technology Hardware, Storage & Peripherals–4.67%** | **Technology Hardware, Storage & Peripherals–4.67%** | **Technology Hardware, Storage & Peripherals–4.67%** | **Technology Hardware, Storage & Peripherals–4.67%** |
|  Apple, Inc. | 40016 |  | 5199279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $85,402,664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $85,402,664) |  | 107413975 |
|  **Money Market Funds–3.41%** |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>4.22%<sup>(d)(e)</sup>  | 1328285 |  | 1328285 |
|  Invesco Liquid Assets Portfolio, Institutional Class,<br>4.42%<sup>(d)(e)</sup> | 948477 |  | 948761 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup> | 1518039 |  | 1518039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $3,795,050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $3,795,050) |  | 3795085 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82%<br>(Cost $89,197,714) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82%<br>(Cost $89,197,714) |  | 111209060 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–18.45%** |  |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup>  | 5755738 |  | 5755738 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Technology Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |  |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup>  | 14796268 | $14800707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $20,555,893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $20,555,893) | 20556445 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–118.27%<br>(Cost $109,753,607) | TOTAL INVESTMENTS IN<br>SECURITIES–118.27%<br>(Cost $109,753,607) | 131765505 |
|  OTHER ASSETS LESS LIABILITIES–(18.27)% | OTHER ASSETS LESS LIABILITIES–(18.27)% | (20350552) |
|  NET ASSETS–100.00% |  | $111414953 |

---

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, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **December 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **December 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$687446 | $25302093 | $(24661255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $1328285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17088 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 491002 | 18072924 | (17615182) | 34 | (17) | 948761 | 14867 |
|  Invesco Treasury Portfolio, Institutional Class | 785653 | 28916677 | (28184291) | - | - | 1518039 | 22510 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 1370979 | 80833004 | (76448245) | - | - | 5755738 | 48,003\* |
|  Invesco Private Prime Fund | 3198950 | 170748872 | (159150267) | 552 | 2600 | 14800707 | 124,150\* |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;$6534030 | $323873570 | $(306059240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2583 | $24351530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226618 |

---

\* 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, 2022.

<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 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Technology Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $85,402,664)\* | $107413975 |
|  Investments in affiliated money market funds, at value<br>(Cost $24,350,943) | 24351530 |
|  Cash | 7558 |
|  Cash collateral from securities on loan | 449662 |
|  Foreign currencies, at value (Cost $590) | 594 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 264576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 197611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 39513 |
|  Investment for trustee deferred compensation and retirement plans | 35226 |
|  Other assets | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 132761396 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 185329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 20647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 21005555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 56416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 33902 |
|  Trustee deferred compensation and retirement plans | 41695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 21346443 |
|  Net assets applicable to shares outstanding | $111414953 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $99460779 |
|  Distributable earnings | 11954174 |
|  | $111414953 |
|  **Net Assets:** |  |
|  Series I | $104075933 |
|  Series II | $7339020 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 8266528 |
|  Series II | 678609 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $12.59 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.81 |

---

\* At December 31, 2022, securities with an aggregate value of $20,621,722 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $19,247) | $700715 |
|  Dividends from affiliated money market funds (includes net securities lending income of $21,789) | 76254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 776969 |
|  **Expenses:** |  |
|  Advisory fees | 1042991 |
|  Administrative services fees | 229231 |
|  Custodian fees | 12012 |
|  Distribution fees - Series II | 22825 |
|  Transfer agent fees | 7146 |
|  Trustees' and officers' fees and benefits | 18424 |
|  Reports to shareholders | 3625 |
|  Professional services fees | 40419 |
|  Other | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1379574 |
|  Less: Fees waived | (3088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1376486 |
|  Net investment income (loss) | (599517) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (9612335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 12830 |
|  | (9596922) |
|  Change in net unrealized appreciation (depreciation) of: | Change in net unrealized appreciation (depreciation) of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (67037538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 205 |
|  | (67036746) |
|  Net realized and unrealized gain (loss) | (76633668) |
|  Net increase (decrease) in net assets resulting from operations | $(77233185) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Technology Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(599517) | $(1409441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9596922) | 52736882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (67036746) | (24327535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (77233185) | 26999906 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (48144527) | (17158247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (3697910) | (1327101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (51842437) | (18485348) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 39105568 | (10621033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 3053452 | (577965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 42159020 | (11198998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (86916602) | (2684440) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 198331555 | 201015995 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $111414953 | $198331555 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. Technology 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** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $38.08 | $(0.10) | $(14.84) | $(14.94) | $(10.55) | $12.59 | (39.95)% | $104076 | 0.98% | 0.98% | (0.42)% | 104% |
|  Year ended 12/31/21 | 36.55 | (0.27) | 5.62 | 5.35 | (3.82) | 38.08 | 14.41 | 185270 | 0.98 | 0.98 | (0.68) | 90 |
|  Year ended 12/31/20 | 27.23 | (0.17) | 12.49 | 12.32 | (3.00) | 36.55 | 46.11 | 187801 | 0.98 | 0.98 | (0.53) | 56 |
|  Year ended 12/31/19 | 21.92 | (0.09) | 7.71 | 7.62 | (2.31) | 27.23 | 35.88 | 127308 | 0.99 | 0.99 | (0.36) | 46 |
|  Year ended 12/31/18 | 22.97 | (0.12) | 0.22 | 0.10 | (1.15) | 21.92 | (0.45) | 109596 | 1.03 | 1.03 | (0.47) | 48 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 35.20 | (0.15) | (13.69) | (13.84) | (10.55) | 10.81 | (40.11) | 7339 | 1.23 | 1.23 | (0.67) | 104 |
|  Year ended 12/31/21 | 34.13 | (0.34) | 5.23 | 4.89 | (3.82) | 35.20 | 14.08 | 13061 | 1.23 | 1.23 | (0.93) | 90 |
|  Year ended 12/31/20 | 25.63 | (0.23) | 11.73 | 11.50 | (3.00) | 34.13 | 45.79 | 13215 | 1.23 | 1.23 | (0.78) | 56 |
|  Year ended 12/31/19 | 20.79 | (0.15) | 7.30 | 7.15 | (2.31) | 25.63 | 35.56 | 10184 | 1.24 | 1.24 | (0.61) | 46 |
|  Year ended 12/31/18 | 21.89 | (0.17) | 0.22 | 0.05 | (1.15) | 20.79 | (0.71) | 9587 | 1.28 | 1.28 | (0.72) | 48 |

---

<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.

**Invesco V.I. Technology Fund**

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**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. Technology Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. The Fund is classified as non-diversified. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. Technology Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, 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 f unds* 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 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, 2022, the Fund paid the Adviser $2,058 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.

**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

**Invesco V.I. Technology Fund**

------

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**K.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**L.** **Other Risks** – The Fund's investments are concentrated in a comparatively narrow segment of the economy,
which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

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.

**M.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Next $250 million | 0.740% |
|  Next $500 million | 0.730% |
|  Next $1.5 billion | 0.720% |
|  Next $2.5 billion | 0.710% |
|  Next $2.5 billion | 0.700% |
|  Next $2.5 billion | 0.690% |
|  Over $10 billion | 0.680% |

---

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, 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

**Invesco V.I. Technology Fund**

------

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, 2022, Invesco was paid $21,219 for accounting and fund administrative services and was reimbursed $208,012 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the year ended December 31, 2022, the Fund incurred $3,077 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. |
| 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $107413975 | $– | $– | $107413975 |
|  Money Market Funds | 3795085 | 20556445 | &nbsp;&nbsp;&nbsp;&nbsp;– | 24351530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $111209060 | $20556445 | $– | $131765505 |

---

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**Invesco V.I. Technology Fund**

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**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, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $– | $1934423 |
|  Long-term capital gain | 51842437 | 16550925 |
|  Total distributions | $51842437 | $18485348 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $20338610 |
|  Net unrealized appreciation – foreign currencies | 198 |
|  Temporary book/tax differences | (33782) |
|  Capital loss carryforward | (8350852) |
|  Shares of beneficial interest | 99460779 |
|  Total net assets | $111414953 |

---

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, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $8350852 | $– | $8350852 |

---

\* 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, 2022 was $144,620,993 and $157,249,874, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $27130244 |
|  Aggregate unrealized (depreciation) of investments | (6791634) |
|  Net unrealized appreciation of investments | $20338610 |

---

Cost of investments for tax purposes is $111,426,895.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $599,750, undistributed net realized gain (loss) was decreased by $12,155 and shares of beneficial interest was decreased by $587,595. 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** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1561903 | $&nbsp;&nbsp;&nbsp;&nbsp;29938410 | 781529 | $&nbsp;&nbsp;&nbsp;&nbsp;30696876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 54270 | 1026111 | 35254 | 1276578 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 3723475 | 48144527 | 441313 | 17158247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 332845 | 3697910 | 36905 | 1327101 |

---

**Invesco V.I. Technology Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1884680) | $(38977369) | (1494672) | $(58476156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (79540) | (1670569) | (88379) | (3181644) |
|  Net increase (decrease) in share activity | 3708273 | $42159020 | (288050) | $(11198998) |

---

<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. 

**Invesco V.I. Technology 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. 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. Technology Fund**

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $904.60 | $4.70 | $1020.27 | $4.99 | 0.98% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | 903.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;1019.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | 1.23 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. Technology Fund**

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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 their fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $51842437 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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**Invesco V.I. Technology Fund**

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. Technology Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. Technology Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. Technology Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. Technology Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. Technology Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. Technology Fund**

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. U.S. Government Money Portfolio** 

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The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. The Fund's Form N-MFP filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIGMKT-AR-1

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**Management's Discussion** 

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| |
|:---|
| **Fund Information** |
| This annual report for Invesco V.I. U.S. Government Money Portfolio (the Fund) covers the year ended December 31, 2022.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2022, the Fund's net assets totaled $1,818 million. As of the same date, the Fund's weighted average maturity was 11 days and the Fund's weighted average life was 103 days.<br>Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.<br>|

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**Market conditions affecting money market funds** 

During 2022, money market funds and markets in general were significantly impacted by actions from the US Federal Reserve (Fed). At the beginning of the fiscal year, the effective federal funds rate target range was 0.00% to 0.25%. After raising interest rates a cumulative 425 basis points (bps), the target range ended 2022 at 4.25% to 4.50%.1 This has been the most aggressive Fed hiking since 1981. As a result of Fed policy and economic conditions, the two- and 10-years curve was inverted for much of the year. Following year end, expectations are for a slowing in the magnitude of policy rate hikes as the Fed continues to assess the impact of tighter monetary policy on inflation, economic activity, and financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation also dominated headlines throughout the fiscal year, with Russia's invasion of Ukraine exacerbating inflationary pressure by driving up commodity prices. In the US, year over year Consumer Price Index increased throughout the year, having started the year at 1.4%, peaking at 9.1% in June, and decreasing slightly to 7.1% at the end of November.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first quarter of 2022, the Fed began its tightening cycle, with the Federal Open Markets Committee (FOMC) raising rates off the zero bound, which moved money market yields off the zero bound as well. Yield increased significantly across the yield curve in anticipation of potentially aggressive Fed rate hikes in the future. The 10-year US Treasury yield rose by 83 bps and two-year Treasuries soared 160 bps, resulting in an inverted yield curve at quarter end.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second quarter proved challenging for both US and global markets, as markets reacted to stubborn inflation data, a slow persistent war in Ukraine, two Fed rate hikes, ever-changing expectations of the magnitude of Fed hikes, and the potential implications to inflation, growth, and financial conditions. Inflation continued to increase and reached levels not seen since 1981. The FOMC raised policy rates by a total of 125 bps during the quarter.<sup>1</sup> As a result, yields rose across the

US Treasury yield curve, and the yield curve bear flattened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the third quarter, global central banks including the Fed reiterated their laser focus on inflation risks and continued hiking interest rates at an unprecedented rate. The FOMC raised short-term policy rates by 150 bps in the quarter.1 Treasury yields at the front end of the curve increased considerably during the quarter, with the two- and 10-year curves inverted once more. Demand for money market securities continued to be evident as the Fed's Overnight Reverse Repo Facility hit an all-time daily usage high of $2.4 trillion on September 30.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fourth quarter saw another increase in federal funds policy rates, as the FOMC pushed the target range for the federal funds rate higher by 125 bps to 4.25% to 4.50%, capping a year where it began at 0.00% to 0.25%.1 The US Treasury yield curve remained inverted as US Treasury bill yields jumped between 75 bps to 134 bps. 2 Overnight repo rates traded 5 bps above the federal funds lower bound. Participation in the Fed's reverse repo program remained elevated and reached another all-time high participation of $2.55 trillion on December 30.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the close of the year, it is Invesco Global Liquidity's view that while central banks continued to hike policy rates globally, expectations are for a slowing in the magnitude and pace of future rate hikes. In the US, the market is currently pricing in a 100% probability for 0.25% rate hike at the next FOMC meeting, with a probability of just under 40% for a 0.50% hike.<sup>2</sup> We believe it is prudent to monitor developments related to the US debt ceiling due to potential effects on Treasury supply and rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For over 40 years, Invesco Global Liquidity has been a core business for Invesco. We believe in a disciplined investment process, high credit quality solutions, distinguished client engagement and consistent performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We appreciate your continued investment in Invesco V.I. U.S. Government Money Portfolio.

1 Source: US Federal Reserve

2 Source: Bloomberg LP

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. U.S. Government Money Portfolio** 

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**Team managed by Invesco Advisers, Inc.** 

**You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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| | |
|:---|:---|
|  **Portfolio Composition by Maturity\*** | **Portfolio Composition by Maturity\*** |
|  &nbsp;&nbsp;&nbsp;&nbsp;*In days, as of 12/31/2022* |  |
| 1-7 | 71.0% |
| 8-30 | 1.7 |
| 31-60 | 0.8 |
| 61-90 | 3.8 |
| 91-180 | 3.5 |
| 181+ | 19.2 |

---

\* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Supplemental Information** 

**Invesco V.I. U.S. Government Money Portfolio's investment objective is to seek income consistent with stability of principal.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and
is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Schedule of Investments** 

*December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Value** |
|  **U.S. Treasury Securities-17.89%** |  |  |  |  |
|  **U.S. Treasury Bills-7.64%<sup>(a)</sup>** |  |  |  |  |
|  U.S. Treasury Bills | 4.20% | 02/16/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994691 |
|  U.S. Treasury Bills | 1.19% | 02/23/2023 | 8000 | 7986161 |
|  U.S. Treasury Bills | 4.33% | 03/02/2023 | 10000 | 9928583 |
|  U.S. Treasury Bills | 4.36% | 03/14/2023 | 23500 | 23297900 |
|  U.S. Treasury Bills | 4.46% | 03/28/2023 | 5000 | 4947445 |
|  U.S. Treasury Bills | 4.40% | 03/30/2023 | 30000 | 29681000 |
|  U.S. Treasury Bills | 4.50% | 04/04/2023 | 7000 | 6919891 |
|  U.S. Treasury Bills | 4.46% | 04/11/2023 | 10000 | 9877778 |
|  U.S. Treasury Bills | 4.51% | 04/18/2023 | 6000 | 5920820 |
|  U.S. Treasury Bills | 4.49% | 04/25/2023 | 20000 | 19719750 |
|  U.S. Treasury Bills | 4.55% | 05/02/2023 | 8000 | 7879678 |
|  U.S. Treasury Bills | 3.01% | 07/13/2023 | 12000 | 11812082 |
|  |  |  |  | 138965779 |
|  **U.S. Treasury Floating Rate Notes-10.25%** |  |  |  |  |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)<sup>(b)</sup> | 4.45% | 01/31/2023 | 3000 | 3000031 |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)<sup>(b)</sup> | 4.43% | 07/31/2023 | 6000 | 6000035 |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)<sup>(b)</sup> | 4.32% | 04/30/2024 | 72500 | 72439463 |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)<sup>(b)</sup> | 4.44% | 07/31/2024 | 81000 | 80949445 |
|  U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)<sup>(b)</sup> | 4.48% | 10/31/2024 | 24000 | 23984626 |
|  |  |  |  | 186373600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $325,339,379) |  |  |  | 325339379 |
|  **U.S. Government Sponsored Agency Securities-9.05%** |  |  |  |  |
|  **Federal Farm Credit Bank (FFCB)-9.05%** |  |  |  |  |
|  Federal Farm Credit Bank (SOFR + 0.06%)<sup>(b)</sup> | 4.35% | 02/09/2023 | 1000 | 1000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.35% | 02/17/2023 | 2000 | 2000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 03/10/2023 | 1000 | 1000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 05/19/2023 | 1000 | 1000000 |
|  Federal Farm Credit Bank (SOFR + 0.03%)<sup>(b)</sup> | 4.33% | 06/14/2023 | 1000 | 1000000 |
|  Federal Farm Credit Bank (SOFR + 0.02%)<sup>(b)</sup> | 4.32% | 06/23/2023 | 10000 | 9999797 |
|  Federal Farm Credit Bank (SOFR + 0.03%)<sup>(b)</sup> | 4.33% | 07/07/2023 | 2000 | 2000000 |
|  Federal Farm Credit Bank (SOFR + 0.03%)<sup>(b)</sup> | 4.33% | 09/18/2023 | 6000 | 6000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 09/20/2023 | 6000 | 6000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.35% | 09/29/2023 | 1000 | 1000000 |
|  Federal Farm Credit Bank (SOFR + 0.06%)<sup>(b)</sup> | 4.35% | 11/07/2023 | 3500 | 3500000 |
|  Federal Farm Credit Bank (SOFR + 0.06%)<sup>(b)</sup> | 4.36% | 12/13/2023 | 2000 | 2000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 12/15/2023 | 6000 | 5999711 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 01/04/2024 | 12000 | 12000000 |
|  Federal Farm Credit Bank (SOFR + 0.06%)<sup>(b)</sup> | 4.35% | 01/10/2024 | 3000 | 3000000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 02/05/2024 | 8000 | 8000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.35% | 02/23/2024 | 9000 | 9000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.34% | 03/08/2024 | 13000 | 13000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.34% | 03/15/2024 | 14500 | 14500000 |
|  Federal Farm Credit Bank (SOFR + 0.04%)<sup>(b)</sup> | 4.34% | 03/18/2024 | 20500 | 20500000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.34% | 04/25/2024 | 2000 | 2000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.35% | 05/09/2024 | 10000 | 10000000 |
|  Federal Farm Credit Bank (SOFR + 0.05%)<sup>(b)</sup> | 4.34% | 05/24/2024 | 15000 | 15000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. U.S. Government Money Portfolio** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Value** |
|  **Federal Farm Credit Bank (FFCB)-(continued)** |  |  |  |  |
|  Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> | 4.40% | 08/08/2024 | $15000 | $15000000 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-26.94%<br>(Cost $489,838,887) |  |  |  | 489838887 |
|  |  |  | **Repurchase<br>Amount** |  |
|  **Repurchase Agreements-72.44%<sup>(c)</sup>** |  |  |  |  |
|  Citigroup Global Markets, Inc., joint agreement dated 12/30/2022, aggregate maturing value of $400,191,111 (collateralized by U.S. Treasury obligations valued at $408,000,018; 0.00%; 05/15/2036 - 05/15/2040) | 4.30% | 01/03/2023 | 150071667 | 150000000 |
|  Citigroup Global Markets, Inc., joint term agreement dated 12/28/2022, aggregate maturing value of $800,670,444 (collateralized by U.S. Treasury obligations valued at $816,000,067; 0.00% - 4.50%; 02/15/2023 - 08/15/2037)<sup>(d)</sup> | 4.31% | 01/04/2023 | 60050283 | 60000000 |
|  ING Financial Markets, LLC, joint agreement dated 12/30/2022, aggregate maturing value of $250,119,444 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 5.50%; 08/01/2034 - 11/01/2052) | 4.30% | 01/03/2023 | 150071667 | 150000000 |
|  ING Financial Markets, LLC, joint term agreement dated 12/16/2022, aggregate maturing value of $301,008,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 7.00%; 10/01/2028 - 09/01/2057) | 4.32% | 01/13/2023 | 30100800 | 30000000 |
|  Mizuho Securities (USA) LLC, joint agreement dated 12/30/2022, aggregate maturing value of $200,095,556 (collateralized by U.S. Treasury obligations valued at $204,000,043; 0.25% - 4.38%; 02/15/2023 - 08/15/2032) | 4.30% | 01/03/2023 | 150071667 | 150000000 |
|  RBC Dominion Securities Inc., joint term agreement dated 12/28/2022, aggregate maturing value of $2,251,881,250 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,295,000,006; 0.00% - 6.38%; 08/15/2023 - 06/25/2059)<sup>(d)</sup> | 4.30% | 01/04/2023 | 200167222 | 200000000 |
|  Sumitomo Mitsui Banking Corp., joint agreement dated 12/30/2022, aggregate maturing value of $1,000,478,889 (collateralized by agency mortgage-backed securities valued at $1,024,326,971; 2.50% - 5.50%; 11/20/2049 - 10/20/2052) | 4.31% | 01/03/2023 | 362173358 | 362000000 |
|  TD Securities (USA) LLC, joint term agreement dated 12/29/2022, aggregate maturing value of $350,292,639 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.50% - 5.00%; 09/01/2051 - 07/01/2052)<sup>(d)</sup> | 4.30% | 01/05/2023 | 215179764 | 215000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements (Cost $1,317,000,000) |  |  |  | 1317000000 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-99.38% (Cost $1,806,838,887) |  |  |  | 1806838887 |
|  OTHER ASSETS LESS LIABILITIES-0.62% |  |  |  | 11326365 |
|  NET ASSETS-100.00% |  |  |  | $1818165252 |

---

Investment Abbreviations:

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, 2022.

<sup>(c)</sup> Principal amount equals value at period end. See Note 1I. 

<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. (e) Also represents cost for federal income tax purposes.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Statement of Assets and Liabilities** 

*December 31, 2022*

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, excluding repurchase agreements, at value and cost | $489838887 |
|  Repurchase agreements, at value and cost | 1317000000 |
|  Cash | 607493 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 17587314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2488759 |
|  Investment for trustee deferred compensation and retirement plans | 56474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1827578927 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 7879678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 1377365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 6963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued operating expenses | 92036 |
|  Trustee deferred compensation and retirement plans | 56474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9413675 |
|  Net assets applicable to shares outstanding | $1818165252 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $1818527676 |
|  Distributable earnings | (362424) |
|  | $1818165252 |
|  **Net Assets:** |  |
|  Series I | $1818155253 |
|  Series II | $9999 |
|  **Shares outstanding, no par value, unlimited number of shares authorized:** |  |
|  Series I | 1818334612 |
|  Series II | 10000 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $1.00 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $1.00 |

---

**Statement of Operations** 

*For the year ended December 31, 2022*

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $35955731 |
|  **Expenses:** |  |
|  Advisory fees | 7549876 |
|  Administrative services fees | 2504452 |
|  Custodian fees | 9200 |
|  Distribution fees - Series II | 26 |
|  Transfer agent fees | 63634 |
|  Trustees' and officers' fees and benefits | 29034 |
|  Reports to shareholders | 239 |
|  Professional services fees | 27121 |
|  Other | 17825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10201407 |
|  Less: Fees waived and expenses reimbursed | (1032120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9169287 |
|  Net investment income | 26786444 |
|  Net realized gain (loss) from unaffiliated investment securities | (297861) |
|  Net increase in net assets resulting from operations | $26488583 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021*

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $26786444 | $24992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (297861) | (8089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 26488583 | 16903 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (26786333) | (24988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (111) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (26786444) | (24992) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1357768222 | 96087722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (350) | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 1357767872 | 96088072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 1357470011 | 96079983 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 460695241 | 364615258 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1818165252 | $460695241 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Financial Highlights** 

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** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(realized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $1.00 | $0.01 | $(0.00) | $0.01 | $(0.01) | $1.00 | 1.26% | $1818155 | 0.49% | 0.54% | 1.42% |
|  Year ended 12/31/21 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | 1.00 | 0.01 | 460685 | 0.10 | 0.52 | 0.00 |
|  Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.22 | 364605 | 0.24 | 0.48 | 0.09 |
|  Year ended 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.71 | 369759 | 0.50 | 0.54 | 1.82 |
|  Year ended 12/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 1.35 | 3055726 | 0.50 | 0.56 | 1.54 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.10 | 10 | 0.65 | 0.79 | 1.25 |
|  Year ended 12/31/21 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | 1.00 | 0.01 | 10 | 0.10 | 0.77 | 0.00 |
|  Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.17 | 10 | 0.29 | 0.73 | 0.04 |
|  Period ended 12/31/19<sup>(d)</sup> | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.78 | 10 | 0.72 <sup>(e)</sup> | 0.72 <sup>(e)</sup> | 1.61 <sup>(e)</sup> |

---

<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> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019 and 2018, respectively. 

<sup>(d)</sup> Commencement date after the close of business on May 24, 2019.

<sup>(e)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Notes to Financial Statements** 

*December 31, 2022*

**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 Accounting Standards Codification Topic 946, *Financial Services — Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** - The Fund's securities are recorded on the basis of amortized cost
which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**B.** **Securities Transactions and Investment Income** - Securities transactions are accounted for on
a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes
coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the
securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** - For the purposes of making investment selection decisions and
presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and
which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** - The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material
events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, each Trustee, officer,
employee or other agent of the Trust is indemnified against certain

**Invesco V.I. U.S. Government Money Portfolio** 

------

liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Repurchase Agreements** - The Fund may enter into repurchase agreements. Collateral on
repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S.
Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board
of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates ("Joint repurchase agreements"). The principal amount of
the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could
experience losses, including a decline in the value of the collateral and loss of income.

**J.** **Other Risks** - Investments in obligations issued by agencies and instrumentalities of the U.S.
Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if
the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt
limit, commonly called the "debt ceiling", could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility
in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory
action, is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of that entity will be adversely impacted.

**K.** **COVID-19 Risk** - The COVID-19 strain of coronavirus has resulted in instances of market
closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business
closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic
impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the
macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.450% |
|  Next $500 million | 0.425% |
|  Next $500 million | 0.400% |
|  Over $1.5 billion | 0.375% |

---

\*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended December 31, 2022, the effective advisory fees incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser and/or Invesco Distributors, Inc., ("IDI") voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund's yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors. For the year ended December 31, 2022, the Adviser waived advisory fees of $1,032,111 and IDI reimbursed $9 for Series II shares in order to increase the Fund's yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2022, Invesco was paid $838,427 for accounting and fund administrative services and was reimbursed $1,666,025 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon ("BNY Mellon") serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the

**Invesco V.I. U.S. Government Money Portfolio** 

------

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, 2022, 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.  |

---

---

| | |
|:---|:---|
| 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, 2022, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees' and Officers' Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees' and Officers' Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2022 and December 31, 2021:</u>** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $26786444 | $24992 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Temporary book/tax differences | $(56474) |
|  Capital loss carryforward | (305950) |
|  Shares of beneficial interest | 1818527676 |
|  Total net assets | $1818165252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a capital loss carryforward as of December 31, 2022 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $305950 | $- | $305950 |

---

\* 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.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**NOTE 7–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2022, undistributed net investment income was increased by $14,752 and shares of beneficial interest was decreased by $14,752. This reclassification had no effect on the net assets of the Fund.

**NOTE 8–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Summary of Share Activity** | **Summary of Share Activity** | |
|  | | **Years ended December 31,** | **Years ended December 31,** | |
|  | **2022<sup>(a)</sup>** | **2022<sup>(a)</sup>** | **2021** | **2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 2995222650 | $2995222650 | 192727638 | $192727638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II |  |  | 350 | 350 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 26786218 | 26786218 | 24987 | 24987 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1664240646) | (1664240646) | (96664903) | (96664903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (350) | (350) |  |  |
|  Net increase in share activity | 1357767872 | $1357767872 | 96088072 | $96088072 |

---

(a) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and
owns 95% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable
products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but
not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also
owned beneficially.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, 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, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the four years in the period ended December 31, 2022 for Series I.<br> For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations)<br> through December 31, 2019 for Series II. |

---

The financial statements of Oppenheimer Government Money Fund/VA (subsequently renamed Invesco V.I. U.S. Government Money Portfolio) as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. U.S. Government Money Portfolio** 

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before expenses)** | **HYPOTHETICAL**<br> **(5% annual return before expenses)** | |
| <br>&nbsp;&nbsp;&nbsp;**Class** | <br>**Beginning** <br> **Account Value** <br> **(07/01/22)**  | **Ending** <br> **Account Value** <br> **(12/31/22)<sup>1</sup>**  | **Expenses** <br> **Paid During** <br> **Period<sup>2</sup>**  | **Ending** <br> **Account Value** <br> **(12/31/22)**  | **Expenses** <br> **Paid During** <br> **Period<sup>2</sup>**  | <br>**Annualized <br>Expense <br>Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1011.90 | $2.94 | $1022.28 | $2.96 | 0.58% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;1021.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | 0.83 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** |  |
|  Qualified Business Income\* | 0.0% |
|  Qualified Dividend Income\* | 0.0% |
|  Corporate Dividends Received Deduction\* | 0.0% |
|  Business Interest Income\* | 99.94% |
|  U.S. Treasury Obligations\* | 37.82% |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

**Invesco V.I. U.S. Government Money Portfolio** 

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**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. U.S. Government Money Portfolio** 

------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds**<br> **in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler –1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis – 1950 Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. U.S. Government Money Portfolio** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds**<br> **in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**Invesco V.I. U.S. Government Money Portfolio** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**Invesco V.I. U.S. Government Money Portfolio** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr — 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**Invesco V.I. U.S. Government Money Portfolio** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | Bank of New York Mellon |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 2 Hanson Place |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Brooklyn, NY 11217-1431 |

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**Invesco V.I. U.S. Government Money Portfolio** 

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![LOGO](g436407dsp01.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **December 31, 2022** |

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**Invesco V.I. EQV International Equity Fund** 

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The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund's most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies ("variable products") that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

**This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc. VIIGR-AR-1

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. EQV International Equity Fund (the Fund) underperformed the MSCI All Country World ex USA Index, the Fund's broad market benchmark. | &nbsp;&nbsp; For the year ended December 31, 2022, Series I shares of Invesco V.I. EQV International Equity Fund (the Fund) underperformed the MSCI All Country World ex USA Index, the Fund's broad market benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* | &nbsp;&nbsp; *Total returns, 12/31/21 to 12/31/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.* |  |
| &nbsp;&nbsp; Series I Shares | -18.31 | % |
| &nbsp;&nbsp; Series II Shares | -18.50 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> (Broad Market Index) | -16.00 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter of 2022, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite the rebound in the fourth quarter of 2022, at the end of the fiscal year ended December 31, 2022, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund holdings in the information technology (IT) sector outperformed those of the Fund's broad market benchmark, the MSCI All Country World ex USA Index, and were the largest contributors to relative performance. Within the sector, not owning Canadian

ecommerce company Shopify added to relative results. Canadian IT services company **CGI** was another notable relative contributor during the fiscal year. Stock selection in the financials sector also contributed to the Fund's relative performance. Brazilian exchange operator **B3** and **United Overseas Bank** in Singapore added to both absolute and relative results within the financials sector. On a geographic basis, the Fund's holdings in China and Germany outperformed those of the broad market benchmark, contributing to relative return. No exposure in Russia and an underweight in Germany added to relative results as well. In a declining equity market environment, the Fund's cash exposure (average 2.7%) contributed to the Fund's relative performance. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security selection in the industrials sector detracted from the Fund's relative results. Within industrials, Swedish global engineering group **Sandvik** and garden products and services company **Husqvarna** were key detractors during the fiscal year. The Fund's holdings in the energy sector outperformed those of the broad market benchmark, but an underweight in the sector, the fiscal year's best performing sector, hampered relative return. Stock selection in the communication services also detracted from the Fund's relative performance versus the benchmark index. Within the communication services sector, South Korea-based internet conglomerate company **NAVER** detracted from both absolute and relative results. During the fiscal year, we sold the Fund's position in NAVER because international competitors have been increasing their relevance in the core advertising businesses and the company's management has been shifting focus towards what we believe is lower margin international businesses. Geographically, the Fund's holdings in Japan, the UK and Sweden underperformed those of the broad market benchmark and were the largest detractors from relative performance. Underweights in the UK and Japan and an overweight in Sweden also had a negative impact on relative return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund's portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including French industrial gases company **Air Liquide**, Hong Kong-based power tools and outdoor power equipment company **Techtronic Industries**, and **Tokyo Electron**, a Japanese maker of semiconductor production equipment. We sold several holdings during the fiscal year, including Swiss tobacco company Philip Morris International, global packaging company Amcor and British communication services company WPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality companies that exhibit the following characteristics: strong organic growth; high returns on capital; pricing power; strong balance sheets; cash generation; and reasonable valuations. In addition, we continue to favor companies that are able to consistently generate cash during weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco V.I. EQV International Equity Fund.

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**Portfolio manager(s):** 

Brent Bates

Mark Jason

Richard Nield

Clas Olsson

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**Invesco V.I. EQV International Equity Fund**

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/31/12

![LOGO](g436407dsp03.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 12/31/22* |  |
| &nbsp;&nbsp; **Series I Shares** |  |  |
| &nbsp;&nbsp; Inception (5/5/93) | 6.39 | % |
| &nbsp;&nbsp; 10 Years | 4.41 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.52 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -18.31 |  |
| &nbsp;&nbsp; **Series II Shares** |  |  |
| &nbsp;&nbsp; Inception (9/19/01) | 6.17 | % |
| &nbsp;&nbsp; 10 Years | 4.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.26 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -18.50 |  |

---

**The performance of the Fund's Series I and Series II share classes will differ primarily due to different class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco V.I. EQV International Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given** 

**represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

**Invesco V.I. EQV International Equity Fund**

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**Supplemental Information** 

**Invesco V.I. EQV International Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country World ex USA <sup>®</sup> <sup></sup> Index** is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and
consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,
and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

**Invesco V.I. EQV International Equity Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 17.93% |
|  Consumer Staples | 17.58 |
|  Information Technology | 16.42 |
|  Financials | 15.27 |
|  Health Care | 12.00 |
|  Consumer Discretionary | 9.93 |
|  Materials | 6.35 |
|  Energy | 2.57 |
|  Money Market Funds Plus Other Assets Less<br>Liabilities | 1.95 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Broadcom, Inc. | 3.73% |
| 2. | Novo Nordisk A/S, Class B | 2.87 |
| 3. | Wal-Mart de Mexico S.A.B. de C.V., Series V | 2.84 |
| 4. | Investor AB, Class B | 2.82 |
| 5. | HDFC Bank Ltd., ADR | 2.79 |
| 6. | Sandvik AB | 2.57 |
| 7. | LVMH Moet Hennessy Louis Vuitton SE | 2.41 |
| 8. | ICON PLC | 2.28 |
| 9. | Reckitt Benckiser Group PLC | 2.26 |
| 10. | United Overseas Bank Ltd. | 2.19 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

**Invesco V.I. EQV International Equity Fund**

------

**Schedule of Investments** 

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.05%** | **Common Stocks & Other Equity Interests–98.05%** | **Common Stocks & Other Equity Interests–98.05%** |
|  **Australia–3.04%** | **Australia–3.04%** | **Australia–3.04%** |
|  CSL Ltd. | 87811 | $17122338 |
|  Flutter Entertainment PLC<sup>(a)</sup>  | 113713 | 15542593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32664931 |
|  **Brazil–2.33%** |  |  |
|  B3 S.A. - Brasil, Bolsa, Balcao | 4014602 | 10038908 |
|  MercadoLibre, Inc.<sup>(a)</sup>  | 7579 | 6413653 |
|  Rede D'Or Sao Luiz S.A.<sup>(b)</sup>  | 1533200 | 8579100 |
|  |  | 25031661 |
|  **Canada–5.29%** |  |  |
|  CGI, Inc., Class A<sup>(a)</sup>  | 266611 | 22980923 |
|  Magna International, Inc. | 293384 | 16480640 |
|  Ritchie Bros. Auctioneers, Inc. | 299242 | 17284872 |
|  |  | 56746435 |
|  **China–8.52%** |  |  |
|  Airtac International Group | 516000 | 15617860 |
|  China Mengniu Dairy Co. Ltd. | 3714000 | 16705585 |
|  China Resources Beer Holdings Co. Ltd. | 2032000 | 14203750 |
|  JD.com, Inc., ADR | 272639 | 15303227 |
|  Wuliangye Yibin Co. Ltd., A Shares | 503941 | 13048330 |
|  Yum China Holdings, Inc. | 301917 | 16499764 |
|  |  | 91378516 |
|  **Denmark–4.00%** |  |  |
|  Carlsberg A/S, Class B | 91529 | 12116289 |
|  Novo Nordisk A/S, Class B | 227226 | 30766389 |
|  |  | 42882678 |
|  **France–10.00%** |  |  |
|  Air Liquide S.A. | 107196 | 15247483 |
|  Arkema S.A. | 164104 | 14802225 |
|  LVMH Moet Hennessy Louis Vuitton SE | 35642 | 25891949 |
|  Pernod Ricard S.A. | 59829 | 11759963 |
|  Schneider Electric SE | 151776 | 21345691 |
|  TotalEnergies SE | 293038 | 18290012 |
|  |  | 107337323 |
|  **Germany–1.38%** |  |  |
|  Deutsche Boerse AG | 85596 | 14768799 |
|  **Hong Kong–3.34%** |  |  |
|  AIA Group Ltd. | 1711000 | 18850094 |
|  Techtronic Industries Co. Ltd. | 1528500 | 17019866 |
|  |  | 35869960 |
|  **India–2.79%** |  |  |
|  HDFC Bank Ltd., ADR | 437495 | 29929033 |
|  **Ireland–1.76%** |  |  |
|  CRH PLC | 478026 | 18926299 |
|  **Italy–2.18%** |  |  |
|  FinecoBank Banca Fineco S.p.A. | 1405600 | 23425085 |
|  **Japan–11.86%** |  |  |
|  Asahi Group Holdings Ltd. | 493800 | 15375741 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  FANUC Corp. | 123100 | $18371678 |
|  Hoya Corp. | 143400 | 13874695 |
|  Keyence Corp. | 14600 | 5715968 |
|  Komatsu Ltd. | 371700 | 8064096 |
|  Olympus Corp. | 1251800 | 22126440 |
|  SMC Corp. | 15600 | 6602382 |
|  Sony Group Corp. | 134500 | 10256420 |
|  TIS, Inc. | 514800 | 13645475 |
|  Tokyo Electron Ltd. | 44400 | 13189618 |
|  |  | 127222513 |
|  **Mexico–2.84%** |  |  |
|  Wal-Mart de Mexico S.A.B. de C.V., Series V | 8660623 | 30484291 |
|  **Netherlands–6.17%** |  |  |
|  ASML Holding N.V. | 33199 | 17970716 |
|  Heineken N.V. | 206398 | 19391409 |
|  Shell PLC | 328366 | 9331413 |
|  Wolters Kluwer N.V. | 186684 | 19500841 |
|  |  | 66194379 |
|  **Singapore–2.19%** |  |  |
|  United Overseas Bank Ltd. | 1024466 | 23494779 |
|  **South Korea–1.68%** |  |  |
|  Samsung Electronics Co. Ltd. | 408935 | 18033251 |
|  **Spain–1.64%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup>  | 341872 | 17630355 |
|  **Sweden–7.29%** |  |  |
|  Husqvarna AB, Class B<sup>(c)</sup>  | 1035700 | 7297429 |
|  Investor AB, Class B | 1665186 | 30201937 |
|  Sandvik AB<sup>(c)</sup>  | 1528495 | 27597323 |
|  Svenska Handelsbanken AB, Class A | 1301585 | 13096924 |
|  |  | 78193613 |
|  **Switzerland–1.53%** |  |  |
|  Kuehne + Nagel International AG, Class R | 23095 | 5366906 |
|  Logitech International S.A., Class R | 178642 | 11087808 |
|  |  | 16454714 |
|  **Taiwan–1.50%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 216312 | 16113081 |
|  **United Kingdom–6.70%** |  |  |
|  Ashtead Group PLC | 313537 | 17911333 |
|  DCC PLC | 212864 | 10508319 |
|  Linde PLC | 59037 | 19256689 |
|  Reckitt Benckiser Group PLC | 348367 | 24235557 |
|  |  | 71911898 |
|  **United States–10.02%** |  |  |
|  Broadcom, Inc. | 71544 | 40002398 |
|  Haleon PLC<sup>(a)</sup>  | 2996533 | 11985781 |
|  ICON PLC<sup>(a)(c)</sup>  | 126086 | 24492205 |
|  Nestle S.A. | 166118 | 19184217 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. EQV International Equity Fund**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Roche Holding AG | 37624 | $11823788 |
|  |  | 107488389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $839,575,763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $839,575,763) | 1052181983 |
|  **Money Market Funds–1.72%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>(d)(e)</sup>  | 6646633 | 6646633 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 4.42%<sup>(d)(e)</sup>  | 4242616 | 4243888 |
|  Invesco Treasury Portfolio, Institutional Class, 4.20%<sup>(d)(e)</sup>  | 7596153 | 7596153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $18,484,055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $18,484,055) | 18486674 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-99.77%<br>(Cost $858,059,818) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-99.77%<br>(Cost $858,059,818) | 1070668657 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.25%** | **Money Market Funds–0.25%** | **Money Market Funds–0.25%** |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup>  | 760986 | $760986 |
|  Invesco Private Prime Fund,<br>4.46%<sup>(d)(e)(f)</sup>  | 1956233 | 1956820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,717,625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,717,625) | 2717806 |
|  TOTAL INVESTMENTS IN SECURITIES–100.02%<br>(Cost $860,777,443) | TOTAL INVESTMENTS IN SECURITIES–100.02%<br>(Cost $860,777,443) | 1073386463 |
|  OTHER ASSETS LESS LIABILITIES–(0.02)% | OTHER ASSETS LESS LIABILITIES–(0.02)% | (224466) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1073161997 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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 value of this security at December 31, 2022 represented 1.00% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**December 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain**<br>**(Loss)** |<br>**Value**<br>**December 31, 2022** |<br>**Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $11153338 | $108114948 | $(112621653) | $- | $- | $6646633 | $131434 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 7462045 | 77224961 | (80444036) | 1166 | (248) | 4243888 | 88634 |
|  Invesco Treasury Portfolio, Institutional Class | 12746672 | 123559941 | (128710460) | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 7596153 | 145151 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 155695082 | (154934096) | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 760986 | 121,054\* |
|  Invesco Private Prime Fund | - | 291499354 | (289554528) | 181 | 11813 | 1956820 | 329,687\* |
|  Total | $31362055 | $756094286 | $(766264773) | $1347 | $11565 | $21204480 | $815960 |

---

\* 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, 2022.

<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.

**Invesco V.I. EQV International Equity Fund**

------

**Statement of Assets and Liabilities** 

*December 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $839,575,763)\* | $1052181983 |
|  Investments in affiliated money market funds, at value (Cost $21,201,680) | 21204480 |
|  Foreign currencies, at value (Cost $1,627,234) | 1640216 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 72848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2463197 |
|  Investment for trustee deferred compensation and retirement plans | 172489 |
|  Other assets | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1077740720 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 777924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 144740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 2717625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 637202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 107127 |
|  Trustee deferred compensation and retirement plans | 189995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4578723 |
|  Net assets applicable to shares outstanding | $1073161997 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $888610566 |
|  Distributable earnings | 184551431 |
|  | $1073161997 |
|  **Net Assets:** |  |
|  Series I | $370151427 |
|  Series II | $703010570 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Series I | 12790898 |
|  Series II | 24735246 |
|  Series I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $28.94 |
|  Series II: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $28.42 |

---

\* At December 31, 2022, securities with an aggregate value of $2,603,579 were on loan to brokers. 

**Statement of Operations** 

*For the year ended December 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $5170 |
|  Dividends (net of foreign withholding taxes of $2,140,394) | 20652095 |
|  Dividends from affiliated money market funds (includes net securities lending income of $86,773) | 451992 |
|  Foreign withholding tax claims | 1420619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 22529876 |
|  **Expenses:** |  |
|  Advisory fees | 8115145 |
|  Administrative services fees | 1877673 |
|  Custodian fees | 216021 |
|  Distribution fees - Series II | 1876205 |
|  Transfer agent fees | 56750 |
|  Trustees' and officers' fees and benefits | 25494 |
|  Reports to shareholders | 3797 |
|  Professional services fees | 48710 |
|  Other | 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12226863 |
|  Less: Fees waived | (24950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12201913 |
|  Net investment income | 10327963 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (2583955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 11565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (416133) |
|  | (2988523) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (262587438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (21028) |
|  | (262607119) |
|  Net realized and unrealized gain (loss) | (265595642) |
|  Net increase (decrease) in net assets resulting from operations | $(255267679) |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**Invesco V.I. EQV International Equity Fund**

------

**Statement of Changes in Net Assets** 

*For the years ended December 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $10327963 | $6312956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2988523) | 139856225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (262607119) | (66894326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (255267679) | 79274855 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (49568745) | (38110163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (94072706) | (74422055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (143641451) | (112532218) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 30250807 | 17745445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 36319981 | (21035067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 66570788 | (3289622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (332338342) | (36546985) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1405500339 | 1442047324 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1073161997 | $1405500339 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**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** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | $41.41 | $0.36 | $(8.39) | $(8.03) | $(0.60) | $(3.84) | $(4.44) | $28.94 | (18.31)% | $370151 | 0.91% | 0.91% | 1.06% | 45% |
|  Year ended 12/31/21 | 42.52 | 0.27 | 2.22 | 2.49 | (0.57) | (3.03) | (3.60) | 41.41 | 5.89 | 475732 | 0.89 | 0.89 | 0.60 | 34 |
|  Year ended 12/31/20 | 39.05 | 0.24 | 5.04 | 5.28 | (0.92) | (0.89) | (1.81) | 42.52 | 14.02 | 468726 | 0.91 | 0.91 | 0.65 | 52 |
|  Year ended 12/31/19 | 32.98 | 0.58 | 8.60 | 9.18 | (0.62) | (2.49) | (3.11) | 39.05 | 28.54 | 466401 | 0.89 | 0.89 | 1.54 | 31 |
|  Year ended 12/31/18 | 39.89 | 0.66 | (6.51) | (5.85) | (0.79) | (0.27) | (1.06) | 32.98 | (14.97) | 414774 | 0.92 | 0.93 | 1.74 | 35 |
|  **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 12/31/22 | 40.72 | 0.27 | (8.24) | (7.97) | (0.49) | (3.84) | (4.33) | 28.42 | (18.50) | 703011 | 1.16 | 1.16 | 0.81 | 45 |
|  Year ended 12/31/21 | 41.88 | 0.15 | 2.19 | 2.34 | (0.47) | (3.03) | (3.50) | 40.72 | 5.61 | 929768 | 1.14 | 1.14 | 0.35 | 34 |
|  Year ended 12/31/20 | 38.48 | 0.15 | 4.95 | 5.10 | (0.81) | (0.89) | (1.70) | 41.88 | 13.74 | 973322 | 1.16 | 1.16 | 0.40 | 52 |
|  Year ended 12/31/19 | 32.52 | 0.48 | 8.47 | 8.95 | (0.50) | (2.49) | (2.99) | 38.48 | 28.20 | 1005632 | 1.14 | 1.14 | 1.29 | 31 |
|  Year ended 12/31/18 | 39.33 | 0.56 | (6.42) | (5.86) | (0.68) | (0.27) | (0.95) | 32.52 | (15.18) | 862729 | 1.17 | 1.18 | 1.49 | 35 |

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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.

**Invesco V.I. EQV International Equity Fund**

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**Notes to Financial Statements** 

*December 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco V.I. EQV International Equity Fund, formerly Invesco V.I. International Growth Fund, (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following
policy.

A security listed or traded on an exchange 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Unlisted 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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

**Invesco V.I. EQV International Equity Fund**

------

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **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 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 *Tax reclaims* on the Statement of Assets and Liabilities.

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. These 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 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.** **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 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

**Invesco V.I. EQV International Equity Fund**

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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, 2022, fees paid to the Adviser 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.

**K.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

**L.** **Forward Foreign Currency Contracts** – The Fund may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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** – Emerging markets (also referred to as developing markets) are generally subject to greater
market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging
markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in
emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market
countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

**N.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with 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 | 0.750% |
|  Over $250 million | 0.700% |

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For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.71%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $24,950.

**Invesco V.I. EQV International Equity 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, 2022, Invesco was paid $165,499 for accounting and fund administrative services and was reimbursed $1,712,174 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, 2022, 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees.*

For the year ended December 31, 2022, the Fund incurred $652 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:

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| | |
|:---|:---|
| 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. |

---

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Australia | $– | $32664931 | $– | $32664931 |
|  Brazil | 6413653 | 18618008 | – | 25031661 |
|  Canada | 56746435 | – | – | 56746435 |
|  China | 31802991 | 59575525 | – | 91378516 |
|  Denmark | – | 42882678 | – | 42882678 |
|  France | – | 107337323 | – | 107337323 |
|  Germany | – | 14768799 | – | 14768799 |
|  Hong Kong | – | 35869960 | – | 35869960 |
|  India | 29929033 | – | – | 29929033 |
|  Ireland | – | 18926299 | – | 18926299 |
|  Italy | – | 23425085 | – | 23425085 |
|  Japan | – | 127222513 | – | 127222513 |
|  Mexico | 30484291 | – | – | 30484291 |
|  Netherlands | – | 66194379 | – | 66194379 |
|  Singapore | – | 23494779 | – | 23494779 |
|  South Korea | – | 18033251 | – | 18033251 |
|  Spain | – | 17630355 | – | 17630355 |
|  Sweden | – | 78193613 | – | 78193613 |
|  Switzerland | – | 16454714 | – | 16454714 |
|  Taiwan | 16113081 | – | – | 16113081 |
|  United Kingdom | 19256689 | 52655209 | – | 71911898 |
|  United States | 64494603 | 42993786 | – | 107488389 |
|  Money Market Funds | 18486674 | 2717806 | – | 21204480 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $273727450 | $799659013 | $– | $1073386463 |

---

**Invesco V.I. EQV International Equity Fund**

------

**NOTE 4–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 6–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $17380759 | $16066824 |
|  Long-term capital gain | 126260692 | 96465394 |
|  Total distributions | $143641451 | $112532218 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $1004259 |
|  Undistributed long-term capital gain | 858622 |
|  Net unrealized appreciation – investments | 182828130 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (2411) |
|  Temporary book/tax differences | (137169) |
|  Shares of beneficial interest | 888610566 |
|  Total net assets | $1073161997 |

---

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, 2022.

**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, 2022 was $500,755,061 and $554,857,944, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $238635262 |
|  Aggregate unrealized (depreciation) of investments | (55807132) |
|  Net unrealized appreciation of investments | $182828130 |

---

Cost of investments for tax purposes is $890,558,333.

**NOTE 8–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2022, undistributed net investment income was decreased by $415,747 and undistributed net realized gain (loss) was increased by $415,747. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**Invesco V.I. EQV International Equity Fund**

------

**NOTE 9–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2022<sup>(a)</sup>** | **December 31, 2022<sup>(a)</sup>** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1345109 | $45338636 | 1292791 | $56540675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 1449046 | 49055561 | 2005720 | 84986713 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | 1885460 | 49568745 | 924107 | 38110163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | 3641994 | 94072706 | 1833959 | 74422055 |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | (1929368) | (64656574) | (1751157) | (76905393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II | (3187913) | (106808286) | (4249072) | (180443835) |
|  Net increase (decrease) in share activity | 3204328 | $66570788 | 56348 | $(3289622) |

---

<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. 

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended 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, 2022 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 14, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**Invesco V.I. EQV International Equity Fund**

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(07/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(12/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Series I | $1000.00 | $1041.90 | $4.68 | $1020.62 | $4.63 | 0.91% |
| &nbsp;&nbsp;&nbsp; Series II | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1040.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;1019.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | 1.16 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**Invesco V.I. 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, 2022:

---

| | | |
|:---|:---|:---|
| **<u>Federal and State Income Tax</u>** | |  |
|  Long-Term Capital Gain Distributions | $126260692 |  |
|  Qualified Dividend Income\* | 0.00% |  |
|  Corporate Dividends Received Deduction\* | 20.02% |  |
|  U.S. Treasury Obligations\* | 0.00% |  |
|  Qualified Business Income\* | 0.00% |  |
|  Business Interest Income\* | 0.00% |  |
|  Foreign Taxes | $0.0545 | per share |
|  Foreign Source Income | $0.6447 | per share |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

---

**Invesco V.I. EQV International Equity Fund**

------

**Trustees and Officers** 

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)<br>| 189 |  |

---

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**Invesco V.I. EQV International Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School – Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds<br>| 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 1998 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute<br>| 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**Invesco V.I. EQV International Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)<br>| 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort –1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.<br>| 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America<br>|

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**Invesco V.I. EQV International Equity Fund**

------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive<br> Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal<br> Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC<br>| N/A | N/A |

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**Invesco V.I. EQV International Equity Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.<br>| N/A | N/A |

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**Invesco V.I. EQV International Equity Fund**

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;<br>Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett<br>| N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**Invesco V.I. EQV International Equity Fund**

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ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are "independent" within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, *Communication with Audit Committees Concerning Independence*, PricewaterhouseCoopers LLC ("PwC") advised the Registrant's Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC's independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser's parent company, Invesco Ltd. (collectively the "Invesco Funds Investment Company Complex") that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds' audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

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**(a) to (d)** 

**Fees Billed by PwC Related to the Registrant** 

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

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| | | |
|:---|:---|:---|
|  | Fees Billed for<br>Services Rendered<br>to the Registrant for<br>fiscal year end 2022 | Fees Billed for<br>Services Rendered<br>to the Registrant for<br>fiscal year end 2021 |
|  Audit Fees | $992183 | $908403 |
|  Audit-Related Fees | $0 | $0 |
|  Tax Fees<sup>(1)</sup> | $639535 | $745826 |
|  All Other Fees | $0 | $0 |
|  Total Fees | $1631718 | $1654229 |

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(1) Tax Fees for the fiscal years ended December 31, 2022 and December 31, 2021 includes fees billed for
preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

**Fees Billed by PwC Related to Invesco and Invesco Affiliates** 

PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Invesco Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

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| | | |
|:---|:---|:---|
|  | Fees Billed for Non-<br>Audit Services<br>Rendered<br>to Invesco and<br>Invesco Affiliates for<br>fiscal year end 2022<br>That Were Required<br>to be Pre-Approved<br>by the Registrant's<br>Audit Committee | Fees Billed for Non-Audit<br>Services Rendered to<br>Invesco and Invesco<br>Affiliates for fiscal year end<br>2021 That Were Required<br>to be Pre-Approved<br>by the Registrant's<br>Audit Committee |
|  Audit-Related Fees<sup>(1)</sup> | $874000 | $801000 |
|  Tax Fees | $0 | $0 |
|  All Other Fees | $0 | $0 |
|  Total Fees | $874000 | $801000 |

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(1) Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing controls
at a service organization.

------

**<u>(e)(1)</u>**

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

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<sup>1</sup> Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

**<u>Appendix I</u>**

**<u>Non-Audit Services That May Impair the Auditor's Independence</u>**

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broker-dealer, investment adviser, or investment banking services ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expert services unrelated to the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any service or product provided for a contingent fee or a commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax services for persons in financial reporting oversight roles at the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bookkeeping or other services related to the accounting records or financial statements of the audit
client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial information systems design and implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actuarial services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $8,440,000 for the fiscal year ended December 31, 2022 and $5,931,000 for the fiscal year ended December 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $9,953,535 for the fiscal year ended December 31, 2022 and $7,477,826 for the fiscal year ended December 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $32 million.

------

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

None.

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of February 10, 2023, an evaluation was performed under the supervision and with the participation of
the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that, as of February 10, 2023, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in
Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over
financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

---

| | |
|:---|:---|
|  13(a) (1) | [Code of Ethics.](d427936dex99code.htm) |
|  13(a) (2) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.](d427936dex99cert.htm) |
|  13(a) (3) | Not applicable. |
|  13(a) (4) | Not applicable. |
|  13(b) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.](d427936dex99906cert.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: AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

---

| | |
|:---|:---|
| By: | /s/ Sheri Morris |
|  | Sheri Morris |
|  | Principal Executive Officer |
| Date: | February 21, 2023 |

---

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Sheri Morris |
|  | Sheri Morris |
|  | Principal Executive Officer |
| Date: | February 21, 2023 |
| By: | /s/ Adrien Deberghes |
|  | Adrien Deberghes |
|  | Principal Financial Officer |
| Date: | February 21, 2023 |

---

## Ex-99.Code

**THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The Boards of Trustees ("Board") of the Invesco Funds (the "Funds") have adopted this code of ethics (this "Code") applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the "Covered Officers") to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to,
the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Act Honestly and Candidly** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Funds' policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• observe both the form and spirit of laws and governmental rules and regulations, accounting standards and
policies of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to a high standard of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place the interests of the Funds and their shareholders before the Covered Officer's own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Guiding Principles.** A "conflict of interest" occurs when an individual's personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code.

------

Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser's fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• handle any actual or apparent conflict of interest ethically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships to influence investment decisions or financial
reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered
Officer rather than the benefit of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause
others to profit, by the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as described in more detail below, discuss any material transaction or relationship that could reasonably be
expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the "CCO").

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any outside business activity that detracts from an individual's ability to devote appropriate time and
attention to his or her responsibilities with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of
any immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any direct ownership interest in, or any consulting or employment relationship with, any of the Funds'
service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute
a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such
as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales
and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that
there may be a material conflict of interest).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Disclosure** 

Each Covered Officer is required to be familiar, and comply, with the Funds' disclosure controls and procedures so that the Funds' subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds' other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and
financial operations of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside the Funds, including representations to the Funds' internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Compliance** 

It is the Funds' policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the
CCO's designee) an acknowledgement stating that he or she has received, read, and understands this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter submit a form to the CCO of the Funds (or the CCO's designee) confirming that he or she
has received, read and understands this Code and has complied with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any employee or other Covered Officer for reports of potential violations that are made in
good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so
is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not "interested persons" of the Funds as defined in the 1940 Act ("Independent Trustees"), and is encouraged to do so.

------

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the
Audit Committees of the Board after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board,
which will take all appropriate disciplinary or preventive action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable
policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious
violations of law, notification to the SEC or other appropriate law enforcement authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will be responsible for granting waivers of this Code, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Other Policies and Procedures** 

The Funds' and the Advisers' and Principal Underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers' more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Amendments** 

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds' Board, including a majority of Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds' Board, counsel to the Funds, counsel to the Independent Trustees.

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics:</u> 

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

------

**INVESCO FUNDS** 

**CODE OF ETHICS FOR COVERED OFFICERS—ACKNOWLEDGEMENT** 

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds' Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the Code.

---

| | |
|:---|:---|
| Date | Name: |
|  | Title: |

---

## Ex-99.Cert

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ Sheri Morris |
|  | Sheri Morris, Principal Executive Officer |

---

------

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons the performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: February 21, 2023 | /s/ Adrien Deberghes |
|  | Adrien Deberghes, Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Company") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
|  Date: February 21, 2023 | /s/ Sheri Morris |
|  | Sheri Morris, Principal Executive Officer |

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CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Company") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: February 21, 2023 | /s/ Adrien Deberghes |
|  | Adrien Deberghes, Principal Financial Officer |

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